Federal Deposit Insurance Corporation 2005 – Federal Register Recent Federal Regulation Documents

Agency Information Collection Activities: Proposed Collection Renewals (0097; 0134; 0135); Comment Request
Document Number: E5-8002
Type: Notice
Date: 2005-12-29
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments concerning the following continuing collections of information titled: (1) Interagency Notice of Change in Director or Executive Officer (3064-0097); (2) Customer Assistance (3064-0134); and (3) Asset Purchaser Eligibility Certification (3064-0135).
Interagency Guidance on Nontraditional Mortgage Products
Document Number: 05-24562
Type: Notice
Date: 2005-12-29
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comment on this proposed Interagency Guidance on Nontraditional Mortgage Products (Guidance). The Agencies expect institutions to effectively assess and manage the risks associated with their credit activities, including those associated with nontraditional mortgage loan products. Institutions should use this guidance in their efforts to ensure that their risk management and consumer protection practices adequately address these risks.
Fair Credit Reporting Medical Information Regulations; Correction
Document Number: 05-24370
Type: Rule
Date: 2005-12-22
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (Agencies) published a final rule to implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The intent of that final rule was to finalize, with changes, the interim regulations published on June 10, 2005 and to republish the remaining requirements. However, due to technical errors in the formatting of the November 22, 2005 document, duplicate provisions were added. To correct this error, this document revises the amendatory instructions which added duplicative text.
Agency Information Collection Activities: Proposed Collection; Comment Request
Document Number: E5-7276
Type: Notice
Date: 2005-12-13
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the ``agencies'') 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. The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has approved the agencies' publication for public comment of a proposal to extend, without revision, the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a), which are currently approved information collections. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the FFIEC should modify the reports. The agencies will then submit the reports to OMB for review and approval.
Large-Bank Deposit Insurance Determination Modernization Proposal
Document Number: 05-23986
Type: Proposed Rule
Date: 2005-12-13
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In view of the significant industry consolidation in recent years, the FDIC is exploring new methods to modernize its deposit insurance determination process, whereby the insurance status of each depositor is determined in the event of failure. Procedures currently used by the FDIC to determine deposit insurance coverage may result in unacceptable delays if used for an FDIC-insured institution with a large number of deposit accounts. In developing a new system to determine insurance coverage, the FDIC's goals are to minimize disruption to depositors and communities, and maximize recoveries for the deposit insurance fund in the event one of the largest insured institutions should fail. The FDIC is seeking comment on the best means to accomplish these objectives, and is offering three possible options for comment. The focus of this Advance Notice of Proposed Rulemaking (``ANPR'') is on FDIC-insured institutions with the largest number of deposit accounts, currently expected to include only the 145 insured institutions with total number of deposit accounts over 250,000 and total domestic deposits of at least $2 billion (``Covered institutions''). None of these options require that insured institutions transmit deposit data to the FDIC unless the institution is in danger of failing.
Sunshine Act; Notice of Change in Subject Matter of Agency Meeting
Document Number: E5-7208
Type: Notice
Date: 2005-12-12
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Notice of Agency Meeting; Sunshine Act
Document Number: 05-23560
Type: Notice
Date: 2005-12-01
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Notice of Agency Meeting; Sunshine Act
Document Number: 05-23559
Type: Notice
Date: 2005-12-01
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Independent Audits and Reporting Requirements
Document Number: 05-23310
Type: Rule
Date: 2005-11-28
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is amending part 363 of its regulations concerning annual independent audits and reporting requirements, which implement section 36 of the Federal Deposit Insurance Act (FDI Act), as proposed, but with modifications to the composition of the audit committee and the effective date. The FDIC's amendments raise the asset-size threshold from $500 million to $1 billion for internal control assessments by management and external auditors. For institutions between $500 million and $1 billion in assets, the amendments require the majority, rather than all, of the members of the audit committee, who must be outside directors, to be independent of management and create a hardship exemption. The amendments also make certain technical changes to part 363 to correct outdated titles, terms, and references in the regulation and its appendix. As required by section 36, the FDIC has consulted with the other federal banking agencies.
Fair Credit Reporting Medical Information Regulations
Document Number: 05-22830
Type: Rule
Date: 2005-11-22
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (Agencies) are publishing final rules to implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The final rules create exceptions to the statute's general prohibition on creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility, for credit for all creditors. The exceptions permit creditors to obtain or use medical information in connection with credit eligibility determinations where necessary and appropriate for legitimate purposes, consistent with the Congressional intent to restrict the use of medical information for inappropriate purposes. The final rules also create limited exceptions to permit affiliates to share medical information with each other without becoming consumer reporting agencies. The final rules are substantially similar to the rules adopted by the Agencies on an interim final basis in June 2005.
One-Year Post-Employment Restrictions for Senior Examiners
Document Number: 05-22814
Type: Rule
Date: 2005-11-17
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC and OTS (the Agencies) have jointly adopted final rules to implement section 6303(b) of the Intelligence Reform and Terrorism Prevention Act of 2004 (Intelligence Reform Act), which imposes post-employment restrictions on senior examiners of depository institutions and depository institution holding companies. Under section 6303(b), and the Agencies' final implementing rules, a senior examiner employed by an Agency or a Federal Reserve Bank (Reserve Bank) may not knowingly accept compensation as an employee, officer, director, or consultant from certain depository institutions or depository institution holding companies he or she examined, or from certain related entities, for one year after the examiner leaves the employment or service of the Agency or Reserve Bank. If an examiner violates the one-year restriction, the statute requires the appropriate Federal banking agency to seek an order of removal and prohibition, a civil money penalty of up to $250,000, or both. Section 10(k) will become effective on December 17, 2005.
Notice of Agency Meeting
Document Number: E5-6261
Type: Notice
Date: 2005-11-15
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Notice of Change in Subject Matter of Agency Meeting
Document Number: E5-6260
Type: Notice
Date: 2005-11-15
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Community Reinvestment Act; Interagency Questions and Answers Regarding Community Reinvestment; Notice
Document Number: 05-22468
Type: Notice
Date: 2005-11-10
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
This proposal would revise guidance of the staffs of the OCC, Board, and FDIC (collectively, ``the agencies'') relating to the Community Reinvestment Act (``the Act'' or ``CRA'') to address topics related to the revisions the agencies made to their regulations that implement the CRA. After reviewing comments on this proposal, these questions and answers will be added to the Interagency Questions and Answers, an existing document that contains informal staff guidance for examiners and other agency personnel, financial institutions, and the public. Public comment is invited on the proposed guidance, as well as any other community reinvestment issues.
Sunshine Act Meeting
Document Number: 05-22174
Type: Notice
Date: 2005-11-07
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Deposit Insurance Coverage; Accounts of Qualified Tuition Savings Programs Under Section 529 of the Internal Revenue Code
Document Number: 05-20766
Type: Rule
Date: 2005-10-28
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is adopting a final rule governing the insurance coverage of deposits of qualified tuition savings programs under section 529 of the Internal Revenue Code. The final rule makes no substantive changes to a previous interim final rule. Under the rule, the deposits of a qualified tuition savings program will be insured on a ``pass-through'' basis to the program participants. In other words, the deposits will be insured up to $100,000 for the interest of each participant in aggregation with the participant's other deposits (if any) at the same insured depository institution.
Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital Modifications
Document Number: 05-20858
Type: Proposed Rule
Date: 2005-10-20
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, ``the Agencies'') are considering various revisions to the existing risk-based capital framework that would enhance its risk sensitivity. These changes would apply to banks, bank holding companies, and savings associations (``banking organizations''). The Agencies are soliciting comment on possible modifications to their risk-based capital standards that would facilitate the development of fuller and more comprehensive proposals applicable to a range of activities and exposures. This ANPR discusses various modifications that would increase the number of risk-weight categories, permit greater use of external ratings as an indicator of credit risk for externally-rated exposures, expand the types of guarantees and collateral that may be recognized, and modify the risk weights associated with residential mortgages. This ANPR also discusses approaches that would change the credit conversion factor for certain types of commitments, assign a risk-based capital charge to certain securitizations with early-amortization provisions, and assign a higher risk weight to loans that are 90 days or more past due or in nonaccrual status and to certain commercial real estate exposures. The Agencies are also considering modifying the risk weights on certain other retail and commercial exposures.
Extension of Corporate Powers
Document Number: 05-20768
Type: Rule
Date: 2005-10-18
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The Federal Deposit Insurance Corporation (FDIC) is amending an interpretative rule (12 CFR 333.101(b)) which states that insured State nonmember banks not exercising trust powers may offer self- directed traditional Individual Retirement and Keogh Plan accounts without the prior written consent of the FDIC. As amended, the interpretive ruling is expanded to expressly cover Coverdell Education Savings Accounts, Roth Individual Retirement Accounts, Health Savings Accounts, and other similar accounts.
Statement of Policy Regarding the National Historic Preservation Act
Document Number: 05-20767
Type: Notice
Date: 2005-10-18
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is proposing to revise its Statement of Policy on the National Historic Preservation Act of 1966 (NHPA). The revised Statement of Policy reflects the FDIC's experience and practices in applying the current NHPA Statement of Policy and statutory changes to the NHPA and its implementing regulations. The revised Statement of Policy is relevant to applications for deposit insurance for de novo institutions, applications for the establishment of domestic branches, and applications for the relocation of domestic branches or main offices.
Agency Information Collection Activities: Submission for OMB Review; Joint Comment Request
Document Number: 05-20662
Type: Notice
Date: 2005-10-17
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the ``agencies'') 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. On August 17, 2004, the agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published a notice in the Federal Register (69 FR 51145) (August proposal) requesting public comment on proposed revisions to the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a), which are currently approved information collections. After considering the two comments received, the FFIEC and the agencies modified the August 2004 proposal. On April 19, 2005, the agencies published a notice in the Federal Register (April proposal) requesting public comment on the modified August 2004 proposal. The FFIEC and the agencies have considered the three comments received and have made further modifications to the April proposal. The agencies are now submitting requests to OMB for approval of the revisions to the FFIEC 009 and FFIEC 009a reports that have been adopted by the FFIEC.
Notification of Changes of Insured Status
Document Number: 05-20590
Type: Proposed Rule
Date: 2005-10-14
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is proposing to revise its regulation addressing the certification to the FDIC of the assumption of deposits and the notification to depositors of a change in insured status. The proposed revision would clarify that a certification is required only when all of an insured institution's deposit liabilities have been assumed and that no certification is required for partial deposit assumptions. The proposal would require the institution whose deposits are transferred, or its legal successor, to provide the notification rather than the institution assuming the deposits. Finally, the proposal would also clarify the circumstances in which the FDIC would issue orders reflecting that an institution's insured status has been terminated under section 8(q) of the Federal Deposit Insurance Act. Generally, no orders would be issued when an insured institution transfers all of its deposits and its authority to engage in banking is contemporaneously cancelled, nor when the FDIC has been appointed receiver for an insured institution in default.
Real Estate Appraisal Exceptions in Major Disaster Areas
Document Number: 05-20583
Type: Rule
Date: 2005-10-14
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
Section 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the Agencies to make exceptions to statutory and regulatory requirements relating to appraisals for certain transactions. The exceptions are available for transactions that involve real property in major disaster areas when the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness. In this notice, the Agencies grant exceptions for certain real estate-related transactions in areas affected by Hurricanes Katrina and Rita. The expiration dates for the exceptions are set out in the SUPPLEMENTARY INFORMATION section.
Interstate Banking; Federal Interest Rate Authority
Document Number: 05-20582
Type: Proposed Rule
Date: 2005-10-14
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC received a petition for rulemaking to preempt certain state laws with the stated purpose of establishing parity between national banks and state-chartered banks in interstate activities and operations. The petition also requested rulemaking to implement the interest rate authority contained in the Federal Deposit Insurance Act. Generally, the requested rules would provide that the home state law of a state bank applies to the interstate activities of the bank and its operating subsidiaries to the same extent that the National Bank Act applies to the interstate activities of a national bank and its operating subsidiaries. They would also implement the federal statutory provisions addressing interest charged by FDIC-insured state banks and insured U.S. branches of foreign banks. The FDIC is requesting comments on a proposed rule to amend the FDIC's regulations in response to the rulemaking petition. Issuance of the proposed rules would serve as the FDIC's response to the rulemaking petition.
Sunshine Act; Notice of Agency Meeting
Document Number: E5-5439
Type: Notice
Date: 2005-10-05
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Notice of Agency Meeting
Document Number: E5-5438
Type: Notice
Date: 2005-10-04
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Proposed Agency Information Collection Activities; Comment Request
Document Number: 05-16680
Type: Notice
Date: 2005-08-23
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the ``agencies'') 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. The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has approved the agencies' publication for public comment of proposed revisions to the Consolidated Reports of Condition and Income (Call Report), which are currently approved collections of information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the FFIEC and the agencies should modify the proposed revisions prior to giving final approval. The agencies will then submit the revisions to OMB for review and approval.
Agency Information Collection Activities: Submission for OMB Review; Comment Request; 3064-0022, 27, 29 & 61
Document Number: 05-15964
Type: Notice
Date: 2005-08-12
Agency: Federal Deposit Insurance Corporaton, Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it is submitting to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection systems described below.
Request for Burden Reduction Recommendations; Rules Relating to Banking Operations; Directors, Officers and Employees; and Rules of Procedure; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review
Document Number: 05-15923
Type: Proposed Rule
Date: 2005-08-11
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Board of Governors of the Federal Reserve System, Comptroller of the Currency
The OCC, Board, FDIC, and OTS (``we'' or ``the Agencies'') are reviewing our regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). Today, we request your comments and suggestions on ways to reduce burden in rules we have categorized as Banking Operations; Directors, Officers and Employees; and Rules of Procedure. All comments are welcome. We specifically invite comment on the following issues: whether statutory changes are needed; whether the regulations contain requirements that are not needed to serve the purposes of the statutes they implement; the extent to which the regulations may adversely affect competition; whether the cost of compliance associated with reporting, recordkeeping, and disclosure requirements, particularly on small institutions, is justified; whether any regulatory requirements are inconsistent or redundant; and whether any regulations are unclear. We will analyze the comments received and propose burden-reducing changes to our regulations where appropriate. Some of your suggestions for burden reduction might require legislative changes. Where legislative changes would be required, we will consider your suggestions in recommending appropriate changes to Congress.
Deposit Insurance Coverage; Stored Value Cards and Other Nontraditional Access Mechanisms
Document Number: 05-15568
Type: Proposed Rule
Date: 2005-08-08
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is proposing to promulgate a regulation that would clarify the insurance coverage of funds subject to transfer or withdrawal through the use of stored value cards and other nontraditional access mechanisms. This proposed rule is a revision of a proposed rule published by the FDIC in April of 2004 (the ``First Proposed Rule''). See 69 FR 20558 (April 16, 2004). The purpose of the revised proposed rule (the ``Second Proposed Rule'') is to address certain issues raised by commenters in response to the original proposal. Through the Second Proposed Rule, the FDIC would add a new subsection to part 330 of title 12 of the Code of Federal Regulations. The new subsection would promote accuracy and consistency by insured depository institutions in reporting ``deposits'' for inclusion in an institution's assessment base. Also, the new subsection would provide guidance to the public about the insurance coverage of funds underlying nontraditional access mechanisms.
One-Year Post-Employment Restrictions for Senior Examiners
Document Number: 05-15468
Type: Proposed Rule
Date: 2005-08-05
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC and OTS (the Agencies) propose to adopt rules to implement section 6303(b) of the Intelligence Reform and Terrorism Prevention Act of 2004 (Intelligence Reform Act), which added a new section 10(k) to the Federal Deposit Insurance Act (FDI Act). Section 10(k) imposes post-employment restrictions on senior examiners of depository institutions and depository institution holding companies. Under section 10(k), a senior examiner employed or commissioned by an Agency may not knowingly accept compensation as an employee, officer, director, or consultant from certain depository institutions or depository institution holding companies he or she examined, or from certain related entities, for one year after the examiner leaves the employment or service of the Agency. If an examiner violates the one-year restriction, the statute requires the appropriate Federal banking agency to seek penalties. Accordingly, the examiner may be subject to an order of removal and prohibition or a civil money penalty of up to $250,000. The Agencies have the discretion to seek both types of remedy. Section 10(k) will become effective on December 17, 2005.
Community Reinvestment Act Regulations
Document Number: 05-15227
Type: Rule
Date: 2005-08-02
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
The OCC, Board, and FDIC (collectively, ``federal banking agencies'' or ``the agencies'') are issuing this joint final rule that revises certain provisions of our rules implementing the Community Reinvestment Act (CRA). The agencies are taking this action after carefully considering public comments received in response to the joint notice of proposed rulemaking published on March 11, 2005 (the ``March proposal''). The joint final rule addresses regulatory burden imposed on small banks with an asset size between $250 million and $1 billion by exempting them from CRA loan data collection and reporting obligations. It also exempts such banks from the large bank lending, investment, and service tests, and makes them eligible for evaluation under the small bank lending test and a flexible new community development test. Holding company affiliation is no longer a factor in determining which CRA evaluation standards apply to a bank. In addition, the joint final rule revises the term ``community development'' to include activities to revitalize and stabilize distressed or underserved rural areas and designated disaster areas. Finally, it adopts without change the amendments to the regulations to address the impact on a bank's CRA rating of evidence of discrimination or other credit practices that violate an applicable law, rule, or regulation.
Annual Independent Audits and Reporting Requirements
Document Number: 05-15109
Type: Proposed Rule
Date: 2005-08-02
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is proposing to amend its regulations concerning annual independent audits and reporting requirements, which implement Section 36 of the Federal Deposit Insurance Act (FDI Act). Section 36 and the FDIC's implementing regulations are generally intended to facilitate early identification of problems in financial management at insured depository institutions with total assets above a certain threshold (currently $500 million) through annual independent audits, assessments of the effectiveness of internal control over financial reporting and compliance with designated laws and regulations, and related reporting requirements. Section 36 also includes requirements for audit committees at these insured depository institutions. The FDIC's amendments would raise the asset size threshold from $500 million to $1 billion for internal control assessments by management and external auditors and for the members of the audit committee, who must be outside directors, to be independent of management. As required by section 36, the FDIC has consulted with the other Federal banking agencies. These amendments are proposed to take effect December 31, 2005.
Securities of Nonmember Insured Banks
Document Number: 05-15107
Type: Rule
Date: 2005-08-02
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is adopting a final rule amending part 335 of its regulations with one nonsubstantive change from the interim final rule published on March 31, 2005, in the Federal Register (see 70 FR 16398). The final rule adopts amendments to the FDIC's securities disclosure regulations applicable to state nonmember banks with securities required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The final rule reflects amendments to the Securities Exchange Act of 1934 made by the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), and accommodates certain operational changes within the FDIC. The rule also incorporates through cross reference changes in regulations adopted by the Securities Exchange and Commission (SEC) into the provisions of the FDIC's securities regulations. Incorporation by reference will assure that the FDIC's regulations remain substantially similar to the SEC's regulations, as required by law.
Privacy Act of 1974, as Amended; Notice of Alteration of System of Records
Document Number: 05-15108
Type: Notice
Date: 2005-08-01
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with the Privacy Act of 1974, as amended, the Federal Deposit Insurance Corporation (``FDIC'') is altering one system of records, entitled Consumer Complaint and Inquiry Records (30-64- 0005). We invite public comment on this publication.
Notice of Agency Meeting
Document Number: E5-3780
Type: Notice
Date: 2005-07-18
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 05-13117
Type: Notice
Date: 2005-07-05
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it plans to submit to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection system entitled ``Prompt Corrective Action.''
Agency Information Collection Activities: Submission for OMB Review; Comment Request; 3064-0072
Document Number: 05-13116
Type: Notice
Date: 2005-07-05
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it is submitting to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection system described below.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 05-13115
Type: Notice
Date: 2005-07-05
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it plans to submit to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection system entitled ``Account Based Disclosures in Connection with Federal Reserve Regulations E, CC and DD.''
Agency Information Collection Activities; Submission for OMB Review; Comment Request Concerning the Interagency Bank Merger Act Application
Document Number: 05-11925
Type: Notice
Date: 2005-06-16
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the OCC, Board, FDIC, and OTS (Agencies) hereby give notice that they plan to submit to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection systems described below.
Fair Credit Reporting Medical Information Regulations
Document Number: 05-11356
Type: Rule
Date: 2005-06-10
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (Agencies) are publishing interim final rules to implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The interim final rules create exceptions to the statute's general prohibition on creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility, for credit for all creditors. The exceptions permit creditors to obtain or use medical information in connection with credit eligibility determinations where necessary and appropriate for legitimate purposes, consistent with the Congressional intent to restrict the use of medical information for inappropriate purposes. The interim final rules also create limited exceptions to permit affiliates to share medical information with each other without becoming consumer reporting agencies.
Deposit Insurance Coverage; Accounts of Qualified Tuition Savings Programs Under Section 529 of the Internal Revenue Code
Document Number: 05-11212
Type: Rule
Date: 2005-06-09
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC is revising its insurance regulations for accounts of qualified tuition savings programs under section 529 of the Internal Revenue Code. Qualified tuition programs that are savings plans or prepaid tuition plans may be established by states or state instrumentalities under section 529 of the Internal Revenue Code. Interests in qualified tuition savings programs are ``securities'' under the federal securities laws. Under the FDIC's existing insurance regulations, a state public instrumentality that issues securities is treated as a corporation for deposit insurance purposes. As a result, the deposits of the state public instrumentality are insured up to a total of only $100,000 in the aggregate. The deposits are not insured on a ``pass-through'' basis to the holders of the securities. Under the FDIC's new rule, the deposits of the state public instrumentality may be insured on a ``pass- through'' basis (i.e., up to $100,000 for the beneficial interest of each participant) if the deposits represent interests or accounts in a state public instrumentality that is part of a qualified tuition savings program under section 529 of the Internal Revenue Code.
FEDERAL RESERVE SYSTEM
Document Number: 05-10778
Type: Notice
Date: 2005-05-31
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the ``agencies'') 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. On April 29, 2004, the agencies requested public comment for 60 days on proposed revisions to the instructions for the Consolidated Reports of Condition and Income (Call Report), which are currently approved collections of information. After considering the comments received, the Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has adopted the proposed instructional revisions and also will add new items to the Call Report based on suggestions by commenters. In addition, on March 11, 2005, the agencies requested public comment for 60 days on other proposed revisions to the Call Report. The FFIEC and the agencies have considered the comments received on these additional revisions, which the FFIEC has adopted as proposed. The agencies are submitting the revisions adopted by the FFIEC to OMB for review and approval.
Agency Information Collection Activities: Proposed Collection Renewals (0022; 0027; 0029; 0061); Comment Request
Document Number: 05-10349
Type: Notice
Date: 2005-05-24
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments concerning the following collections of information titled: (1) Uniform Application/Uniform Termination for Municipal Securities Principal or Representative; (2) Request for Deregistration for Registered Transfer Agents; (3) Notification of Performance of Bank Services; and (4) Summary of Deposits.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 05-10220
Type: Notice
Date: 2005-05-23
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it plans to submit to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection system described below.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 05-9572
Type: Notice
Date: 2005-05-13
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it plans to submit to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection system described below.
Sunshine Act Meeting
Document Number: 05-9596
Type: Notice
Date: 2005-05-12
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Sunshine Act Meeting
Document Number: 05-9595
Type: Notice
Date: 2005-05-12
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 05-8583
Type: Notice
Date: 2005-04-29
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments concerning information collections titled ``Acquisition Services Information Requirements.''
Agency Information Collection Activities: Renewal of an Information Collection; Comment Request
Document Number: 05-8520
Type: Notice
Date: 2005-04-28
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the proposed renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments concerning an information collection titled ``Prompt Corrective Action.''
International Banking
Document Number: 05-7983
Type: Rule
Date: 2005-04-21
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions
The Federal Deposit Insurance Corporation published in the Federal Register of April 6, 2005, a final rule amending parts 303, 325, and 327 and revising subparts A and B of part 347. The regulations contained in subpart C of part 347 were not included in the publication. This document corrects the final rule by adding the regulations in subpart C of part 347 to the regulatory text.