Removal of Transferred OTS Regulations Regarding Electronic Operations
The Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule to rescind and remove from the Code of Federal Regulations the transferred regulation entitled ``Electronic Operations.'' This regulation 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''). There is no corresponding FDIC Electronic Operations rule and the rule is deemed obsolete, unnecessary, and burdensome. Therefore, the FDIC has decided to rescind and remove the regulation in its entirety.