[Federal Register: August 20, 1998 (Volume 63, Number 161)]
[Notices]
[Page 44766]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20au98-118]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Applications to Establish a Domestic Branch (Includes Remote
Service Facilities); Rescission of Statement of Policy
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Rescission of statement of policy.
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SUMMARY: The FDIC is rescinding its Statement of Policy ``Applications
to Establish a Domestic Branch (Includes Remote Service Facilities)''
(Statement of Policy). The Statement of Policy provides information and
guidance to state nonmember banks planning to establish a domestic
branch. However, the information and guidance contained in the
Statement of Policy is out-of-date.
This action is being taken in accordance with section 303(a) of the
Riegle Community Development and Regulatory Improvement Act of 1994
(CDRI), which requires the federal bank and thrift regulatory agencies
to review and streamline their regulations and policies in order to
improve efficiency, reduce unnecessary costs, eliminate unwarranted
constraints on credit availability, and remove inconsistencies and
outmoded and duplicative requirements.
The FDIC is rescinding the Statement of Policy because the
revisions to its applications regulation, published elsewhere in
today's Federal Register, update requirements and sufficiently address
all required application procedures.
EFFECTIVE DATE: October 1, 1998.
FOR FURTHER INFORMATION CONTACT: Jesse G. Snyder, Assistant Director,
(202)898-6915, Division of Supervision; Susan van den Toorn, Counsel,
(202)898-8707, Legal Division, FDIC, 550 17th Street, N.W., Washington,
D.C. 20429.
SUPPLEMENTARY INFORMATION: In accordance with section 303(a) of the
CDRI (12 U.S.C. 4803(a)), the FDIC conducted a systematic review of its
regulations and written policies and determined that it was appropriate
to rescind the Statement of Policy. A notice of proposed rescission of
this Statement of Policy was published on October 9, 1997 (62 FR
52880).
The FDIC developed the Statement of Policy to provide general
supervisory information and guidance to state nonmember banks on the
application process and the evaluation of statutory factors in
establishing domestic branches. The FDIC last amended the Statement of
Policy September 8, 1980. 2 FDIC Law, Regulations, Related Acts 5105.
Since the Statement of Policy was last amended, the application
process for establishing domestic branches has changed significantly.
As a result, the supervisory information and guidance contained in the
Policy Statement are now out-of-date.
As part of the FDIC's comprehensive review of its applications
process the FDIC is amending part 303 (Applications) of its regulations
elsewhere in today's Federal Register. The revisions to part 303
address all required application procedures to establish a domestic
branch.
The FDIC received three comments regarding the rescission of the
Statement of Policy. Two of the commenters supported the FDIC's
proposal to rescind the Statement of Policy and one offered no
objection.
For the above reasons, the FDIC rescinds the Statement of Policy on
Applications to Establish a Domestic Branch (Includes Remote Service
Facilities).
By order of the Board of Directors.
Dated at Washington, D.C. this 7th day of July, 1998.
Federal Deposit Insurance Corporation.
James LaPierre,
Deputy Executive Secretary.
[FR Doc. 98-21553 Filed 8-19-98; 8:45 am]
BILLING CODE 6714-01-P
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