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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
address. With the FDIC adopting the proposal as final, no change to posters would be required of FDIC-supervised institutions that use an Equal Housing Lender poster obtained from the FDIC, because the CRC mailing address was updated in 2011. The FDIC believes that few insured State nonmember banks make their own Equal Housing Lender poster based on the text of 338.4b.
Nonetheless, to facilitate the transition to the updated poster, the FDIC is providing a one-year transition period for FDIC-supervised institutions to change their posters to reflect the current CRC mailing address, if needed.
That is, the effective date of 338.4b, as amended, is one year after this final rule amending the provision is published in the Federal Register.
5. Section 338.5Purpose Section 338.5 states that its purpose is to notify insured State nonmember banks of their duty both to collect and retain certain information about a home loan applicants personal characteristics in accordance with Regulation B and to maintain, update and report a register of home loan applications in accordance with Regulation C. To reflect that 338.5 applies to all institutions for which the FDIC is the appropriate Federal banking agency, the FDIC
proposed to amend 338.5 to change references to insured State nonmember banks to refer to FDIC-supervised institutions. The FDIC also proposed to make technical amendments to 338.5
to reflect that Regulation B and Regulation C have been re-designated as 12 CFR part 1002 and 12 CFR part 1003, respectively, and are implemented by the CFPB.

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6. Section 338.6Definitions Applicable to This Subpart Section 338.6 defines terms used in subpart B of part 338, including the term bank defined in 338.6a to mean an insured State nonmember bank as defined in section 3 of the Federal Deposit Insurance Act. The FDIC proposed to add to 338.2c a new defined term FDIC-supervised institution meaning a bank or a State savings association and add to 338.6d a new defined term State savings association having the same meaning as in section 3b3 of the Federal Deposit Insurance Act, 12
U.S.C. 1813b3.
7. Section 338.7Recordkeeping Requirements Section 338.7 requires banks that receive an application for credit primarily for the purchase or refinancing of a dwelling occupied or to
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be occupied by the applicant as a principal residence where the extension of credit will be secured by the dwelling to request and retain the monitoring information required by Regulation B.13
To reflect that 338.7 applies to all institutions for which the FDIC is the appropriate Federal banking agency, the FDIC proposed to amend 338.7 to change references to bank to refer to FDIC-supervised institution. The FDIC also proposed to make technical amendments to 338.7 to reflect that Regulation B has been re-designated as 12 CFR part 1002 and is implemented by the CFPB.
8. Section 338.8 Compilation of Loan Data in Register Format Section 338.8 requires banks and other lenders required to file a HMDA
loan/application register LAR with the FDIC to maintain, update and report such LAR in accordance with Regulation C. To reflect that 338.8
applies to all institutions for which the FDIC is the appropriate Federal banking agency, the FDIC proposed to amend 338.8 to change references to bank to refer to FDIC-supervised institution. Additionally, to reflect amendments made to Regulation C
regarding the responsibilities of a financial institution with respect to HMDA LAR data, the FDIC proposed to amend 338.8 to require banks and other lenders required to file a HMDA
LAR with the FDIC to collect, record, and report such LAR in accordance with Regulation C. The FDIC also proposed to make technical amendments to 338.8
to reflect that Regulation C has been redesignated as 12 CFR part 1003 and is implemented by the CFPB.
9. Section 338.9Mortgage Lending of a Controlled Entity Section 338.9 establishes requirements that apply if a bank refers applicants to a controlled entity, as defined in 338.6, and purchases any home purchase loans or home improvement loans as defined in Regulation C that are originated by the controlled entity, as a condition to transacting any business with the controlled entity.14 In such cases, 338.9 provides that the bank must require the controlled entity to enter into a written agreement with the bank 13 This requirement relates to the collection of information for monitoring purposes required by 12
CFR 1002.13.
14 Pursuant to 338.6b, controlled entity means a corporation, partnership, association, or other business entity with respect to which a bank possesses, directly or indirectly, the power to direct or cause the direction of management and policies, whether through the ownership of voting securities, by contract, or otherwise.

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that states that the controlled entity must comply with the requirements of 338.3, 338.4 and 338.7 and, if the controlled entity is subject to Regulation C, 338.8. Further, the written agreement must provide that the controlled entity must open its books and records to FDIC examination and comply with all FDIC instructions and orders with respect to its home loan practices.
Because this final rule is intended to rescind and remove former OTS
regulations that are duplicative of regulations under ECOA, FHA, or EEOA, the FDIC did not propose to impose substantive requirements regarding the business transactions between a State savings association and any entity it controls and therefore did not propose to replace the term bank with the term FDIC-supervised institution in 338.9. However, the FDIC proposed to make technical amendments to 338.9 to reflect that Regulation C has been re-designated as 12 CFR part 1003 and is implemented by the CFPB.
III. Comments The FDIC received no comments on the rescission and removal of part 390, subpart G, nor to the amendments to part 338.
IV. The Final Rule For the reasons stated herein and in the NPR, the FDIC is adopting the proposal as proposed.
V. Expected Effects As of June 30, 2020, the FDIC
supervised 3,270 depository institutions,15 of which 35 are State savings associations.16
The final rule rescinds 390.140 and 390.141. As discussed previously, these sections include definitions and crossreferences to other parts of section 390, so their rescission has no independent significance for institutions or applicants, but rather is a technical amendment associated with the rescission of subpart G of part 390 in its entirety.
The final rule rescinds 390.142. As discussed in the NPR, this section has substantial overlap with the requirements of ECOA and Regulation B
and the FHA and HUDs FHA
regulations. Therefore, the FDIC
believes that these aspects of the final rule are unlikely to significantly affect FDIC-supervised institutions or applicants.
15 FDIC-supervised institutions are set forth in 12
U.S.C. 1813q2.
16 FDIC Call Report data, June 30, 2020.

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