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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations 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 390
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.
Authority and Issuance For the reasons stated in the preamble, the Federal Deposit Insurance Corporation amends 12 CFR parts 303
and 390 as follows:
PART 303FILING PROCEDURES
1. The authority citation for part 303
is revised to read as follows:

Authority: 12 U.S.C. 378, 1463, 1467a, 1813, 1815, 1817, 1818, 1819a 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. Revise 303.7c1 to read as follows:

303.7

Public notice requirements.

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1 The public notice referred to in paragraph a of this section shall consist of the following:
i In the case of an application for deposit insurance for a de novo depository institution, include the names of all organizers or incorporators.
In the case of an application to establish a branch, include the location of the proposed branch or, in the case of an application to relocate a branch or main office, include the current and proposed address of the office. In the case of a merger application, include the names of all parties to the transaction. In the case of a notice of acquisition of control, include the names of the acquiring parties. In the case of an application to relocate an insured branch of a foreign bank, include the current and proposed address of the branch.
ii Type of filing being made;
iii Name of the depository institutions that is the subject matter of the filing;
iv That the public may submit comments to the appropriate FDIC
regional director;

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v The address of the appropriate FDIC office where comments may be sent the same location where the filing will be made;
vi The closing date of the public comment period as specified in the appropriate subpart of this part; and vii That the nonconfidential portions of the application are on file in the appropriate FDIC office and are available for public inspection during regular business hours; photocopies of the nonconfidential portion of the application file will be made available upon request.

3. Revise 303.15b to read as follows:
303.15 Certain limited liability companies deemed incorporated under State law.

b For purposes of the Federal Deposit Insurance Act and this chapter:
1 Each of the terms stockholder and shareholder includes an owner of any interest in a depository institution chartered as an LLC, including a member or participant;
2 The term director includes a manager or director of a depository institution chartered as an LLC, or other person who has, with respect to such a depository institution, authority substantially similar to that of a director of a corporation;
3 The term officer includes an officer of a depository institution chartered as an LLC, or other person who has, with respect to such a depository institution, authority substantially similar to that of an officer of a corporation; and 4 Each of the terms voting stock, voting shares, and voting securities includes ownership interests in a depository institution chartered as an LLC, as well as any certificates or other evidence of such ownership interests.
4. Revise 303.204 to read as follows:
303.204 Applications for acquisitions, branching, and new lines of business.

a Scope. 1 Any insured State nonmember bank, any insured State savings association, and any insured branch of a foreign bank which is undercapitalized or significantly undercapitalized, and any insured depository institution which is critically undercapitalized, shall submit an application to engage in acquisitions, branching or new lines of business.
2 A new line of business will include any new activity exercised which, although it may be permissible, has not been exercised by the institution.

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b Content of filing. Applications shall describe the proposal, state the date the institutions capital restoration plan was accepted by its primary Federal regulator, describe the institutions status in implementing the plan, and explain how the proposed action is consistent with and will further the achievement of the plan or otherwise further the purposes of section 38 of the FDI Act. If the FDIC is not the applicants primary Federal regulator, the application also should state whether approval has been requested from the applicants primary Federal regulator, the date of such request and the disposition of the request, if any. If the proposed action also requires applications pursuant to section 18 c or d of the FDI Act mergers and branches 12 U.S.C. 1828
c or d, such applications should be filed concurrently with, or made a part of, the application filed pursuant to section 38 of the FDI Act 12 U.S.C.
1831o.
5. Revise 303.205a to read as follows:
303.205 Applications for bonuses and increased compensation for senior executive officers.

a Scope. Any insured State nonmember bank, insured State savings association, or insured branch of a foreign bank that is significantly or critically undercapitalized, or any insured State nonmember bank, any insured State savings association, or any insured branch of a foreign bank that is undercapitalized and which has failed to submit or implement in any material respect an acceptable capital restoration plan, shall submit an application to pay a bonus or increase compensation for any senior executive officer.

6. Revise 303.249a to read as follows:
303.249

Management official interlocks.

a Scope. This section contains the procedures to be followed by an insured State nonmember bank or an insured State savings association to seek the approval of FDIC to establish an interlock pursuant to the Depository Institutions Management Interlocks Act 12 U.S.C. 3207, section 13 of the FDI
Act 12 U.S.C. 1823k, and part 348 of this chapter.

PART 390REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
7. The authority citation for part 390
continues to read as follows:

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