Federal Deposit Insurance Corporation September 4, 2013 – Federal Register Recent Federal Regulation Documents
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Records of Failed Insured Depository Institutions
The Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule that implements a section of the Federal Deposit Insurance Act. This statutory provision provides time frames for the retention of records of a failed insured depository institution. The final rule incorporates the statutory time frames and defines the term ``records.''
Removal of Transferred OTS Regulations Regarding Recordkeeping and Confirmation Requirements for Securities Transactions Effected by State Savings Associations and Other Amendments
In this notice of proposed rulemaking, the Federal Deposit Insurance Corporation (``FDIC'') proposes to rescind and remove from the Code of Federal Regulations 12 CFR part 390, subpart K (``part 390, subpart K''), entitled ``Recordkeeping and Confirmation Requirements for Securities Transactions.'' 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''). With few exceptions addressed below, the requirements for State savings associations in part 390, subpart K, are substantively similar to those in FDIC's 12 CFR part 344 (``part 344''), which also is entitled ``Recordkeeping and Confirmation Requirements for Securities Transactions'' and is applicable to State nonmember insured banks and foreign banks having an insured branch. The FDIC proposes to amend the definition section of part 344 to clarifying that part 344 applies to all insured depository institutions, including State savings associations, for which the FDIC is the appropriate Federal banking agency. The FDIC also proposes to amend part 344 to increase the number of transactions that all FDIC- supervised institutions may effect on behalf of customers under the small transaction exception from certain of the recordkeeping requirements (``Small Transaction Exception''). Upon removal of part 390, subpart K, and with the proposed changes to part 344, the recordkeeping and confirmation requirements for securities transactions for customers effected by all insured depository institutions for which the FDIC has been designated the appropriate federal banking agency will be found at part 344.
Removal of Transferred OTS Regulations Regarding Post-Employment Activities of Senior Examiners
In this notice of proposed rulemaking, the Federal Deposit Insurance Corporation (FDIC) proposes to rescind and remove from the Code of Federal Regulations 12 CFR part 390, subpart A, entitled Restrictions on Post-Employment Activities of Senior Examiners. 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''). Upon removal of 12 CFR part 390, subpart A, the restrictions for post-employment activities of senior examiners of all insured depository institutions for which the FDIC has been designated the appropriate federal banking agency will be found at 12 CFR part 336, subpart C, entitled One-Year Restriction on Post-employment Activities of Senior Examiners. The proposed rule would not change 12 CFR part 336, subpart C. This notice of proposed rulemaking also proposes to revise the definition section of 12 CFR part 336, subpart B.
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