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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
changes made to part 324.14 Section 390.457 is equivalent to the administrative procedures relating to FDIC-supervised banks found at 12 CFR
308.202.
The FDIC proposed that 390.457 be rescinded in its entirety. The amendments to subpart Q will clarify in a single location that the regulations apply to all FDIC-supervised institutions. Therefore, it is not necessary to have a regulation specifically applicable to State savings associations.
12 CFR 390.458Order To Dismiss a Director or Senior Executive Officer Section 390.458 describes the additional administrative procedures related to prompt corrective action directives that require the State savings association to terminate the employment of a director or officer. This section also includes provisions to challenge this type of prompt corrective order directive. These administrative procedures were initially found at 12
CFR 565.9. Section 390.458 is equivalent to the administrative procedures relating to FDIC-supervised banks found at 12 CFR 308.203.
The FDIC proposed that 390.458 be rescinded in its entirety. The amendments to subpart Q will clarify in a single location that the regulations apply to all FDIC-supervised institutions. Therefore, it is not necessary to have a regulation specifically applicable to State savings associations
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12 CFR 390.459Enforcement of Directives Section 390.459 describes the additional remedies the FDIC may take to seek compliance with prompt corrective action directives. These procedures were initially found at 12
CFR 565.10. Section 390.459 is equivalent to the administrative procedures relating to FDIC-supervised banks found at 12 CFR 308.204.
The FDIC proposed that 390.459 be rescinded in its entirety. The amendments to subpart Q will clarify in a single location that the regulations apply to all FDIC-supervised institutions. Therefore, it is not necessary to have a regulation specifically applicable to State savings associations.
B. Changes to FDIC Regulations As discussed in part III of this SUPPLEMENTARY INFORMATION, the FDICs part 308, subpart Q, addresses the administrative procedures related to the 14 See
83 FR 17737.

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issuance and enforcement of prompt corrective action directives. The DoddFrank Act added State savings associations to the list of entities for which the FDIC is designated as the appropriate Federal banking agency.15
To clarify that part 308, subpart Q, applies to all institutions for which the FDIC is the appropriate Federal banking agency, the FDIC proposed to amend 308.200 through 308.204 to replace the phrases banks and insured branches of foreign banks throughout subpart Q with the phrase FDICsupervised institution. Section 308.200
will be revised to add the definition of the term FDIC-supervised institution to mean any insured depository institution for which the FDIC is the appropriate Federal banking agency pursuant to section 3q of the FDI
Act.16
Additionally, the FDIC proposed one additional change to conform the FDICs regulations relating to prompt corrective action directives that apply to banks and the former OTS regulations relating to State savings associations. Sections 308.202 and 390.457 describe the procedures relating to classifying an institution due to something other than capital. These two regulations differ in one respect. The FDIC regulation at 308.202a6 provides that when a hearing is ordered, it will begin no later than 30 days from the date of the request unless the bank requests a later date. The former OTS version of this regulation, incorporated by the FDIC at 390.457, provides that the hearing should be ordered within 30 days of request unless the FDIC allows further time at the request of the State savings association. While both of these provisions demonstrate that a hearing is likely to be delayed at the request of the institution, the former OTS version of the regulation is written with greater clarity that the FDIC will evaluate and may then provide consent to the request. The OTS version of the regulation makes it clear that there is no automatic extension granted to the institution. The greater clarity in this language makes it the preferred choice when reconciling the two regulations into one regulation that applies to all FDIC-supervised institutions. The changes to this aspect of the regulation will provide greater clarity to those institutions going forward.
IV. Comments The FDIC issued the NPR with a 30day comment period, which closed on 15 See section 312c of the Dodd-Frank Act, codified at 12 U.S.C. 1813q.
16 12 U.S.C. 1813q.

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October 28, 2020. The FDIC received no comments on its NPR, and consequently the FDIC is adopting the amendments as proposed.
V. Explanation of the Final Rule As discussed in the NPR, the requirements for State savings associations in part 390, subpart Y, are largely unnecessary, redundant, or duplicative of existing FDIC regulations.
To that effect, the Final Rule removes and rescinds 12 CFR part 390, subpart Y, and amends the FDICs requirements of part 308, subpart Q to expressly apply to all FDIC-supervised insured depository institutions. These initiatives will serve to streamline the FDICs regulations.
VI. Expected Effects As explained in detail in Section III
of this SUPPLEMENTARY INFORMATION
section, certain OTS regulations transferred to the FDIC by the DoddFrank Act relating to prompt corrective action directives are either unnecessary or effectively duplicate existing FDIC
regulations. This rule will eliminate those transferred OTS regulations. The rule will also clarify that the standards in part 308, subpart Q, apply to State savings associations because the FDIC is the appropriate Federal banking agency pursuant to the FDI Act. As of June 30, 2020, the FDIC supervised 3,270 depository institutions, of which 35 1.1 percent are State savings associations.17 The rule primarily would affect regulations that govern State savings associations.
As explained previously, the rule would rescind 12 CFR part 390, subpart Y, which includes the following:
390.456, which outlines administrative procedures for issuing a directive to take prompt corrective action against a State savings association; 390.457, which outlines administrative procedures for reclassifying a State savings association based on criteria other than capital;
390.458, which outlines administrative procedures related to prompt corrective action that require a State savings association to terminate the employment of a director or officer;
and 390.459, which outlines administrative procedures the FDIC may take to seek compliance with prompt corrective action directives. The FDIC
has determined that these sections of 12
CFR part 390 are equivalent to regulations related to prompt corrective action in the FDICs existing regulations.
Therefore, the FDIC does not expect the removal of the regulations in subpart Y
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Report data, June 30, 2020.

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