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The Federal Deposit Insurance Corporation (FDIC) proposed to rescind and remove from the Code of Federal Regulations 12 CFR part 390, subpart I, entitled Consumer Protection in Sales of Insurance. This subpart was included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision on July 21, 2011, 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 390, subpart I are substantively similar to the requirements in the FDIC’s 12 CFR part 343, which is also entitled Consumer Protection in Sales of Insurance and is applicable for all insured depository institutions (IDIs) for which the FDIC has been designated the appropriate Federal banking agency.

The FDIC proposed to rescind in its entirety part 390, subpart I and to modify the scope of part 343 to include State savings associations and their subsidiaries to conform to and reflect the scope of the FDIC’s current supervisory responsibilities as the appropriate Federal banking agency. The FDIC also proposed to define FDIC-supervised insured depository institution or institution and State savings association. Finally, the FDIC proposed to transfer an anticoercion and antitying provision from part 390, subpart I that is applicable to State savings associations.

Upon removal of part 390, subpart I, the Consumer Protection in Sales of Insurance, regulations applicable for all IDIs for which the FDIC has been designated the appropriate Federal banking agency will be found at 12 CFR part 343.