The FDIC requested comments on a proposal that would rescind and remove "Security Procedures" from the Code of Federal Regulations, and would amend FDIC regulations in order to apply the removed Office of Thrift Supervision ("OTS") regulations to state savings associations. The request for comments was published in the Federal Register.
The FDIC explained that Dodd-Frank Act, Section 311, divided the powers, duties and functions that were performed originally by the OTS. Those powers, duties and functions were given to (i) the FDIC, as related to state savings associations, (ii) the Office of the Comptroller of the Currency, as related to federal savings associations, and (iii) the Board of Governors of the Federal Reserve System, as related to savings and loan holding companies. The new proposal would (i) rescind part 391, subpart A, since it is redundant substantively and made unnecessary by existing part 326, and (ii) make "conforming technical edits" to the FDIC's existing rule.
Comments on the proposal must be submitted by January 3, 2017.
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