Seeks Comment on Proposed Rule Governing Filing Procedures and Delegations
of Authority, and Related Policy Statements
(Part 303 of the FDIC's Rules and Regulations)
The FDIC has undertaken a comprehensive review of Part 303 of its Rules
and Regulations and related statements of policy on filing and processing
applications submitted by insured depository institutions. The FDIC Board
of Directors is seeking comment on the attached proposal that would substantially
revise current procedures. Proposed Part 303 also contains delegations
of authority from the Board of Directors to certain staff to act on applications
and enforcement matters.
The proposed revisions
would streamline processing for well-managed and well-capitalized institutions,
reduce regulatory burden, remove inconsistencies and outmoded requirements
and present the regulation in a more user-friendly format. Comments on
the proposal are due by January 7, 1998.
The most significant
feature of the proposal is to provide expedited processing for most filings
submitted by well-managed and well-capitalized depository institutions.
An estimated 90 percent of banks supervised by the FDIC would meet the
definition of an "eligible depository institution." While expedited processing
would not be available for all types of filings, more than 90 percent
of all filings made with the FDIC would probably be the types for which
expedited processing or notice procedures would be available.
The FDIC is also
proposing to amend the statements of policy on "Applications for Deposit
Insurance," "Bank Merger Transactions" and "Liability of Commonly Controlled
Institutions," and to rescind the policy statements on "Applications to
Establish a Domestic Branch" and "Applications to Relocate Main Office
further information, please contact one of the following: Cary H. Hiner,
Associate Director in the Division of Supervision (DOS), (202) 898-6814;
Jesse G. Snyder, DOS Associate Director, (202) 898-6915; Mark S. Schmidt,
DOS Assistant Director, (202) 898-6918; Steven D. Fritts, Associate Director
in the Division of Compliance and Consumer Affairs (DCA), (202) 942-3454;
Louise N. Kotoshirodo, Review Examiner in DCA, (202) 942-3599; and Susan
van den Toorn, (202) 898-8707, and Nancy Schucker-Recchia, (202) 898-8885,
Counsels in the Legal Division.
For foreign bank
activities (Subpart J), please contact Christie A. Sciacca, DOS Assistant
Director, (202) 898-3671, or Jamey G. Basham, Counsel in the Legal Division,
issues (Subpart N), please contact Grovetta N. Gardineer, (202) 736-0665,
or Philip P. Houle, (202) 736-0758, Counsels in the Legal Division.
Nicholas J. Ketcha Jr.
Register, Oct. 9, pp 52810-52889; available on FDIC's web site -- /news
in HTML or PDF. (7kb
PDF file - PDF help or hard
Insured Depository Institutions
NOTE: Paper copies
of FDIC financial institution letters may be obtained through the FDIC's
Public Information Center, 801 17th Street, N.W., Room 100, Washington,
D.C. 20434 (800-276-6003 or (703) 562-2200).