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Part III
Federal Deposit Insurance Corporation
A. Executive Summary
The FDIC was created by Congress to insure the deposits of, and maintain stability
and public confidence in, the nation's banking system. In its unique role as deposit
insurer of banks and savings associations as well as the primary federal regulator
for state-chartered nonmember banks and thrifts, the FDIC promotes the safety and
soundness of insured depository institutions and the United States financial system.
The Corporation's primary mission is to provide protection for the nation's
depositors and to otherwise minimize disruptive effects from the failure of banks
and savings associations. This report is submitted pursuant to section 402 of the
Credit Union Membership Access Act,1 which requires the federal banking
agencies to submit a report to Congress "detailing their progress in carrying out
section 303(a) of the Riegle Community Development and Regulatory
Improvement Act of 1994 (CDRI)2 since their submission of the report dated
September 23, 1996, as required by section 303(a)(4) of that Act [the 1996
Report].”3 CDRI required the FDIC to review its regulations and written policies
in an effort to streamline and modify those regulations and policies to improve
efficiency, reduce unnecessary costs, and eliminate unwarranted constraints on
credit availability; remove inconsistencies and outmoded and duplicative
requirements; and work jointly with the other Federal banking agencies to make
uniform all regulations and guidelines implementing common statutory or
supervisory policies.4 CDRI required these reviews to be "consistent with the
principles of safety and soundness, statutory law and policy, and the public
interest."
1 105 Pub. L. 219, 112 Stat. 913 (Aug. 7, 1998) (12 U.S.C. § 4803, note).
2 103 Pub. L. 325, 108 Stat. 2160 (Sept. 23, 1994) (codified at 12 U.S.C. § 4803)
3 Joint Report: Streamlining of Regulatory Requirements, September 23, 1996.
4 With respect to regulations prescribed pursuant to section 18(o) of the Federal Deposit
Insurance Act, 12 U.S.C. § 1828(o), CDRI required the FDIC to consider the impact that such
standards have on the availability of credit for small business, residential, and agricultural
purposes, and on low- and moderate-income communities. Effective September 30, 1996,
section 303(a) was amended to add to the review the extent to which existing regulations require
insured depository institutions to produce unnecessary internal written policies and eliminate
such policies where appropriate. Pub. L. 104-208, 110 Stat. 3009 (Sept. 30, 1996) (codified at
12 U.S.C. § 4803(a)(2)).
Part III
Federal Deposit Insurance Corporation
A. Executive Summary
The FDIC was created by Congress to insure the deposits of, and maintain stability
and public confidence in, the nation's banking system. In its unique role as deposit
insurer of banks and savings associations as well as the primary federal regulator
for state-chartered nonmember banks and thrifts, the FDIC promotes the safety and
soundness of insured depository institutions and the United States financial system.
The Corporation's primary mission is to provide protection for the nation's
depositors and to otherwise minimize disruptive effects from the failure of banks
and savings associations. This report is submitted pursuant to section 402 of the
Credit Union Membership Access Act,1 which requires the federal banking
agencies to submit a report to Congress "detailing their progress in carrying out
section 303(a) of the Riegle Community Development and Regulatory
Improvement Act of 1994 (CDRI)2 since their submission of the report dated
September 23, 1996, as required by section 303(a)(4) of that Act [the 1996
Report].”3 CDRI required the FDIC to review its regulations and written policies
in an effort to streamline and modify those regulations and policies to improve
efficiency, reduce unnecessary costs, and eliminate unwarranted constraints on
credit availability; remove inconsistencies and outmoded and duplicative
requirements; and work jointly with the other Federal banking agencies to make
uniform all regulations and guidelines implementing common statutory or
supervisory policies.4 CDRI required these reviews to be "consistent with the
principles of safety and soundness, statutory law and policy, and the public
interest."
1 105 Pub. L. 219, 112 Stat. 913 (Aug. 7, 1998) (12 U.S.C. § 4803, note).
2 103 Pub. L. 325, 108 Stat. 2160 (Sept. 23, 1994) (codified at 12 U.S.C. § 4803)
3 Joint Report: Streamlining of Regulatory Requirements, September 23, 1996.
4 With respect to regulations prescribed pursuant to section 18(o) of the Federal Deposit
Insurance Act, 12 U.S.C. § 1828(o), CDRI required the FDIC to consider the impact that such
standards have on the availability of credit for small business, residential, and agricultural
purposes, and on low- and moderate-income communities. Effective September 30, 1996,
section 303(a) was amended to add to the review the extent to which existing regulations require
insured depository institutions to produce unnecessary internal written policies and eliminate
such policies where appropriate. Pub. L. 104-208, 110 Stat. 3009 (Sept. 30, 1996) (codified at
12 U.S.C. § 4803(a)(2)).
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The FDIC is pleased to report the successful implementation of the goals of CDRI.
At the time of the 1996 Report, the FDIC had completed the review of all of its
regulations and policies as required by section 303(a) of CDRI, formulated
recommendations with respect to each and begun implementing the
recommendations. Today, implementation of the FDIC’s CDRI review
recommendations is virtually complete. Table 1 summarizes the actions the FDIC
has taken with regard to the FDIC-specific regulations and policies reviewed
pursuant to CDRI section 303(a). Of the 63 regulations and policies reviewed
under CDRI, 23 have been revised, 19 have been rescinded and 17 have been
retained as written because they were determined to be consistent with CDRI
goals. Column 1 of Table 1 summarizes the actions taken by the FDIC as of the
date of the 1996 Report to implement the recommendations of the CDRI review.
At that time, 4 rules and policies had been revised, 9 had been rescinded and 17
had been retained. Column 2 of Table 1 summarizes the agency's actions to date to
implement the remaining 33 recommendations. Nineteen regulations and policies
have been revised since the 1996 Report and 10 have been rescinded. The FDIC is
continuing to implement CDRI goals in four ongoing projects 5 discussed at the end
of this section.
Table 1
Summary of Actions Taken to Implement
CDRI Section 303 Projects
As of 1996
Report
Since 1996
Report
Total
Revised regulations and
policies
4 19 23
Rescinded regulations and
policies
9 10 19
Retained regulations and
policies
17 0 17
Ongoing Projects 0 4 4
Total 30 33 63
5 Advertisement of Membership, Minority and Women Outreach Program – Contracting,
National Historic Preservation Act of 1966, and Notification of Changes of Insured Status.
The FDIC is pleased to report the successful implementation of the goals of CDRI.
At the time of the 1996 Report, the FDIC had completed the review of all of its
regulations and policies as required by section 303(a) of CDRI, formulated
recommendations with respect to each and begun implementing the
recommendations. Today, implementation of the FDIC’s CDRI review
recommendations is virtually complete. Table 1 summarizes the actions the FDIC
has taken with regard to the FDIC-specific regulations and policies reviewed
pursuant to CDRI section 303(a). Of the 63 regulations and policies reviewed
under CDRI, 23 have been revised, 19 have been rescinded and 17 have been
retained as written because they were determined to be consistent with CDRI
goals. Column 1 of Table 1 summarizes the actions taken by the FDIC as of the
date of the 1996 Report to implement the recommendations of the CDRI review.
At that time, 4 rules and policies had been revised, 9 had been rescinded and 17
had been retained. Column 2 of Table 1 summarizes the agency's actions to date to
implement the remaining 33 recommendations. Nineteen regulations and policies
have been revised since the 1996 Report and 10 have been rescinded. The FDIC is
continuing to implement CDRI goals in four ongoing projects 5 discussed at the end
of this section.
Table 1
Summary of Actions Taken to Implement
CDRI Section 303 Projects
As of 1996
Report
Since 1996
Report
Total
Revised regulations and
policies
4 19 23
Rescinded regulations and
policies
9 10 19
Retained regulations and
policies
17 0 17
Ongoing Projects 0 4 4
Total 30 33 63
5 Advertisement of Membership, Minority and Women Outreach Program – Contracting,
National Historic Preservation Act of 1966, and Notification of Changes of Insured Status.