SUMMARY: The Task Force on Supervision, acting under delegated
authority from the Federal Financial Institutions Examination Council
(FFIEC), has revised the policy statement on ``Interagency Coordination
of Formal Corrective Action by the Federal Bank Regulatory Agencies''
dated December 18, 1979, and is recommending that the FFIEC member
agencies adopt and implement the updated policy statement. The revised
policy statement entitled ``Interagency Notification and Coordination
of Enforcement Actions by the Federal Bank Regulatory Authorities''
DATES: Effective immediately.
FOR FURTHER INFORMATION CONTACT: FDIC: Daniel E. Austin, (202/898-6774)
Review Examiner, Special Situations & Applications Section, Division of
Supervision, Federal Deposit Insurance Corporation, 550 17th Street,
NW, Washington, DC 20429.
FRB: Nancy Oakes, (202/452-2743), Senior Attorney, Enforcement Section,
Division of Banking Supervision & Regulation, Board of Governors of the
Federal Reserve System, 20th & C Streets, NW, Washington, DC 20551.
OCC: Carolyn Amundson, (202/874-5371), Senior Attorney, Enforcement &
Compliance Division, Office of the Comptroller of the Currency, 250 E
Street, SW, Washington, DC 20219.
OTS: Scott Albinson, (202/906-7984), Special Assistant to the Executive
Director for Supervision, Office of Thrift Supervision, 1700 G Street,
NW, Washington, DC 20552.
The text of the Revised Policy Statement follows:
Any federal banking regulatory agency that proposes to take a
formal enforcement action against any federally regulated financial
institution or any institution-affiliated party shall notify in writing
the other federal banking regulatory agencies and, where appropriate, a
state supervisory authority prior to or at the initiation of such
action. For the purposes of interagency notification, an enforcement
action is initiated when the appropriate responsible agency official,
or group of officials, determines that formal enforcement action should
be taken. All notifications to other federal banking regulatory
agencies shall be made to a designated contact person or persons as
specified by each agency.
When there is an affiliation or other inter-institutional
relationship, any federal banking regulatory agency that proposes to
take an informal enforcement action against any federally regulated
financial institution or institution-affiliated party shall notify in
writing the other appropriate federal banking regulatory agencies and,
where appropriate, a state supervisory authority prior to or at the
initiation of such action.
In the event that complementary action (e.g., action involving a
bank and its parent holding company, or a U.S. branch or agency and a
foreign bank) is considered appropriate by two or more federal banking
regulatory agencies, the preparation, processing, presentation,
service, and follow-up of the enforcement action shall be coordinated
by the agencies directly involved.
The purpose of these procedures is to encourage notification to
appropriate federal and state bank regulatory authorities at the
earliest practicable date. These procedures are not intended to
preclude or forestall any federal banking regulatory agency from
initiating an enforcement action alone and on a timely basis against an
institution or institution-affiliated party for which it has primary
Dated: February 13, 1997.
Joe M. Cleaver,
Executive Secretary/Federal Financial Institutions Examination Council.
[FR Doc. 97-4085 Filed 2-19-97; 8:45 am]
BILLING CODE OCC: 4810-33-P (25%); FRB: 6210-01-P (25%); FDIC: 6714-01-
P (25%); OTS: 6720-01-P (25%)