The Federal Deposit Insurance Corporation has published its semiannual agenda of regulations in the Federal Register to inform the public of the Corporation's regulatory actions and encourage participation in the rulemaking process.
Many of the actions are the result of the FDIC Board's ongoing efforts to reduce the regulatory burden on banks, simplify rules, and improve efficiency. A number of the actions have also been developed following the enactment of the financial services modernization law known as the Gramm-Leach-Bliley Act (GLBA).
The agenda contains 22 regulatory actions in various stages of the rulemaking process, including planned, proposed or final rules in areas such as: fair credit reporting; prohibitions against the use of interstate branches primarily for deposit production; and recordkeeping requirements for banks relying on certain broker-dealer exemptions. Other highlights follow.
In July 2001, the FDIC, jointly with the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), published an advance notice of proposed rulemaking on a wide range of questions relating to Community Reinvestment Act (CRA) regulations. The notice sought comment on ways to improve existing CRA regulations. (12 CFR 345)
In October 2001, the FDIC, jointly with the FRB, the OCC and the OTS, finalized a rule that changes regulatory capital standards to address the treatment of recourse obligations, residual interests and direct credit substitutes that expose banking organizations to credit risk. (12 CFR 325)
Also in October 2001, the FDIC clarified the meaning of the statutory requirement that an institution must be "engaged in the business of receiving deposits other than trust funds" in order to be eligible for FDIC insurance. Under the amended regulations, an institution can satisfy this standard by maintaining one or more non-trust deposit accounts that, in the aggregate, total $500,000 or more. (12 CFR 303)
Attached is a copy of the Semiannual Regulatory Agenda that appeared in the December 3, 2001, Federal Register.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,747 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars -- insured financial institutions fund its operations.
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FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov, and may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Washington, DC 20434,
telephone 800-276-6003 or (703) 562-2200, or e-mail firstname.lastname@example.org.