Financial Institution Letters
December 31, 2019
Rescission of FDIC Statements of Policy
As part of a continuing effort to reduce regulatory burden, the FDIC is rescinding four FDIC Statements of Policy that are outdated.
Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-insured depository institutions.
The FDIC, as part of a continuing effort to reduce regulatory burden and consistent with commitments made in its 2017 Economic Growth and Regulatory Paperwork Reduction Act of 1996 Report to Congress, initiated a review of all Statements of Policy. The FDIC identified the following four that are outdated and will be rescinded, effective December 31, 2019:
- Applicability of the Glass-Steagall Act to Securities Activities of Subsidiaries of Insured Nonmember Banks
- Treatment of Collateralized Letters of Credit After Appointment of FDIC as Conservator or Receiver
- Treatment of Collateralized Put Obligations After Appointment of FDIC as Conservator or Receiver
- Contracting with Firms That Have Unresolved Audit Issues with FDIC.
This FIL will become inactive six months after issuance.
- FDIC-Insured Institutions
- Chief Executive Officer
- Chief Risk Officer
- Receivership Policy
- Rescission of Policy Statements (84 FR 70413)
- Kathryn J. Marks, Counsel, (703) 898-3896 or firstname.lastname@example.org
- Michael B. Phillips, Counsel, (202) 898-3581 or email@example.com
- Thomas P. Bolt, Senior Counsel, (703) 562-2046 or firstname.lastname@example.org
- Robert J. Brown, Supervisory Counsel, (703) 562-6068 or email@example.com
Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).