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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
regulations that impose additional reporting, disclosures, or other new requirements on IDIs generally to take effect on the first day of a calendar quarter that begins on or after the date on which the regulations are published in final form.
Because the final rule does not impose additional reporting, disclosure, or other requirements on IDIs, section 302 of RCDRIA does not apply.
List of Subjects
3. The authority citation for part 390
continues to read as follows:

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.

Subpart ORemoved and Reserved
12 CFR Part 362

4. Remove and reserve subpart O, consisting of 390.250 through 390.255.

Administrative practice and procedure, Authority delegations Government agencies, Bank deposit insurance, Banks, Banking, Investments, Reporting and recordkeeping requirements.
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.

Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on December 15, 2020.
James P. Sheesley, Assistant Executive Secretary.
FR Doc. 202028454 Filed 2221; 8:45 am BILLING CODE 671401P

FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 308 and 390

Authority and Issuance
RIN 3064AF38

For the reasons stated in the preamble, the Federal Deposit Insurance Corporation amends 12 CFR parts 362
and 390 as follows:

Removal of Transferred OTS
Regulations Regarding Prompt Corrective Action Directives and Conforming Amendments to Other Regulations
PART 362ACTIVITIES OF INSURED
STATE BANKS AND INSURED
SAVINGS ASSOCIATIONS
1. The authority citation for part 362
continues to read as follows:

2. Revise 362.15 to read as follows:

362.15 Acquiring or establishing a subsidiary; conducting new activities through a subsidiary.

No state insured savings association may establish or acquire a subsidiary, or conduct any new activity through a subsidiary, unless it files a notice in compliance with 303.142c of this chapter at least 30 days prior to establishment of the subsidiary or commencement of the activity and the FDIC does not object to the notice. This section does not apply to any state savings association that acquired its principal assets from a Federal savings bank that was chartered prior to October 15, 1982, as a savings bank under state law.

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Federal Deposit Insurance Corporation.
ACTION: Final rule.
AGENCY:

The Federal Deposit Insurance Corporation FDIC is adopting a final rule to rescind and remove from the Code of Federal Regulations rules entitled Prompt Corrective Action 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 Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act and amend certain sections of existing FDIC regulations governing the issuance and review of orders pursuant to the prompt corrective action provisions of the Federal Deposit Insurance Act to make it clear that such rules apply to all insured depository institutions for which the FDIC is the appropriate Federal banking agency.
DATES: The final rule is effective on March 5, 2021.
FOR FURTHER INFORMATION CONTACT:
Robert Watkins, Review Examiner, RoWatkins@FDIC.gov, Division of Risk
PO 00000

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Management Supervision, 202 898
3865; Seth Rosebrock, Assistant General Counsel, Legal Division, 202 898
6609, srosebrock@FDIC.gov; or Kristine Schmidt, Counsel, Legal Division, 202
8986686, krschmidt@fdic.gov.
SUPPLEMENTARY INFORMATION:
I. Policy Objective The policy objective of the rule is to remove unnecessary and duplicative regulations in order to simplify them and improve the publics understanding of them. Part 390, subpart Y, outlines administrative procedures related to prompt corrective action that are equivalent to procedures outlined in part 308, subpart Q, of the FDICs existing regulations. Thus, the FDIC is rescinding the regulations in part 390, subpart Y, and reserving the subpart for future use. In addition, the FDIC is amending certain sections of part 308, subpart Q, of the FDICs existing regulations on the issuance and review of orders pursuant to the prompt corrective action provisions of the Federal Deposit Insurance Act to make it clear that part 308, subpart Q, applies to all insured depository institutions for which the FDIC is the appropriate Federal banking agency.
II. Background
SUMMARY:

Authority: 12 U.S.C. 1816, 1818, 1819aTenth, 1828j, 1828m, 1828a, 1831a, 1831e, 1831w, 1843l.

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PART 390REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION

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Part 390, subpart Y, was included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision OTS on July 21, 2011, in connection with the implementation of applicable provisions of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act.1
A. The Dodd-Frank Act As of July 21, 2011, the transfer date established by section 311 of the DoddFrank 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 for all orders, resolutions, determinations, regulations, and other advisory materials that had been issued, made, prescribed, or allowed to become effective by the OTS.
1 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111203, 124 Stat. 1376
2010 codified at 12 U.S.C. 5301 et seq..
2 Codified at 12 U.S.C. 5411.
3 Codified at 12 U.S.C. 5414b.

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