Federal Deposit Insurance Corporation
550 17th Street NW, Washington, DC 20429 Division of Supervision
FOREIGN ASSETS CONTROL ACT
FIL-111-97
October 23, 1997
FILING PROCEDURES
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: FDIC Seeks Comment on Proposed Rule Governing Filing Procedures and
Delegations of Authority, and Related Policy Statements (Part 303 of the FDIC's
Rules and Regulations)
The FDIC has undertaken a comprehensive review of Part 303 of its Rules and Regulations and
related statements of policy on filing and processing applications submitted by insured
depository institutions. The FDIC Board of Directors is seeking comment on the attached
proposal that would substantially revise current procedures. Proposed Part 303 also contains
delegations of authority from the Board of Directors to certain staff to act on applications and
enforcement matters.
The proposed revisions would streamline processing for well-managed and well-capitalized
institutions, reduce regulatory burden, remove inconsistencies and outmoded requirements and
present the regulation in a more user-friendly format. Comments on the proposal are due by
January 7, 1998.
The most significant feature of the proposal is to provide expedited processing for most filings
submitted by well-managed and well-capitalized depository institutions. An estimated 90 percent
of banks supervised by the FDIC would meet the definition of an "eligible depository institution."
While expedited processing would not be available for all types of filings, more than 90 percent
of all filings made with the FDIC would probably be the types for which expedited processing or
notice procedures would be available.
The FDIC is also proposing to amend the statements of policy on "Applications for Deposit
Insurance," "Bank Merger Transactions" and "Liability of Commonly Controlled Institutions," and
to rescind the policy statements on "Applications to Establish a Domestic Branch" and
"Applications to Relocate Main Office or Branch."
For further information, please contact one of the following: Cary H. Hiner, Associate Director in
the Division of Supervision (DOS), (202) 898-6814; Jesse G. Snyder, DOS Associate Director,
(202) 898-6915; Mark S. Schmidt, DOS Assistant Director, (202) 898-6918; Steven D. Fritts,
Associate Director in the Division of Compliance and Consumer Affairs (DCA), (202) 942-3454;
Louise N. Kotoshirodo, Review Examiner in DCA, (202) 942-3599; and Susan van den Toorn,
(202) 898-8707, and Nancy Schucker-Recchia, (202) 898-8885, Counsels in the Legal Division.
For foreign bank activities (Subpart J), please contact Christie A. Sciacca, DOS Assistant
Director, (202) 898-3671, or Jamey G. Basham, Counsel in the Legal Division, (202) 898-7265.
For enforcement issues (Subpart N), please contact Grovetta N. Gardineer, (202) 736-0665, or
Philip P. Houle, (202) 736-0758, Counsels in the Legal Division.Inactive
550 17th Street NW, Washington, DC 20429 Division of Supervision
FOREIGN ASSETS CONTROL ACT
FIL-111-97
October 23, 1997
FILING PROCEDURES
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: FDIC Seeks Comment on Proposed Rule Governing Filing Procedures and
Delegations of Authority, and Related Policy Statements (Part 303 of the FDIC's
Rules and Regulations)
The FDIC has undertaken a comprehensive review of Part 303 of its Rules and Regulations and
related statements of policy on filing and processing applications submitted by insured
depository institutions. The FDIC Board of Directors is seeking comment on the attached
proposal that would substantially revise current procedures. Proposed Part 303 also contains
delegations of authority from the Board of Directors to certain staff to act on applications and
enforcement matters.
The proposed revisions would streamline processing for well-managed and well-capitalized
institutions, reduce regulatory burden, remove inconsistencies and outmoded requirements and
present the regulation in a more user-friendly format. Comments on the proposal are due by
January 7, 1998.
The most significant feature of the proposal is to provide expedited processing for most filings
submitted by well-managed and well-capitalized depository institutions. An estimated 90 percent
of banks supervised by the FDIC would meet the definition of an "eligible depository institution."
While expedited processing would not be available for all types of filings, more than 90 percent
of all filings made with the FDIC would probably be the types for which expedited processing or
notice procedures would be available.
The FDIC is also proposing to amend the statements of policy on "Applications for Deposit
Insurance," "Bank Merger Transactions" and "Liability of Commonly Controlled Institutions," and
to rescind the policy statements on "Applications to Establish a Domestic Branch" and
"Applications to Relocate Main Office or Branch."
For further information, please contact one of the following: Cary H. Hiner, Associate Director in
the Division of Supervision (DOS), (202) 898-6814; Jesse G. Snyder, DOS Associate Director,
(202) 898-6915; Mark S. Schmidt, DOS Assistant Director, (202) 898-6918; Steven D. Fritts,
Associate Director in the Division of Compliance and Consumer Affairs (DCA), (202) 942-3454;
Louise N. Kotoshirodo, Review Examiner in DCA, (202) 942-3599; and Susan van den Toorn,
(202) 898-8707, and Nancy Schucker-Recchia, (202) 898-8885, Counsels in the Legal Division.
For foreign bank activities (Subpart J), please contact Christie A. Sciacca, DOS Assistant
Director, (202) 898-3671, or Jamey G. Basham, Counsel in the Legal Division, (202) 898-7265.
For enforcement issues (Subpart N), please contact Grovetta N. Gardineer, (202) 736-0665, or
Philip P. Houle, (202) 736-0758, Counsels in the Legal Division.Inactive
Nicholas J. Ketcha Jr.
Director
Attachment: Federal Register, Oct. 9, pp 52810-52889; available on FDIC's web site -- /news
in HTML or PDF. (7kb PDF file - PDF help or hard copy)
Distribution: All Insured Depository Institutions
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's
Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 (800-
276-6003 or (703) 562-2200).Inactive
Director
Attachment: Federal Register, Oct. 9, pp 52810-52889; available on FDIC's web site -- /news
in HTML or PDF. (7kb PDF file - PDF help or hard copy)
Distribution: All Insured Depository Institutions
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's
Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 (800-
276-6003 or (703) 562-2200).Inactive