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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
Authority: 12 U.S.C. 1819.
Subpart Q also issued under 12 U.S.C.
1462; 1462a; 1463; 1464.
Subpart W also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m;
78n; 78p; 78w.

SUPPLEMENTARY INFORMATION:

Subpart FRemoved and Reserved
I. Policy Objective
8. Remove and reserve subpart F, consisting of 390.100 through 390.135.

The policy objective of the final rule is to simplify the FDICs regulations by removing unnecessary regulations and realigning existing regulations in order to improve the publics understanding of the rules and to improve the ease of the publics reference to them. Thus, as further detailed in this section, the FDIC
is rescinding and removing from the CFR rules entitled Subordinate Organizations 12 CFR part 390, subpart O applicable to State savings associations.1 Pursuant to subpart O, the FDIC may, at any time, limit a State savings associations investment in their subordinate organizations, or may limit or refuse to permit any activities of any of these entities for supervisory, legal, or safety and soundness reasons.2
Subpart O includes definitions related to State savings association subsidiaries,3 a requirement for the parent State savings association and its subsidiaries to maintain separate corporate identities,4 a prior notice requirement for a State savings association seeking to establish or acquire a new subsidiary or engage in new activities through an existing subsidiary,5 requirements related to the issuance of securities by a subsidiary,6
and requirements for the exercise of salvage power by a State savings association.7
The FDIC has determined that the requirements for State savings association subordinate organizations set forth in subpart O are substantially similar to requirements of section 28 of the FDI Act and its implementing regulations, 12 CFR part 362 of the FDICs Rules and Regulations; and section 37 of the FDI Act.8 Therefore, the FDIC is rescinding and removing subpart O and will apply part 362, subpart C and subpart D, as appropriate, to achieve substantially similar supervisory results for State savings associations and subsidiaries as have been obtained through the application of subpart O.

Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on or about December 15, 2020.
James P. Sheesley, Assistant Executive Secretary.
FR Doc. 202028453 Filed 2221; 8:45 am BILLING CODE 671401P

FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 362 and 390
RIN 3064AF37

Removal of Transferred OTS
Regulations Regarding Certain Subordinate Organizations of State Savings Associations Federal Deposit Insurance Corporation.
ACTION: Final rule.
AGENCY:

The Federal Deposit Insurance Corporation FDIC is adopting a final rule to rescind and remove rules from the Code of Federal Regulations CFR regulations titled Subordinate Organizations that were transferred to the FDIC from the Office of Thrift Supervision OTS on July 21, 2011, in connection with the implementation of Title III of the DoddFrank Wall Street Reform and Consumer Protection Act Dodd-Frank Act regarding subordinate organizations of State savings associations because the FDIC has determined that the requirements for State savings association subordinate organizations included therein are substantially similar to the requirements for State savings associations and their subsidiaries set forth by certain sections of the Federal Deposit Insurance Act FDI Act and its implementing regulations.
DATES: The final rule is effective on March 5, 2021.
FOR FURTHER INFORMATION CONTACT:
Donald Hamm, Special Advisor, 202
8983528, dhamm@fdic.gov; or Shelli Coffey, Review Examiner, 312 382
7539, scoffey@fdic.gov, Risk Management and Applications, Division
jbell on DSKJLSW7X2PROD with RULES2

SUMMARY:

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18:20 Feb 02, 2021

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of Risk Management Supervision;
Suzanne Dawley, Counsel, sudawley@
fdic.gov; or Karlyn J. Hunter, Counsel, khunter@fdic.gov, Legal Division.

II. Background The Dodd-Frank Act,9 signed into law on July 21, 2010, provided for a substantial reorganization of the regulation of State and Federal savings associations and their holding companies.10 Beginning July 21, 2011, the transfer date established by section 311 of the Dodd-Frank Act,11 the powers, duties, and functions formerly performed by the OTS were divided among the FDIC, as to State savings associations; the Office of the Comptroller of the Currency OCC, as to Federal savings associations; and the Board of Governors of the Federal Reserve System FRB, as to savings and loan holding companies. Section 316b of the Dodd-Frank Act 12 provides the manner of treatment of all orders, resolutions, determinations, regulations, and advisory materials that had been issued, made, prescribed, or allowed to become effective by the OTS. The section provides that if such materials were in effect on the day before the transfer date, they continue in effect and are enforceable by or against the appropriate successor agency until they are modified, terminated, set aside, or superseded in accordance with applicable law by such successor agency, by any court of competent jurisdiction, or by operation of law.
Pursuant to section 316c of the Dodd-Frank Act,13 on June 14, 2011, the FDICs Board of Directors approved a List of OTS Regulations to be Enforced by the OCC and the FDIC Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. This list was published by the FDIC and the OCC as a joint notice in the Federal Register on July 6, 2011.14
Although section 312b2BiII of the Dodd-Frank Act 15 granted the OCC
rulemaking authority relating to both State and Federal savings associations, nothing in the Dodd-Frank Act affected the FDICs existing authority to issue regulations under the FDI Act 16 and other laws as the appropriate Federal banking agency or under similar statutory terminology. Section 312c of the Dodd-Frank Act 17 revised the definition of appropriate Federal banking agency contained in section 3q of the FDI Act 18 to add State 9 12

1 12

CFR part 390, subpart O.
2 12 CFR 390.250.
3 12 CFR 390.251.
4 12 CFR 390.252.
5 12 CFR 390.253.
6 12 CFR 390.254.
7 12 CFR 390.255.
8 12 U.S.C. 1831ea; 12 CFR part 362, subparts C
and D; 12 U.S.C. 1831na.

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U.S.C. 5301 et seq.
U.S.C. 5411.
11 Id.
12 12 U.S.C. 5414b.
13 12 U.S.C. 5414c.
14 76 FR 39246 July 6, 2011.
15 12 U.S.C. 5412b2BiII.
16 12 U.S.C. 1811 et seq.
17 12 U.S.C. 5412c1.
18 12 U.S.C. 1813q.
10 12

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