[Federal Register Volume 62, Number 34 (Thursday, February 20, 1997)]
[Notices]
[Pages 7782-7783]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4085]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL


Revised Policy Statement on ``Interagency Coordination of Formal 
Corrective Action by the Federal Bank Regulatory Agencies''

AGENCY: Federal Financial Institutions Examination Council.

ACTION: Notice of revised policy statement.

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SUMMARY: The Task Force on Supervision, acting under delegated 
authority from the Federal Financial Institutions Examination Council 
(FFIEC), has revised the policy statement on ``Interagency Coordination 
of Formal Corrective Action by the Federal Bank Regulatory Agencies'' 
dated December 18, 1979, and is recommending that the FFIEC member 
agencies adopt and implement the updated policy statement. The revised 
policy statement entitled ``Interagency Notification and Coordination 
of Enforcement Actions by the Federal Bank Regulatory Authorities'' 
appears below.


[[Page 7783]]


DATES: Effective immediately.

FOR FURTHER INFORMATION CONTACT: FDIC: Daniel E. Austin, (202/898-6774) 
Review Examiner, Special Situations & Applications Section, Division of 
Supervision, Federal Deposit Insurance Corporation, 550 17th Street, 
NW, Washington, DC 20429.
FRB: Nancy Oakes, (202/452-2743), Senior Attorney, Enforcement Section, 
Division of Banking Supervision & Regulation, Board of Governors of the 
Federal Reserve System, 20th & C Streets, NW, Washington, DC 20551.
OCC: Carolyn Amundson, (202/874-5371), Senior Attorney, Enforcement & 
Compliance Division, Office of the Comptroller of the Currency, 250 E 
Street, SW, Washington, DC 20219.
OTS: Scott Albinson, (202/906-7984), Special Assistant to the Executive 
Director for Supervision, Office of Thrift Supervision, 1700 G Street, 
NW, Washington, DC 20552.
    The text of the Revised Policy Statement follows:
Revised Policy
    Any federal banking regulatory agency that proposes to take a 
formal enforcement action against any federally regulated financial 
institution or any institution-affiliated party shall notify in writing 
the other federal banking regulatory agencies and, where appropriate, a 
state supervisory authority prior to or at the initiation of such 
action. For the purposes of interagency notification, an enforcement 
action is initiated when the appropriate responsible agency official, 
or group of officials, determines that formal enforcement action should 
be taken. All notifications to other federal banking regulatory 
agencies shall be made to a designated contact person or persons as 
specified by each agency.
    When there is an affiliation or other inter-institutional 
relationship, any federal banking regulatory agency that proposes to 
take an informal enforcement action against any federally regulated 
financial institution or institution-affiliated party shall notify in 
writing the other appropriate federal banking regulatory agencies and, 
where appropriate, a state supervisory authority prior to or at the 
initiation of such action.
    In the event that complementary action (e.g., action involving a 
bank and its parent holding company, or a U.S. branch or agency and a 
foreign bank) is considered appropriate by two or more federal banking 
regulatory agencies, the preparation, processing, presentation, 
service, and follow-up of the enforcement action shall be coordinated 
by the agencies directly involved.
    The purpose of these procedures is to encourage notification to 
appropriate federal and state bank regulatory authorities at the 
earliest practicable date. These procedures are not intended to 
preclude or forestall any federal banking regulatory agency from 
initiating an enforcement action alone and on a timely basis against an 
institution or institution-affiliated party for which it has primary 
supervisory jurisdiction.

    Dated: February 13, 1997.
Joe M. Cleaver,
Executive Secretary/Federal Financial Institutions Examination Council.
[FR Doc. 97-4085 Filed 2-19-97; 8:45 am]
BILLING CODE OCC: 4810-33-P (25%); FRB: 6210-01-P (25%); FDIC: 6714-01-
P (25%); OTS: 6720-01-P (25%)