52387Federal Register / Vol. 84, No. 191 / Wednesday, October 2, 2019 / Proposed Rules
1 Pub. L. 111–203, 124 Stat. 1376 (2010).
2 Codified at 12 U.S.C. 5411.
3 Codified at 12 U.S.C. 5414(b).
Please note that foreign nationals
participating in the webinar are subject
to advance security screening
procedures which require advance
notice prior to attendance at the public
meeting. If a foreign national wishes to
participate in the webinar, please
inform DOE as soon as possible by
contacting Ms. Regina Washington at
(202) 586–1214 or by email:
Regina.Washington@ee.doe.gov so that
the necessary procedures can be
completed.
Webinar registration information,
participant instructions, and
information about the capabilities
available to webinar participants will be
published on DOE’s website: https://
energy.gov/eere/buildings/appliance-
standards-and-rulemaking-federal-
advisory-committee. Participants are
responsible for ensuring their systems
are compatible with the webinar
software.
Procedure for Submitting Prepared
General Statements for Distribution
Any person who has plans to present
a prepared general statement may
request that copies of his or her
statement be made available at the
public meeting. Such persons may
submit requests, along with an advance
electronic copy of their statement in
PDF (preferred), Microsoft Word or
Excel, WordPerfect, or text (ASCII) file
format, to the appropriate address
shown in the FOR FURTHER INFORMATION
CONTACT section of this notice. The
request and advance copy of statements
must be received at least one week
before the public meeting and may be
emailed, hand-delivered, or sent by
postal mail. DOE prefers to receive
requests and advance copies via email.
Please include a telephone number to
enable DOE staff to make a follow-up
contact, if needed.
Conduct of the Public Meetings
ASRAC’s Designated Federal Officer
will preside at the public meetings and
may also use a professional facilitator to
aid discussion. The meetings will not be
judicial or evidentiary-type public
hearings, but DOE will conduct them in
accordance with section 336 of EPCA
(42 U.S.C. 6306). A court reporter will
be present to record the proceedings and
prepare a transcript. A transcript of each
public meeting will be included on
DOE’s website: https://energy.gov/eere/
buildings/appliance-standards-and-
rulemaking-federal-advisory-committee.
In addition, any person may buy a copy
of each transcript from the transcribing
reporter. Public comment and
statements will be allowed prior to the
close of each meeting.
Docket
The docket is available for review at:
https://www.regulations.gov/
docket?D=EERE-2018-BT-STD-0003,
including Federal Register notices,
public meeting attendee lists and
transcripts, comments, and other
supporting documents/materials. All
documents in the docket are listed in
the http://www.regulations.gov index.
However, not all documents listed in
the index may be publically available,
such as information that is exempt from
public disclosure.
Signed in Washington, DC, on September
25, 2019.
Alexander N. Fitzsimmons,
Acting Deputy Assistant Secretary for Energy
Efficiency, Energy Efficiency and Renewable
Energy.
[FR Doc. 2019–21430 Filed 10–1–19; 8:45 am]
BILLING CODE 6450–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 390
RIN 3064–AF13
Removal of Transferred OTS
Regulations Regarding Regulatory
Reporting Requirements, Regulatory
Reports and Audits of State Savings
Associations
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking.
SUMMARY: In this notice of proposed
rulemaking (proposal or proposed rule),
the Federal Deposit Insurance
Corporation (FDIC) proposes to rescind
and remove from the Code of Federal
Regulations 12 CFR part 390, subpart R,
entitled Regulatory Reporting Standards
(part 390, subpart R).
DATES: Comments must be received on
or before November 1, 2019.
ADDRESSES: You may submit comments
by any of the following methods:
• FDIC website: https://www.fdic.gov/
regulations/laws/federal/. Follow
instructions for submitting comments
on the agency website.
• Email: Comments@fdic.gov. Include
RIN 3064–AF13 on the subject line of
the message.
• 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.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
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:
Christine M. Bouvier, Assistant Chief
Accountant, (202) 898–7289, CBouvier@
FDIC.gov, Division of Risk Management
Supervision; Karen J. Currie, Senior
Examination Specialist, (202) 898–3981,
Division of Risk Management
Supervision; David M. Miles, Counsel,
Legal Division, (202) 898–3651.
SUPPLEMENTARY INFORMATION:
I. Policy Objectives
The policy objectives of the proposed
rule are twofold. The first is to simplify
the FDIC’s regulations by removing
unnecessary ones and thereby
improving ease of reference and public
understanding. The second is to
promote parity between State savings
associations and State nonmember
banks by having the regulatory reporting
requirements, regulatory reports and
audits of both classes of institutions
addressed in the same FDIC rules.
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 for all orders,
VerDate Sep<11>2014 16:10 Oct 01, 2019 Jkt 250001 PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 E:\FR\FM\02OCP1.SGM 02OCP1
khammond on DSKJM1Z7X2PROD with PROPOSALS
1 Pub. L. 111–203, 124 Stat. 1376 (2010).
2 Codified at 12 U.S.C. 5411.
3 Codified at 12 U.S.C. 5414(b).
Please note that foreign nationals
participating in the webinar are subject
to advance security screening
procedures which require advance
notice prior to attendance at the public
meeting. If a foreign national wishes to
participate in the webinar, please
inform DOE as soon as possible by
contacting Ms. Regina Washington at
(202) 586–1214 or by email:
Regina.Washington@ee.doe.gov so that
the necessary procedures can be
completed.
Webinar registration information,
participant instructions, and
information about the capabilities
available to webinar participants will be
published on DOE’s website: https://
energy.gov/eere/buildings/appliance-
standards-and-rulemaking-federal-
advisory-committee. Participants are
responsible for ensuring their systems
are compatible with the webinar
software.
Procedure for Submitting Prepared
General Statements for Distribution
Any person who has plans to present
a prepared general statement may
request that copies of his or her
statement be made available at the
public meeting. Such persons may
submit requests, along with an advance
electronic copy of their statement in
PDF (preferred), Microsoft Word or
Excel, WordPerfect, or text (ASCII) file
format, to the appropriate address
shown in the FOR FURTHER INFORMATION
CONTACT section of this notice. The
request and advance copy of statements
must be received at least one week
before the public meeting and may be
emailed, hand-delivered, or sent by
postal mail. DOE prefers to receive
requests and advance copies via email.
Please include a telephone number to
enable DOE staff to make a follow-up
contact, if needed.
Conduct of the Public Meetings
ASRAC’s Designated Federal Officer
will preside at the public meetings and
may also use a professional facilitator to
aid discussion. The meetings will not be
judicial or evidentiary-type public
hearings, but DOE will conduct them in
accordance with section 336 of EPCA
(42 U.S.C. 6306). A court reporter will
be present to record the proceedings and
prepare a transcript. A transcript of each
public meeting will be included on
DOE’s website: https://energy.gov/eere/
buildings/appliance-standards-and-
rulemaking-federal-advisory-committee.
In addition, any person may buy a copy
of each transcript from the transcribing
reporter. Public comment and
statements will be allowed prior to the
close of each meeting.
Docket
The docket is available for review at:
https://www.regulations.gov/
docket?D=EERE-2018-BT-STD-0003,
including Federal Register notices,
public meeting attendee lists and
transcripts, comments, and other
supporting documents/materials. All
documents in the docket are listed in
the http://www.regulations.gov index.
However, not all documents listed in
the index may be publically available,
such as information that is exempt from
public disclosure.
Signed in Washington, DC, on September
25, 2019.
Alexander N. Fitzsimmons,
Acting Deputy Assistant Secretary for Energy
Efficiency, Energy Efficiency and Renewable
Energy.
[FR Doc. 2019–21430 Filed 10–1–19; 8:45 am]
BILLING CODE 6450–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 390
RIN 3064–AF13
Removal of Transferred OTS
Regulations Regarding Regulatory
Reporting Requirements, Regulatory
Reports and Audits of State Savings
Associations
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking.
SUMMARY: In this notice of proposed
rulemaking (proposal or proposed rule),
the Federal Deposit Insurance
Corporation (FDIC) proposes to rescind
and remove from the Code of Federal
Regulations 12 CFR part 390, subpart R,
entitled Regulatory Reporting Standards
(part 390, subpart R).
DATES: Comments must be received on
or before November 1, 2019.
ADDRESSES: You may submit comments
by any of the following methods:
• FDIC website: https://www.fdic.gov/
regulations/laws/federal/. Follow
instructions for submitting comments
on the agency website.
• Email: Comments@fdic.gov. Include
RIN 3064–AF13 on the subject line of
the message.
• 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.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
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:
Christine M. Bouvier, Assistant Chief
Accountant, (202) 898–7289, CBouvier@
FDIC.gov, Division of Risk Management
Supervision; Karen J. Currie, Senior
Examination Specialist, (202) 898–3981,
Division of Risk Management
Supervision; David M. Miles, Counsel,
Legal Division, (202) 898–3651.
SUPPLEMENTARY INFORMATION:
I. Policy Objectives
The policy objectives of the proposed
rule are twofold. The first is to simplify
the FDIC’s regulations by removing
unnecessary ones and thereby
improving ease of reference and public
understanding. The second is to
promote parity between State savings
associations and State nonmember
banks by having the regulatory reporting
requirements, regulatory reports and
audits of both classes of institutions
addressed in the same FDIC rules.
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 for all orders,
VerDate Sep<11>2014 16:10 Oct 01, 2019 Jkt 250001 PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 E:\FR\FM\02OCP1.SGM 02OCP1
khammond on DSKJM1Z7X2PROD with PROPOSALS
52388 Federal Register / Vol. 84, No. 191 / Wednesday, October 2, 2019 / Proposed Rules
4 Codified at 12 U.S.C. 5414(c).
5 76 FR 39246 (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 390.320(b). Subpart R defines the term
‘‘regulatory report’’ to mean ‘‘any report that the
FDIC prepares, or is submitted to, or used by the
FDIC, to determine compliance with its rules and
regulations, and to evaluate the safe and sound
condition and operations of State savings
associations. Regulatory reports are regulatory
documents, not accounting documents.’’ 12 CFR
390.321(a).
13 12 CFR 390.320(b).
14 See the section entitled ‘‘Preparation of the
Reports’’ contained in the General Instructions
portion of Call Report Instructions for the FFIEC
031, 041 and 051 Report Forms and the section
entitled ‘‘Preparation of Information to be
Reported’’ in the General Instructions portion of the
Report of Assets and Liabilities of U.S. Branches
and Agencies of Foreign Banks (FFIEC 002 Report
Form).
15 12 U.S.C. 1831(n); See the section entitled
‘‘Applicability of U.S. Generally Accepted
Accounting Principles to Regulatory Reporting
Requirements’’ contained in the General
Instructions portion of Call Report Instructions for
the FFIEC 031, 041 and 051 Report Forms and the
section entitled ‘‘Accounting Basis’’ in the General
Instructions portion of the FFIEC 002 Report Form.
resolutions, determinations, regulations,
and other advisory materials that have
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 (Board)
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)(1) 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 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 State-licensed insured branches of
foreign banks.
As noted above, on June 14, 2011,
operating pursuant to this authority, the
Board 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
Board reissued and redesignated certain
regulations transferred from the former
OTS. These transferred OTS regulations
were published as new FDIC regulations
in the Federal Register on August 5,
2011.10 When the FDIC republished the
transferred OTS regulations as new
FDIC regulations, it specifically noted
that its staff would evaluate the
transferred OTS rules and might later
recommend incorporating the
transferred OTS regulations into other
FDIC regulations, amending them, or
rescinding them, as appropriate.11
B. Transferred OTS Regulations
(Transferred to the FDIC’s Part 390,
Subpart R)
A subset of the regulations transferred
to the FDIC from the OTS concern
regulatory reporting requirements,
regulatory reports and audits of State
savings associations. The OTS
regulations, formerly found at 12 CFR
part 562, now comprise 12 CFR part
390, subpart R. The provisions of part
390, subpart R, are discussed in Part III
of this Supplementary Information
section, below.
The FDIC has conducted a careful
review and comparison of part 390,
subpart R, and other FDIC regulations
that pertain to regulatory reporting
requirements (12 CFR part 304, 12 CFR
part 363 and its Appendices A and B,
and 12 CFR part 364 and its Appendix
A), regulatory reports (12 CFR part 304
and 12 CFR part 308), and audits of
insured depository institutions (12 CFR
part 363 and its Appendices A and B
and 12 CFR part 364 and its Appendix
A) that already apply to State savings
associations. As discussed in Part III of
this Supplementary Information section,
the FDIC proposes to rescind part 390,
subpart R, because the FDIC considers it
to be redundant or otherwise
unnecessary given the applicability of
these other FDIC regulations.
III. Comparison of the Transferred OTS
Regulations Proposed for Removal With
Other Applicable FDIC Regulations
A. Regulatory Reporting Requirements:
State Savings Associations Must
Maintain Business Records Supporting
and Easily Reconciled to Their
Regulatory Reports and GAAP Financial
Statements and Must Use the Forms and
Follow the Instructions of the FDIC in
Preparing Regulatory Reports
1. Transferred OTS Regulation Currently
at 12 CFR part 390.320
Section 390.320 imposes two
requirements upon State savings
associations designed to help maintain
the integrity, accuracy, reliability and
uniformity of key documents used by
the FDIC for supervisory purposes. First,
section 390.320(a) requires each State
savings association to maintain accurate
and complete records of its business
transactions that support and are readily
reconcilable to the association’s
regulatory reports and to financial
reports prepared in accordance with
generally accepted accounting
principles (GAAP).12 Second, section
390.320(b) instructs each State savings
association to prepare its regulatory
reports using such forms and following
such regulatory reporting requirements
as the FDIC may require by regulation
or otherwise.13
2. Other FDIC Regulations
State savings associations are already
subject to other FDIC regulations that
achieve the purposes of section 390.320.
For example, as recognized by section
304.3 of the FDIC’s regulations, all
insured depository institutions,
including State savings associations, are
required to file quarterly Consolidated
Reports of Condition and Income (Call
Reports). Under section 304.3(a), all
insured depository institutions must
prepare the Call Report in accordance
with the instructions for the report (Call
Report Instructions), which in turn
require the institutions to maintain their
business records in a manner that
supports and reconciles to the contents
of the Call Report.14 In addition,
portions of the Call Report also are
required to be prepared in accordance
with GAAP.15 Furthermore, all insured
depository institutions, including State
savings associations, with total assets of
$500 million or more at the beginning
of their respective fiscal year (‘‘covered
institutions’’) must prepare annual
financial statements in accordance with
GAAP, which must be submitted to the
FDIC, the appropriate Federal banking
VerDate Sep<11>2014 16:10 Oct 01, 2019 Jkt 250001 PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 E:\FR\FM\02OCP1.SGM 02OCP1
khammond on DSKJM1Z7X2PROD with PROPOSALS
4 Codified at 12 U.S.C. 5414(c).
5 76 FR 39246 (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 390.320(b). Subpart R defines the term
‘‘regulatory report’’ to mean ‘‘any report that the
FDIC prepares, or is submitted to, or used by the
FDIC, to determine compliance with its rules and
regulations, and to evaluate the safe and sound
condition and operations of State savings
associations. Regulatory reports are regulatory
documents, not accounting documents.’’ 12 CFR
390.321(a).
13 12 CFR 390.320(b).
14 See the section entitled ‘‘Preparation of the
Reports’’ contained in the General Instructions
portion of Call Report Instructions for the FFIEC
031, 041 and 051 Report Forms and the section
entitled ‘‘Preparation of Information to be
Reported’’ in the General Instructions portion of the
Report of Assets and Liabilities of U.S. Branches
and Agencies of Foreign Banks (FFIEC 002 Report
Form).
15 12 U.S.C. 1831(n); See the section entitled
‘‘Applicability of U.S. Generally Accepted
Accounting Principles to Regulatory Reporting
Requirements’’ contained in the General
Instructions portion of Call Report Instructions for
the FFIEC 031, 041 and 051 Report Forms and the
section entitled ‘‘Accounting Basis’’ in the General
Instructions portion of the FFIEC 002 Report Form.
resolutions, determinations, regulations,
and other advisory materials that have
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 (Board)
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)(1) 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 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 State-licensed insured branches of
foreign banks.
As noted above, on June 14, 2011,
operating pursuant to this authority, the
Board 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
Board reissued and redesignated certain
regulations transferred from the former
OTS. These transferred OTS regulations
were published as new FDIC regulations
in the Federal Register on August 5,
2011.10 When the FDIC republished the
transferred OTS regulations as new
FDIC regulations, it specifically noted
that its staff would evaluate the
transferred OTS rules and might later
recommend incorporating the
transferred OTS regulations into other
FDIC regulations, amending them, or
rescinding them, as appropriate.11
B. Transferred OTS Regulations
(Transferred to the FDIC’s Part 390,
Subpart R)
A subset of the regulations transferred
to the FDIC from the OTS concern
regulatory reporting requirements,
regulatory reports and audits of State
savings associations. The OTS
regulations, formerly found at 12 CFR
part 562, now comprise 12 CFR part
390, subpart R. The provisions of part
390, subpart R, are discussed in Part III
of this Supplementary Information
section, below.
The FDIC has conducted a careful
review and comparison of part 390,
subpart R, and other FDIC regulations
that pertain to regulatory reporting
requirements (12 CFR part 304, 12 CFR
part 363 and its Appendices A and B,
and 12 CFR part 364 and its Appendix
A), regulatory reports (12 CFR part 304
and 12 CFR part 308), and audits of
insured depository institutions (12 CFR
part 363 and its Appendices A and B
and 12 CFR part 364 and its Appendix
A) that already apply to State savings
associations. As discussed in Part III of
this Supplementary Information section,
the FDIC proposes to rescind part 390,
subpart R, because the FDIC considers it
to be redundant or otherwise
unnecessary given the applicability of
these other FDIC regulations.
III. Comparison of the Transferred OTS
Regulations Proposed for Removal With
Other Applicable FDIC Regulations
A. Regulatory Reporting Requirements:
State Savings Associations Must
Maintain Business Records Supporting
and Easily Reconciled to Their
Regulatory Reports and GAAP Financial
Statements and Must Use the Forms and
Follow the Instructions of the FDIC in
Preparing Regulatory Reports
1. Transferred OTS Regulation Currently
at 12 CFR part 390.320
Section 390.320 imposes two
requirements upon State savings
associations designed to help maintain
the integrity, accuracy, reliability and
uniformity of key documents used by
the FDIC for supervisory purposes. First,
section 390.320(a) requires each State
savings association to maintain accurate
and complete records of its business
transactions that support and are readily
reconcilable to the association’s
regulatory reports and to financial
reports prepared in accordance with
generally accepted accounting
principles (GAAP).12 Second, section
390.320(b) instructs each State savings
association to prepare its regulatory
reports using such forms and following
such regulatory reporting requirements
as the FDIC may require by regulation
or otherwise.13
2. Other FDIC Regulations
State savings associations are already
subject to other FDIC regulations that
achieve the purposes of section 390.320.
For example, as recognized by section
304.3 of the FDIC’s regulations, all
insured depository institutions,
including State savings associations, are
required to file quarterly Consolidated
Reports of Condition and Income (Call
Reports). Under section 304.3(a), all
insured depository institutions must
prepare the Call Report in accordance
with the instructions for the report (Call
Report Instructions), which in turn
require the institutions to maintain their
business records in a manner that
supports and reconciles to the contents
of the Call Report.14 In addition,
portions of the Call Report also are
required to be prepared in accordance
with GAAP.15 Furthermore, all insured
depository institutions, including State
savings associations, with total assets of
$500 million or more at the beginning
of their respective fiscal year (‘‘covered
institutions’’) must prepare annual
financial statements in accordance with
GAAP, which must be submitted to the
FDIC, the appropriate Federal banking
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