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[May 14, 2001 (Volume 66, Number 93)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua010452.wais] [Page 26535-26544]
Federal Deposit Insurance Corporation [[Page 26535]] Part LII _______________________________________________________________________ Semiannual Regulatory Agenda [[Page 26536]] FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
_______________________________________________________________________ FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Ch. III Semiannual Agenda of Regulations AGENCY: Federal Deposit Insurance Corporation. ACTION: Semiannual regulatory agenda. _______________________________________________________________________ SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is hereby publishing items for the April 2001 Unified Agenda of Regulatory and Deregulatory Actions. The agenda contains information about FDIC's current and projected rulemakings, existing regulations under review, and completed rulemakings. FOR FURTHER INFORMATION CONTACT: Persons identified under regulations listed in the agenda. Unless otherwise noted, the address for all FDIC staff identified in the agenda is Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. SUPPLEMENTARY INFORMATION: Twice each year, the FDIC publishes an agenda of regulations to inform the public of its regulatory actions and to enhance public participation in the rulemaking process. Publication of the agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The FDIC amends its regulations under the general rulemaking authority prescribed in section 9 of the Federal Deposit Insurance Act (12 U.S.C. 1819) and under specific authority granted by the Act and other statutes. A number of the actions identified in this agenda have been developed to implement provision of the Gramm-Leach-Bliley Act, or to implement other recent statutory mandates. Many of the FDIC's regulatory actions are coordinated with other Federal regulators of financial institutions, primarily the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRS), and the Office of Thrift Supervision (OTS). In some cases, the FDIC also coordinates with the National Credit Union Administration (NCUA). Interested persons may petition the FDIC for the issuance, amendment, or repeal of any regulation by submitting a written petition to the Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429. Petitioners should include complete and concise statements of their interest in the subject matter and reasons why the petitions should be granted. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary.
______________________________________________________________________ FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Prerule Stage _______________________________________________________________________ 4251. ASSESSMENTS -- ASSESSMENT BASE Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1441; 12 USC 1817 to 1819 CFR Citation: 12 CFR 327 Legal Deadline: None Abstract: In 1994, the FDIC sought comment on a proposal to revise the assessment base used by insured institutions to determine the premium paid for deposit insurance. That initiative did not lead to a proposed rule. Instead, the FDIC plans to revisit the issue with a new ANPRM on alternative options for the deposit component of the assessment base and on options regarding the float deduction and use of average daily deposit balances. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 10/05/94 59 FR 50710 ANPRM Comment Period End 02/02/95 Second ANPRM 07/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Steve Wagoner, Senior Assessment Specialist, Division of Finance, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 416-7152 RIN: 3064-AB46 _______________________________________________________________________ FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Proposed Rule Stage _______________________________________________________________________ 4252. NOTIFICATION OF ASSUMPTION OF DEPOSITS AND CHANGE OF INSURED STATUS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1818; 12 USC 1819 CFR Citation: 12 CFR 307 Legal Deadline: None Abstract: This rulemaking clarifies reporting and disclosure requirements already applicable to insured depository institutions. Due to comments received, a second NPRM on this subject will be issued rather than finalizing the rule proposed in May 1997. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/14/97 62 FR 26431 NPRM Comment Period End 07/14/97 Second NPRM 08/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Rodney D. Ray, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3556 RIN: 3064-AB88 _______________________________________________________________________ 4253. RECEIVERSHIP RULES Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1819 to 1821 CFR Citation: 12 CFR 360 Legal Deadline: None [[Page 26538]] Abstract: This rulemaking establishes uniform rules governing the payment and priority of postinsolvency interest payments from all receiverships administered by the FDIC and makes other technical and clarifying changes to part 360. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Mitchell Glassman, Director, Division of Resolutions and Receiverships, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-6525 RIN: 3064-AB92 _______________________________________________________________________ 4254. CONTRACTOR CONFLICT OF INTEREST Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1819; 12 USC 1822(f)(3); 12 USC 1822(f)(4) CFR Citation: 12 CFR 366 Legal Deadline: None Abstract: This rulemaking clarifies that part 366 does not pertain to FDIC contractors who intend to purchase assets from the FDIC. Conflicts of interest regarding contractors who intend to purchase assets from the FDIC will be covered by an FDIC circular regarding the sale of assets to restricted contractors. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Richard M. Handy, Assistant Executive Secretary (Ethics), Office of the Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7271 RIN: 3064-AC29 _______________________________________________________________________ 4255. FAIR CREDIT REPORTING ACT REGULATIONS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681s; 12 USC 1819(a)(Tenth) CFR Citation: 12 CFR 334 Legal Deadline: None Abstract: Section 506 of the Gramm-Leach-Bliley Act requires bank regulators and FTC to publish FCRA regulations to implement the Fair Credit Reporting Act. Due to comments received from a joint notice of proposed rulemaking, dated October 20, 2000, it is anticipated that the joint agencies will issue a new proposed rulemaking for public comment. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/20/00 65 FR 63120 NPRM Comment Period End 12/04/00 Second NPRM 09/00/01 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Deanna Caldwell, Senior Policy Analyst, Division of Compliance and Consumer Affairs, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 942-3366 RIN: 3064-AC35 _______________________________________________________________________ 4256. PROHIBITION AGAINST USE OF INTERSTATE BRANCHES PRIMARILY FOR DEPOSIT PRODUCTION Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1819(Tenth); 12 USC 1835a CFR Citation: 12 CFR 369 Legal Deadline: None Abstract: The rulemaking implements section 106 of the Gramm-Leach- Bliley Act, which amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to provide that any branch of a bank controlled by an out-of-state bank holding company is considered to be an interstate branch for purposes of Riegle-Neal. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/09/01 66 FR 18411 NPRM Comment Period End 06/08/01 Final Action 10/00/01 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Marc J. Goldstrom, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8807 RIN: 3064-AC36 _______________________________________________________________________ 4257. PROCEDURES FOR THE COLLECTION OF CORPORATE DEBT BY ADMINISTRATIVE OFFSET Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1819(a); 5 USC 5514; 31 USC 3711; 31 USC 3716 CFR Citation: 12 CFR 313 Legal Deadline: None Abstract: This rulemaking establishes procedures for the collection of debts owed the FDIC. The rulemaking also implements the Debt Collection Improvement Act of 1996, which requires agencies to promulgate regulations on this subject. The regulation sets forth the procedures the FDIC would follow in collecting debts through salary offset, administrative offset, and tax refund offset. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Manuel Palau, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8829 RIN: 3064-AC40 _______________________________________________________________________ 4258. BROKERS AND DEALERS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78a CFR Citation: Not Yet Determined Legal Deadline: Final, Statutory, May 12, 2001. Abstract: This rulemaking implements section 204 of the Gramm-Leach- Bliley Act (GLBA), which requires the Federal banking agencies to establish recordkeeping requirements for banks relying on any of the broker-dealer [[Page 26539]] exemptions listed in sections 201 and 202 of GLBA. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Keith Ligon, Chief, Policy Unit, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3618 RIN: 3064-AC42 _______________________________________________________________________ 4259. DEPOSIT INSURANCE COVERAGE Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1813(l) CFR Citation: 12 CFR 330 Legal Deadline: None Abstract: This rulemaking establishes a uniform and streamlined appeals process for deposit insurance claims. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Richard Osterman, Assistant General Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 736-0617 RIN: 3064-AC43 _______________________________________________________________________ 4260. SIMPLIFIED CAPITAL FRAMEWORK FOR NONCOMPLEX FINANCIAL INSTITUTIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815(a) CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This notice, sponsored jointly by the OCC, the FRS, the FDIC and OTS, advises the public that the Agencies are considering developing a regulatory capital framework tailored to the size, structure, complexity, and risk profile of domestic, noncomplex financial institutions. The Agencies are seeking comment on possible regulatory capital frameworks that may ease burden on these financial institutions, such as a simplified risk-based or a modified leverage ratio framework. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 11/03/00 65 FR 66193 ANPRM Comment Period End 02/01/01 NPRM 08/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Keith Ligon, Chief, Policy Unit, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3618 RIN: 3064-AC44 _______________________________________________________________________ FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Final Rule Stage _______________________________________________________________________ 4261. CAPITAL MAINTENANCE -- RECOURSE ARRANGEMENTS AND DIRECT CREDIT SUBSTITUTES Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815(a); 12 USC 1816; 12 USC 1818(a); 12 USC 1819(Tenth); 12 USC 1828(d); 12 USC 1831o; 12 USC 3907; 12 USC 3909; 12 USC 1815(b); 12 USC 1818(b); 12 USC 1818(c); 12 USC 1818(t); 12 USC 1828(i); 12 USC 1828(n); 12 USC 1828(o); 12 USC 1835; 12 USC 4808; 12 USC 1828(c); PL 102-233; 105 Stat 1761; 105 Stat 1789; 105 Stat 1790; 105 Stat 2236 CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This rulemaking is sponsored jointly by the OCC, the FRS, the FDIC, and the OTS. The rulemaking revises risk-based capital standards by addressing the regulatory capital treatment of recourse obligations and direct credit substitutes that expose banks, bank holding companies, and thrifts to credit risk. The revision treats recourse obligations and direct credit substitutes more consistently than under the agencies' current risk-based capital standards. In addition, the revision allows the agencies to use credit ratings and certain alternative approaches to match the risk-based capital requirement more closely to a banking organization's relative risk of loss in asset securitizations. The rulemaking also requires the sponsor of a revolving credit securitization that involves an early amortization feature to hold capital against the amount of assets under management, i.e., the off balance sheet securitized receivables. The rulemaking is intended to result in more consistent treatment of recourse obligations and similar transactions among the agencies, more consistent risk-based capital treatment for certain types of transactions involving similar risk, and capital requirements that more closely reflect a banking organization's relative exposure to credit risk. Timetable: ________________________________________________________________________ Credit Ratings ANPRM 05/25/94 (59 FR 27116) Recourse/Direct Credit Substitutes NPRM 05/25/94 (59 FR 27116) Second NPRM 03/08/00 (65 FR 12320) Second NPRM Comment Period End 06/07/ 00 Final Action 10/00/01 Synthesis of Credit Ratings/Recourse/Direct Credit Substitutes NPRM 11/05/97 (62 FR 59944) Final Action 12/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Robert F. Storch, Chief, Accounting Section, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8906 RIN: 3064-AB31 _______________________________________________________________________ 4262. CAPITAL MAINTENANCE -- COLLATERALIZED TRANSACTIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815; PL 102-233; PL 102-242; 12 USC 1816; 12 USC 1818; 12 USC 1819; 12 USC 1828; 12 [[Page 26540]] USC 1831; 12 USC 3907; 12 USC 3909; 12 USC 4808 CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This rule was developed in consultation with the OCC, the FRS, and the OTS (Agencies). It amends FDIC's risk-based capital standards to make the standards uniform with the Agencies' treatments for transactions supported by collateral. The effect of the proposal is to allow banks to hold less capital for certain transactions collateralized by cash or qualifying securities. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/16/96 61 FR 42565 NPRM Comment Period End 10/15/96 Final Action 09/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Stephen G. Pfeifer, Examination Specialist, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8904 RIN: 3064-AB78 _______________________________________________________________________ 4263. QUALIFICATION REQUIREMENTS FOR THE RECOMMENDATION OR SALE OF CERTAIN SECURITIES Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1818; 12 USC 1831 CFR Citation: 12 CFR 342 Legal Deadline: Final, Statutory, May 12, 2001, recordkeeping requirement. Abstract: This proposal, sponsored jointly by the OCC, the FRS, and the FDIC, would establish qualifications for banks that sell certain securities to their customers without having to register as a broker under the Securities Exchange Act. FDIC staff are contemplating a recommendation to rescind this proposal and replace it with a second NPRM to exempt banks from registering with the NASD/SEC as securities brokers or dealers in the event that they qualify under any of the exemption criteria in Gramm-Leach-Bliley Act sections 201 or 202 (see NPRM described at 3064-AC42). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/30/96 61 FR 68824 NPRM Comment Period End 02/28/97 Final Action 06/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Keith Ligon, Chief, Policy Unit, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3618 RIN: 3064-AB85 _______________________________________________________________________ 4264. RISK-BASED CAPITAL STANDARDS: CLAIMS ON SECURITIES FIRMS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815(a); 12 USC 1828(d); 12 USC 1828(i); 12 USC 1828(n); 12 USC 1828(o); 12 USC 1831o; 12 USC 1835; 12 USC 1815(b); 12 USC 1816; 12 USC 1818(a); 12 USC 1818(b); 12 USC 1818(c); 12 USC 1818(t); 12 USC 1819 (Tenth); 12 USC 1828(c) CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This rulemaking is sponsored jointly by the OCC, the FRS, the FDIC and OTS (the Agencies), and amends their respective risk-based capital standards for banks, bank holding companies, and savings associations with regard to the risk-weighting of claims on, and claims guaranteed by, qualifying securities firms. The rule reduces the risk weight applied to claims on, and claims guaranteed by, qualifying securities firms incorporated in countries that are members of the Organization for Economic Cooperation and Development (OECD) from 100 percent to 20 percent under the Agencies' risk-based capital rules. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/06/00 65 FR 76180 NPRM Comment Period End 01/22/01 Final Action 10/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Stephen G. Pfeifer, Examination Specialist, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8904 RIN: 3064-AC17 _______________________________________________________________________ 4265. CAPITAL; LEVERAGE AND RISK-BASED CAPITAL GUIDELINES; CAPITAL ADEQUACY GUIDELINES; CAPITAL MAINTENANCE: RESIDUAL INTERESTS IN ASSET SECURITIZATIONS OR OTHER TRANSFERS OF FINANCIAL ASSETS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815(a); 12 USC 1815(b); 12 USC 1816; 12 USC 1818(a); 12 USC 1818(b); 12 USC 1818(c); 12 USC 1818(t); 12 USC 1819(Tenth); 12 USC 1828(c); 12 USC 1828(d); 12 USC 1828(i); 12 USC 1828(n); 12 USC 1828(o); 12 USC 1831o; 12 USC 1835; 12 USC 3907; 12 USC 3909; 12 USC 4808; PL 102-233; 105 Stat 1761; 105 Stat 1789 CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This interagency rulemaking amends capital rules to provide that the value of certain retained interests in securitizations not supported by a readily available market quote would be deducted from Tier 1 capital for regulatory capital purposes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/27/00 65 FR 57993 NPRM Comment Period End 12/26/00 Final Action 06/00/01 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Keith Ligon, Chief, Policy Unit, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3618 RIN: 3064-AC34 _______________________________________________________________________ 4266. <bullet> RISK-BASED CAPITAL GUIDELINES: MARKET RISK MEASURE; SECURITIES BORROWING TRANSACTIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815(a); 12 USC 1815(b); 12 USC 1816; 12 USC [[Page 26541]] 1818(a); 12 USC 1818(b); 12 USC 1818(c); 12 USC 1818(t); 12 USC 1819(Tenth); 12 USC 1828(c); 12 USC 1828(d); 12 USC 1828(i); 12 USC 1828(n); 12 USC 1828(o); 12 USC 1831o; PL 102-233; 105 Stat 1761; 105 Stat 1789; 105 Stat 1790; PL 102-242; 105 Stat 2236; 105 Stat 2355; 105 Stat 2386 CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This rulemaking sponsored jointly by the OCC, the FRS and the FDIC, amends their market risk rules to revise the capital treatment for cash collateral that is posted in connection with certain securities borrowing transactions. The effect of the rule is to more appropriately align the capital requirements for these transactions with the risk involved and to provide a capital treatment for U.S. banking organizations that is more in line with the capital treatment applied to their domestic and foreign competitors. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 12/05/00 65 FR 75856 Interim Final Rule Effective 01/04/01 Interim Final Rule Comment Period End 01/19/01 Final Action 06/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Stephen G. Pfeifer, Examination Specialist, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8904 RIN: 3064-AC46 _______________________________________________________________________ 4267. <bullet> CAPITAL; LEVERAGE AND RISK-BASED CAPITAL GUIDELINES; CAPITAL ADEQUACY GUIDELINES; CAPITAL MAINTENANCE; NONFINANCIAL EQUITY INVESTMENTS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1815(a); 12 USC 1815(b); 12 USC 1816; 12 USC 1818(a); 12 USC 1818(b); 12 USC 1818(c); 12 USC 1818(t); 12 USC 1819(Tenth); 12 USC 1828(c); 12 USC 1828(d); 12 USC 1828(i); 12 USC 1828(n); 12 USC 1828(o); 12 USC 1831o; 12 USC 1835; 12 USC 3907; 12 USC 3909; 12 USC 4808; PL 102-233; 105 Stat 1761; 105 Stat 1789; PL 102- 242; 105 Stat 2236 CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This rulemaking, sponsored jointly by the OCC, the FRS and the FDIC, amends respective risk-based and leverage capital standards for banks and bank holding companies with respect to the capital treatment of nonfinancial equity investments. The rule would deduct from Tier 1 capital certain percentages of the adjusted carrying value of all nonfinancial equity investments. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/14/01 66 FR 10212 NPRM Comment Period End 04/16/01 Final Action 10/00/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Stephen G. Pfeifer, Examination Specialist, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8904 RIN: 3064-AC47 _______________________________________________________________________ FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Long-Term Actions _______________________________________________________________________ 4268. CENSURE, SUSPENSION, AND DEBARMENT OF INDEPENDENT PUBLIC ACCOUNTANTS Priority: Substantive, Nonsignificant CFR Citation: 12 CFR 308 Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM To Be Determined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Doris L. Marsh Phone: 202 898-8905 RIN: 3064-AA64 _______________________________________________________________________ 4269. ADVERTISEMENT OF MEMBERSHIP Priority: Substantive, Nonsignificant CFR Citation: 12 CFR 328 Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/11/97 62 FR 6142 NPRM Comment Period End 04/14/97 Final Action To Be Determined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Marc J. Goldstrom Phone: 202 898-8807 RIN: 3064-AB99 [[Page 26542]] _______________________________________________________________________ FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Completed Actions _______________________________________________________________________ 4270. PROGRAM FRAUD CIVIL REMEDIES Priority: Substantive, Nonsignificant Legal Authority: 5 USC 504; 5 USC 554 to 557; 12 USC 93(b); 12 USC 164; 12 USC 505; 12 USC 1817; 12 USC 1818; 12 USC 1820; 12 USC 1828; 12 USC 1829; 12 USC 1829b; 12 USC 1831o; 12 USC 1832(c); 12 USC 1884(b); 12 USC 1972; 12 USC 3102; 12 USC 3108(a); 12 USC 3349; 12 USC 3909; 12 USC 4717; 15 USC 78(h); 15 USC 78(i); 31 USC 330; 42 USC 4012a; PL 104-134 CFR Citation: 12 CFR 308 Legal Deadline: None Abstract: This regulatory action implements the Program Fraud Civil Remedies Act (PFCRA). The rule establishes administrative procedures to impose statutorily authorized civil penalties against any person who makes, submits, or presents a false, fictitious, or fraudulent statement or claim under $150,000 for property, services, or money to the FDIC in connection with FDIC contracting operations and in connection with the FDIC Asset Purchaser Certification Program. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/29/00 65 FR 52352 NPRM Comment Period End 10/30/00 Final Rule 02/07/01 66 FR 9187 Final Action Effective 03/09/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Linda Rego, Counsel, Corporate Affairs Section, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7048 RIN: 3064-AB41 _______________________________________________________________________ 4271. ACTIVITIES OF INSURED STATE BANKS AND INSURED SAVINGS ASSOCIATIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 378; 12 USC 1813; 12 USC 1815; 12 USC 1816; 12 USC 1817; 12 USC 1818; 12 USC 1820; 12 USC 1823; 12 USC 1828; 12 USC 1828a; 12 USC 1831a; 12 USC 1831e; 12 USC 1831p-1; 12 USC 1831w; 12 USC 1835a; 12 USC 3104; 12 USC 3105; 12 USC 3108; 12 USC 3207; 12 USC 1601 to 1607; 12 USC 375a(4); 12 USC 375b; 12 USC 1818(a); 12 USC 1819; 12 USC 1820(d)(10); 12 USC 1821(f); 12 USC 1828(j)(2); 12 USC 1831f; 12 USC 1831f-1; 12 USC 1819(a)(Tenth); 12 USC 1828(m) CFR Citation: 12 CFR 362; 12 CFR 303; 12 CFR 337 Legal Deadline: Final, Statutory, March 11, 2000. Abstract: This rulemaking amends the FDIC's regulations governing activities and investments of insured state banks to require that notices be filed before insured state nonmember banks conduct activities through a subsidiary if those activities must be conducted in a financial subsidiary of a national bank. This subpart allows the FDIC to impose standards and prudential safeguards when insured state nonmember banks engage in activities that a national bank must conduct in a financial subsidiary. It also requires insured state nonmember banks to meet the mandatory CRA compliance requirement before engaging in these activities under this subpart. In addition, this subpart contains the required prudential separations between certain securities affiliates and insured state nonmember banks. The rulemaking also removes and reserves the provisions addressing, ``Securities Activities of Subsidiaries of Insured State Banks: Bank Transactions with Affiliated Securities Companies.'' The effect of these amendments will be to require banks to notify the FDIC prior to conducting securities or other activities through subsidiaries that are not permissible for national banks directly. The rulemaking also adds certain technical amendments to correct missing citations or incorrect cross-references and similar matters. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/01/98 63 FR 66339 NPRM Comment Period End 02/01/99 Interim Final Rule Effective 03/11/00 Interim Final Rule 03/23/00 65 FR 15526 Interim Final Rule Comment Period End 05/22/00 Final Action 01/05/01 66 FR 1018 Final Action Effective 01/05/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Additional Information: The Final Rule and Confirmation of Interim Final Rule with Changes was reported in the Federal Register on January 5, 2001 under RIN 3064-AC38. Agency Contact: Curtis L. Vaughn, Examination Specialist, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-6759 RIN: 3064-AC20 _______________________________________________________________________ 4272. DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1831y CFR Citation: 12 CFR 346 Legal Deadline: None Abstract: This rulemaking implements the requirements of section 711 of the Gramm-Leach-Bliley Act. Section 711 requires an insured depository institution to disclose any agreement with nongovernmental entities in connection with the CRA, if the agreement involves a grant of more than $10,000 or a loan of more than $50,000 to the community group annually. In addition, annual reports must be made by the depository institutions and the nongovernmental entities to the appropriate Federal banking agency of the institutions containing information about the payments, loans, and fees paid under the agreement, and how the nongovernmental entity used the funds. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/19/00 65 FR 31962 NPRM Comment Period End 07/21/00 Final Action 01/10/01 66 FR 2052 Final Action Effective 04/01/01 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Deanna Caldwell, Senior Policy Analyst, Division of Compliance and Consumer Affairs, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 942-3366 RIN: 3064-AC33 [[Page 26543]] _______________________________________________________________________ 4273. CONSUMER PROTECTION IN SALES OF INSURANCE Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1819 (Seventh and Tenth); 12 USC 1831x CFR Citation: 12 CFR 343 Legal Deadline: Final, Statutory, November 12, 2000. Abstract: The rulemaking, sponsored jointly by the OCC, the FRS, the FDIC and OTS, implements section 305 of the Gramm-Leach-Bliley Act of 1999, which requires regulations governing retail sales practices, solicitations, advertising, or offers of any insurance product by a depository institution or any person that is engaged in such activities at an office of the institution or on behalf of the institution. In addition, the rulemaking establishes a consumer grievance process. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/21/00 65 FR 50882 NPRM Comment Period End 10/05/00 Final Rule 12/04/00 65 FR 75822 Final Rule Effective Date Extended 03/19/01 66 FR 15345 Final Rule Effective 10/01/01 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Keith Ligon, Chief, Policy Unit, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3618 RIN: 3064-AC37 _______________________________________________________________________ 4274. INTERAGENCY GUIDELINES ESTABLISHING STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION AND RECISSION OF YEAR 2000 STANDARDS FOR SAFETY AND SOUNDNESS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1818(Tenth); 12 USC 1831p-1; 15 USC 6801(b); 15 USC 6805(b)(1); 5 USC 504; 5 USC 554 to 557; 12 USC 93(b); 12 USC 164; 12 USC 505; 12 USC 1815(e); 12 USC 1817; 12 USC 1818; 12 USC 1820; 12 USC 1828; 12 USC 1829; 12 USC 1829b; 12 USC 1831o; 12 USC 1832(c); 12 USC 1884(b) CFR Citation: 12 CFR 308; 12 CFR 364 Legal Deadline: None Abstract: This rulemaking is sponsored jointly by the OCC, the FRS, the FDIC and the OTS and implements sections 501 and 505(b) of the Gramm- Leach Bliley Act. Section 501 of the Gramm-Leach-Bliley Act requires agencies to establish appropriate standards for the financial institutions subject to their respective jurisdictions relating to administrative, technical, and physical safeguards for customer records and information. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/26/00 65 FR 39472 NPRM Comment Period End 08/25/00 Final Action 02/01/01 66 FR 8616 Final Action Effective 07/01/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Robert A. Patrick, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3757 RIN: 3064-AC39 _______________________________________________________________________ 4275. <bullet> RULES OF PRACTICE AND PROCEDURE Priority: Substantive, Nonsignificant Legal Authority: 5 USC 504; 5 USC 554-557; 12 USC 93(b); 12 USC 164; 12 USC 505; 12 USC 1815(e); 12 USC 1817; 12 USC 1818; 12 USC 1820; 12 USC 1828; 12 USC 1829; 12 USC 1829b; 12 USC 1831i; 12 USC 1831o; 12 USC 1831p-1; 12 USC 1832(c); 12 USC 1884(b); 12 USC 1972; 12 USC 3102; 12 USC 3108(a); 31 USC 330; 31 USC 5321; 42 USC 4012a; PL 104-134; 110 Stat 1321-358 CFR Citation: 12 CFR 308 Legal Deadline: None Abstract: The Federal Civil Monetary Penalty Inflation Adjustment Act of 1990 requires all Federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. This rulemaking implements FDIC's required adjustments to its CMP statutes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 10/31/00 65 FR 64884 Final Action Effective 10/31/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: John T. Mahshie, Counsel, Compliance and Enforcement Section, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-3503 RIN: 3064-AC45 _______________________________________________________________________ 4276. <bullet> RESCISSION OF DEPOSIT BROKER NOTIFICATION, RECORDKEEPING AND REPORTING REQUIREMENTS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 375a(4); 12 USC 375b; 12 USC 1816; 12 USC 1818(a); 12 USC 1818(b); 12 USC 1819; 12 USC 1820(d)(10); 12 USC 1821f; 12 USC 1828(j)(2); 12 USC 1831; 12 USC 1831f-1 CFR Citation: 12 CFR 337 Legal Deadline: None Abstract: As part of the Financial Regulatory Relief and Economic Efficiency Act of 2000, Congress repealed section 29A of the FDIC Act. Section 29A imposed certain requirements on deposit brokers and authorized the FDIC to issue implementing regulations. The FDIC rescinds the regulations issued to implement the now-repealed section 29A of the FDIC Act. As a result of Congress' repeal of section 29A and the FDIC's rescission of the implementing regulations, deposit brokers are no longer required to notify the FDIC that they are acting as deposit brokers. Also, deposit brokers are no longer required to maintain records as to the amounts and maturities of deposits placed by the broker at each insured depository institution. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 04/03/01 66 FR 17621 Final Action Effective 04/03/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No [[Page 26544]] Government Levels Affected: None Agency Contact: Joseph A. DiNuzzo, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7349 RIN: 3064-AC48 [FR Doc. 01-5205 Filed 05-11-01; 8:45 am] BILLING CODE 6714-01-S
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| Last Updated 05/14/2001 | regs@fdic.gov |