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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
chartered as LLCs, encompass or have substantially the same meaning with respect to savings associations chartered as LLCs as for those chartered as corporations.
The FDIC received no comments on these aspects of the proposal.

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3. Subpart KPrompt Corrective Action: Section 303.204Applications for Acquisitions, Branching, and New Lines of Business; Section 303.205
Applications for Bonuses and Increased Compensation for Senior Executive Officers Part 303 of the FDICs regulations includes procedures to implement the filing requirements for certain activities or transactions relative to undercapitalized or weaker depository institutions, and implements certain elements of section 38 of the FDI Act.24
Section 38 applies to all insured depository institutions. Among other things, section 38 generally prohibits an insured depository institution, without application and approval, from engaging in acquisitions, branching, or new lines of business, if the institution is undercapitalized or weaker, significantly undercapitalized, or critically undercapitalized.25 It also prohibits an insured depository institution, without application and approval, from payment of bonuses or increased compensation to senior executive officers, if the institution is significantly or critically undercapitalized, or is undercapitalized and has failed to submit or implement an acceptable capital restoration plan.26
Sections 303.204 and 303.205 of the FDIC regulations implement the provisions of section 38 described above. Section 303.204 requires any insured State nonmember bank and any insured branch of a foreign bank that is undercapitalized or significantly undercapitalized, and any critically undercapitalized insured depository institution, to submit an application to engage in acquisitions, branching, or new lines of business. This section clarifies that new lines of business include any new activity exercised which, although it may be permissible, has not been exercised by the institution. It also specifies the content of the filing, including information regarding whether the institutions primary Federal regulator has accepted the institutions capital restoration plan, U.S.C. 1831o.
12 U.S.C. 1831oe4.
26 See 12 U.S.C. 1831of4. 12 U.S.C. 1831of contains additional, discretionary restrictions that may be imposed by a financial regulator.

and whether the institution has implemented that plan.
Section 303.205 requires any insured State nonmember bank or insured branch of a foreign bank that is i significantly undercapitalized or critically undercapitalized, or ii is undercapitalized and has failed to submit or implement an acceptable capital restoration plan, to submit an application to pay a bonus or increase compensation to any senior executive officer. The section specifies the content of the filing, including information regarding the acceptance and implementation of the institutions capital restoration plan.
Although section 38 and other sections of subpart K of part 303 by their terms apply to all insured depository institutions, 303.204, in part, and 303.205 apply by their terms only to insured State nonmember banks and insured branches of foreign banks. The NPR proposed to revise 303.204 and 303.205 to make those sections expressly apply to State savings associations to the same extent as they do to insured State nonmember banks.
The final rule revises those sections to add insured State savings associations.
The FDIC received no comments on these aspects of the proposal.
4. Section 303.249Management Official Interlocks Part 348 27 of the FDIC regulations implements the Deposit Insurance Management Interlocks Act Interlocks Act.28 The purpose of the Interlocks Act and part 348 are to foster competition by generally prohibiting a management official from serving two nonaffiliated depository organizations when the management interlock likely would have an anti-competitive effect.29
The Interlocks Act is applicable to both insured State nonmember banks and State savings associations, and part 348
applies to management officials of FDICsupervised institutions and their affiliates. With regard to insured State nonmember banks and State savings associations, the Interlocks Act provides the FDIC with administrative and enforcement authority under section 3206, as well as authority to prescribe regulations to carry out the Interlocks Act.30
Under section 13k of the FDI Act, and notwithstanding any provision of State law, the FDIC may authorize dual service that would otherwise be
prohibited by the Interlocks Act upon determining that severe financial conditions threaten the stability of a significant number of savings associations, or of savings associations possessing significant financial resources, and that such authorization would lessen the risk to the FDIC.31
Subpart F of part 390 does not apply to a transaction under section 13k of the FDI Act.32
As discussed above, the FDIC
transferred various OTS regulations into FDIC regulations. One of the transferred OTS regulations governed OTS
oversight of management official interlocks in the context of State savings associations. The OTS regulation, formerly found at 12 CFR part 563f, was transferred to the FDIC with only minor, nonsubstantive changes, and was found in the FDICs regulations at 12 CFR part 390, subpart V part 390, subpart V, entitled Management Official Interlocks. Before the transfer of the OTS regulations and continuing today as noted above, the FDICs regulations contained part 348. After review and comparison of part 390, subpart V, and part 348, effective January 20, 2016, the FDIC rescinded part 390, subpart V, because the FDIC found it to be substantially redundant to existing part 348, considering technical conforming edits to part 348.33
However, 303.249, found in part 303, subpart M, of the FDIC regulations, addresses the procedures to be followed by an insured State nonmember bank emphasis added to seek the approval of the FDIC to establish an interlock pursuant to the Interlocks Act, section 13k of the FDI
Act, and part 348 of the FDIC
regulations.34 The NPR proposed to revise 303.249a to insert, following bank in the language quoted immediately above, or an insured State savings association. The revision clarifies that State savings associations may use the procedures contained in 303.249 to apply for approval to establish interlocks as provided therein.
The FDIC received no comments on these aspects of the proposal.
IV. The Final Rule For the reasons stated herein and in the NPR, the FDIC is adopting the amendments as proposed.
V. Expected Effects As of June 30, 2020, the FDIC
supervised 3,270 depository
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30 12 U.S.C. 3206, 3207.

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