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FDIC | RIN: 3064-AE42 | Publication ID: Fall 2016 |
Title: Expanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign Banks | |
Abstract:
The Office of the Comptroller of the Currency, the Federal Reserve Board, and Federal Deposit Insurance Corporation (collectively, the Agencies) jointly issued and requested public comment on interim final rules to implement section 83001 of the Fixing America’s Surface Transportation Act (FAST Act), which was enacted on December 4, 2015. Section 83001 of the FAST Act permits the Agencies to examine qualifying insured depository institutions with less than $1 billion in total assets no less than once during each 18-month period. Prior to enactment of the FAST Act, only qualifying insured depository institutions with less than $500 million in total assets were eligible for an 18-month on-site examination cycle. The interim final rules generally would allow well capitalized and well managed institutions with less than $1 billion in total assets to benefit from the extended 18-month examination schedule. In addition, the interim final rules make parallel changes to the Agencies’ regulations governing the onsite examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978. Finally, the FDIC is integrating its regulations regarding the frequency of safety and soundness examinations for State nonmember banks and State savings associations.
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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 337 12 CFR 347 12 CFR 390 | |
Legal Authority: 12 U.S.C. 375a(4) 12 U.S.C. 375b 12 U.S.C. 1463(a)(1) 12 U.S.C. 1816 |
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: www.fdic.gov/regulations/laws/federal/propose.html | Public Comment URL: www.fdic.gov/regulations/laws/federal/propose.html |
RIN Data Printed in the FR: No | |
Related Agencies: Joint: TREAS/OCC, FRS; | |
Agency Contact: Mark A. Mellon Counsel, Legal Division Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-3884 Email: mmellon@fdic.gov Rodney D. Ray Counsel, Legal Division Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-3556 Email: rray@fdic.gov Suzanne Dawley Counsel Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-6509 Email: sdawley@fdic.gov |