Parent Companies of Industrial Banks and Industrial Loan Companies; Extension of Comment Period
| Published date | 27 May 2020 |
| Citation | 85 FR 31710 |
| Record Number | 2020-11446 |
| Section | Proposed rules |
| Court | Federal Deposit Insurance Corporation |
Federal Register, Volume 85 Issue 102 (Wednesday, May 27, 2020)
[Federal Register Volume 85, Number 102 (Wednesday, May 27, 2020)]
[Proposed Rules]
[Page 31710]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11446]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 354
RIN 3064-AF31
Parent Companies of Industrial Banks and Industrial Loan
Companies; Extension of Comment Period
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of proposed rulemaking: Extension of comment period.
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SUMMARY: On March 31, 2020, the Federal Deposit Insurance Corporation
published in the Federal Register a Notice of Proposed Rulemaking (NPR)
entitled ``Parent Companies of Industrial Banks and Industrial Loan
Companies'' proposing a rule that would require certain conditions and
commitments for each deposit insurance application approval, non-
objection to a change in control notice, and merger application
approval that would result in an insured industrial bank or industrial
loan company becoming, after the effective date of any final rule, a
subsidiary of a company that is not subject to consolidated supervision
by the Federal Reserve Board. The proposed rule also would require that
before any industrial bank or industrial loan company may become a
subsidiary of a company that is not subject to consolidated supervision
by the Federal Reserve Board, such company and the industrial bank or
industrial loan company must enter into one or more written agreements
with the Federal Deposit Insurance Corporation. The NPR provided for a
60-day comment period, which would have closed on June 1, 2020. The
FDIC has determined that an extension of the comment period until July
1, 2020, is appropriate. This action will allow interested parties
additional time to analyze the proposal and prepare comments.
DATES: The comment period for the NPR on parent companies of industrial
banks and industrial loan companies published on March 31, 2020 (85 FR
17771), is extended from June 1, 2020, to July 1, 2020.
ADDRESSES: You may submit comments, identified by RIN 3064-AF31, on the
notice of proposed rulemaking using any of the following methods:
Agency website: https://www.fdic.gov/regulations/laws/federal. Follow the instructions for submitting comments on the agency
website.
Email: [email protected]. Include RIN 3064-AF31 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: 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.
Public Inspection: All comments received, including any
personal information provided, will be posted generally without change
to https://www.fdic.gov/regulations/laws/federal.
FOR FURTHER INFORMATION CONTACT: Mark Flanigan, Senior Counsel, (202)
898-7426, [email protected]; Catherine Topping, Counsel, (202) 898-
3975, [email protected]; Gregory Feder, Counsel, (202) 898-8724,
[email protected]; Joyce Raidle, Counsel, (202) 898-6763,
[email protected]; Merritt Pardini, Counsel, (202) 898-6680,
[email protected], Legal Division; Don Hamm, Special Advisor, (202)
898-3528, [email protected]; Scott Leifer, Senior Review Examiner, (508)
698-0361, Extension 8027, [email protected], Division of Risk Management
Supervision.
SUPPLEMENTARY INFORMATION: On March 31, 2020, the Federal Deposit
Insurance Corporation published in the Federal Register \1\ an NPR
proposing a new rule, Part 354 of the FDIC's Rules and Regulations,
that would require certain conditions, commitments, and written
agreements for each deposit insurance application approval, non-
objection to a change in control notice, and merger application
approval that would result in an insured industrial bank or industrial
loan company becoming, after the effective date of any final rule, a
subsidiary of a company that is not subject to consolidated supervision
by the Federal Reserve Board.
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\1\ 85 FR 17771.
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The NPR stated the comment period would close on June 1, 2020. An
extension of the comment period will provide additional time for
interested parties to prepare comments to address the matters raised in
the NPR. Therefore, the FDIC is extending the comment period for the
NPR on parent companies of industrial banks and industrial loan
companies from June 1, 2020, to July 1, 2020.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on May 22, 2020.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2020-11446 Filed 5-22-20; 4:15 pm]
BILLING CODE 6714-01-P
