54403Federal Register / Vol. 78, No. 171 / Wednesday, September 4, 2013 / Proposed Rules
had been subject to a final removal or
prohibition enforcement order of the
former OTS, as a predecessor Federal
banking agency to the FDIC.
III. Request for Comments
The FDIC invites comments on all
aspects of the proposed rulemaking. In
particular, the FDIC requests comments
on the following questions:
Are the provisions of 12 CFR part 336,
subpart C sufficient to provide
consistent post-employment restrictions
for the FDIC’s senior examiners,
regardless of whether the senior
examiners evaluated insured state banks
or insured State savings associations?
Please substantiate your response.
Should part 390, subpart A pertaining
to post-employment restrictions for
senior examiners be retained in whole
or in part? Please substantiate your
response.
What negative impacts, if any, can
you foresee in the FDIC’s proposal to
rescind Part 390, Subpart A and remove
it from the Code of Federal Regulations
and to revise the definition of Federal
banking agency in section 336.3(e)?
Please substantiate your response.
Written comments must be received
by the FDIC no later than November 4,
2013.
IV. Regulatory Analysis and Procedure
A. The Paperwork Reduction Act
The FDIC proposes to rescind and
remove from its regulations 12 CFR part
390, subpart A. This rule was
transferred with only nominal changes
to the FDIC from the OTS when the OTS
was abolished by Title III of the Dodd-
Frank Act. Part 390, Subpart A is
redundant and largely duplicative of the
FDIC’s rule at part 336 regarding the
one-year post-employment restrictions
for senior examiners. Removing part
390, subpart A and revising the
definition of Federal banking agency in
section 336.3(e) will not involve any
new collections of information pursuant
to the Paperwork Reduction Act (44
U.S.C. 3501 et seq.). Consequently, no
information collection has been
submitted to the Office of Management
and Budget for review.
B. The Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601, et seq. (RFA), requires that
each federal agency either (1) certify
that a proposed rule would not, if
adopted in final form, have a significant
economic impact on a substantial
number of small entities, or (2) prepare
an initial regulatory flexibility analysis
of the rule and publish the analysis for
comment. Twelve CFR part 336, subpart
C was issued as part of an interagency
rulemaking designed to implement
section 10(k) of the FDI Act, 12 U.S.C.
1820(k). This rule has a limited scope:
it imposes post-employment restrictions
on certain senior examiners employed
by the FDIC and does not impose any
obligations or restrictions on banking
organizations, including small banking
organizations. On this basis, the FDIC
certifies that this proposal, if it is
adopted in final form, would not have
a significant impact on a substantial
number of small entities, within the
meaning of those terms as used in the
RFA. Notwithstanding this certification,
the FDIC invites comments on the
impact of this rule on small entities.
C. Plain Language
Section 722 of the Gramm-Leach-
Bliley Act, Public Law 106–102, 113
Stat. 1338, 1471, 12 U.S.C. 4809,
requires each Federal banking agency to
use plain language in all of its proposed
and final rules published after January
1, 2000. As a federal banking agency
subject to the provisions of this section,
the FDIC has sought to present the
proposed rule to rescind part 390,
subpart A and to revise the definition at
section 336.3(e) in a simple and
straightforward manner. The FDIC
invites comments on whether the
proposal is clearly stated and effectively
organized, and how the FDIC might
make the proposal easier to understand.
List of Subjects in 12 CFR Parts 336 and
390
Banks, banking; Conflicts of interest;
Government employees; Savings
associations.
Authority and Issuance
For the reasons stated in the preamble
and under the authority of 12 U.S.C.
5412, the Board of Directors of the
Federal Deposit Insurance Corporation
proposes to amend part 336, subpart B,
and part 390, subpart A, of title 12 of the
Code of Federal Regulations as follows:
PART 336—FDIC EMPLOYEES
■ 1. The authority citation for part 336
continues to read as follows:
Authority: 61 FR 28728, June 6, 1996,
unless otherwise noted.
■ 2. In § 336.3, revise paragraph (e) to
read as follows:
§ 336.3 Definitions.
* * * * *
(e) Federal Banking agency means the
Office of the Comptroller of the
Currency, the Board of Governors of the
Federal Reserve System, or the Federal
Deposit Insurance Corporation, or their
predecessors or successors.
* * * * *
PART 390—REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
■ 3. The authority citation for part 390
is amended by removing the additional
authority for subpart A.
Authority: 12 U.S.C. 1819.
* * * * *
Subpart A—[Removed and Reserved]
■ 4. Remove and reserve subpart A,
consisting of §§ 390.1 through 390.5.
Dated at Washington, DC, this 28th day of
August, 2013.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2013–21356 Filed 9–3–13; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 344 and 390
RIN 3064– AE06
Removal of Transferred OTS
Regulations Regarding Recordkeeping
and Confirmation Requirements for
Securities Transactions Effected by
State Savings Associations and Other
Amendments
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking.
SUMMARY: In this notice of proposed
rulemaking, the Federal Deposit
Insurance Corporation (‘‘FDIC’’)
proposes to rescind and remove from
the Code of Federal Regulations 12 CFR
part 390, subpart K (‘‘part 390, subpart
K’’), entitled ‘‘Recordkeeping and
Confirmation Requirements for
Securities Transactions.’’ This subpart
was included in the regulations that
were transferred to the FDIC from the
Office of Thrift Supervision (‘‘OTS’’) 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
(‘‘Dodd-Frank Act’’). With few
exceptions addressed below, the
requirements for State savings
associations in part 390, subpart K, are
substantively similar to those in FDIC’s
12 CFR part 344 (‘‘part 344’’), which
also is entitled ‘‘Recordkeeping and
Confirmation Requirements for
VerDate Mar<15>2010 18:08 Sep 03, 2013 Jkt 229001 PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 E:\FR\FM\04SEP1.SGM 04SEP1
tkelley on DSK3SPTVN1PROD with PROPOSALS
had been subject to a final removal or
prohibition enforcement order of the
former OTS, as a predecessor Federal
banking agency to the FDIC.
III. Request for Comments
The FDIC invites comments on all
aspects of the proposed rulemaking. In
particular, the FDIC requests comments
on the following questions:
Are the provisions of 12 CFR part 336,
subpart C sufficient to provide
consistent post-employment restrictions
for the FDIC’s senior examiners,
regardless of whether the senior
examiners evaluated insured state banks
or insured State savings associations?
Please substantiate your response.
Should part 390, subpart A pertaining
to post-employment restrictions for
senior examiners be retained in whole
or in part? Please substantiate your
response.
What negative impacts, if any, can
you foresee in the FDIC’s proposal to
rescind Part 390, Subpart A and remove
it from the Code of Federal Regulations
and to revise the definition of Federal
banking agency in section 336.3(e)?
Please substantiate your response.
Written comments must be received
by the FDIC no later than November 4,
2013.
IV. Regulatory Analysis and Procedure
A. The Paperwork Reduction Act
The FDIC proposes to rescind and
remove from its regulations 12 CFR part
390, subpart A. This rule was
transferred with only nominal changes
to the FDIC from the OTS when the OTS
was abolished by Title III of the Dodd-
Frank Act. Part 390, Subpart A is
redundant and largely duplicative of the
FDIC’s rule at part 336 regarding the
one-year post-employment restrictions
for senior examiners. Removing part
390, subpart A and revising the
definition of Federal banking agency in
section 336.3(e) will not involve any
new collections of information pursuant
to the Paperwork Reduction Act (44
U.S.C. 3501 et seq.). Consequently, no
information collection has been
submitted to the Office of Management
and Budget for review.
B. The Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601, et seq. (RFA), requires that
each federal agency either (1) certify
that a proposed rule would not, if
adopted in final form, have a significant
economic impact on a substantial
number of small entities, or (2) prepare
an initial regulatory flexibility analysis
of the rule and publish the analysis for
comment. Twelve CFR part 336, subpart
C was issued as part of an interagency
rulemaking designed to implement
section 10(k) of the FDI Act, 12 U.S.C.
1820(k). This rule has a limited scope:
it imposes post-employment restrictions
on certain senior examiners employed
by the FDIC and does not impose any
obligations or restrictions on banking
organizations, including small banking
organizations. On this basis, the FDIC
certifies that this proposal, if it is
adopted in final form, would not have
a significant impact on a substantial
number of small entities, within the
meaning of those terms as used in the
RFA. Notwithstanding this certification,
the FDIC invites comments on the
impact of this rule on small entities.
C. Plain Language
Section 722 of the Gramm-Leach-
Bliley Act, Public Law 106–102, 113
Stat. 1338, 1471, 12 U.S.C. 4809,
requires each Federal banking agency to
use plain language in all of its proposed
and final rules published after January
1, 2000. As a federal banking agency
subject to the provisions of this section,
the FDIC has sought to present the
proposed rule to rescind part 390,
subpart A and to revise the definition at
section 336.3(e) in a simple and
straightforward manner. The FDIC
invites comments on whether the
proposal is clearly stated and effectively
organized, and how the FDIC might
make the proposal easier to understand.
List of Subjects in 12 CFR Parts 336 and
390
Banks, banking; Conflicts of interest;
Government employees; Savings
associations.
Authority and Issuance
For the reasons stated in the preamble
and under the authority of 12 U.S.C.
5412, the Board of Directors of the
Federal Deposit Insurance Corporation
proposes to amend part 336, subpart B,
and part 390, subpart A, of title 12 of the
Code of Federal Regulations as follows:
PART 336—FDIC EMPLOYEES
■ 1. The authority citation for part 336
continues to read as follows:
Authority: 61 FR 28728, June 6, 1996,
unless otherwise noted.
■ 2. In § 336.3, revise paragraph (e) to
read as follows:
§ 336.3 Definitions.
* * * * *
(e) Federal Banking agency means the
Office of the Comptroller of the
Currency, the Board of Governors of the
Federal Reserve System, or the Federal
Deposit Insurance Corporation, or their
predecessors or successors.
* * * * *
PART 390—REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
■ 3. The authority citation for part 390
is amended by removing the additional
authority for subpart A.
Authority: 12 U.S.C. 1819.
* * * * *
Subpart A—[Removed and Reserved]
■ 4. Remove and reserve subpart A,
consisting of §§ 390.1 through 390.5.
Dated at Washington, DC, this 28th day of
August, 2013.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2013–21356 Filed 9–3–13; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 344 and 390
RIN 3064– AE06
Removal of Transferred OTS
Regulations Regarding Recordkeeping
and Confirmation Requirements for
Securities Transactions Effected by
State Savings Associations and Other
Amendments
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking.
SUMMARY: In this notice of proposed
rulemaking, the Federal Deposit
Insurance Corporation (‘‘FDIC’’)
proposes to rescind and remove from
the Code of Federal Regulations 12 CFR
part 390, subpart K (‘‘part 390, subpart
K’’), entitled ‘‘Recordkeeping and
Confirmation Requirements for
Securities Transactions.’’ This subpart
was included in the regulations that
were transferred to the FDIC from the
Office of Thrift Supervision (‘‘OTS’’) 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
(‘‘Dodd-Frank Act’’). With few
exceptions addressed below, the
requirements for State savings
associations in part 390, subpart K, are
substantively similar to those in FDIC’s
12 CFR part 344 (‘‘part 344’’), which
also is entitled ‘‘Recordkeeping and
Confirmation Requirements for
VerDate Mar<15>2010 18:08 Sep 03, 2013 Jkt 229001 PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 E:\FR\FM\04SEP1.SGM 04SEP1
tkelley on DSK3SPTVN1PROD with PROPOSALS
54404 Federal Register / Vol. 78, No. 171 / Wednesday, September 4, 2013 / Proposed Rules
1 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 12 U.S.C. 5301
et seq.
2 76 FR 39247 (July 6, 2011). 3 76 FR 47652 (Aug. 5, 2011).
Securities Transactions’’ and is
applicable to State nonmember insured
banks and foreign banks having an
insured branch.
The FDIC proposes to amend the
definition section of part 344 to
clarifying that part 344 applies to all
insured depository institutions,
including State savings associations, for
which the FDIC is the appropriate
Federal banking agency. The FDIC also
proposes to amend part 344 to increase
the number of transactions that all
FDIC-supervised institutions may effect
on behalf of customers under the small
transaction exception from certain of the
recordkeeping requirements (‘‘Small
Transaction Exception’’).
Upon removal of part 390, subpart K,
and with the proposed changes to part
344, the recordkeeping and
confirmation requirements for securities
transactions for customers effected by
all insured depository institutions for
which the FDIC has been designated the
appropriate federal banking agency will
be found at part 344.
DATES: Comments must be received on
or before November 4, 2013.
ADDRESSES: You may submit comments
by any of the following methods:
• FDIC Web site: http://www.fdic.gov/
regulations/laws/federal/propose.html.
Follow instructions for submitting
comments on the agency Web site.
• FDIC Email: Comments@fdic.gov.
Include RIN #3064–AD82 on the subject
line of the message.
• FDIC Mail: Robert E. Feldman,
Executive Secretary, Attention:
Comments, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
• Hand Delivery to FDIC: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
Please include your name, affiliation,
address, email address, and telephone
number(s) in your comment. Where
appropriate, comments should include a
short Executive Summary consisting of
no more than five single-spaced pages.
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 http://
www.fdic.gov/regulations/laws/federal/
propose.html, including any personal
information provided. Paper copies of public
comments may be requested from the Public
Information Center by telephone at 1–877–
275–3342 or 1–703–562–2200.
FOR FURTHER INFORMATION CONTACT:
Anthony J. DiMilo, Examination
Specialist, Trust, Division of Risk
Management Supervision, (202) 898–
7496; John M. Jackwood, Senior Policy
Analyst, Division of Depositor and
Consumer Protection, (202) 898–3991;
Julia E. Paris, Counsel, Legal Division,
(202) 898–3821.
SUPPLEMENTARY INFORMATION:
I. Background
The Dodd-Frank Act
The Dodd-Frank Act 1 provided for a
substantial reorganization of the
regulation of State and Federal savings
associations and their holding
companies. Beginning July 21, 2011, the
transfer date established by section 311
of the Dodd-Frank Act, codified at 12
U.S.C. 5411, 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, codified at 12
U.S.C. 5414(b), provides the manner of
treatment for 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.
Section 316(c) of the Dodd-Frank Act,
codified at 12 U.S.C. 5414(c), further
directed the FDIC and the OCC to
consult with one another and to publish
a list of the continued OTS regulations
which would be enforced by the FDIC
and the OCC, respectively. 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, 2011.2
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act, codified at 12
U.S.C. 5412(b)(2)(B)(i)(II), 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
FDI Act and other laws as the
‘‘appropriate Federal banking agency’’
or under similar statutory terminology.
Section 312(c) of the Dodd-Frank Act
amended the definition of ‘‘appropriate
Federal banking agency’’ contained in
section 3(q) of the FDI Act, 12 U.S.C.
1813(q), 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 under 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 branches of foreign banks.
As noted, on June 14, 2011, operating
pursuant to this authority, the FDIC’s
Board of Directors reissued and
redesignated certain transferring
regulations of the former OTS. These
transferred OTS regulations were
published as new FDIC regulations in
the Federal Register on August 5, 2011.3
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.
One of the OTS’s rules transferred to
the FDIC governs recordkeeping and
confirmation requirements for securities
transactions effected for customers by
State savings associations. The OTS’s
rule, formerly found at 12 CFR part 551,
was transferred to the FDIC with only
nomenclature changes and is now found
in the FDIC’s rules at part 390, subpart
K, entitled Recordkeeping and
Confirmation Requirements for
Securities Transactions. Before the
transfer of the OTS rules and continuing
today, the FDIC’s rules contained part
344, entitled Recordkeeping and
Confirmation Requirements for
Securities Transactions, a rule
governing recordkeeping and
confirmation requirements for securities
transactions effected for customers by
State nonmember insured banks and
insured branches of foreign banks. After
careful review and comparison of part
390, subpart K, and part 344, the FDIC
VerDate Mar<15>2010 18:08 Sep 03, 2013 Jkt 229001 PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 E:\FR\FM\04SEP1.SGM 04SEP1
tkelley on DSK3SPTVN1PROD with PROPOSALS
1 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 12 U.S.C. 5301
et seq.
2 76 FR 39247 (July 6, 2011). 3 76 FR 47652 (Aug. 5, 2011).
Securities Transactions’’ and is
applicable to State nonmember insured
banks and foreign banks having an
insured branch.
The FDIC proposes to amend the
definition section of part 344 to
clarifying that part 344 applies to all
insured depository institutions,
including State savings associations, for
which the FDIC is the appropriate
Federal banking agency. The FDIC also
proposes to amend part 344 to increase
the number of transactions that all
FDIC-supervised institutions may effect
on behalf of customers under the small
transaction exception from certain of the
recordkeeping requirements (‘‘Small
Transaction Exception’’).
Upon removal of part 390, subpart K,
and with the proposed changes to part
344, the recordkeeping and
confirmation requirements for securities
transactions for customers effected by
all insured depository institutions for
which the FDIC has been designated the
appropriate federal banking agency will
be found at part 344.
DATES: Comments must be received on
or before November 4, 2013.
ADDRESSES: You may submit comments
by any of the following methods:
• FDIC Web site: http://www.fdic.gov/
regulations/laws/federal/propose.html.
Follow instructions for submitting
comments on the agency Web site.
• FDIC Email: Comments@fdic.gov.
Include RIN #3064–AD82 on the subject
line of the message.
• FDIC Mail: Robert E. Feldman,
Executive Secretary, Attention:
Comments, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
• Hand Delivery to FDIC: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
Please include your name, affiliation,
address, email address, and telephone
number(s) in your comment. Where
appropriate, comments should include a
short Executive Summary consisting of
no more than five single-spaced pages.
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 http://
www.fdic.gov/regulations/laws/federal/
propose.html, including any personal
information provided. Paper copies of public
comments may be requested from the Public
Information Center by telephone at 1–877–
275–3342 or 1–703–562–2200.
FOR FURTHER INFORMATION CONTACT:
Anthony J. DiMilo, Examination
Specialist, Trust, Division of Risk
Management Supervision, (202) 898–
7496; John M. Jackwood, Senior Policy
Analyst, Division of Depositor and
Consumer Protection, (202) 898–3991;
Julia E. Paris, Counsel, Legal Division,
(202) 898–3821.
SUPPLEMENTARY INFORMATION:
I. Background
The Dodd-Frank Act
The Dodd-Frank Act 1 provided for a
substantial reorganization of the
regulation of State and Federal savings
associations and their holding
companies. Beginning July 21, 2011, the
transfer date established by section 311
of the Dodd-Frank Act, codified at 12
U.S.C. 5411, 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, codified at 12
U.S.C. 5414(b), provides the manner of
treatment for 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.
Section 316(c) of the Dodd-Frank Act,
codified at 12 U.S.C. 5414(c), further
directed the FDIC and the OCC to
consult with one another and to publish
a list of the continued OTS regulations
which would be enforced by the FDIC
and the OCC, respectively. 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, 2011.2
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act, codified at 12
U.S.C. 5412(b)(2)(B)(i)(II), 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
FDI Act and other laws as the
‘‘appropriate Federal banking agency’’
or under similar statutory terminology.
Section 312(c) of the Dodd-Frank Act
amended the definition of ‘‘appropriate
Federal banking agency’’ contained in
section 3(q) of the FDI Act, 12 U.S.C.
1813(q), 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 under 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 branches of foreign banks.
As noted, on June 14, 2011, operating
pursuant to this authority, the FDIC’s
Board of Directors reissued and
redesignated certain transferring
regulations of the former OTS. These
transferred OTS regulations were
published as new FDIC regulations in
the Federal Register on August 5, 2011.3
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.
One of the OTS’s rules transferred to
the FDIC governs recordkeeping and
confirmation requirements for securities
transactions effected for customers by
State savings associations. The OTS’s
rule, formerly found at 12 CFR part 551,
was transferred to the FDIC with only
nomenclature changes and is now found
in the FDIC’s rules at part 390, subpart
K, entitled Recordkeeping and
Confirmation Requirements for
Securities Transactions. Before the
transfer of the OTS rules and continuing
today, the FDIC’s rules contained part
344, entitled Recordkeeping and
Confirmation Requirements for
Securities Transactions, a rule
governing recordkeeping and
confirmation requirements for securities
transactions effected for customers by
State nonmember insured banks and
insured branches of foreign banks. After
careful review and comparison of part
390, subpart K, and part 344, the FDIC
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