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In this rulemaking, the FDIC proposed to make several amendments to its regulations covering Fair Credit Reporting. First, the FDIC proposed to rescind and remove from the Code of Federal Regulations 12 CFR part 391, subpart C, entitled Fair Credit Reporting. This subpart was included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision in connection with the implementation of applicable provisions of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The requirements for State savings associations in part 391, subpart C are substantively similar to those in the FDIC’s 12 CFR part 334, also entitled Fair Credit Reporting, and is applicable for all insured depository institutions (IDIs) for which the FDIC has been designated the appropriate Federal banking agency.

The FDIC also proposed to modify the scope of 12 CFRs 334.1(b), 334.90(a), and 334.91(a) to include State savings associations and their subsidiaries to conform to the scope of the FDIC’s current supervisory responsibilities as the appropriate Federal banking agency. The FDIC also proposed to add new subsections to define state savings association as having the same meaning as in section 3(b)(3) of the Federal Deposit Insurance Act.

Second, the FDIC proposed to amend the definitional portion of its Identity Theft Red Flags regulations to be in conformance with the Red Flag Program Clarification Act of 2010.

Third, the FDIC proposed to rescind and remove from the Code of Federal Regulations those portions of the FDIC’s Fair Credit Reporting regulations where the rule writing authority was provided to the Consumer Financial Protection Bureau in the Dodd-Frank Act. The FDIC will continue to examine for and enforce violations of these regulations for all IDIs for which the FDIC has been designated the appropriate Federal banking agency.