Removal of Transferred OTS Regulation Regarding Deposits

 
CONTENT
Federal Register, Volume 84 Issue 165 (Monday, August 26, 2019)
[Federal Register Volume 84, Number 165 (Monday, August 26, 2019)]
[Proposed Rules]
[Pages 44558-44563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-18268]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 390
RIN 3064-AF07
Removal of Transferred OTS Regulation Regarding Deposits
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Notice of proposed rulemaking.
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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) proposes to
rescind and remove the ``Deposits'' regulations because they are
unnecessary and duplicative of currently applicable provisions of law
with respect to the maintenance of deposit account records at State
savings associations. These regulations apply solely to State savings
associations, and were included in the regulations that were
transferred to the FDIC from the Office of Thrift Supervision (OTS) on
July 21, 2011, in connection with the implementation of title III of
the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act).
DATES: Comments must be received on or before September 25, 2019.
ADDRESSES: You may submit comments by any of the following methods:
     Agency Website: https://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency
website.
     Email: [email protected]. Include RIN 3064-AF07 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/Courier: 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.
[[Page 44559]]
    Public Inspection: All comments received will be posted without
change to https://www.fdic.gov/regulations/laws/federal/, including any
personal information provided. Paper copies of public comments may be
ordered from the FDIC Public Information Center, 3501 North Fairfax
Drive, Room E-1002.
    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.
FOR FURTHER INFORMATION CONTACT: Karen J. Currie, Senior Examination
Specialist, (202) 898-3981, [email protected], Division of Risk
Management Supervision; Christine M. Bouvier, Assistant Chief
Accountant, (202) 898-7289, Division of Risk Management Supervision;
Cassandra Duhaney, Senior Policy Analyst, (202) 898-6804, Division of
Depositor and Consumer Protection; Laura J. McNulty, Counsel, Legal
Division, (202) 898-3817; or Jennifer M. Jones, Counsel, Legal Division
(202) 898-6768.
SUPPLEMENTARY INFORMATION:
I. Policy Objective
    The policy objective of the proposed rule is to remove unnecessary
and duplicative regulations in order to simplify them and improve the
public's understanding of them. Thus, the FDIC is proposing to rescind
the regulations in 12 CFR part 390, subpart M, entitled Deposits (part
390, subpart M).
    As discussed below, the FDIC takes the view that no revision to
other existing regulations is necessary. This approach would simplify
and streamline the FDIC's regulations by removing unnecessary
provisions that are adequately provided for in other existing statutes
and regulations.
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,
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.
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    \1\ Public Law 111-203, 124 Stat. 1376 (2010).
    \2\ Codified at 12 U.S.C. 5411.
    \3\ Codified at 12 U.S.C. 5414(b).
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    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\
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    \4\ Codified at 12 U.S.C. 5414(c).
    \5\ 76 FR 39246 (July 6, 2011).
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    Although Sec.  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 Sec.  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 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 insured State-licensed branches of foreign
banks.
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    \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).
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    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\
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    \10\ 76 FR 47652 (Aug. 5, 2011).
    \11\ See 76 FR 47653.
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B. Transferred OTS Regulations (Transferred to the FDIC's Part 390,
Subpart M)
    One of the regulations transferred to the FDIC from the OTS was
former 12 CFR 557.20, concerning the maintenance of deposit records by
State savings associations.\12\ That provision was transferred to the
FDIC and now comprises part 390, subpart M. The OTS had issued Sec.
557.20 as part of a streamlining of its regulations in 1997.\13\ At
that time, the OTS regulations included several specific deposit
recordkeeping requirements, and the OTS sought to replace those with
one provision. In the associated NPR, the OTS explained that ``[a]s
part of its reinvention effort, OTS is endeavoring to eliminate
regulations that are outdated or micromanage thrift operations. For
example, OTS proposes to replace several specific deposit-related
recordkeeping requirements with a general recordkeeping regulation that
is tied more closely to safety and soundness.'' \14\
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    \12\ See 76 FR 47659.
    \13\ 62 FR 55759 (Oct. 22, 1997).
    \14\ 62 FR 15627 (Apr. 2, 1997).
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C. Part 390, Subpart M--Deposits
    The FDIC has conducted a careful review and comparison of part 390,
subpart M and other Federal regulations and statutes concerning the
maintenance of deposit records at State savings associations. As
discussed in Part III of this Supplementary Information section, the
FDIC proposes to rescind part 390, subpart M, because the FDIC
considers the provisions contained in part 390, subpart M to be
unnecessary in light of the applicability of other provisions of
Federal statutes and regulations.
[[Page 44560]]
III. Comparison of Other Applicable Statutes and Regulations With the
Transferred OTS Regulations To Be Rescinded
    The following is a description of existing statutes and regulations
that would provide for complete and accurate recordkeeping of deposits
and account transactions at State savings associations, obviating the
need for a new regulation or amendment of existing regulations upon
rescission of part 390, subpart M. Accordingly, the FDIC proposes that
Sec. Sec.  390.230 and 390.231, part 390, subpart M, be rescinded as
unnecessary, redundant of, or otherwise duplicative of the provisions
of law delineated in 12 U.S.C. 1817(a)(9)); 31 CFR 1020.410(c)(2); 12
CFR part 364, Appendix A II; 12 CFR 330.1(e); and 12 CFR 1005, each
discussed individually below.
A. Former OTS Safety and Soundness--Part 390, Subpart M, Sections
390.230 and 390.231
1. Sec.  390.230--What does this subpart do?
    Section 390.230 simply states that subpart M ``applies to the
deposit activities of State savings associations.'' There is no
substantively similar provision in the FDIC's regulations, nor is one
necessary. Accordingly, the FDIC proposes that section 390.230 be
rescinded.
2. Sec.  390.231--What records should I maintain on deposit activities?
    Former OTS Sec.  557.20, as modified by the FDIC in transferred
Sec.  390.231, provided general information on what records should be
maintained by State savings associations on their deposit activities.
Existing statutes and regulations that are applicable to State savings
associations (discussed in greater detail below) already require the
maintenance of accurate records of deposits and transactions by State
savings associations.
B. Data Collection at Insured Depository Institutions
    Section 7(a)(9) of the FDI Act \15\ provides that ``the Corporation
shall take such action as may be necessary to ensure that--(A) each
insured depository institution maintains; and (B) the Corporation
receives on a regular basis from such institution, information on the
total amount of all insured deposits, preferred deposits, and uninsured
deposits at the institution.'' In issuing regulations under that
statutory provision, the FDIC has stated that the agency ``has a right
and a duty'' under Sec.  7(a)(9) to require the maintenance of accurate
deposit account records and that ``requiring covered institutions to
maintain complete and accurate records regarding the ownership and
insurability of deposits . . . will facilitate the FDIC's prompt
payment of deposit insurance and enhance the ability to implement the
least costly resolution of these institutions.'' \16\ Due to the
requirements for accurate recordkeeping pursuant to its existing
statutory authority, the FDIC takes the position that no new regulation
will be needed upon the rescission of part 390, subpart M.
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    \15\ 12 U.S.C. 1817(a)(9).
    \16\ 81 FR 87735.
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C. Treasury Department Bank Secrecy Act Regulations 17
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    \17\ 31 CFR 1020.
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    Section 1020.410(c)(2) of title 31, Code of Federal Regulations
(CFR), requires banks (defined to include savings associations) \18\ to
maintain certain records, including ``[e]ach statement, ledger card or
other record on each deposit or share account, showing each transaction
in, or with respect to, that account.'' This rule specifically requires
that such records be maintained at State savings associations, rather
than the merely suggestive language included in part 390, subpart M.
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    \18\ 31 CFR 1010.100(d)(3).
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D. Activities Implicating Safety and Soundness; Part 364 19
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    \19\ 12 CFR part 364, Appendix A II.
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    In 1995, the FDIC published 12 CFR 364 as a final rule with an
appendix that implements section 39(a) of the FDI Act \20\ regarding
standards for safety and soundness (Appendix A).\21\ The OCC, the FRB,
and the OTS also issued their versions of Appendix A.\22\ The FDIC's
Appendix A II (Operational and Managerial Standards) provides that an
institution should have internal controls and information systems that
are appropriate to the size of the institution and the nature, scope,
and risk of its activities and that provide for, among other things:
``timely and accurate financial, operational and regulatory reports.''
An Appendix B (regarding information security) was also published to
implement Sec.  39 of the FDI Act.\23\ Section 364.101 of part 364
provides that Appendix A and Appendix B apply to all insured State
nonmember banks, State-licensed insured branches of foreign banks, and
State savings associations. FDIC-supervised institutions are required
to file quarterly Reports of Condition.\24\ In addition, the accounting
principles applicable to reports or statements that insured depository
institutions file with the Federal banking agencies are required to be
uniform and consistent with generally accepted accounting
principles.\25\
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    \20\ 12 U.S.C. 1831p-1. Sec.  132 of the Federal Deposit
Insurance Corporation Improvement Act of 1991, Public Law 102-242,
105 Stat. 2236 (codified at 12 U.S.C. 1831p-1) added Sec.  39 to the
FDI Act. Sec.  39 was later amended by Sec.  956 of the Housing and
Community Development Act of 1992, Public Law 102-550, 106 Stat.
3672, and Sec.  318 of the Riegle Community Development and
Regulatory Improvement Act of 1994, Public Law 103-325, 108 Stat.
2160.
    \21\ 60 FR 35674 (July 10, 1995).
    \22\ See 12 CFR part 30, Appendix A, 60 FR 35678; 12 CFR part
208, Appendix D-1, 60 FR 35682; (former) 12 CFR part 570, Appendix
A, 60 FR 35687, respectively (July 10, 1995).
    \23\ Appendix B was added in accordance with section 501 of the
Gramm-Leach-Bliley Financial Modernization Act of 1999, Public Law
106-102, 113 Stat. 1338, codified at 15 U.S.C. 6801, which statute
required the agencies to establish appropriate information security
standards in order to protect nonpublic personal information.
    \24\ 12 U.S.C. 1817(a)(3)-(6); 12 U.S.C. 1464(v).
    \25\ 12 U.S.C. 1831n.
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    Taken together, part 364 and appendix A constitute the FDIC's long-
standing expectations for all prudently managed insured depository
institutions, but leave specific methods of achieving these objectives
to each institution. Specifically, they provide a framework for sound
corporate governance and the supervision of operations designed to
prompt an institution to identify emerging problems and correct
deficiencies before capital becomes impaired. Pursuant to Sec.  39(e)
of the FDI Act,\26\ an FDIC-supervised institution's failure to meet
the standards may cause the FDIC to require the institution to submit a
safety and soundness compliance plan, and if the institution does not
comply with its plan, the FDIC will issue an order to correct safety
and soundness deficiencies.\27\ Hence, in order to accurately report
their financial condition, including deposit liabilities, and to meet
applicable safety and soundness criteria, insured depository
institutions, including State savings associations, must keep accurate
and up-to-date records of account transactions and balances.
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    \26\ 12 U.S.C. 1831p-1(e).
    \27\ See 12 U.S.C. 1831p-1(e); 12 CFR 308.300, et seq.
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E. FDIC's Deposit Insurance Coverage Criteria 28
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    \28\ 12 CFR 330.
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    Part 330 of the FDIC's regulations governs the criteria for deposit
insurance coverage at insured depository institutions, including
[[Page 44561]]
insured State savings associations. Section 330.3(h) of part 330 states
that deposit insurance coverage is ``a function of the deposit account
records of the insured depository . . . which, in the interest of
uniform national rules for deposit insurance coverage, are controlling
for purposes of determining deposit insurance coverage.'' Further,
Sec.  330.1(e) defines the term ``deposit account records'' to include
documents such as ``account ledgers . . . and other books and records
of the insured depository institution . . . which relate to the insured
depository institution's deposit taking function.'' This existing
regulation on criteria for deposit insurance would also require State
savings associations to maintain records of their deposit transactions,
eliminating the need for part 390, subpart M.
F. Bureau of Consumer Financial Protection--Regulation E
    Regulation E,\29\ issued by the Bureau of Consumer Financial
Protection, relates to electronic fund transfers at financial
institutions, including any savings association.\30\ It states that
``[f]or an account to or from which electronic fund transfers can be
made, a financial institution shall send a periodic statement for each
monthly cycle in which an electronic fund transfer has occurred; and
shall send a periodic statement at least quarterly if no transfer has
occurred.'' \31\ Thus, in order to comply with existing Regulation E, a
State savings association must be capable of generating periodic
statements for each of its deposit accounts, whether or not electronic
transfers are made from that account, again serving the intended
purpose of part 390, subpart M.
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    \29\ 12 CFR part 1005.
    \30\ 12 CFR 1005.2(i).
    \31\ 12 CFR 1005.9(b).
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    Accordingly, as explained in the analysis above, the FDIC proposes
to remove Sec. Sec.  390.230 and 390.231, subpart M because these
sections are unnecessary, redundant of, or otherwise duplicative of the
safety and soundness and other standards described above.
IV. Proposed Amendment to Part 390, Subpart M
    As discussed in part III of this Supplementary Information, the
FDIC's part 390, subpart M addresses the maintenance of records of
deposit transactions and activities for State savings associations. To
remove unnecessary and redundant regulations, one of the stated policy
goals of the FDIC, the FDIC proposes to rescind part 390, subpart M as
unnecessary and redundant of other applicable statutes and regulations.
Under the proposal, subpart M would be rescinded and that subpart
reserved for future use.
V. Expected Effects
    As explained in detail in Section III of this Supplemental
Information section, certain OTS regulations transferred to the FDIC by
the Dodd-Frank Act relating to records of deposit transactions and
activities are either unnecessary or effectively duplicate existing
regulations. This proposal would eliminate one of those transferred OTS
regulations.
    As of March 31, 2019, the FDIC supervises 3,465 insured depository
institutions, of which 39 (1.1%) are State savings associations.\32\
The proposed rule primarily would affect regulations that govern State
savings associations.
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    \32\ Based on data from the March 31, 2019, Consolidated Reports
of Condition and Income (Call Report) and Report of Assets and
Liabilities of U.S. Branches and Agencies of Foreign Banks.
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    As explained previously, the proposed rule would remove Sec. Sec.
390.230 and 390.231, subpart M, because these sections are unnecessary,
redundant of, or otherwise duplicative of other statutes and
regulations, including those relating to safety and soundness. Because
these regulations are redundant, rescinding them will not have any
substantive effects on FDIC-supervised institutions.
    The FDIC invites comments on all aspects of this analysis. In
particular, would the proposed rule have any costs or benefits to
covered entities that the FDIC has not identified?
VI. Alternatives
    The FDIC has considered alternatives to the proposed rule but
believes that the proposed amendments represent the most appropriate
option for covered institutions. As discussed previously, the Dodd-
Frank Act transferred certain powers, duties, and functions formerly
performed by the OTS to the FDIC. The FDIC's Board reissued and
redesignated certain transferred regulations from the OTS, but noted
that it would evaluate them and might later incorporate them into other
FDIC regulations, amend them, or rescind them, as appropriate. The FDIC
has evaluated the existing regulations relating to the maintenance of
deposit account records. The FDIC considered the status quo alternative
of retaining the current regulations, but did not choose to do so. The
FDIC believes it would be procedurally complex for FDIC-supervised
institutions to continue to refer to these separate sets of
regulations, and therefore proposes to amend and streamline them in
accordance with this proposed rulemaking.
VII. Request for Comments
    The FDIC invites comments on all aspects of this proposed
rulemaking. In particular, the FDIC requests comments on the following
questions:
    1. Are the provisions of 12 CFR parts 330; 364, Appendix A; and
1005 and 31 CFR part 1020 sufficient to provide consistent and
effective requirements related to the maintenance of records of deposit
account activities at State savings associations for which the FDIC is
the appropriate Federal banking agency? Please provide examples, data,
or otherwise substantiate your answer.
    2. What negative impacts, if any, can you foresee in the FDIC's
proposal to rescind part 390, subpart M?
    3. Are existing statutory and regulatory requirements relating to
the maintenance of records of account transactions and deposits
sufficient to ensure the safety and soundness of insured State savings
associations? Please provide examples, data, or otherwise substantiate
your answer.
    4. Please provide any other comments you may have on the proposal.
    Written comments must be received by the FDIC not later than
September 25, 2019.
VIII. Regulatory Analysis and Procedure
A. The Paperwork Reduction Act
    In accordance with the requirements of the Paperwork Reduction Act
of 1995 (PRA),\33\ the FDIC may not conduct or sponsor, and the
respondent is not required to respond to, an information collection
unless it displays a currently valid Office of Management and Budget
(OMB) control number.
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    \33\ 44 U.S.C. 3501-3521.
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    The proposed rule would rescind and remove from FDIC regulations
part 390, subpart M. The proposed rule will not create any new or
revise any existing collections of information under the PRA.
Therefore, no information collection request will be submitted to the
OMB for review.
B. The Regulatory Flexibility Act
    The Regulatory Flexibility Act (RFA) requires that, in connection
with a notice of proposed rulemaking, an agency prepare and make
available for public comment an initial regulatory flexibility analysis
that describes the impact of the proposed rule on small entities.\34\
However, a regulatory
[[Page 44562]]
flexibility analysis is not required if the agency certifies that the
rule will not have a significant economic impact on a substantial
number of small entities, and publishes its certification and a short
explanatory statement in the Federal Register, together with the rule.
The Small Business Administration (SBA) has defined ``small entities''
to include banking organizations with total assets of less than or
equal to $550 million.\35\ Generally, the FDIC considers a significant
effect to be a quantified effect in excess of 5 percent of total annual
salaries and benefits per institution, or 2.5 percent of total
noninterest expenses. The FDIC believes that effects in excess of these
thresholds typically represent significant effects for FDIC-supervised
institutions. For the reasons provided below, the FDIC certifies that
the proposed rule, if adopted in final form, would not have a
significant economic impact on a substantial number of small banking
organizations. Accordingly, a regulatory flexibility analysis is not
required.
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    \34\ 5 U.S.C. 601, et seq.
    \35\ The SBA defines a small banking organization as having $550
million or less in assets, where ``a financial institution's assets
are determined by averaging the assets reported on its four
quarterly financial statements for the preceding year.'' See 13 CFR
121.201 (as amended, effective December 2, 2014). ``SBA counts the
receipts, employees, or other measure of size of the concern whose
size is at issue and all of its domestic and foreign affiliates.''
See 13 CFR 121.103. Following these regulations, the FDIC uses a
covered entity's affiliated and acquired assets, averaged over the
preceding four quarters, to determine whether the FDIC-supervised
institution is ``small'' for the purposes of RFA.
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    As of March 31, 2019, the FDIC supervised 3,465 insured depository
institutions, of which 2,645 are considered small banking organizations
for the purposes of RFA. The proposed rule primarily affects
regulations that govern State savings associations. There are 38 State
savings associations considered to be small banking organizations for
the purposes of the RFA.\36\
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    \36\ Based on data from the March 31, 2019, Call Report and
Report of Assets and Liabilities of U.S. Branches and Agencies of
Foreign Banks.
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    As explained previously, the proposed rule would remove Sec. Sec.
390.230 and 390.231, part 390, subpart M, because these sections are
unnecessary, redundant of, or otherwise duplicative of other statutes
and regulations, including safety and soundness standards. Therefore,
rescinding subpart M would not have any substantive effects on small
FDIC-supervised institutions.
    Based on the information above, the FDIC certifies that the
proposed rule would not have a significant economic impact on a
substantial number of small entities. The FDIC invites comments on all
aspects of the supporting information provided in this RFA section. In
particular, would this rule have any significant effects on small
entities that the FDIC has not identified?
C. Plain Language
    Section 722 of the Gramm-Leach-Bliley Act \37\ requires each
Federal banking agency to use plain language in all of its proposed and
final rules published after January 1, 2000. As a Federal banking
agency subject to the provisions of this section, the FDIC has sought
to present the proposed rule to rescind part 390, subpart M in a simple
and straightforward manner. The FDIC invites comments on whether the
proposal is clearly stated and effectively organized, and how the FDIC
might make the proposal easier to understand.
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    \37\ Public Law 106-102, 113 Stat. 1338, 1471 (codified at 12
U.S.C. 4809).
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D. Riegle Community Development and Regulatory Improvement Act of 1994
    The Riegle Community Development and Regulatory Improvement Act of
1994 (RCDRIA) requires that each Federal banking agency, in determining
the effective date and administrative compliance requirements for new
regulations that impose additional reporting, disclosure, or other
requirements on insured depository institutions, consider, consistent
with principles of safety and soundness and the public interest, any
administrative burdens that such regulations would place on depository
institutions, including small depository institutions, and customers of
depository institutions, as well as the benefits of such regulations.
In addition, new regulations and amendments to regulations that impose
additional reporting, disclosure, or other new requirements on insured
depository institutions generally must take effect on the first day of
a calendar quarter that begins on or after the date on which the
regulations are published in final form.\38\ The FDIC invites comments
that further will inform its consideration of RCDRIA.
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    \38\ 12 U.S.C. 4802.
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E. The Economic Growth and Regulatory Paperwork Reduction Act
    Under Sec.  2222 of the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 (EGRPRA), the FDIC is required to review all of
its regulations at least once every 10 years, in order to identify any
outdated or otherwise unnecessary regulations imposed on insured
institutions.\39\ The FDIC, along with the other Federal banking
agencies, submitted a Joint Report to Congress on March 21, 2017,
(EGRPRA Report) discussing how the review was conducted, what has been
done to date to address regulatory burden, and further measures that
will be taken to address issues that were identified. As noted in the
EGRPRA Report, the FDIC is continuing to streamline and clarify its
regulations through the OTS rule integration process. By removing
outdated or unnecessary regulations, such as part 390, subpart M, this
rule complements other actions the FDIC has taken, separately and with
the other Federal banking agencies, to further the EGRPRA mandate.
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    \39\ Public Law 104-208, 110 Stat. 3009 (1996).
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List of Subjects in 12 CFR Part 390
    Administrative practice and procedure, Advertising, Aged, Civil
rights, Conflict of interests, Credit, Crime, Equal employment
opportunity, Fair housing, Government employees, Individuals with
disabilities, Reporting and recordkeeping requirements, Savings
associations.
Authority and Issuance
    For the reasons stated in the preamble, the Federal Deposit
Insurance Corporation proposes to amend 12 CFR 390 as follows:
PART 390--REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT
SUPERVISION
0
1. Revise the authority citation for part 390 to read as follows:
    Authority: 12 U.S.C. 1819.
    Subpart F also issued under 5 U.S.C. 552; 559; 12 U.S.C. 2901 et
seq.
    Subpart G also issued under 12 U.S.C. 2810 et seq., 2901 et
seq.; 15 U.S.C. 1691; 42 U.S.C. 1981, 1982, 3601-3619.
    Subpart O also issued under 12 U.S.C. 1828.
    Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464.
    Subpart R also issued under 12 U.S.C. 1463; 1464; 1831m; 1831n;
1831p-1.
    Subpart S also issued under 12 U.S.C. 1462; 1462a; 1463; 1464;
1468a; 1817; 1820; 1828; 1831e; 1831o; 1831p-1; 1881-1884; 3207;
3339; 15 U.S.C. 78b; 78l; 78m; 78n; 78p; 78q; 78w; 31 U.S.C. 5318;
42 U.S.C. 4106.
    Subpart T also issued under 12 U.S.C. 1462a; 1463; 1464; 15
U.S.C. 78c; 78l; 78m; 78n; 78w.
    Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15
U.S.C. 78c; 78l; 78m; 78n; 78p; 78w.
    Subpart Y also issued under 12 U.S.C. 1831o.
[[Page 44563]]
0
2. Remove and reserve part 390, subpart M, consisting of Sec. Sec.
390.230 and 390.231.
Subpart M--[Removed and Reserved]
* * * * *
    By order of the Board of Directors.
Federal Deposit Insurance Corporation.
    Dated at Washington, DC, on August 20, 2019.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 2019-18268 Filed 8-23-19; 8:45 am]
BILLING CODE 6714-01-P