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Federal Register / Vol. 86, No. 22 / Thursday, February 4, 2021 / Proposed Rules
regulations by State law or voluntarily follow them and other applicable regulations as a means to comply with the Federal antifraud provisions.
Although the contents of part 390, subpart W being rescinded are more detailed than the contents of the proposed regulation, the new regulation at part 335, subpart A is consistent with both the requirements of part 390, subpart W and the 1996 Statement of Policy. Therefore, the FDIC believes that the proposed rule is unlikely to substantively affect small FDICsupervised State savings associations.
The establishment of a new regulation, part 335, subpart A by the proposed rule would pose several broad effects on small FDIC-supervised institutions. As previously discussed, the proposed part 335, subpart A is consistent with both the requirements of part 390, subpart W and the 1996
Statement of Policy. Therefore, the primary effect of the proposed rule is to codify in regulation what was previously guidance for small FDICsupervised institutions that are not State savings associations. Since the proposed rule largely harmonizes the FDICs regulations with updated laws and regulations, the FDIC does not believe that the marginal effect of adopting part 335, subpart A will be significant for small FDIC-supervised institutions that are not small State savings associations.
However, this aspect of the proposed rule is likely to benefit small FDICsupervised institutions by establishing a consistent set of requirements that apply to all FDIC-supervised institutions.
Further, this aspect of the proposed rule is likely to benefit small FDICsupervised institutions by treating the securities offerings of small FDICsupervised institutions more like those of other corporations and eliminating a duplicative system of regulations and forms. If the proposed rule were adopted, the establishment of a new regulation part 335, subpart A would pose some disclosure costs for entities directly affected by the proposed rule.
However, because part 335, subpart A is consistent with the 1996 Statement of Policy, the concurrent rescission of 1996
Statement of Policy means there is no net change in disclosure for small FDICsupervised institutions. Finally, this aspect of the proposed rule could pose regulatory costs for small FDICsupervised institutions associated with potentially reviewing and revising existing internal processes and procedures for compliance with applicable securities offering disclosure regulations. However, because the number of directly affected small, FDIC-

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insured institutions is estimated to be relatively small, the FDIC believes at any such regulatory costs are also likely to be relatively small.
The technical amendments to 303.163 and 333.4 are expected to clarify those regulations but not pose any substantive effect for small FDICsupervised institutions.
Finally, the FDIC believes that the proposed rule, if adopted, will benefit small FDIC-supervised institutions and the public by clarifying regulations and improving the ease of reference.
Based on the information above, the FDIC certifies that the proposed rule would not have a significant economic impact on a substantial number of small entities.
Question 8. The FDIC invites comments on all aspects of the supporting information provided in this RFA section. In particular, would this rule have any significant effects on small entities that the FDIC has not identified?

through the OTS rule integration process. By removing outdated or unnecessary regulations, such as part 390, subpart W, this proposal complements other actions the FDIC has taken, separately and with the other Federal banking agencies, to further the EGRPRA mandate.

C. Plain Language
12 CFR Part 390

Section 722 of the Gramm-LeachBliley Act 87 requires each Federal banking agency to use plain language in all of its proposed and final rules published after January 1, 2000. As a Federal banking agency subject to the provisions of this section, the FDIC has sought to present the proposed rule to rescind part 390, subpart W in a simple and straightforward manner.
Question 8. The FDIC invites comments on whether the proposal is clearly stated and effectively organized, and how the FDIC might make the proposal easier to understand.

Administrative practice and procedure, Advertising, Aged, Civil rights, Conflict of interests, Credit, Crime, Equal employment opportunity, Fair housing, Government employees, Individuals with disabilities, Reporting and recordkeeping requirements, Savings associations.

D. The Economic Growth and Regulatory Paperwork Reduction Act Under section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 EGRPRA, the FDIC is required to review all of its regulations, at least once every 10 years, in order to identify any outdated or otherwise unnecessary regulations imposed on insured institutions.88 The FDIC, along with the other Federal banking agencies, submitted a Joint Report to Congress on March 21, 2017, EGRPRA Report discussing how the review was conducted, what has been done to date to address regulatory burden, and further measures that will be taken to address issues that were identified. As noted in the EGRPRA
Report, the FDIC is continuing to streamline and clarify its regulations 87 Public Law 106102, 113 Stat. 1338, 1471
codified at 12 U.S.C. 4809.
88 Public Law 104208, 110 Stat. 3009 1996.

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List of Subjects 12 CFR Part 303
Administrative practice and procedure, Bank deposit insurance, Banks, banking, Reporting and recordkeeping requirements, Savings associations.
12 CFR Part 333
Banks, banking.
12 CFR Part 335
Accounting, Banks, banking, Confidential business information, Reporting and recordkeeping requirements, Securities.

Authority and Issuance For the reasons set forth in the preamble, the Federal Deposit Insurance Corporation proposes to amend 12 CFR
parts 303, 333, 335, and 390 as follows:
PART 303FILING PROCEDURES
1. The authority citation for part 303
continues to read as follows:

Authority: 12 U.S.C. 378, 478, 1463, 1467a, 1813, 1815, 1817, 1818, 1819 Seventh and Tenth, 1820, 1823, 1828, 1831i, 1831e, 1831o, 1831p1, 1831w, 1831z, 1835a, 1843l, 3104, 3105, 3108, 3207, 5412; 15
U.S.C. 16011607.

2. Amend 303.163 by revising paragraph b to read as follows:

303.163

Processing.

b Additional considerations. 1 In reviewing the notice and other materials submitted under this subpart, the FDIC
will take into account the extent to which the proposed conversion transaction conforms with the various provisions of the mutual-to-stock conversion regulations of the Office of Comptroller of the Currency OCC 12
CFR part 192, as currently in effect at the time the notice is submitted. Any
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