SUMMARY: 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 (CDRI), the FDIC is
rescinding its Statement of Policy ``Changes in Control in Insured
Nonmember Banks'' (Statement of Policy). The Statement of Policy is
duplicative and unnecessary because all substantive information that it
contains is also provided in FDIC change in bank control regulations.
DATES: The Statement of Policy is rescinded May 7, 1997.
FOR FURTHER INFORMATION CONTACT: Charles J. Magyar, Review Examiner,
(202/898-6752), Division of Supervision; Sandy Comenetz, Counsel, (202/
898-3582), Legal Division, FDIC, 550 17th Street, N.W., Washington,
SUPPLEMENTARY INFORMATION: The FDIC is conducting a systematic review
of its regulations and written policies. Section 303(a) of the CDRI (12
U.S.C. 4803(a)) requires the FDIC to streamline and modify its
regulations and written policies in order to improve efficiency, reduce
unnecessary costs, and eliminate unwarranted constraints on credit
availability. Section 303(a) also requires the FDIC to remove
inconsistencies and outmoded and duplicative requirements from its
regulations and written policies.
As part of this review, the FDIC has determined that the Statement
of Policy is duplicative and unnecessary, and that the FDIC's written
policies can be streamlined by its elimination.
The FDIC developed the Statement of Policy to provide general
supervisory information and guidance to persons seeking to acquire
control of an insured state nonmember bank. The Statement of Policy was
adopted by the Board of Directors on January 24, 1979. 44 FR 7122 (Jan.
The relevant supervisory information and guidance contained in the
Policy Statement is provided in 12 CFR Part 303, Sec. 303.4, and 12 CFR
Part 308, Subpart D.
For the above reasons, the Policy Statement is rescinded.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Dated at Washington, D.C. this 29th day of April, 1997.
Robert E. Feldman,
Deputy Executive Secretary.
[FR Doc. 97-11821 Filed 5-6-97; 8:45 am]
BILLING CODE 6714-01-P