FDIC Proposes to Rescind and Remove Regulatory Reporting Standards
FDIC proposed to rescind and remove from the Code of Federal Regulations 12 CFR part 390, subpart R, entitled Regulatory Reporting Standards (part 390, subpart R). The part 390, subpart R addresses regulatory reporting requirements, regulatory reports, and audits. After reviewing the requirements in part 390, subpart R, FDIC proposes to rescind part 390, subpart R in its entirety. Rescinding part 390, subpart R will serve to streamline the FDIC rules and eliminate redundant, duplicate, or otherwise unnecessary regulations in light of other FDIC regulations that govern these matters and apply to insured depository institutions, including state savings associations. Comments must be received by November 01, 2019.
The policy objectives of the proposed rule are two-fold. The first is to simplify the FDIC regulations by removing unnecessary ones and thereby improving the ease of reference and public understanding. The second is to promote parity between the state savings associations and the state nonmember banks by having the regulatory reporting requirements, regulatory reports, and audits of both classes of institutions addressed in the same FDIC rules. Certain Office of Thrift Supervision (OTS) regulations transferred to FDIC by the Dodd-Frank Act relating to regulatory reporting requirements, regulatory reports, and audits of state savings associations have been found redundant or unnecessary in light of applicable statutes and other FDIC regulations. This proposal would eliminate those transferred OTS regulations.
As of June 30, 2019, FDIC supervises 3,424 depository institutions, of which 38 (1.1%) are state savings associations. The proposed rule would affect regulations that govern state savings associations. The proposed rule would remove sections 390.320, 390.321, and 390.332 of part 390, subpart R because these sections are redundant of, or otherwise unnecessary in light of, applicable statutes and other FDIC regulations regarding audits, reporting, and safety and soundness. Rescinding and removing these regulations will not have any substantive effects on the state savings associations or the FDIC-supervised institutions.
Related Link: Federal Register Notice
Comment Due Date: November 01, 2019
Keywords: Americas, US, Banking, Reporting, State Savings Association, Dodd-Frank Act, FDIC
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
IAIS Publishes Roadmap for 2019Related Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
