[Federal Register Volume 84, Number 165 (Monday, August 26, 2019)]
[Proposed Rules]
[Pages 44558-44563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-18268]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 390

RIN 3064-AF07


Removal of Transferred OTS Regulation Regarding Deposits

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) proposes to 
rescind and remove the ``Deposits'' regulations because they are 
unnecessary and duplicative of currently applicable provisions of law 
with respect to the maintenance of deposit account records at State 
savings associations. These regulations apply solely to State savings 
associations, and were 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 title III of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act).

DATES: Comments must be received on or before September 25, 2019.

ADDRESSES: You may submit comments by any of the following methods:
     Agency Website: https://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency 
website.
     Email: [email protected]. Include RIN 3064-AF07 on the 
subject line of the message.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments, Federal Deposit Insurance Corporation, 550 17th Street NW, 
Washington, DC 20429.
     Hand Delivery/Courier: Comments may be hand-delivered to 
the guard station at the rear of the 550 17th Street Building (located 
on F Street) on business days between 7 a.m. and 5 p.m.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.

[[Page 44559]]

    Public Inspection: All comments received will be posted without 
change to https://www.fdic.gov/regulations/laws/federal/, including any 
personal information provided. Paper copies of public comments may be 
ordered from the FDIC Public Information Center, 3501 North Fairfax 
Drive, Room E-1002.
    Please include your name, affiliation, address, email address, and 
telephone number(s) in your comment. All statements received, including 
attachments and other supporting materials, are part of the public 
record and are subject to public disclosure.

FOR FURTHER INFORMATION CONTACT: Karen J. Currie, Senior Examination 
Specialist, (202) 898-3981, [email protected], Division of Risk 
Management Supervision; Christine M. Bouvier, Assistant Chief 
Accountant, (202) 898-7289, Division of Risk Management Supervision; 
Cassandra Duhaney, Senior Policy Analyst, (202) 898-6804, Division of 
Depositor and Consumer Protection; Laura J. McNulty, Counsel, Legal 
Division, (202) 898-3817; or Jennifer M. Jones, Counsel, Legal Division 
(202) 898-6768.

SUPPLEMENTARY INFORMATION: 

I. Policy Objective

    The policy objective of the proposed rule is to remove unnecessary 
and duplicative regulations in order to simplify them and improve the 
public's understanding of them. Thus, the FDIC is proposing to rescind 
the regulations in 12 CFR part 390, subpart M, entitled Deposits (part 
390, subpart M).
    As discussed below, the FDIC takes the view that no revision to 
other existing regulations is necessary. This approach would simplify 
and streamline the FDIC's regulations by removing unnecessary 
provisions that are adequately provided for in other existing statutes 
and regulations.

II. Background

A. The Dodd-Frank Act

    The Dodd-Frank Act, signed into law on July 21, 2010, provided for 
a substantial reorganization of the regulation of State and Federal 
savings associations and their holding companies.\1\ Beginning July 21, 
2011, the transfer date established by section 311 of the Dodd-Frank 
Act,\2\ the powers, duties, and functions formerly performed by the OTS 
were divided among the FDIC, as to State savings associations, the 
Office of the Comptroller of the Currency (OCC), as to Federal savings 
associations, and the Board of Governors of the Federal Reserve System 
(FRB), as to savings and loan holding companies. Section 316(b) of the 
Dodd-Frank Act \3\ provides the manner of treatment for all orders, 
resolutions, determinations, regulations, and other advisory materials 
that have been issued, made, prescribed, or allowed to become effective 
by the OTS. The section provides that if such materials were in effect 
on the day before the transfer date, they continue in effect and are 
enforceable by or against the appropriate successor agency until they 
are modified, terminated, set aside, or superseded in accordance with 
applicable law by such successor agency, by any court of competent 
jurisdiction, or by operation of law.
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    \1\ Public Law 111-203, 124 Stat. 1376 (2010).
    \2\ Codified at 12 U.S.C. 5411.
    \3\ Codified at 12 U.S.C. 5414(b).
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    Pursuant to section 316(c) of the Dodd-Frank Act,\4\ on June 14, 
2011, the FDIC's Board of Directors (Board) approved a ``List of OTS 
Regulations to be Enforced by the OCC and the FDIC Pursuant to the 
Dodd-Frank Wall Street Reform and Consumer Protection Act.'' This list 
was published by the FDIC and the OCC as a Joint Notice in the Federal 
Register on July 6, 2011.\5\
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    \4\ Codified at 12 U.S.C. 5414(c).
    \5\ 76 FR 39246 (July 6, 2011).
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    Although Sec.  312(b)(2)(B)(i)(II) of the Dodd-Frank Act \6\ 
granted the OCC rulemaking authority relating to both State and Federal 
savings associations, nothing in the Dodd-Frank Act affected the FDIC's 
existing authority to issue regulations under the Federal Deposit 
Insurance Act (FDI Act) \7\ and other laws as the ``appropriate Federal 
banking agency'' or under similar statutory terminology. Section 
312(c)(1) of the Dodd-Frank Act \8\ revised the definition of 
``appropriate Federal banking agency'' contained in Sec.  3(q) of the 
FDI Act,\9\ to add State savings associations to the list of entities 
for which the FDIC is designated as the ``appropriate Federal banking 
agency.'' As a result, when the FDIC acts as the appropriate Federal 
banking agency (or under similar terminology) for State savings 
associations, as it does here, the FDIC is authorized to issue, modify, 
and rescind regulations involving such associations, as well as for 
State nonmember banks and insured State-licensed branches of foreign 
banks.
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    \6\ Codified at 12 U.S.C. 5412(b)(2)(B)(i)(II).
    \7\ 12 U.S.C. 1811 et seq.
    \8\ Codified at 12 U.S.C. 5412(c)(1).
    \9\ 12 U.S.C. 1813(q).
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    As noted above, on June 14, 2011, operating pursuant to this 
authority, the Board issued a list of regulations of the former OTS 
that the FDIC would enforce with respect to State savings associations. 
On that same date, the Board reissued and redesignated certain 
regulations transferred from the former OTS. These transferred OTS 
regulations were published as new FDIC regulations in the Federal 
Register on August 5, 2011.\10\ When the FDIC republished the 
transferred OTS regulations as new FDIC regulations, it specifically 
noted that its staff would evaluate the transferred OTS rules and might 
later recommend incorporating the transferred OTS regulations into 
other FDIC regulations, amending them, or rescinding them, as 
appropriate.\11\
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    \10\ 76 FR 47652 (Aug. 5, 2011).
    \11\ See 76 FR 47653.
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B. Transferred OTS Regulations (Transferred to the FDIC's Part 390, 
Subpart M)

    One of the regulations transferred to the FDIC from the OTS was 
former 12 CFR 557.20, concerning the maintenance of deposit records by 
State savings associations.\12\ That provision was transferred to the 
FDIC and now comprises part 390, subpart M. The OTS had issued Sec.  
557.20 as part of a streamlining of its regulations in 1997.\13\ At 
that time, the OTS regulations included several specific deposit 
recordkeeping requirements, and the OTS sought to replace those with 
one provision. In the associated NPR, the OTS explained that ``[a]s 
part of its reinvention effort, OTS is endeavoring to eliminate 
regulations that are outdated or micromanage thrift operations. For 
example, OTS proposes to replace several specific deposit-related 
recordkeeping requirements with a general recordkeeping regulation that 
is tied more closely to safety and soundness.'' \14\
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    \12\ See 76 FR 47659.
    \13\ 62 FR 55759 (Oct. 22, 1997).
    \14\ 62 FR 15627 (Apr. 2, 1997).
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C. Part 390, Subpart M--Deposits

    The FDIC has conducted a careful review and comparison of part 390, 
subpart M and other Federal regulations and statutes concerning the 
maintenance of deposit records at State savings associations. As 
discussed in Part III of this Supplementary Information section, the 
FDIC proposes to rescind part 390, subpart M, because the FDIC 
considers the provisions contained in part 390, subpart M to be 
unnecessary in light of the applicability of other provisions of 
Federal statutes and regulations.

[[Page 44560]]

III. Comparison of Other Applicable Statutes and Regulations With the 
Transferred OTS Regulations To Be Rescinded

    The following is a description of existing statutes and regulations 
that would provide for complete and accurate recordkeeping of deposits 
and account transactions at State savings associations, obviating the 
need for a new regulation or amendment of existing regulations upon 
rescission of part 390, subpart M. Accordingly, the FDIC proposes that 
Sec. Sec.  390.230 and 390.231, part 390, subpart M, be rescinded as 
unnecessary, redundant of, or otherwise duplicative of the provisions 
of law delineated in 12 U.S.C. 1817(a)(9)); 31 CFR 1020.410(c)(2); 12 
CFR part 364, Appendix A II; 12 CFR 330.1(e); and 12 CFR 1005, each 
discussed individually below.

A. Former OTS Safety and Soundness--Part 390, Subpart M, Sections 
390.230 and 390.231

1. Sec.  390.230--What does this subpart do?
    Section 390.230 simply states that subpart M ``applies to the 
deposit activities of State savings associations.'' There is no 
substantively similar provision in the FDIC's regulations, nor is one 
necessary. Accordingly, the FDIC proposes that section 390.230 be 
rescinded.
2. Sec.  390.231--What records should I maintain on deposit activities?
    Former OTS Sec.  557.20, as modified by the FDIC in transferred 
Sec.  390.231, provided general information on what records should be 
maintained by State savings associations on their deposit activities. 
Existing statutes and regulations that are applicable to State savings 
associations (discussed in greater detail below) already require the 
maintenance of accurate records of deposits and transactions by State 
savings associations.

B. Data Collection at Insured Depository Institutions

    Section 7(a)(9) of the FDI Act \15\ provides that ``the Corporation 
shall take such action as may be necessary to ensure that--(A) each 
insured depository institution maintains; and (B) the Corporation 
receives on a regular basis from such institution, information on the 
total amount of all insured deposits, preferred deposits, and uninsured 
deposits at the institution.'' In issuing regulations under that 
statutory provision, the FDIC has stated that the agency ``has a right 
and a duty'' under Sec.  7(a)(9) to require the maintenance of accurate 
deposit account records and that ``requiring covered institutions to 
maintain complete and accurate records regarding the ownership and 
insurability of deposits . . . will facilitate the FDIC's prompt 
payment of deposit insurance and enhance the ability to implement the 
least costly resolution of these institutions.'' \16\ Due to the 
requirements for accurate recordkeeping pursuant to its existing 
statutory authority, the FDIC takes the position that no new regulation 
will be needed upon the rescission of part 390, subpart M.
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    \15\ 12 U.S.C. 1817(a)(9).
    \16\ 81 FR 87735.
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C. Treasury Department Bank Secrecy Act Regulations 17
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    \17\ 31 CFR 1020.
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    Section 1020.410(c)(2) of title 31, Code of Federal Regulations 
(CFR), requires banks (defined to include savings associations) \18\ to 
maintain certain records, including ``[e]ach statement, ledger card or 
other record on each deposit or share account, showing each transaction 
in, or with respect to, that account.'' This rule specifically requires 
that such records be maintained at State savings associations, rather 
than the merely suggestive language included in part 390, subpart M.
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    \18\ 31 CFR 1010.100(d)(3).
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D. Activities Implicating Safety and Soundness; Part 364 19
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    \19\ 12 CFR part 364, Appendix A II.
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    In 1995, the FDIC published 12 CFR 364 as a final rule with an 
appendix that implements section 39(a) of the FDI Act \20\ regarding 
standards for safety and soundness (Appendix A).\21\ The OCC, the FRB, 
and the OTS also issued their versions of Appendix A.\22\ The FDIC's 
Appendix A II (Operational and Managerial Standards) provides that an 
institution should have internal controls and information systems that 
are appropriate to the size of the institution and the nature, scope, 
and risk of its activities and that provide for, among other things: 
``timely and accurate financial, operational and regulatory reports.'' 
An Appendix B (regarding information security) was also published to 
implement Sec.  39 of the FDI Act.\23\ Section 364.101 of part 364 
provides that Appendix A and Appendix B apply to all insured State 
nonmember banks, State-licensed insured branches of foreign banks, and 
State savings associations. FDIC-supervised institutions are required 
to file quarterly Reports of Condition.\24\ In addition, the accounting 
principles applicable to reports or statements that insured depository 
institutions file with the Federal banking agencies are required to be 
uniform and consistent with generally accepted accounting 
principles.\25\
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    \20\ 12 U.S.C. 1831p-1. Sec.  132 of the Federal Deposit 
Insurance Corporation Improvement Act of 1991, Public Law 102-242, 
105 Stat. 2236 (codified at 12 U.S.C. 1831p-1) added Sec.  39 to the 
FDI Act. Sec.  39 was later amended by Sec.  956 of the Housing and 
Community Development Act of 1992, Public Law 102-550, 106 Stat. 
3672, and Sec.  318 of the Riegle Community Development and 
Regulatory Improvement Act of 1994, Public Law 103-325, 108 Stat. 
2160.
    \21\ 60 FR 35674 (July 10, 1995).
    \22\ See 12 CFR part 30, Appendix A, 60 FR 35678; 12 CFR part 
208, Appendix D-1, 60 FR 35682; (former) 12 CFR part 570, Appendix 
A, 60 FR 35687, respectively (July 10, 1995).
    \23\ Appendix B was added in accordance with section 501 of the 
Gramm-Leach-Bliley Financial Modernization Act of 1999, Public Law 
106-102, 113 Stat. 1338, codified at 15 U.S.C. 6801, which statute 
required the agencies to establish appropriate information security 
standards in order to protect nonpublic personal information.
    \24\ 12 U.S.C. 1817(a)(3)-(6); 12 U.S.C. 1464(v).
    \25\ 12 U.S.C. 1831n.
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    Taken together, part 364 and appendix A constitute the FDIC's long-
standing expectations for all prudently managed insured depository 
institutions, but leave specific methods of achieving these objectives 
to each institution. Specifically, they provide a framework for sound 
corporate governance and the supervision of operations designed to 
prompt an institution to identify emerging problems and correct 
deficiencies before capital becomes impaired. Pursuant to Sec.  39(e) 
of the FDI Act,\26\ an FDIC-supervised institution's failure to meet 
the standards may cause the FDIC to require the institution to submit a 
safety and soundness compliance plan, and if the institution does not 
comply with its plan, the FDIC will issue an order to correct safety 
and soundness deficiencies.\27\ Hence, in order to accurately report 
their financial condition, including deposit liabilities, and to meet 
applicable safety and soundness criteria, insured depository 
institutions, including State savings associations, must keep accurate 
and up-to-date records of account transactions and balances.
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    \26\ 12 U.S.C. 1831p-1(e).
    \27\ See 12 U.S.C. 1831p-1(e); 12 CFR 308.300, et seq.
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E. FDIC's Deposit Insurance Coverage Criteria 28
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    \28\ 12 CFR 330.
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    Part 330 of the FDIC's regulations governs the criteria for deposit 
insurance coverage at insured depository institutions, including

[[Page 44561]]

insured State savings associations. Section 330.3(h) of part 330 states 
that deposit insurance coverage is ``a function of the deposit account 
records of the insured depository . . . which, in the interest of 
uniform national rules for deposit insurance coverage, are controlling 
for purposes of determining deposit insurance coverage.'' Further, 
Sec.  330.1(e) defines the term ``deposit account records'' to include 
documents such as ``account ledgers . . . and other books and records 
of the insured depository institution . . . which relate to the insured 
depository institution's deposit taking function.'' This existing 
regulation on criteria for deposit insurance would also require State 
savings associations to maintain records of their deposit transactions, 
eliminating the need for part 390, subpart M.

F. Bureau of Consumer Financial Protection--Regulation E

    Regulation E,\29\ issued by the Bureau of Consumer Financial 
Protection, relates to electronic fund transfers at financial 
institutions, including any savings association.\30\ It states that 
``[f]or an account to or from which electronic fund transfers can be 
made, a financial institution shall send a periodic statement for each 
monthly cycle in which an electronic fund transfer has occurred; and 
shall send a periodic statement at least quarterly if no transfer has 
occurred.'' \31\ Thus, in order to comply with existing Regulation E, a 
State savings association must be capable of generating periodic 
statements for each of its deposit accounts, whether or not electronic 
transfers are made from that account, again serving the intended 
purpose of part 390, subpart M.
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    \29\ 12 CFR part 1005.
    \30\ 12 CFR 1005.2(i).
    \31\ 12 CFR 1005.9(b).
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    Accordingly, as explained in the analysis above, the FDIC proposes 
to remove Sec. Sec.  390.230 and 390.231, subpart M because these 
sections are unnecessary, redundant of, or otherwise duplicative of the 
safety and soundness and other standards described above.

IV. Proposed Amendment to Part 390, Subpart M

    As discussed in part III of this Supplementary Information, the 
FDIC's part 390, subpart M addresses the maintenance of records of 
deposit transactions and activities for State savings associations. To 
remove unnecessary and redundant regulations, one of the stated policy 
goals of the FDIC, the FDIC proposes to rescind part 390, subpart M as 
unnecessary and redundant of other applicable statutes and regulations. 
Under the proposal, subpart M would be rescinded and that subpart 
reserved for future use.

V. Expected Effects

    As explained in detail in Section III of this Supplemental 
Information section, certain OTS regulations transferred to the FDIC by 
the Dodd-Frank Act relating to records of deposit transactions and 
activities are either unnecessary or effectively duplicate existing 
regulations. This proposal would eliminate one of those transferred OTS 
regulations.
    As of March 31, 2019, the FDIC supervises 3,465 insured depository 
institutions, of which 39 (1.1%) are State savings associations.\32\ 
The proposed rule primarily would affect regulations that govern State 
savings associations.
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    \32\ Based on data from the March 31, 2019, Consolidated Reports 
of Condition and Income (Call Report) and Report of Assets and 
Liabilities of U.S. Branches and Agencies of Foreign Banks.
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    As explained previously, the proposed rule would remove Sec. Sec.  
390.230 and 390.231, subpart M, because these sections are unnecessary, 
redundant of, or otherwise duplicative of other statutes and 
regulations, including those relating to safety and soundness. Because 
these regulations are redundant, rescinding them will not have any 
substantive effects on FDIC-supervised institutions.
    The FDIC invites comments on all aspects of this analysis. In 
particular, would the proposed rule have any costs or benefits to 
covered entities that the FDIC has not identified?

VI. Alternatives

    The FDIC has considered alternatives to the proposed rule but 
believes that the proposed amendments represent the most appropriate 
option for covered institutions. As discussed previously, the Dodd-
Frank Act transferred certain powers, duties, and functions formerly 
performed by the OTS to the FDIC. The FDIC's Board reissued and 
redesignated certain transferred regulations from the OTS, but noted 
that it would evaluate them and might later incorporate them into other 
FDIC regulations, amend them, or rescind them, as appropriate. The FDIC 
has evaluated the existing regulations relating to the maintenance of 
deposit account records. The FDIC considered the status quo alternative 
of retaining the current regulations, but did not choose to do so. The 
FDIC believes it would be procedurally complex for FDIC-supervised 
institutions to continue to refer to these separate sets of 
regulations, and therefore proposes to amend and streamline them in 
accordance with this proposed rulemaking.

VII. Request for Comments

    The FDIC invites comments on all aspects of this proposed 
rulemaking. In particular, the FDIC requests comments on the following 
questions:
    1. Are the provisions of 12 CFR parts 330; 364, Appendix A; and 
1005 and 31 CFR part 1020 sufficient to provide consistent and 
effective requirements related to the maintenance of records of deposit 
account activities at State savings associations for which the FDIC is 
the appropriate Federal banking agency? Please provide examples, data, 
or otherwise substantiate your answer.
    2. What negative impacts, if any, can you foresee in the FDIC's 
proposal to rescind part 390, subpart M?
    3. Are existing statutory and regulatory requirements relating to 
the maintenance of records of account transactions and deposits 
sufficient to ensure the safety and soundness of insured State savings 
associations? Please provide examples, data, or otherwise substantiate 
your answer.
    4. Please provide any other comments you may have on the proposal.
    Written comments must be received by the FDIC not later than 
September 25, 2019.

VIII. Regulatory Analysis and Procedure

A. The Paperwork Reduction Act

    In accordance with the requirements of the Paperwork Reduction Act 
of 1995 (PRA),\33\ the FDIC may not conduct or sponsor, and the 
respondent is not required to respond to, an information collection 
unless it displays a currently valid Office of Management and Budget 
(OMB) control number.
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    \33\ 44 U.S.C. 3501-3521.
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    The proposed rule would rescind and remove from FDIC regulations 
part 390, subpart M. The proposed rule will not create any new or 
revise any existing collections of information under the PRA. 
Therefore, no information collection request will be submitted to the 
OMB for review.

B. The Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) requires that, in connection 
with a notice of proposed rulemaking, an agency prepare and make 
available for public comment an initial regulatory flexibility analysis 
that describes the impact of the proposed rule on small entities.\34\ 
However, a regulatory

[[Page 44562]]

flexibility analysis is not required if the agency certifies that the 
rule will not have a significant economic impact on a substantial 
number of small entities, and publishes its certification and a short 
explanatory statement in the Federal Register, together with the rule. 
The Small Business Administration (SBA) has defined ``small entities'' 
to include banking organizations with total assets of less than or 
equal to $550 million.\35\ Generally, the FDIC considers a significant 
effect to be a quantified effect in excess of 5 percent of total annual 
salaries and benefits per institution, or 2.5 percent of total 
noninterest expenses. The FDIC believes that effects in excess of these 
thresholds typically represent significant effects for FDIC-supervised 
institutions. For the reasons provided below, the FDIC certifies that 
the proposed rule, if adopted in final form, would not have a 
significant economic impact on a substantial number of small banking 
organizations. Accordingly, a regulatory flexibility analysis is not 
required.
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    \34\ 5 U.S.C. 601, et seq.
    \35\ The SBA defines a small banking organization as having $550 
million or less in assets, where ``a financial institution's assets 
are determined by averaging the assets reported on its four 
quarterly financial statements for the preceding year.'' See 13 CFR 
121.201 (as amended, effective December 2, 2014). ``SBA counts the 
receipts, employees, or other measure of size of the concern whose 
size is at issue and all of its domestic and foreign affiliates.'' 
See 13 CFR 121.103. Following these regulations, the FDIC uses a 
covered entity's affiliated and acquired assets, averaged over the 
preceding four quarters, to determine whether the FDIC-supervised 
institution is ``small'' for the purposes of RFA.
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    As of March 31, 2019, the FDIC supervised 3,465 insured depository 
institutions, of which 2,645 are considered small banking organizations 
for the purposes of RFA. The proposed rule primarily affects 
regulations that govern State savings associations. There are 38 State 
savings associations considered to be small banking organizations for 
the purposes of the RFA.\36\
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    \36\ Based on data from the March 31, 2019, Call Report and 
Report of Assets and Liabilities of U.S. Branches and Agencies of 
Foreign Banks.
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    As explained previously, the proposed rule would remove Sec. Sec.  
390.230 and 390.231, part 390, subpart M, because these sections are 
unnecessary, redundant of, or otherwise duplicative of other statutes 
and regulations, including safety and soundness standards. Therefore, 
rescinding subpart M would not have any substantive effects on small 
FDIC-supervised institutions.
    Based on the information above, the FDIC certifies that the 
proposed rule would not have a significant economic impact on a 
substantial number of small entities. The FDIC invites comments on all 
aspects of the supporting information provided in this RFA section. In 
particular, would this rule have any significant effects on small 
entities that the FDIC has not identified?

C. Plain Language

    Section 722 of the Gramm-Leach-Bliley Act \37\ requires each 
Federal banking agency to use plain language in all of its proposed and 
final rules published after January 1, 2000. As a Federal banking 
agency subject to the provisions of this section, the FDIC has sought 
to present the proposed rule to rescind part 390, subpart M in a simple 
and straightforward manner. The FDIC invites comments on whether the 
proposal is clearly stated and effectively organized, and how the FDIC 
might make the proposal easier to understand.
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    \37\ Public Law 106-102, 113 Stat. 1338, 1471 (codified at 12 
U.S.C. 4809).
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D. Riegle Community Development and Regulatory Improvement Act of 1994

    The Riegle Community Development and Regulatory Improvement Act of 
1994 (RCDRIA) requires that each Federal banking agency, in determining 
the effective date and administrative compliance requirements for new 
regulations that impose additional reporting, disclosure, or other 
requirements on insured depository institutions, consider, consistent 
with principles of safety and soundness and the public interest, any 
administrative burdens that such regulations would place on depository 
institutions, including small depository institutions, and customers of 
depository institutions, as well as the benefits of such regulations. 
In addition, new regulations and amendments to regulations that impose 
additional reporting, disclosure, or other new requirements on insured 
depository institutions generally must take effect on the first day of 
a calendar quarter that begins on or after the date on which the 
regulations are published in final form.\38\ The FDIC invites comments 
that further will inform its consideration of RCDRIA.
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    \38\ 12 U.S.C. 4802.
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E. The Economic Growth and Regulatory Paperwork Reduction Act

    Under Sec.  2222 of the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (EGRPRA), the FDIC is required to review all of 
its regulations at least once every 10 years, in order to identify any 
outdated or otherwise unnecessary regulations imposed on insured 
institutions.\39\ The FDIC, along with the other Federal banking 
agencies, submitted a Joint Report to Congress on March 21, 2017, 
(EGRPRA Report) discussing how the review was conducted, what has been 
done to date to address regulatory burden, and further measures that 
will be taken to address issues that were identified. As noted in the 
EGRPRA Report, the FDIC is continuing to streamline and clarify its 
regulations through the OTS rule integration process. By removing 
outdated or unnecessary regulations, such as part 390, subpart M, this 
rule complements other actions the FDIC has taken, separately and with 
the other Federal banking agencies, to further the EGRPRA mandate.
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    \39\ Public Law 104-208, 110 Stat. 3009 (1996).
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List of Subjects in 12 CFR Part 390

    Administrative practice and procedure, Advertising, Aged, Civil 
rights, Conflict of interests, Credit, Crime, Equal employment 
opportunity, Fair housing, Government employees, Individuals with 
disabilities, Reporting and recordkeeping requirements, Savings 
associations.

Authority and Issuance

    For the reasons stated in the preamble, the Federal Deposit 
Insurance Corporation proposes to amend 12 CFR 390 as follows:

PART 390--REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT 
SUPERVISION

0
1. Revise the authority citation for part 390 to read as follows:

    Authority: 12 U.S.C. 1819.

    Subpart F also issued under 5 U.S.C. 552; 559; 12 U.S.C. 2901 et 
seq.
    Subpart G also issued under 12 U.S.C. 2810 et seq., 2901 et 
seq.; 15 U.S.C. 1691; 42 U.S.C. 1981, 1982, 3601-3619.
    Subpart O also issued under 12 U.S.C. 1828.
    Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464.
    Subpart R also issued under 12 U.S.C. 1463; 1464; 1831m; 1831n; 
1831p-1.
    Subpart S also issued under 12 U.S.C. 1462; 1462a; 1463; 1464; 
1468a; 1817; 1820; 1828; 1831e; 1831o; 1831p-1; 1881-1884; 3207; 
3339; 15 U.S.C. 78b; 78l; 78m; 78n; 78p; 78q; 78w; 31 U.S.C. 5318; 
42 U.S.C. 4106.
    Subpart T also issued under 12 U.S.C. 1462a; 1463; 1464; 15 
U.S.C. 78c; 78l; 78m; 78n; 78w.
    Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15 
U.S.C. 78c; 78l; 78m; 78n; 78p; 78w.
    Subpart Y also issued under 12 U.S.C. 1831o.

[[Page 44563]]

0
2. Remove and reserve part 390, subpart M, consisting of Sec. Sec.  
390.230 and 390.231.

Subpart M--[Removed and Reserved]

* * * * *

    By order of the Board of Directors.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on August 20, 2019.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 2019-18268 Filed 8-23-19; 8:45 am]
BILLING CODE 6714-01-P