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Each depositor insured to at least $250,000 per insured bank

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FDIC Federal Register Citations

[Federal Register: May 7, 1997 (Volume 62, Number 88)]
[Page 24927]
From the Federal Register Online via GPO Access []
Changes in Control in Insured Nonmember Banks; Rescission of 
Statement of Policy
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Rescission of statement of policy.
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DATES: The Statement of Policy is rescinded May 7, 1997.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, 
D.C. 20429.
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. 
24, 1979).
    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    For the above reasons, the Policy Statement is rescinded.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]

Last Updated 05/07/1997

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