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FDIC | RIN: 3064-AD15 | Publication ID: Fall 2008 |
Title: Industrial Banks Subsidiaries of Financial Companies | |
Abstract: The FDIC is publishing for comment proposed rules that would impose certain conditions and requirements on each deposit insurance application approval and non-objection to a change in control notice that would result in an insured industrial loan company or industrial bank, becoming after the effective date of any final rules, a subsidiary of a company that is engaged soley in financial activities and that is not subject to consolidated bank supervision by the Federal Reserve Board or the Office of Thrift Supervision. The proposed rules would also require that before any industrial bank may become a subsidiary of a company that is engaged solely in financial activities and that is not subject to Federal Consolidated Bank Supervision, such company and the industrial bank must enter into one or more written agreements with the FDIC. Simultaneously with the proposed rules, the FDIC is publishing a Notice to extend for one year its moratorium for applications for deposit insurance and change in control notices for industrial banks that will become subsidiaries of companies engaged in non-financial activities. By this action, however, the FDIC is not expressing any conclusion about the propriety of ownership or control of industrial banks by commercial companies. The FDIC has determined that it is appropriate to provide additional time for review of such ownership and the related issues by the FDIC and by Congress. | |
Agency: Federal Deposit Insurance Corporation(FDIC) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 354 | |
Legal Authority: 12 USC 1811 12 USC 1815 to 1817 12 USC 1819(a) Seventh and Tenth 12 USC 1820(g) 12 USC 3108 12 USC 3207 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: http://www.fdic.gov/regulations/laws/federal/propose.html | Public Comment URL: http://www.fdic.gov/regulations/laws/federal/2007/07comAD15.html |
RIN Data Printed in the FR: No | |
Agency Contact: Robert C Fick Counsel Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-8962 Email: rfick@fdic.gov Thomas Bolt Counsel Federal Deposit Insurance Corporation 550 17th Street N.W., Washington, DC 20429 Phone:202 898-6750 Email: tbolt@fdic.gov Ann Johnson Taylor Counsel Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-3573 Email: ajohnsontaylor@fdic.gov |