Federal Deposit Insurance Corporation July 21, 2014 – Federal Register Recent Federal Regulation Documents

In this notice of proposed rulemaking, the Federal Deposit Insurance Corporation (``FDIC'') proposes to rescind and remove parts of our regulations, entitled ``Management Official Interlocks'' relating to State savings associations. This subpart was 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 applicable provisions of Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The requirements for State savings associations in the transferred OTS regulations are substantively similar to those in the FDIC's regulations, which is also entitled ``Management Official Interlocks'' and is applicable for all insured depository institutions (``IDIs'') for which the FDIC has been designated the appropriate Federal banking agency. Upon removal of the transferred OTS regulations applicable for all IDIs for which the FDIC has been designated the appropriate Federal banking agency will be found in our regulations.

The Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule (``Final Rule'') to rescind and remove regulations 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''). Section 316(b)(3) of 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transferred to the FDIC would be enforceable by or against the FDIC until they were modified, terminated, set aside, or superseded in accordance with applicable law by the FDIC, by any court of competent jurisdiction, or by operation of law.