Company-Run Stress Testing Requirements for FDIC-Supervised State Nonmember Banks and State Savings Associations; Correction

 
CONTENT
Federal Register, Volume 84 Issue 228 (Tuesday, November 26, 2019)
[Federal Register Volume 84, Number 228 (Tuesday, November 26, 2019)]
[Rules and Regulations]
[Pages 64984-64985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25691]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 325
RIN 3064-AE84
Company-Run Stress Testing Requirements for FDIC-Supervised State
Nonmember Banks and State Savings Associations; Correction
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Final rule; correcting amendments.
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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is correcting
a final rule that appeared in the Federal Register on October 24, 2019,
regarding Company-Run Stress Testing Requirements for FDIC-Supervised
State Nonmember Banks and State Savings Associations. This correction
replaces three additional references to ``subpart'' with ``part,'' in
order to standardize the language in FDIC regulations.
DATES: Effective November 25, 2019.
FOR FURTHER INFORMATION CONTACT: Ryan Sheller, Section Chief, Division
of Risk Management, (202) 412-4861, [email protected], or Benjamin
Klein, Counsel, Legal Division, (202) 898-7027, [email protected],
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington,
DC 20429.
SUPPLEMENTARY INFORMATION: On October 24, 2019, the FDIC published a
final rule, Company-Run Stress Testing Requirements for FDIC-Supervised
State Nonmember Banks and State Savings Associations.\1\ As discussed
in the preamble,\2\ the final rule changed references to ``subpart'' to
``this part'' following the redesignation of the FDIC's stress test
rule from subpart C of
[[Page 64985]]
12 CFR part 325 to occupy all of part 325.\3\ The final rule
inadvertently omitted corresponding changes from ``subpart'' to
``part'' in three sections of the final rule: Sec. Sec.  325.1(c)(7),
325.3(a)(1), and 325.7(b). Accordingly, this document is issued to
correct those sections of the final rule with the appropriate
references to ``part'' 325.
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    \1\ 84 FR 56929 (Oct. 24, 2019).
    \2\ 84 FR 56929, 56932.
    \3\ 83 FR 17737 (April 24, 2019).
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    For the reasons set out in the preamble, the FDIC hereby amend 12
CFR part 325 by making the following correcting amendments.
PART 325--STRESS TESTING
0
1. The authority citation for part 325 continues to read as follows:
    Authority: 12 U.S.C. 5365(i)(2), 12 U.S.C. 5412(b)(2)(C), 12
U.S.C. 1818, 12 U.S.C. 1819(a)(Tenth), 12 U.S.C. 1831o, and 12
U.S.C. 1831p-1.
0
2. Amend Sec.  325.1 by revising paragraph (c)(7) to read as follows:
Sec.  325.1  Authority, purpose, and reservation of authority.
* * * * *
    (c) * * *
    (7) Nothing in this part limits the authority of the Corporation
under any other provision of law or regulation to take supervisory or
enforcement action, including action to address unsafe and unsounds
practices or conditions, or violations of law or regulation.
* * * * *
0
3. Amend Sec.  325.3 by revising paragraph (a)(1) to read as follows:
Sec.  325.3  Applicability
    (a) * * *
    (1) A state nonmember bank or state savings association that is a
covered bank as of December 31, 2019, is subject to the requirements of
this part for the 2020 reporting year.
* * * * *
0
4. Amend Sec.  325.7 by revising paragraph (b) to read as follows:
Sec.  325.7  Publication of stress test results.
* * * * *
    (b) Publication method. The summary required under this section may
be published on the covered ban's website or in any other forum that is
reasonably accessible to the public. A covered bank that is a
consolidated subsidiary of a bank holding company or savings and loan
holding company that is required to conduct a company-run stress test
under applicable regulations of the Board of Governors of the Federal
Reserve System will be deemed to have satisfied the public disclosure
requirements under this part if it publishes a summary of its stress
test results with its parent bank holding company's or savings and loan
holding company's summary of stress test results. Subsidiary covered
banks electing to satisfy their public disclosure requirement in this
manner must include a summary of changes in regulatory capital ratios
of such covered bank over the planning horizon, and an explanation of
the most significant causes for the changes in regulatory capital
ratios.
* * * * *
    Dated on November 18, 2019.
Federal Deposit Insurance Corporation.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019-25691 Filed 11-22-19; 8:45 am]
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