Federal Deposit Insurance Corporation December 19, 2013 – Federal Register Recent Federal Regulation Documents

The Agencies are proposing to issue jointly an Addendum (Proposed Addendum) to the ``Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure'' (63 FR 64757, Nov. 23, 1998) to ensure that insured depository institutions (IDIs) in a consolidated group maintain an appropriate relationship regarding the payment of taxes and treatment of tax refunds. The Proposed Addendum would instruct IDIs and their holding companies to review their tax allocation agreements to ensure that the agreements expressly acknowledge that the holding company receives a tax refund from a taxing authority as agent for the IDI and are consistent with certain of the requirements of sections 23A and 23B of the Federal Reserve Act. The Proposed Addendum includes a sample paragraph that IDIs would include in their tax allocation agreements to facilitate the Agencies' instructions.

The Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule (``Final Rule'') to rescind and remove a regulation entitled ``Recordkeeping and Confirmation Requirements for Securities Transactions,'' and to amend another regulation also entitled ``Recordkeeping and Confirmation Requirements for Securities Transactions.'' The rescinded regulation was one of several rules transferred to the FDIC following dissolution of the former Office of Thrift Supervision (``OTS'') in connection with the implementation of applicable provisions of Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act provided that the former OTS rules that were transferred to the FDIC would be enforceable by or against the FDIC until they were modified, terminated, set aside, or superseded in accordance with applicable law by the FDIC, by any court of competent jurisdiction, or by operation of law. The FDIC received no comments on the Proposed Rule and consequently is adopting the Final Rule as proposed in the NPR without change. As a result, the recordkeeping and confirmation requirements for securities transactions effected on behalf of customers by all FDIC-supervised institutions will be found at the existing regulation entitled ``Recordkeeping and Confirmation Requirements for Securities Transactions.''.