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Proposed Rules
Federal Register Vol. 86, No. 22
Thursday, February 4, 2021

This section of the FEDERAL REGISTER
contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules.

FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 303, 333, 335, and 390
RIN 3064AF33

Transferred OTS Regulations Regarding Securities Offerings of State Savings Associations, Statement of Policy on the Use of Offering Circulars, Proposed Rulemaking Regarding Securities Offerings by State Nonmember Banks and State Savings Associations, and Other Technical Amendments Federal Deposit Insurance Corporation.
ACTION: Notice of proposed rulemaking and rescission of a statement of policy.
AGENCY:

In order to streamline Federal Deposit Insurance Corporation FDIC
regulations and guidance, the FDIC
proposes to rescind and remove from the Code of Federal Regulations CFR
rules entitled Securities Offerings 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 DoddFrank Wall Street Reform and Consumer Protection Act Dodd-Frank Act. The FDIC also is proposing to rescind its Statement of Policy Regarding the Use of Offering Circulars in Connection with the Public Distribution of Bank Securities, which provides a guide for a State nonmember banks and other institutions in the preparation of offering circulars. At the same time, the FDIC is proposing a new regulation regarding securities disclosures to be made by State nonmember banks and State savings associations FDICsupervised institutions. In so doing, the FDIC would create a unified scheme for securities disclosure requirements applicable to FDIC-supervised institutions. The proposal also would include technical amendments to update related regulations.
DATES: Comments must be received on or before April 5, 2021.

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You may submit comments by any of the following methods:
FDIC Website: https
www.fdic.gov/regulations/laws/federal/.
Follow instructions for submitting comments on the agency website.
Email: Comments@fdic.gov. Include RIN 3064AF33 on the subject line of the message.
Mail: James P. Sheesley, Assistant Executive Secretary, Attention:
Comments/RIN 3064AF33, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
Hand Delivery to FDIC: Comments may be hand-delivered to the guard station at the rear of the 550 17th Street NW building located on F Street on business days between 7 a.m. and 5 p.m.
Please include your name, affiliation, address, email address, and telephone numbers in your comment. All statements received, including attachments and other supporting materials, are part of the public record and are subject to public disclosure.
You should only submit information that you wish to make publicly available.
Please note: All comments received will be posted generally without change to https www.fdic.gov/regulations/
laws/federal/, including any personal information provided.
FOR FURTHER INFORMATION CONTACT:
Maureen Loviglio, Senior Staff Accountant, 202 8986777, mloviglio@
fdic.gov, Division of Risk Management Supervision; Suzanne Dawley, Counsel, sudawley@fdic.gov; or Gregory Feder, Counsel, gfeder@fdic.gov, Legal Division.
SUPPLEMENTARY INFORMATION:
ADDRESSES:

Table of Contents I. Objectives II. Background A. FDICs General Approach Regarding Securities Offerings of Supervised Institutions B. The Dodd-Frank Act C. The Securities Act D. OTS Offering Circular Regulations at 12
CFR Part 563g E. Part 390, Subpart W
F. FDIC-Proposed Securities Disclosure Regulations and Previously Adopted Statements of Policy III. The Proposal To Rescind and Remove the Transferred OTS Securities Offerings Regulations, To Rescind the FDICs Statement of Policy, To Propose a New Regulation, and To Make Other, Technical Amendments
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A. Rescission of Part 390, Subpart W
B. Rescission of the 1996 Statement of Policy C. Proposal of Regulation on Securities Offering Disclosures D. Technical Amendments E. Request for Comments IV. Expected Effects V. Alternatives VI. Regulatory Analysis and Procedure A. The Paperwork Reduction Act B. The Regulatory Flexibility Act C. Plain Language D. The Economic Growth and Regulatory Paperwork Reduction Act
I. Objectives The objectives of the proposed rule are twofold. The first is to simplify the FDICs regulations by removing unnecessary regulations, or realigning existing regulations in order to improve the publics understanding and to improve the ease of reference. The second is to promote parity between State nonmember banks and State savings associations by referring both classes of institution to the same securities offering regulation. Thus, as further detailed below in this Supplementary Information section, the FDIC proposes to rescind and remove from the CFR part 390, subpart W, applicable to State savings associations.
At the same time, the FDIC proposes to rescind its current Statement of Policy Regarding the Use of Offering Circulars in Connection with the Public Distribution of Bank Securities 1996
Statement of Policy, and replace both part 390, subpart W and the 1996
Statement of Policy with a proposed regulation that will, among other things, incorporate changes in the securities laws and regulations that have occurred since the statement of policy was last updated in 1996 and ensure the principles therein are relevant to State savings associations. Additionally, the FDIC proposes to make technical amendments to existing regulations in order to update regulatory crossreferences.
II. Background A. FDICs General Approach Regarding Securities Offerings of Supervised Institutions Among other things, banks and savings associations may issue securities as part of organization
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