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ACTION:

Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations Final rule.

The Federal Deposit Insurance Corporation FDIC is adopting a final rule final rule to rescind and remove certain regulations transferred to the FDIC from the Office of Thrift Supervision OTS in 2011
pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act. These regulations generally concern the supervision and governance of State savings associations, including the application processing procedures for certain applications, notices and filings by State savings associations. In addition to the removal of our regulations, the FDIC is making technical changes to our regulations that do not currently apply to State savings associations. Following the rescission, the filing regulations pertaining to State savings associations and all other FDIC-supervised institutions will be substantially the same.
DATES: The final rule is effective March 5, 2021.
FOR FURTHER INFORMATION CONTACT:
Donald Hamm, Special Advisor, 202
8983528, dhamm@fdic.gov; Shelli Coffey, Review Examiner, 312 382
7539, scoffey@fdic.gov, Risk Management Supervision; Andrew B.
Williams II, Counsel, 202 8983591, and willimas@fdic.gov, Legal Division.
SUPPLEMENTARY INFORMATION:
SUMMARY:

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I. Policy Objective The policy objective of the final rule is to remove unnecessary and duplicative regulations in order to simplify and improve the publics understanding of the FDICs regulations, and to promote parity between State savings associations and State nonmember banks by applying the same filing requirements to both classes of institutions. Thus, as further detailed in this section, the FDIC is rescinding and removing, from the Code of Federal Regulations CFR, 12 CFR part 390, subpart F subpart F.
As discussed below, the FDIC is making technical changes to certain sections of part 303. The rescission of subpart F, with the accompanying revisions to 12 CFR part 303, simplifies and streamlines the FDICs regulations by removing unnecessary provisions that are adequately provided for in other existing statutes and regulations.
II. Background A. The Dodd-Frank Act The Dodd-Frank Act, signed into law on July 21, 2010, provided for a substantial reorganization of the
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regulation of State and Federal savings associations and their holding companies.1 Beginning July 21, 2011, the transfer date established by section 311 of the Dodd-Frank Act,2 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 3 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,4 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, 2011.5
Although section 312b2BiII of the Dodd-Frank Act 6 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 Federal Deposit Insurance Act FDI Act 7 and other laws as the appropriate Federal banking agency or under similar statutory terminology. Section 312c of the DoddFrank Act 8 revised the definition of appropriate Federal banking agency contained in section 3q of the FDI Act 9
to add State savings associations to the list of entities for which the FDIC is designated as the appropriate Federal banking agency. As a result, when the FDIC acts as the designated appropriate Federal banking agency 1 Public
Law 111203, 124 Stat. 1376 2010.
at 12 U.S.C. 5411.
3 Codified at 12 U.S.C. 5414b.
4 Codified at 12 U.S.C. 5414c.
5 76 FR 39247 July 6, 2011.
6 Codified at 12 U.S.C. 5412b2BiII.
7 12 U.S.C. 1811 et seq.
8 Codified at 12 U.S.C. 5412c1.
9 12 U.S.C. 1813q.
2 Codified
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or similar terminology for State savings associations, as it does here, the FDIC is authorized to issue, modify, and rescind regulations involving such associations, as well as for State nonmember banks and insured Statelicensed branches of foreign banks.
As noted, on July 14, 2011, operating pursuant to this authority, the FDICs Board of Directors issued a list of regulations of the former OTS that the FDIC would enforce with respect to State savings associations. On that same date, the FDIC Board reissued and redesignated certain transferring regulations of the former OTS. These transferred OTS regulations were published as new FDIC regulations in the Federal Register on August 5, 2011.10 When it republished the transferred OTS regulations as new FDIC regulations, the FDIC specifically noted that its staff would evaluate the transferred OTS regulations and might later recommend incorporating the transferred OTS regulations into other FDIC regulations, amending them, or rescinding them, as appropriate.11
B. 12 CFR Part 516Application Processing Procedures A subset of the regulations transferred to the FDIC from the OTS concern application processing procedures. The OTS regulations, formerly found at 12
CFR part 516, 516.1 through 516.290, were transferred to the FDIC with only nomenclature changes and now comprise part 390, subpart F subpart F. Subpart F governs the FDICs procedures for processing applications, notices or filings under part 390 and, prior to its rescission, part 391 for State savings associations.12
III. The Proposal A. Removal of Part 390, Subpart F
Application Processing Procedures Section 316b3 of the Dodd-Frank Act in pertinent part, provides that the regulations of the former OTS, as they apply to State savings associations, will be enforceable by the FDIC until they are modified, terminated, set aside, or superseded in accordance with applicable law.13 Consistent with the FDICs stated intention to evaluate transferred OTS regulations before taking action on them, the FDIC
conducted a careful review of subpart F
and related Federal statutes, regulations, and statements of policy relevant to 10 76

FR 47652 Aug. 5, 2011.
76 FR 47653.
12 12 CFR part 390, subpart F.
13 12 U.S.C. 5414b3.
11 See
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