Federal Deposit Insurance Corporation January 30, 2015 – Federal Register Recent Federal Regulation Documents

In this notice of proposed rulemaking (Proposed Rule), the Federal Deposit Insurance Corporation (FDIC) proposes to make several amendments to its regulations covering ``Fair Credit Reporting.'' First, the FDIC proposes to rescind and remove from the Code of Federal Regulations 12 CFR part 391, subpart C (part 391, subpart C), entitled ``Fair Credit Reporting.'' This subpart was included in the regulations that were transferred to the FDIC from the 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 requirements for State savings associations in part 391, subpart C are substantively similar to those in the FDIC's 12 CFR part 334 (part 334), also entitled ``Fair Credit Reporting,'' and is applicable for all insured depository institutions (``IDIs'') for which the FDIC has been designated the appropriate Federal banking agency. The FDIC proposes to modify the scope of 12 CFRs 334.1(b), 334.90(a), and 334.91(a) to include State savings associations and their subsidiaries to conform to the scope of the FDIC's current supervisory responsibilities as the appropriate Federal banking agency. The FDIC also proposes to add new subsections to define ``State savings association'' as having the same meaning as in section 3(b)(3) of the Federal Deposit Insurance Act (FDI Act). Second, the FDIC proposes to amend the definitional portion of its Identity Theft Red Flags regulations to be in conformance with the Red Flag Program Clarification Act of 2010. Third, the FDIC proposes to rescind and remove from the Code of Federal Regulations those portions of the FDIC's ``Fair Credit Reporting'' regulations where the rule writing authority was provided to the Consumer Financial Protection Bureau (``CFPB'') in the Dodd- Frank Act. The FDIC will continue to examine for and enforce violations of these regulations for all IDIs for which the FDIC has been designated the appropriate Federal banking agency. Consistent with this part of the proposal, the FDIC also proposes to make a technical change in one provision in its version of the Interagency Guidelines on Identity Theft Detection, Prevention, and Mitigation.

The Federal Deposit Insurance Corporation (FDIC) is adopting a final rule to rescind and remove from the Code of Federal Regulations rules transferred to the FDIC following the 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 rule also makes conforming amendments to FDIC regulations.

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 391, subpart B, entitled ``Safety and Soundness Guidelines and Compliance Procedures'' and Appendix A and B to part 391, subpart B and supplement A to appendix B. With few exceptions addressed below, the requirements for state savings associations in part 391, subpart B, are substantively similar to those in the FDIC's 12 CFR part 308, subpart R, and in the FDIC's 12 CFR part 364. Upon the completion of these proposed changes, the ``Standards for Safety and Soundness'' for all insured depository institutions for which the FDIC has been designated the appropriate Federal banking agency will be found at part 364 and the ``Submission and Review of Safety and Soundness Compliance Plans and Issuance of Orders to Correct Safety and Soundness Deficiencies'' for all insured depository institutions for which the FDIC has been designated the appropriate Federal banking agency will be found at part 308, subpart R.