8089Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
We Do Business in Accordance with
Federal Fair Lending Laws.
UNDER THE FEDERAL FAIR
HOUSING ACT, IT IS ILLEGAL, ON
THE BASIS OF RACE, COLOR,
NATIONAL ORIGIN, RELIGION, SEX,
HANDICAP, OR FAMILIAL STATUS
(HAVING CHILDREN UNDER THE AGE
OF 18) TO:
• Deny a loan for the purpose of
purchasing, constructing, improving,
repairing or maintaining a dwelling or
to deny any loan secured by a dwelling;
or
• Discriminate in fixing the amount,
interest rate, duration, application
procedures, or other terms or conditions
of such a loan or in appraising property.
IF YOU BELIEVE YOU HAVE BEEN
DISCRIMINATED AGAINST, YOU
SHOULD SEND A COMPLAINT TO:
Assistant Secretary for Fair Housing
and Equal Opportunity, Department of
Housing and Urban Development,
Washington, DC 20410.
For processing under the Federal Fair
Housing Act
AND TO:
Federal Deposit Insurance
Corporation, Consumer Response
Center, [Insert address for the Consumer
Response Center stated on the FDIC’s
website at www.fdic.gov]
For processing under the FDIC
Regulations.
UNDER THE EQUAL CREDIT
OPPORTUNITY ACT, IT IS ILLEGAL
TO DISCRIMINATE IN ANY CREDIT
TRANSACTION:
• On the basis of race, color, national
origin, religion, sex, marital status, or
age;
• Because income is from public
assistance; or
• Because a right has been exercised
under the Consumer Credit Protection
Act.
IF YOU BELIEVE YOU HAVE BEEN
DISCRIMINATED AGAINST, YOU
SHOULD SEND A COMPLAINT TO:
Federal Deposit Insurance
Corporation, Consumer Response
Center, [Insert address for the Consumer
Response Center stated on the FDIC’s
website at www.fdic.gov]
(c) The Equal Housing Lender Poster
specified in this section was adopted
under 24 CFR 110.25(b) of the United
States Department of Housing and
Urban Development’s rules and
regulations as an authorized
substitution for the poster required in
§ 110.25(a) of those rules and
regulations.
Subpart B—Recordkeeping
§ 338.5 Purpose.
The purpose of this subpart is two-
fold. First, this subpart notifies all FDIC-
supervised institutions of their duty to
collect and retain certain information
about a home loan applicant’s personal
characteristics in accordance with 12
CFR part 1002 (Regulation B of the
Bureau of Consumer Financial
Protection) in order to monitor an
institution’s compliance with the Equal
Credit Opportunity Act of 1974 (15
U.S.C. 1691 et seq.). Second, this
subpart notifies certain FDIC-supervised
institutions of their duty to maintain,
update, and report a register of home
loan applications in accordance with 12
CFR part 1003 (Regulation C of the
Bureau of Consumer Financial
Protection), which implements the
Home Mortgage Disclosure Act (12
U.S.C. 2801 et seq.).
§ 338.6 Definitions applicable to this
subpart.
For purposes of this subpart—
(a) Bank means an insured State
nonmember bank as defined in section
3 of the Federal Deposit Insurance Act,
12 U.S.C. 1813.
(b) Controlled entity means a
corporation, partnership, association, or
other business entity with respect to
which a bank possesses, directly or
indirectly, the power to direct or cause
the direction of management and
policies, whether through the
ownership of voting securities, by
contract, or otherwise.
(c) FDIC-supervised institution means
either a bank or a State savings
association.
(d) State savings association has the
same meaning as in section 3(b)(3) of
the Federal Deposit Insurance Act, 12
U.S.C. 1813(b)(3).
§ 338.7 Recordkeeping requirements.
All FDIC-supervised institutions that
receive an application for credit
primarily for the purchase or
refinancing of a dwelling occupied or to
be occupied by the applicant as a
principal residence where the extension
of credit will be secured by the dwelling
shall request and retain the monitoring
information required by Regulation B of
the Bureau of Consumer Financial
Protection (12 CFR part 1002).
§ 338.8 Compilation of loan data in register
format.
FDIC-supervised institutions and
other lenders required to file a Home
Mortgage Disclosure Act loan/
application register (LAR) with the
Federal Deposit Insurance Corporation
shall collect, record and report such
LAR in accordance with Regulation C of
the Bureau of Consumer Financial
Protection (12 CFR part 1003).
§ 338.9 Mortgage lending of a controlled
entity.
Any bank which refers any applicants
to a controlled entity and which
purchases any covered loan as defined
in Regulation C of the Bureau of
Consumer Financial Protection (12 CFR
part 1003) originated by the controlled
entity, as a condition to transacting any
business with the controlled entity,
shall require the controlled entity to
enter into a written agreement with the
bank. The written agreement shall
provide that the entity shall:
(a) Comply with the requirements of
§§ 338.3, 338.4, and 338.7, and, if
otherwise subject to Regulation C of the
Bureau of Consumer Financial
Protection (12 CFR part 1003), § 338.8;
(b) Open its books and records to
examination by the Federal Deposit
Insurance Corporation; and
(c) Comply with all instructions and
orders issued by the Federal Deposit
Insurance Corporation with respect to
its home loan practices.
PART 390—REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
■ 2. The authority citation for part 390
is revised to read as follows:
Authority: 12 U.S.C. 1819.
Subpart Q also issued under 12 U.S.C.
1462; 1462a; 1463; 1464.
Subpart W also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m;
78n; 78p; 78w.
Subpart G—[Removed and Reserved]
■ 3. Remove and reserve subpart G,
consisting of §§ 390.140 through
390.150.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on December 15,
2020.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2020–28452 Filed 2–2–21; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 303 and 390
RIN 3064–AF36
Removal of Transferred OTS
Regulations Regarding Application
Processing Procedures of State
Savings Associations and Conforming
Amendments to Other Regulations
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
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We Do Business in Accordance with
Federal Fair Lending Laws.
UNDER THE FEDERAL FAIR
HOUSING ACT, IT IS ILLEGAL, ON
THE BASIS OF RACE, COLOR,
NATIONAL ORIGIN, RELIGION, SEX,
HANDICAP, OR FAMILIAL STATUS
(HAVING CHILDREN UNDER THE AGE
OF 18) TO:
• Deny a loan for the purpose of
purchasing, constructing, improving,
repairing or maintaining a dwelling or
to deny any loan secured by a dwelling;
or
• Discriminate in fixing the amount,
interest rate, duration, application
procedures, or other terms or conditions
of such a loan or in appraising property.
IF YOU BELIEVE YOU HAVE BEEN
DISCRIMINATED AGAINST, YOU
SHOULD SEND A COMPLAINT TO:
Assistant Secretary for Fair Housing
and Equal Opportunity, Department of
Housing and Urban Development,
Washington, DC 20410.
For processing under the Federal Fair
Housing Act
AND TO:
Federal Deposit Insurance
Corporation, Consumer Response
Center, [Insert address for the Consumer
Response Center stated on the FDIC’s
website at www.fdic.gov]
For processing under the FDIC
Regulations.
UNDER THE EQUAL CREDIT
OPPORTUNITY ACT, IT IS ILLEGAL
TO DISCRIMINATE IN ANY CREDIT
TRANSACTION:
• On the basis of race, color, national
origin, religion, sex, marital status, or
age;
• Because income is from public
assistance; or
• Because a right has been exercised
under the Consumer Credit Protection
Act.
IF YOU BELIEVE YOU HAVE BEEN
DISCRIMINATED AGAINST, YOU
SHOULD SEND A COMPLAINT TO:
Federal Deposit Insurance
Corporation, Consumer Response
Center, [Insert address for the Consumer
Response Center stated on the FDIC’s
website at www.fdic.gov]
(c) The Equal Housing Lender Poster
specified in this section was adopted
under 24 CFR 110.25(b) of the United
States Department of Housing and
Urban Development’s rules and
regulations as an authorized
substitution for the poster required in
§ 110.25(a) of those rules and
regulations.
Subpart B—Recordkeeping
§ 338.5 Purpose.
The purpose of this subpart is two-
fold. First, this subpart notifies all FDIC-
supervised institutions of their duty to
collect and retain certain information
about a home loan applicant’s personal
characteristics in accordance with 12
CFR part 1002 (Regulation B of the
Bureau of Consumer Financial
Protection) in order to monitor an
institution’s compliance with the Equal
Credit Opportunity Act of 1974 (15
U.S.C. 1691 et seq.). Second, this
subpart notifies certain FDIC-supervised
institutions of their duty to maintain,
update, and report a register of home
loan applications in accordance with 12
CFR part 1003 (Regulation C of the
Bureau of Consumer Financial
Protection), which implements the
Home Mortgage Disclosure Act (12
U.S.C. 2801 et seq.).
§ 338.6 Definitions applicable to this
subpart.
For purposes of this subpart—
(a) Bank means an insured State
nonmember bank as defined in section
3 of the Federal Deposit Insurance Act,
12 U.S.C. 1813.
(b) Controlled entity means a
corporation, partnership, association, or
other business entity with respect to
which a bank possesses, directly or
indirectly, the power to direct or cause
the direction of management and
policies, whether through the
ownership of voting securities, by
contract, or otherwise.
(c) FDIC-supervised institution means
either a bank or a State savings
association.
(d) State savings association has the
same meaning as in section 3(b)(3) of
the Federal Deposit Insurance Act, 12
U.S.C. 1813(b)(3).
§ 338.7 Recordkeeping requirements.
All FDIC-supervised institutions that
receive an application for credit
primarily for the purchase or
refinancing of a dwelling occupied or to
be occupied by the applicant as a
principal residence where the extension
of credit will be secured by the dwelling
shall request and retain the monitoring
information required by Regulation B of
the Bureau of Consumer Financial
Protection (12 CFR part 1002).
§ 338.8 Compilation of loan data in register
format.
FDIC-supervised institutions and
other lenders required to file a Home
Mortgage Disclosure Act loan/
application register (LAR) with the
Federal Deposit Insurance Corporation
shall collect, record and report such
LAR in accordance with Regulation C of
the Bureau of Consumer Financial
Protection (12 CFR part 1003).
§ 338.9 Mortgage lending of a controlled
entity.
Any bank which refers any applicants
to a controlled entity and which
purchases any covered loan as defined
in Regulation C of the Bureau of
Consumer Financial Protection (12 CFR
part 1003) originated by the controlled
entity, as a condition to transacting any
business with the controlled entity,
shall require the controlled entity to
enter into a written agreement with the
bank. The written agreement shall
provide that the entity shall:
(a) Comply with the requirements of
§§ 338.3, 338.4, and 338.7, and, if
otherwise subject to Regulation C of the
Bureau of Consumer Financial
Protection (12 CFR part 1003), § 338.8;
(b) Open its books and records to
examination by the Federal Deposit
Insurance Corporation; and
(c) Comply with all instructions and
orders issued by the Federal Deposit
Insurance Corporation with respect to
its home loan practices.
PART 390—REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
■ 2. The authority citation for part 390
is revised to read as follows:
Authority: 12 U.S.C. 1819.
Subpart Q also issued under 12 U.S.C.
1462; 1462a; 1463; 1464.
Subpart W also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m;
78n; 78p; 78w.
Subpart G—[Removed and Reserved]
■ 3. Remove and reserve subpart G,
consisting of §§ 390.140 through
390.150.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on December 15,
2020.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2020–28452 Filed 2–2–21; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 303 and 390
RIN 3064–AF36
Removal of Transferred OTS
Regulations Regarding Application
Processing Procedures of State
Savings Associations and Conforming
Amendments to Other Regulations
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
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8090 Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
1 Public Law 111–203, 124 Stat. 1376 (2010).
2 Codified at 12 U.S.C. 5411.
3 Codified at 12 U.S.C. 5414(b).
4 Codified at 12 U.S.C. 5414(c).
5 76 FR 39247 (July 6, 2011).
6 Codified at 12 U.S.C. 5412(b)(2)(B)(i)(II).
7 12 U.S.C. 1811 et seq.
8 Codified at 12 U.S.C. 5412(c)(1).
9 12 U.S.C. 1813(q).
10 76 FR 47652 (Aug. 5, 2011).
11 See 76 FR 47653.
12 12 CFR part 390, subpart F.
13 12 U.S.C. 5414(b)(3).
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
adopting a final rule (final rule) to
rescind and remove certain regulations
transferred to the FDIC from the Office
of Thrift Supervision (OTS) in 2011
pursuant to the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(Dodd-Frank Act). These regulations
generally concern the supervision and
governance of State savings
associations, including the application
processing procedures for certain
applications, notices and filings by State
savings associations. In addition to the
removal of our regulations, the FDIC is
making technical changes to our
regulations that do not currently apply
to State savings associations. Following
the rescission, the filing regulations
pertaining to State savings associations
and all other FDIC-supervised
institutions will be substantially the
same.
DATES: The final rule is effective March
5, 2021.
FOR FURTHER INFORMATION CONTACT:
Donald Hamm, Special Advisor, (202)
898–3528, dhamm@fdic.gov; Shelli
Coffey, Review Examiner, (312) 382–
7539, scoffey@fdic.gov, Risk
Management Supervision; Andrew B.
Williams II, Counsel, (202) 898–3591,
and willimas@fdic.gov, Legal Division.
SUPPLEMENTARY INFORMATION:
I. Policy Objective
The policy objective of the final rule
is to remove unnecessary and
duplicative regulations in order to
simplify and improve the public’s
understanding of the FDIC’s regulations,
and to promote parity between State
savings associations and State
nonmember banks by applying the same
filing requirements to both classes of
institutions. Thus, as further detailed in
this section, the FDIC is rescinding and
removing, from the Code of Federal
Regulations (CFR), 12 CFR part 390,
subpart F (subpart F).
As discussed below, the FDIC is
making technical changes to certain
sections of part 303. The rescission of
subpart F, with the accompanying
revisions to 12 CFR part 303, simplifies
and streamlines the FDIC’s regulations
by removing unnecessary provisions
that are adequately provided for in other
existing statutes and regulations.
II. Background
A. The Dodd-Frank Act
The Dodd-Frank Act, signed into law
on July 21, 2010, provided for a
substantial reorganization of the
regulation of State and Federal savings
associations and their holding
companies.1 Beginning July 21, 2011,
the transfer date established by section
311 of the Dodd-Frank Act,2 the powers,
duties, and functions formerly
performed by the OTS were divided
among the FDIC, as to State savings
associations, the Office of the
Comptroller of the Currency (OCC), as to
Federal savings associations, and the
Board of Governors of the Federal
Reserve System (FRB), as to savings and
loan holding companies. Section 316(b)
of the Dodd-Frank Act 3 provides the
manner of treatment of all orders,
resolutions, determinations, regulations,
and advisory materials that had been
issued, made, prescribed, or allowed to
become effective by the OTS. The
section provides that if such materials
were in effect on the day before the
transfer date, they continue in effect and
are enforceable by or against the
appropriate successor agency until they
are modified, terminated, set aside, or
superseded in accordance with
applicable law by such successor
agency, by any court of competent
jurisdiction, or by operation of law.
Pursuant to section 316(c) of the
Dodd-Frank Act,4 on June 14, 2011, the
FDIC’s Board of Directors approved a
‘‘List of OTS Regulations to be Enforced
by the OCC and the FDIC Pursuant to
the Dodd-Frank Wall Street Reform and
Consumer Protection Act.’’ This list was
published by the FDIC and the OCC as
a Joint Notice in the Federal Register on
July 6, 2011.5
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act 6 granted the OCC
rulemaking authority relating to both
State and Federal savings associations,
nothing in the Dodd-Frank Act affected
the FDIC’s existing authority to issue
regulations under the Federal Deposit
Insurance Act (FDI Act) 7 and other laws
as the ‘‘appropriate Federal banking
agency’’ or under similar statutory
terminology. Section 312(c) of the Dodd-
Frank Act 8 revised the definition of
‘‘appropriate Federal banking agency’’
contained in section 3(q) of the FDI Act 9
to add State savings associations to the
list of entities for which the FDIC is
designated as the ‘‘appropriate Federal
banking agency.’’ As a result, when the
FDIC acts as the designated
‘‘appropriate Federal banking agency’’
(or similar terminology) for State
savings associations, as it does here, the
FDIC is authorized to issue, modify, and
rescind regulations involving such
associations, as well as for State
nonmember banks and insured State-
licensed branches of foreign banks.
As noted, on July 14, 2011, operating
pursuant to this authority, the FDIC’s
Board of Directors issued a list of
regulations of the former OTS that the
FDIC would enforce with respect to
State savings associations. On that same
date, the FDIC Board reissued and re-
designated certain transferring
regulations of the former OTS. These
transferred OTS regulations were
published as new FDIC regulations in
the Federal Register on August 5,
2011.10 When it republished the
transferred OTS regulations as new
FDIC regulations, the FDIC specifically
noted that its staff would evaluate the
transferred OTS regulations and might
later recommend incorporating the
transferred OTS regulations into other
FDIC regulations, amending them, or
rescinding them, as appropriate.11
B. 12 CFR Part 516—Application
Processing Procedures
A subset of the regulations transferred
to the FDIC from the OTS concern
application processing procedures. The
OTS regulations, formerly found at 12
CFR part 516, §§ 516.1 through 516.290,
were transferred to the FDIC with only
nomenclature changes and now
comprise part 390, subpart F (subpart
F). Subpart F governs the FDIC’s
procedures for processing applications,
notices or filings under part 390 and,
prior to its rescission, part 391 for State
savings associations.12
III. The Proposal
A. Removal of Part 390, Subpart F—
Application Processing Procedures
Section 316(b)(3) of the Dodd-Frank
Act in pertinent part, provides that the
regulations of the former OTS, as they
apply to State savings associations, will
be enforceable by the FDIC until they
are modified, terminated, set aside, or
superseded in accordance with
applicable law.13 Consistent with the
FDIC’s stated intention to evaluate
transferred OTS regulations before
taking action on them, the FDIC
conducted a careful review of subpart F
and related Federal statutes, regulations,
and statements of policy relevant to
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1 Public Law 111–203, 124 Stat. 1376 (2010).
2 Codified at 12 U.S.C. 5411.
3 Codified at 12 U.S.C. 5414(b).
4 Codified at 12 U.S.C. 5414(c).
5 76 FR 39247 (July 6, 2011).
6 Codified at 12 U.S.C. 5412(b)(2)(B)(i)(II).
7 12 U.S.C. 1811 et seq.
8 Codified at 12 U.S.C. 5412(c)(1).
9 12 U.S.C. 1813(q).
10 76 FR 47652 (Aug. 5, 2011).
11 See 76 FR 47653.
12 12 CFR part 390, subpart F.
13 12 U.S.C. 5414(b)(3).
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
adopting a final rule (final rule) to
rescind and remove certain regulations
transferred to the FDIC from the Office
of Thrift Supervision (OTS) in 2011
pursuant to the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(Dodd-Frank Act). These regulations
generally concern the supervision and
governance of State savings
associations, including the application
processing procedures for certain
applications, notices and filings by State
savings associations. In addition to the
removal of our regulations, the FDIC is
making technical changes to our
regulations that do not currently apply
to State savings associations. Following
the rescission, the filing regulations
pertaining to State savings associations
and all other FDIC-supervised
institutions will be substantially the
same.
DATES: The final rule is effective March
5, 2021.
FOR FURTHER INFORMATION CONTACT:
Donald Hamm, Special Advisor, (202)
898–3528, dhamm@fdic.gov; Shelli
Coffey, Review Examiner, (312) 382–
7539, scoffey@fdic.gov, Risk
Management Supervision; Andrew B.
Williams II, Counsel, (202) 898–3591,
and willimas@fdic.gov, Legal Division.
SUPPLEMENTARY INFORMATION:
I. Policy Objective
The policy objective of the final rule
is to remove unnecessary and
duplicative regulations in order to
simplify and improve the public’s
understanding of the FDIC’s regulations,
and to promote parity between State
savings associations and State
nonmember banks by applying the same
filing requirements to both classes of
institutions. Thus, as further detailed in
this section, the FDIC is rescinding and
removing, from the Code of Federal
Regulations (CFR), 12 CFR part 390,
subpart F (subpart F).
As discussed below, the FDIC is
making technical changes to certain
sections of part 303. The rescission of
subpart F, with the accompanying
revisions to 12 CFR part 303, simplifies
and streamlines the FDIC’s regulations
by removing unnecessary provisions
that are adequately provided for in other
existing statutes and regulations.
II. Background
A. The Dodd-Frank Act
The Dodd-Frank Act, signed into law
on July 21, 2010, provided for a
substantial reorganization of the
regulation of State and Federal savings
associations and their holding
companies.1 Beginning July 21, 2011,
the transfer date established by section
311 of the Dodd-Frank Act,2 the powers,
duties, and functions formerly
performed by the OTS were divided
among the FDIC, as to State savings
associations, the Office of the
Comptroller of the Currency (OCC), as to
Federal savings associations, and the
Board of Governors of the Federal
Reserve System (FRB), as to savings and
loan holding companies. Section 316(b)
of the Dodd-Frank Act 3 provides the
manner of treatment of all orders,
resolutions, determinations, regulations,
and advisory materials that had been
issued, made, prescribed, or allowed to
become effective by the OTS. The
section provides that if such materials
were in effect on the day before the
transfer date, they continue in effect and
are enforceable by or against the
appropriate successor agency until they
are modified, terminated, set aside, or
superseded in accordance with
applicable law by such successor
agency, by any court of competent
jurisdiction, or by operation of law.
Pursuant to section 316(c) of the
Dodd-Frank Act,4 on June 14, 2011, the
FDIC’s Board of Directors approved a
‘‘List of OTS Regulations to be Enforced
by the OCC and the FDIC Pursuant to
the Dodd-Frank Wall Street Reform and
Consumer Protection Act.’’ This list was
published by the FDIC and the OCC as
a Joint Notice in the Federal Register on
July 6, 2011.5
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act 6 granted the OCC
rulemaking authority relating to both
State and Federal savings associations,
nothing in the Dodd-Frank Act affected
the FDIC’s existing authority to issue
regulations under the Federal Deposit
Insurance Act (FDI Act) 7 and other laws
as the ‘‘appropriate Federal banking
agency’’ or under similar statutory
terminology. Section 312(c) of the Dodd-
Frank Act 8 revised the definition of
‘‘appropriate Federal banking agency’’
contained in section 3(q) of the FDI Act 9
to add State savings associations to the
list of entities for which the FDIC is
designated as the ‘‘appropriate Federal
banking agency.’’ As a result, when the
FDIC acts as the designated
‘‘appropriate Federal banking agency’’
(or similar terminology) for State
savings associations, as it does here, the
FDIC is authorized to issue, modify, and
rescind regulations involving such
associations, as well as for State
nonmember banks and insured State-
licensed branches of foreign banks.
As noted, on July 14, 2011, operating
pursuant to this authority, the FDIC’s
Board of Directors issued a list of
regulations of the former OTS that the
FDIC would enforce with respect to
State savings associations. On that same
date, the FDIC Board reissued and re-
designated certain transferring
regulations of the former OTS. These
transferred OTS regulations were
published as new FDIC regulations in
the Federal Register on August 5,
2011.10 When it republished the
transferred OTS regulations as new
FDIC regulations, the FDIC specifically
noted that its staff would evaluate the
transferred OTS regulations and might
later recommend incorporating the
transferred OTS regulations into other
FDIC regulations, amending them, or
rescinding them, as appropriate.11
B. 12 CFR Part 516—Application
Processing Procedures
A subset of the regulations transferred
to the FDIC from the OTS concern
application processing procedures. The
OTS regulations, formerly found at 12
CFR part 516, §§ 516.1 through 516.290,
were transferred to the FDIC with only
nomenclature changes and now
comprise part 390, subpart F (subpart
F). Subpart F governs the FDIC’s
procedures for processing applications,
notices or filings under part 390 and,
prior to its rescission, part 391 for State
savings associations.12
III. The Proposal
A. Removal of Part 390, Subpart F—
Application Processing Procedures
Section 316(b)(3) of the Dodd-Frank
Act in pertinent part, provides that the
regulations of the former OTS, as they
apply to State savings associations, will
be enforceable by the FDIC until they
are modified, terminated, set aside, or
superseded in accordance with
applicable law.13 Consistent with the
FDIC’s stated intention to evaluate
transferred OTS regulations before
taking action on them, the FDIC
conducted a careful review of subpart F
and related Federal statutes, regulations,
and statements of policy relevant to
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jbell on DSKJLSW7X2PROD with RULES2