PRESS RELEASE
Federal Deposit Insurance Corporation
December 4, 2001 Media Contact:
Jay Rosenstein (202-898-7303)
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-85-2001
FDIC PUBLISHES SEMIANNUAL AGENDA OF REGULATIONS
The Federal Deposit Insurance Corporation has published its semiannual agenda of
regulations in the Federal Register to inform the public of the Corporation's regulatory
actions and encourage participation in the rulemaking process.
Many of the actions are the result of the FDIC Board's ongoing efforts to reduce the
regulatory burden on banks, simplify rules, and improve efficiency. A number of the
actions have also been developed following the enactment of the financial services
modernization law known as the Gramm-Leach-Bliley Act (GLBA).
The agenda contains 22 regulatory actions in various stages of the rulemaking process,
including planned, proposed or final rules in areas such as: fair credit reporting;
prohibitions against the use of interstate branches primarily for deposit production; and
recordkeeping requirements for banks relying on certain broker-dealer exemptions.
Other highlights follow.
• In July 2001, the FDIC, jointly with the Federal Reserve Board (FRB), the Office
of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision
(OTS), published an advance notice of proposed rulemaking on a wide range of
questions relating to Community Reinvestment Act (CRA) regulations. The notice
sought comment on ways to improve existing CRA regulations. (12 CFR 345)
• In October 2001, the FDIC, jointly with the FRB, the OCC and the OTS, finalized
a rule that changes regulatory capital standards to address the treatment of
recourse obligations, residual interests and direct credit substitutes that expose
banking organizations to credit risk. (12 CFR 325)
• Also in October 2001, the FDIC clarified the meaning of the statutory requirement
that an institution must be "engaged in the business of receiving deposits other
Federal Deposit Insurance Corporation
December 4, 2001 Media Contact:
Jay Rosenstein (202-898-7303)
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-85-2001
FDIC PUBLISHES SEMIANNUAL AGENDA OF REGULATIONS
The Federal Deposit Insurance Corporation has published its semiannual agenda of
regulations in the Federal Register to inform the public of the Corporation's regulatory
actions and encourage participation in the rulemaking process.
Many of the actions are the result of the FDIC Board's ongoing efforts to reduce the
regulatory burden on banks, simplify rules, and improve efficiency. A number of the
actions have also been developed following the enactment of the financial services
modernization law known as the Gramm-Leach-Bliley Act (GLBA).
The agenda contains 22 regulatory actions in various stages of the rulemaking process,
including planned, proposed or final rules in areas such as: fair credit reporting;
prohibitions against the use of interstate branches primarily for deposit production; and
recordkeeping requirements for banks relying on certain broker-dealer exemptions.
Other highlights follow.
• In July 2001, the FDIC, jointly with the Federal Reserve Board (FRB), the Office
of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision
(OTS), published an advance notice of proposed rulemaking on a wide range of
questions relating to Community Reinvestment Act (CRA) regulations. The notice
sought comment on ways to improve existing CRA regulations. (12 CFR 345)
• In October 2001, the FDIC, jointly with the FRB, the OCC and the OTS, finalized
a rule that changes regulatory capital standards to address the treatment of
recourse obligations, residual interests and direct credit substitutes that expose
banking organizations to credit risk. (12 CFR 325)
• Also in October 2001, the FDIC clarified the meaning of the statutory requirement
that an institution must be "engaged in the business of receiving deposits other
than trust funds" in order to be eligible for FDIC insurance. Under the amended
regulations, an institution can satisfy this standard by maintaining one or more
non-trust deposit accounts that, in the aggregate, total $500,000 or more. (12
CFR 303)
Attached is a copy of the Semiannual Regulatory Agenda that appeared in the
December 3, 2001, Federal Register.
Attachment: Semiannual Regulatory Agenda
regulations, an institution can satisfy this standard by maintaining one or more
non-trust deposit accounts that, in the aggregate, total $500,000 or more. (12
CFR 303)
Attached is a copy of the Semiannual Regulatory Agenda that appeared in the
December 3, 2001, Federal Register.
Attachment: Semiannual Regulatory Agenda