This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
Proposed Rules Federal Register
67684
Vol. 85, No. 207
Monday, October 26, 2020
1 12 CFR part 390, subpart O.
2 12 CFR part 390.250.
3 12 CFR 390.251.
4 12 CFR 390.252.
5 12 CFR 390.253.
6 12 CFR 390.254.
7 12 CFR 390.255.
8 12 U.S.C. 1831e(a); 12 CFR part 362, subparts C
and D; 12 U.S.C. 1831n(a).
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 362 and 390
RIN 3064–AF37
Removal of Transferred OTS
Regulations Regarding Certain
Subordinate Organizations of State
Savings Associations
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking
with request for public comment.
SUMMARY: In order to streamline Federal
Deposit Insurance Corporation (FDIC)
regulations, the FDIC proposes to
rescind and remove from the Code of
Federal Regulations (CFR) regulations
entitled Subordinate Organizations that
were transferred to the FDIC from the
Office of Thrift Supervision (OTS) on
July 21, 2011, in connection with the
implementation of Title III of the Dodd-
Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). The
proposed rule would rescind and
remove the transferred regulations
because the FDIC has determined that
the requirements for State savings
association subordinate organizations
included therein are substantially
similar to the requirements for State
savings associations and their
subsidiaries set forth by certain sections
of the Federal Deposit Insurance Act
(FDI Act) and its implementing
regulations. Therefore, the FDIC is
proposing to remove the transferred
regulations and proposes to use certain
substantially similar FDIC regulations,
as applicable, to achieve substantially
similar supervisory results for State
savings associations and their
subsidiaries as could be obtained
through the application of the
transferred regulations.
DATES: Comments must be received on
or before November 25, 2020.
ADDRESSES: You may submit comments
by any of the following methods:
• Agency website: https://
www.fdic.gov/regulations/laws/federal/.
Follow instructions for submitting
comments on the agency website.
• FDIC Email: Comments@fdic.gov.
Include RIN 3064–AF37 on the subject
line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/RIN
3064–AF37, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
• Hand Delivery/Courier: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
NW building (located on F Street) on
business days between 7 a.m. and 5 p.m.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/
laws/federal/, including any personal
information provided. Paper copies of
public comments may be ordered from
the FDIC Public Information Center,
3501 North Fairfax Drive, Room E–1002.
Please include your name, affiliation,
address, email address, and telephone
number(s) in your comment. All
statements received, including
attachments and other supporting
materials, are part of the public record
and are subject to public disclosure.
You should submit only information
that you wish to make publicly
available.
Please note: All comments received
will be posted generally without change
to https://www.fdic.gov/regulations/
laws/federal/, including any personal
information provided.
FOR FURTHER INFORMATION CONTACT:
Donald Hamm, Special Advisor, (202)
898–3528, dhamm@fdic.gov; or Shelli
Coffey, Review Examiner, (312) 382–
7539, scoffey@fdic.gov, Risk
Management and Applications, Division
of Risk Management Supervision;
Suzanne Dawley, Counsel, sudawley@
fdic.gov; or Karlyn J. Hunter, Counsel,
khunter@fdic.gov, Legal Division.
SUPPLEMENTARY INFORMATION:
I. Policy Objective
The policy objective of the proposed
rule is to simplify the FDIC’s regulations
by removing unnecessary regulations
and realigning existing regulations in
order to improve the public’s
understanding of the rules and to
improve the ease of the public’s
reference to them. Thus, as further
detailed in this section, the FDIC
proposes to rescind and remove from
the CFR part 390, subpart O.1 Pursuant
to subpart O, the FDIC may, at any time,
limit a State savings association’s
investment in their subordinate
organizations, or may limit or refuse to
permit any activities of any of these
entities for supervisory, legal, or safety
and soundness reasons.2
Subpart O includes definitions related
to State savings association
subsidiaries,3 a requirement for the
parent State savings association and its
subsidiaries to maintain separate
corporate identities,4 a prior notice
requirement for a State saving
association seeking to establish or
acquire a new subsidiary or engage in
new activities through an existing
subsidiary,5 requirements related to the
issuance of securities by a subsidiary,6
and requirements for the exercise of
salvage power by a State savings
association.7
The FDIC has determined that the
requirements for State savings
association subordinate organizations
set forth in subpart O are substantially
similar to requirements of section 28
and its implementing regulations,
subpart C and subpart D of part 362 of
the FDIC’s Rules and Regulations, and
section 37 of the FDI Act.8 Therefore,
the FDIC is proposing to remove subpart
O and proposes to use part 362, subpart
C and subpart D, as applicable, to
achieve substantially similar
supervisory results for State savings
associations and subsidiaries as could
be obtained through the application of
subpart O.
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
VerDate Sep<11>2014 17:11 Oct 23, 2020 Jkt 253001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\26OCP1.SGM 26OCP1
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
Proposed Rules Federal Register
67684
Vol. 85, No. 207
Monday, October 26, 2020
1 12 CFR part 390, subpart O.
2 12 CFR part 390.250.
3 12 CFR 390.251.
4 12 CFR 390.252.
5 12 CFR 390.253.
6 12 CFR 390.254.
7 12 CFR 390.255.
8 12 U.S.C. 1831e(a); 12 CFR part 362, subparts C
and D; 12 U.S.C. 1831n(a).
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 362 and 390
RIN 3064–AF37
Removal of Transferred OTS
Regulations Regarding Certain
Subordinate Organizations of State
Savings Associations
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking
with request for public comment.
SUMMARY: In order to streamline Federal
Deposit Insurance Corporation (FDIC)
regulations, the FDIC proposes to
rescind and remove from the Code of
Federal Regulations (CFR) regulations
entitled Subordinate Organizations that
were transferred to the FDIC from the
Office of Thrift Supervision (OTS) on
July 21, 2011, in connection with the
implementation of Title III of the Dodd-
Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). The
proposed rule would rescind and
remove the transferred regulations
because the FDIC has determined that
the requirements for State savings
association subordinate organizations
included therein are substantially
similar to the requirements for State
savings associations and their
subsidiaries set forth by certain sections
of the Federal Deposit Insurance Act
(FDI Act) and its implementing
regulations. Therefore, the FDIC is
proposing to remove the transferred
regulations and proposes to use certain
substantially similar FDIC regulations,
as applicable, to achieve substantially
similar supervisory results for State
savings associations and their
subsidiaries as could be obtained
through the application of the
transferred regulations.
DATES: Comments must be received on
or before November 25, 2020.
ADDRESSES: You may submit comments
by any of the following methods:
• Agency website: https://
www.fdic.gov/regulations/laws/federal/.
Follow instructions for submitting
comments on the agency website.
• FDIC Email: Comments@fdic.gov.
Include RIN 3064–AF37 on the subject
line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/RIN
3064–AF37, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
• Hand Delivery/Courier: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
NW building (located on F Street) on
business days between 7 a.m. and 5 p.m.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/
laws/federal/, including any personal
information provided. Paper copies of
public comments may be ordered from
the FDIC Public Information Center,
3501 North Fairfax Drive, Room E–1002.
Please include your name, affiliation,
address, email address, and telephone
number(s) in your comment. All
statements received, including
attachments and other supporting
materials, are part of the public record
and are subject to public disclosure.
You should submit only information
that you wish to make publicly
available.
Please note: All comments received
will be posted generally without change
to https://www.fdic.gov/regulations/
laws/federal/, including any personal
information provided.
FOR FURTHER INFORMATION CONTACT:
Donald Hamm, Special Advisor, (202)
898–3528, dhamm@fdic.gov; or Shelli
Coffey, Review Examiner, (312) 382–
7539, scoffey@fdic.gov, Risk
Management and Applications, Division
of Risk Management Supervision;
Suzanne Dawley, Counsel, sudawley@
fdic.gov; or Karlyn J. Hunter, Counsel,
khunter@fdic.gov, Legal Division.
SUPPLEMENTARY INFORMATION:
I. Policy Objective
The policy objective of the proposed
rule is to simplify the FDIC’s regulations
by removing unnecessary regulations
and realigning existing regulations in
order to improve the public’s
understanding of the rules and to
improve the ease of the public’s
reference to them. Thus, as further
detailed in this section, the FDIC
proposes to rescind and remove from
the CFR part 390, subpart O.1 Pursuant
to subpart O, the FDIC may, at any time,
limit a State savings association’s
investment in their subordinate
organizations, or may limit or refuse to
permit any activities of any of these
entities for supervisory, legal, or safety
and soundness reasons.2
Subpart O includes definitions related
to State savings association
subsidiaries,3 a requirement for the
parent State savings association and its
subsidiaries to maintain separate
corporate identities,4 a prior notice
requirement for a State saving
association seeking to establish or
acquire a new subsidiary or engage in
new activities through an existing
subsidiary,5 requirements related to the
issuance of securities by a subsidiary,6
and requirements for the exercise of
salvage power by a State savings
association.7
The FDIC has determined that the
requirements for State savings
association subordinate organizations
set forth in subpart O are substantially
similar to requirements of section 28
and its implementing regulations,
subpart C and subpart D of part 362 of
the FDIC’s Rules and Regulations, and
section 37 of the FDI Act.8 Therefore,
the FDIC is proposing to remove subpart
O and proposes to use part 362, subpart
C and subpart D, as applicable, to
achieve substantially similar
supervisory results for State savings
associations and subsidiaries as could
be obtained through the application of
subpart O.
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
VerDate Sep<11>2014 17:11 Oct 23, 2020 Jkt 253001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\26OCP1.SGM 26OCP1
67685Federal Register / Vol. 85, No. 207 / Monday, October 26, 2020 / Proposed Rules
9 Public Law 111–203, 124 Stat. 1376 (2010).
10 12 U.S.C. 5411.
11 12 U.S.C. 5414(b).
12 12 U.S.C. 5414(c).
13 76 FR 39246 (July 6, 2011).
14 12 U.S.C. 5412(b)(2)(B)(i)(II).
15 12 U.S.C. 1811 et seq.
16 12 U.S.C. 5412(c)(1).
17 12 U.S.C. 1813(q).
18 76 FR 47652 (Aug. 5, 2011).
19 Id.
20 61 FR 66561, 66562 (Dec. 18, 1996).
21 Id at 66563.
22 Id. at 66567.
23 Id.
24 Id.
25 Id. For example, a salvage investment in a
nonincludable subsidiary would be deducted in
calculating the State savings association’s capital.
26 12 CFR part 390, subpart O.
27 12 U.S.C. 5414(b)(3).
companies.9 Beginning July 21, 2011,
the transfer date established by section
311 of the Dodd-Frank Act,10 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 11 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,12 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, 2011.13
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act 14 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) 15 and other
laws as the ‘‘appropriate Federal
banking agency’’ or under similar
statutory terminology. Section 312(c) of
the Dodd-Frank Act 16 revised the
definition of ‘‘appropriate Federal
banking agency’’ contained in section
3(q) of the FDI Act 17 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 is designated
as the ‘‘appropriate Federal banking
agency’’ (or under similar terminology)
for State savings associations, the FDIC
is authorized to issue, modify, and
rescind regulations involving such
associations.
As noted, on July 14, 2011, operating
pursuant to this authority, the FDIC’s
Board of Directors 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,
2011.18 When it republished the
transferred OTS regulations as new
FDIC regulations, the FDIC specifically
noted that its staff would evaluate the
transferred OTS rules and might later
recommend incorporating the
transferred OTS regulations into other
FDIC rules, amending them, or
rescinding them, as appropriate.19
B. 12 CFR Part 559
In 1996, the OTS adopted part 559,
entitled Subordinate Organizations,
which updated and substantially
streamlined its regulations and
statements of policy concerning
subsidiaries and other subordinate
organizations in which savings
associations have ownership interests
(including operating subsidiaries and
service corporations) and equity
investments (including pass-through
investments).20 Part 559 consolidated
all OTS regulations affecting thrift
subsidiaries in order to make it easier
for savings associations to find and use
these regulations.
The definitions in part 559 were
derived in large part from existing OTS
regulatory or statutory definitions.21
Subpart B of part 559 was applicable to
all savings associations. Section 559.10
prescribed requirements for a savings
association and its subordinate
organizations to establish and maintain
separate identities in order to reduce the
potential for customer confusion and to
allow a court to hold the parent savings
association liable for the subordinate
organization’s conduct or obligations. In
order to establish or acquire a new
subsidiary or engage in new activities,
savings associations were required to
follow the notice procedures set forth in
§ 559.11.
Part 559 addressed securities and
investments issues related to savings
associations as well. Section 559.12
included a replacement for an existing
OTS regulation that required a savings
association to notify the OTS before a
subsidiary issues securities, regardless
of the purpose for which the proceeds
will be used, and incorporated
requirements providing that securities
issued by all subsidiaries state that they
are not covered by federal deposit
insurance and may not be called or
accelerated in the event of the savings
association’s insolvency.22 Section
559.13 replaced the application
procedure for salvage investments, with
a 30-day notice requirement.23 In the
notice, a savings association must fully
document its additional investment in a
service corporation or a lower-tier entity
in a manner that demonstrates how its
action is consistent with safety and
soundness and document the other
salvage alternatives that it considered.24
The OTS added language to emphasize
that investments made using salvage
power authority continue to be
considered investments for purposes of
the capital regulation.25
C. Part 390, Subpart O
12 CFR part 559, as discussed above,
was transferred to the FDIC with
nominal changes. It is now found in the
FDIC’s rules at subpart O, entitled
Subordinate Organizations.26 Subpart O
governs a range of requirements for
subordinate organization of State
savings associations, as further
discussed below.
III. The Proposal
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.27 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 O
and related Federal statutes, regulation,
and statements of policy relevant to
subordinate organizations of State
savings associations. As discussed in
Part III of this Supplementary
Information section, the FDIC proposes
to rescind and remove subpart O in its
entirety, because the provisions
contained there are duplicative of
substantially similar FDIC statutory or
regulatory provisions, or guidance that
produce the same supervisory result.
Section 28 of the FDI Act prohibits a
State savings association from engaging
VerDate Sep<11>2014 17:11 Oct 23, 2020 Jkt 253001 PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 E:\FR\FM\26OCP1.SGM 26OCP1
9 Public Law 111–203, 124 Stat. 1376 (2010).
10 12 U.S.C. 5411.
11 12 U.S.C. 5414(b).
12 12 U.S.C. 5414(c).
13 76 FR 39246 (July 6, 2011).
14 12 U.S.C. 5412(b)(2)(B)(i)(II).
15 12 U.S.C. 1811 et seq.
16 12 U.S.C. 5412(c)(1).
17 12 U.S.C. 1813(q).
18 76 FR 47652 (Aug. 5, 2011).
19 Id.
20 61 FR 66561, 66562 (Dec. 18, 1996).
21 Id at 66563.
22 Id. at 66567.
23 Id.
24 Id.
25 Id. For example, a salvage investment in a
nonincludable subsidiary would be deducted in
calculating the State savings association’s capital.
26 12 CFR part 390, subpart O.
27 12 U.S.C. 5414(b)(3).
companies.9 Beginning July 21, 2011,
the transfer date established by section
311 of the Dodd-Frank Act,10 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 11 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,12 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, 2011.13
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act 14 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) 15 and other
laws as the ‘‘appropriate Federal
banking agency’’ or under similar
statutory terminology. Section 312(c) of
the Dodd-Frank Act 16 revised the
definition of ‘‘appropriate Federal
banking agency’’ contained in section
3(q) of the FDI Act 17 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 is designated
as the ‘‘appropriate Federal banking
agency’’ (or under similar terminology)
for State savings associations, the FDIC
is authorized to issue, modify, and
rescind regulations involving such
associations.
As noted, on July 14, 2011, operating
pursuant to this authority, the FDIC’s
Board of Directors 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,
2011.18 When it republished the
transferred OTS regulations as new
FDIC regulations, the FDIC specifically
noted that its staff would evaluate the
transferred OTS rules and might later
recommend incorporating the
transferred OTS regulations into other
FDIC rules, amending them, or
rescinding them, as appropriate.19
B. 12 CFR Part 559
In 1996, the OTS adopted part 559,
entitled Subordinate Organizations,
which updated and substantially
streamlined its regulations and
statements of policy concerning
subsidiaries and other subordinate
organizations in which savings
associations have ownership interests
(including operating subsidiaries and
service corporations) and equity
investments (including pass-through
investments).20 Part 559 consolidated
all OTS regulations affecting thrift
subsidiaries in order to make it easier
for savings associations to find and use
these regulations.
The definitions in part 559 were
derived in large part from existing OTS
regulatory or statutory definitions.21
Subpart B of part 559 was applicable to
all savings associations. Section 559.10
prescribed requirements for a savings
association and its subordinate
organizations to establish and maintain
separate identities in order to reduce the
potential for customer confusion and to
allow a court to hold the parent savings
association liable for the subordinate
organization’s conduct or obligations. In
order to establish or acquire a new
subsidiary or engage in new activities,
savings associations were required to
follow the notice procedures set forth in
§ 559.11.
Part 559 addressed securities and
investments issues related to savings
associations as well. Section 559.12
included a replacement for an existing
OTS regulation that required a savings
association to notify the OTS before a
subsidiary issues securities, regardless
of the purpose for which the proceeds
will be used, and incorporated
requirements providing that securities
issued by all subsidiaries state that they
are not covered by federal deposit
insurance and may not be called or
accelerated in the event of the savings
association’s insolvency.22 Section
559.13 replaced the application
procedure for salvage investments, with
a 30-day notice requirement.23 In the
notice, a savings association must fully
document its additional investment in a
service corporation or a lower-tier entity
in a manner that demonstrates how its
action is consistent with safety and
soundness and document the other
salvage alternatives that it considered.24
The OTS added language to emphasize
that investments made using salvage
power authority continue to be
considered investments for purposes of
the capital regulation.25
C. Part 390, Subpart O
12 CFR part 559, as discussed above,
was transferred to the FDIC with
nominal changes. It is now found in the
FDIC’s rules at subpart O, entitled
Subordinate Organizations.26 Subpart O
governs a range of requirements for
subordinate organization of State
savings associations, as further
discussed below.
III. The Proposal
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.27 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 O
and related Federal statutes, regulation,
and statements of policy relevant to
subordinate organizations of State
savings associations. As discussed in
Part III of this Supplementary
Information section, the FDIC proposes
to rescind and remove subpart O in its
entirety, because the provisions
contained there are duplicative of
substantially similar FDIC statutory or
regulatory provisions, or guidance that
produce the same supervisory result.
Section 28 of the FDI Act prohibits a
State savings association from engaging
VerDate Sep<11>2014 17:11 Oct 23, 2020 Jkt 253001 PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 E:\FR\FM\26OCP1.SGM 26OCP1