[Federal Register Volume 83, Number 113 (Tuesday, June 12, 2018)]
[Notices]
[Pages 27329-27330]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12557]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL


Interagency Coordination of Formal Corrective Action by the 
Federal Bank Regulatory Agencies; Rescission of Policy Statement

AGENCY: Federal Financial Institutions Examination Council (FFIEC).

ACTION: Rescission of policy statement.

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SUMMARY: The FFIEC is rescinding its policy statement titled 
``Interagency Coordination of Formal Corrective Action by the Federal 
Bank Regulatory Agencies'' that was issued on February 20, 1997 (the 
``1997 Policy Statement''). This action is being coordinated with the 
publication of a new policy statement in the Federal Register by the 
Board of Governors of the Federal Reserve System (FRB), the Federal 
Deposit Insurance Corporation (FDIC), and the Office of the Comptroller 
of the Currency (OCC), which reflects the current practices of the 
federal banking agencies with respect to the coordination of formal 
enforcement actions against federally regulated financial institutions 
and institution-affiliated parties.

DATES: The policy is rescinded as of June 12, 2018.

FOR FURTHER INFORMATION CONTACT: 
    Board of Governors of the Federal Reserve Board (FRB): Jason 
Gonzalez, Special Counsel, Legal Division, (202) 452-3275; Jodi Remer, 
Senior Counsel (202) 452-6403, Legal Division, Board of Governors of 
the Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551. For the hearing impaired or users of 
Telecommunication Device for Deaf (TDD) only, call (202) 263-4869.
    Federal Deposit Insurance Corporation (FDIC): Sam Ozeck, 
Supervisory Counsel, Legal Division, [email protected], (202) 898-6736; 
George Parkerson, Acting Chief, Division of Risk Management 
Supervision, [email protected], (202) 898-3648.
    Office of the Comptroller of the Currency (OCC): Jessica Burrell, 
Counsel, Enforcement and Compliance, (202-649-6200); William Jauquet, 
Assistant Director, Enforcement and Compliance, (202-649-6200). For 
persons who are deaf or hearing impaired, TTY (202) 649-5597.

SUPPLEMENTARY INFORMATION: The 1997 Policy Statement principally 
addressed the requirement for each federal banking agency that proposed 
to take a formal enforcement action against a federally regulated 
financial institution, or institution-affiliated party, to provide 
written notice of such action to the other federal and state banking 
agencies.\1\ Such notice was to be provided prior to or at the 
initiation of any such formal enforcement action. In the event that a 
complementary action (such as an action involving a bank and its parent 
holding company) was considered appropriate by two or more federal 
banking agencies, the 1997 Policy Statement also encouraged 
coordination between the involved agencies regarding preparation, 
processing, presentation, service, and follow-up of the related 
enforcement

[[Page 27330]]

actions. It should be noted that the 1997 policy statement was created 
at a time when electronic communication was much less common than it is 
today and no longer reflects the current practices of the federal 
banking agencies in coordinating formal enforcement actions. 
Importantly, the formal enforcement actions taken by the federal 
banking agencies are now published on the individual agencies' public 
websites, making it no longer necessary for the agencies to provide 
written notice of all such actions to each other. Moreover, the FRB, 
FDIC, and OCC have adopted a new policy that encourages notification to 
other interested federal banking agencies at the earliest practicable 
date and promotes coordination among the FBAs related to formal 
enforcement actions as appropriate. For the above reasons, the 1997 
Policy Statement is being rescinded.
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    \1\ 62 FR 7782, 7783 (Feb. 20, 1997).

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    Dated at Washington, DC, this 22nd day of May 2018.

Federal Financial Institutions Examination Council.
Judith E. Dupre,
Executive Secretary.
[FR Doc. 2018-12557 Filed 6-11-18; 8:45 am]
 BILLING CODE 7535-01- 6714-01- 6210-01-4810-33- 4810-AM-P