[Federal Register Volume 84, Number 196 (Wednesday, October 9, 2019)]
[Proposed Rules]
[Pages 54045-54046]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21966]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 390
RIN 3064-AF13
Removal of Transferred OTS Regulations Regarding Reporting
Requirements, Regulatory Reports and Audits of State Savings
Associations
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of proposed rulemaking; supplemental notice.
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SUMMARY: On October 2, 2019, the Federal Deposit Insurance Corporation
(FDIC) issued a notice of proposed rulemaking with request for comments
on a proposal that would rescind and remove from the Code of Federal
Regulations 12 CFR part 390, subpart R, entitled Regulatory Reporting
Standards (part 390, subpart R). The FDIC is supplementing that notice
of proposed rulemaking with an updated regulatory flexibility analysis
to reflect a few typographical changes.
DATES: Comments on the updated regulatory flexibility analysis must be
received on or before November 8, 2019.
[[Page 54046]]
ADDRESSES: You may submit comments by any of the following methods:
FDIC Website: https://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency
website.
Email: [email protected]. Include RIN 3064-AF13 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 to FDIC: 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.
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. You should submit only
information that you wish to make publicly available.
Public Inspection: All comments received will be posted generally
without change to https://www.fdic.gov/regulations/laws/federal/,
including any personal information provided.
FOR FURTHER INFORMATION CONTACT: Ryan T. Singer, Chief, Regulatory
Analysis Section, Division of Insurance and Research, (202) 898-7352,
[email protected]; Jennifer M. Jones, Counsel, Legal Division, (202)
898-6768, [email protected].
SUPPLEMENTARY INFORMATION: On October 2, 2019, the FDIC issued a notice
of proposed rulemaking with request for comments on a proposal that
would rescind and remove from the Code of Federal Regulations 12 CFR
part 390, subpart R, entitled Regulatory Reporting Standards (part 390,
subpart R). (See 84 FR 52387 (October 2, 2019).) The FDIC is
supplementing that notice of proposed rulemaking with an updated
regulatory flexibility analysis to reflect a few typographical changes.
Updated 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.\1\
However, a regulatory 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 $600 million.\2\ 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 non-interest 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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\1\ 5 U.S.C. 601, et seq.
\2\ The SBA defines a small banking organization as having $600
million or less in assets, where an organization'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, by 84 FR 34261, effective August 19, 2019). In its
determination, ``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 covered entity is ``small'' for the purposes
of the RFA.
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As of March 31, 2019,\3\ the FDIC supervised 3,465 insured
financial institutions, of which 2,705 are considered small banking
organizations for the purposes of RFA. The proposed rule primarily
affects regulations that govern State savings associations. There are
36 State savings associations considered to be small banking
organizations for the purposes of the RFA.\4\
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\3\ March 31, 2019, is the most recent period for which the
FDIC's ``small entity'' designations for depository institutions are
available.
\4\ Based on data from the March 31, 2019, Call Report and FFIEC
002 Report of Assets and Liabilities of U.S. Branches and Agencies
of Foreign Bank.
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As explained previously, the proposed rule would remove sections
390.320, 390.321 and 390.332 of part 390, subpart R because these
sections are redundant or otherwise unnecessary in light of applicable
statutes and other FDIC regulations. As a result, rescinding the
regulations 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?
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 3, 2019.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019-21966 Filed 10-8-19; 8:45 am]
BILLING CODE 6714-01-P