Featured Product

    FDIC Proposes to Rescind and Remove Regulatory Reporting Standards

    October 02, 2019

    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
    Related Articles
    News

    BCBS Consults on Guidelines for Counterparty Credit Risk Management

    The Basel Committee on Banking Supervision (BCBS) is seeking comments, until August 28, 2024, on guidelines for counterparty credit risk management of banks.

    May 21, 2024 WebPage Regulatory News
    News

    ISSB Releases Digital Sustainability Disclosures Taxonomy

    The themes of the harmonization and interoperability of sustainability disclosure standards among various jurisdictions remain at the top-of-mind for international standard-setting bodies.

    May 21, 2024 WebPage Regulatory News
    News

    BCBS Report Studies Implications of Digitalization of Finance

    The Basel Committee on Banking Supervision (BCBS) published a report that examines the implications of the digitalization of finance for banks and supervisors.

    May 21, 2024 WebPage Regulatory News
    News

    HKMA Publishes Hong Kong Taxonomy for Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance.

    May 21, 2024 WebPage Regulatory News
    News

    EU Taking Steps to Set Out and Enforce AI Regulations

    Many believe that the transformative power of generative artificial intelligence (GenAI) has potential to reshape the financial sector in the time to come.

    May 21, 2024 WebPage Regulatory News
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8967