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Financial Institution Letters

Assistance to Operating Insured Depository Institutions

May 23, 1997


SUBJECT: Rescission of Policy Statement on Assistance to Operating Insured Depository Institutions

The FDIC Board of Directors has rescinded the FDIC's "Statement of Policy on Assistance to Operating Insured Depository Institutions." A copy of the Federal Register notice is attached.

This action was taken as part of the FDIC's efforts to streamline and remove obsolete and duplicative requirements. The policy statement was duplicative of statutory requirements in the FDI Act. Further, the statement was not required by the FDI Act nor was it necessary for purposes of the FDIC's consideration of assistance proposals it receives. Those proposals will be evaluated against the applicable provisions of the FDI Act.

For more information, please contact Herbert J. Held, Assistant Director in the Division of Resolutions and Receiverships (DRR), (202) 898-7329; Sean C. Forbush, Resolutions Specialist in DRR, (202) 898-8506; Barbara I. Taft, Assistant General Counsel in the Legal Division, (202) 736-0183; or Michael B. Phillips, Counsel in the Legal Division, (202) 898-3581.

John F. Bovenzi

Attachment: Federal Register Vol. 62, No. 89, May 8, 1997, pp 25191-25192; Go to FDIC's website: News, Events & FOIA

Distribution: All Insured Banks and Savings Associations

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th St., N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or 800-276-6003).

Last Updated 07/16/1999

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