SUMMARY: The FDIC is rescinding its Statement of Policy ``Applications
to Relocate a Main Office or Branch (Includes Remote Service
Facilities)'' (Statement of Policy). The Statement of Policy provides
information and guidance to state nonmember banks planning to relocate
a bank's main office or a branch. The information and guidance is out-
This action is being taken as part of the FDIC's systematic review
of its regulations and written policies under section 303(a) of the
Riegle Community Development and Regulatory Improvement Act of 1994
(CDRIA), 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 the requirements and sufficiently address all
required application procedures to relocate a main office or a branch.
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,
SUPPLEMENTARY INFORMATION: In accordance with section 303(a) of the
CDRIA (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 52886).
The FDIC developed the Statement of Policy to provide general
supervisory information and guidance to state nonmember banks relative
to the application process and the evaluation of statutory factors in
relocating main office or branches. The FDIC last amended the Statement
of Policy September 8, 1980. 2 FDIC Law, Regulations, and Related Acts
Since the Statement of Policy was last amended, the application
process for relocating branches and main offices 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contained in the Policy Statement are now out-of-date.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 of its regulations elsewhere in
today's Federal Register. The revisions to part 303 cover the
relocation of main offices and branches in sufficient detail so as to
address the required application procedures.
The FDIC received three comments regarding the rescission of the
Statement of Policy. Two 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 Relocate Main Office or Branch (Includes Remote Service
By order of the Board of Directors.
Dated at Washington, D.C. this 7th day of July, 1998.
Federal Deposit Insurance Corporation
Deputy Executive Secretary.
[FR Doc. 98-21554 Filed 8-19-98; 8:45 am]
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