Federal Register - February 11, 2021
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Source: Federal Register
9028
Proposed Rules
Federal Register Vol. 86, No. 27
Thursday, February 11, 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 Part 390
RIN 3064AF30
Removal of Transferred OTS
Regulations Regarding Definitions of Terms Federal Deposit Insurance Corporation.
ACTION: Notice of proposed rulemaking.
AGENCY:
In order to streamline FDIC
regulations, the FDIC proposes to rescind and remove from the Code of Federal Regulations rules entitled Definitions for Regulations Affecting All State Savings Associations 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 effective date of rescinding and removing these regulations would be coordinated with the rescission and removal of the other remaining subparts.
DATES: Comments must be received on or before March 15, 2021.
ADDRESSES: You may submit comments, identified by RIN 3064AF30, by any of the following methods:
FDIC Website: https
www.fdic.gov/regulations/laws/federal/.
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SUMMARY:
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Follow instructions for submitting comments on the agency website.
Email: Comments@fdic.gov. Include RIN 3064AF30 on the subject line of the message.
Mail: James P. Sheesley, Assistant Executive Secretary, Attention:
Comments, 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 submit only 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:
Thomas Hearn, Counsel, Legal Division, thohearn@fdic.gov, 2028986967; or Kathryn Marks, Counsel, Legal Division, kmarks@fdic.gov, 2028983896.
SUPPLEMENTARY INFORMATION:
I. Policy Objectives The policy objective of the proposed rule is to rescind and remove unnecessary and duplicative regulations in order to simplify them and improve the publics understanding of them.
Subpart Q of part 390 is composed entirely of definitions of terms used in other subparts of parts 390 and 391.
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When completed, the ongoing rescission and removal of all other subparts of parts 390 and 391 mean the definitions in subpart Q will no longer apply to any current regulation, rendering it unnecessary. Therefore, the proposed rescission and removal of subpart Q
may contribute to minimizing potential misunderstanding of the subpart by readers and help keep federal regulations current.
II. Background Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 the Dodd-Frank Act or the Act provided for the functions, powers, and duties of the Office of Thrift Supervision OTS relating to State savings associations to transfer to the FDIC effective one year after July 21, 2010, the date that the Dodd-Frank Act was enacted.1 In connection with this transfer, effective July 22, 2011, the FDIC caused to be published in the Federal Register the transferred OTS
regulations related to State savings associations reissued as parts 390 and 391 of the FDICs regulations.2
When the FDIC reissued OTS
regulations as parts 390 and 391 of the FDICs regulations, it specifically noted that its staff would evaluate the reissued regulations and may later recommend incorporating them into other FDIC
regulations, amending them, or rescinding them, as appropriate.3 The 1 Section 311 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111203, 124 Stat. 1376 2010 codified at 12
U.S.C. 5411. The Act also amended section 3 of the Federal Deposit Insurance Act FDI Act to designate the FDIC as the appropriate Federal banking agency for State savings associations.
2 76 FR 47652 Aug. 5, 2011.
3 76 FR at 47653.
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