[Federal Register Volume 86, Number 27 (Thursday, February 11, 2021)]
[Proposed Rules]
[Pages 9028-9031]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01536]


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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / 
Proposed Rules

[[Page 9028]]



FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 390

RIN 3064-AF30


Removal of Transferred OTS Regulations Regarding Definitions of 
Terms

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Notice of proposed rulemaking.

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SUMMARY: In order to streamline FDIC regulations, the FDIC proposes to 
rescind and remove from the Code of Federal Regulations rules entitled 
Definitions for Regulations Affecting All State Savings Associations 
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). The effective date of rescinding and removing these 
regulations would be coordinated with the rescission and removal of the 
other remaining subparts.

DATES: Comments must be received on or before March 15, 2021.

ADDRESSES: You may submit comments, identified by RIN 3064-AF30, by any 
of the following methods:
    <bullet> FDIC Website: https://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency 
website.
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#3f7c5052525a514b4c7f595b565c11585049"><span class="__cf_email__" data-cfemail="f8bb9795959d968c8bb89e9c919bd69f978e">[email protected]</span></a>. Include RIN 3064-AF30 on the 
subject line of the message.
    <bullet> Mail: James P. Sheesley, Assistant Executive Secretary, 
Attention: Comments, Federal Deposit Insurance Corporation, 550 17th 
Street NW, Washington, DC 20429.
    <bullet> Hand Delivery to FDIC: Comments may be hand-delivered to 
the guard station at the rear of the 550 17th Street NW building 
(located on F Street) on business days between 7 a.m. and 5 p.m.
    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.
    Please note: 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: Thomas Hearn, Counsel, Legal Division, 
<a href="/cdn-cgi/l/email-protection#77031f181f121605193711131e1459101801"><span class="__cf_email__" data-cfemail="4f3b2720272a2e3d210f292b262c61282039">[email protected]</span></a>, 202-898-6967; or Kathryn Marks, Counsel, Legal 
Division, <a href="/cdn-cgi/l/email-protection#1d76707c6f766e5d7b79747e337a726b"><span class="__cf_email__" data-cfemail="dfb4b2beadb4ac9fb9bbb6bcf1b8b0a9">[email protected]</span></a>, 202-898-3896.

SUPPLEMENTARY INFORMATION: 

I. Policy Objectives

    The policy objective of the proposed rule is to rescind and remove 
unnecessary and duplicative regulations in order to simplify them and 
improve the public's understanding of them. Subpart Q of part 390 is 
composed entirely of definitions of terms used in other subparts of 
parts 390 and 391. When completed, the ongoing rescission and removal 
of all other subparts of parts 390 and 391 mean the definitions in 
subpart Q will no longer apply to any current regulation, rendering it 
unnecessary. Therefore, the proposed rescission and removal of subpart 
Q may contribute to minimizing potential misunderstanding of the 
subpart by readers and help keep federal regulations current.

II. Background

    Title III of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (the Dodd-Frank Act or the Act) provided for the 
functions, powers, and duties of the Office of Thrift Supervision (OTS) 
relating to State savings associations to transfer to the FDIC 
effective one year after July 21, 2010, the date that the Dodd-Frank 
Act was enacted.\1\ In connection with this transfer, effective July 
22, 2011, the FDIC caused to be published in the Federal Register the 
transferred OTS regulations related to State savings associations 
reissued as parts 390 and 391 of the FDIC's regulations.\2\
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    \1\ Section 311 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010) 
(codified at 12 U.S.C. 5411). The Act also amended section 3 of the 
Federal Deposit Insurance Act (FDI Act) to designate the FDIC as the 
``appropriate Federal banking agency'' for State savings 
associations.
    \2\ 76 FR 47652 (Aug. 5, 2011).
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    When the FDIC reissued OTS regulations as parts 390 and 391 of the 
FDIC's regulations, it specifically noted that its staff would evaluate 
the reissued regulations and may later recommend incorporating them 
into other FDIC regulations, amending them, or rescinding them, as 
appropriate.\3\ The
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    \3\ 76 FR at 47653.

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[[Page 9029]]

FDIC has since rescinded and removed all subparts of part 391.\4\ At 
present, the FDIC has rescinded and removed 24 of the 26 subparts of 
part 390 and a notice of proposed rulemaking with respect to subpart W 
(Securities Offerings), is expected to be considered at the same Board 
meeting.\5\ Subpart Q, the subject of this Notice, is the final of the 
26 subparts to be considered by the Board for rescission.
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    \4\ The list below reflects the relevant Federal Register 
citations and effective dates for the rescission and removal of the 
subparts of part 391.
    Subpart A--Security Procedures, final rule, 83 FR 13839 (Apr. 2, 
2018) https://www.govinfo.gov/content/pkg/FR-2018-04-02/pdf/2018-06161.pdf, effective May 2, 2018; Subpart B--Safety and Soundness 
Guidelines and Compliance Procedures, final rule, 80 FR 65904 (Oct. 
28, 2015) https://www.govinfo.gov/content/pkg/FR-2015-10-28/pdf/2015-27293.pdf, effective November 27, 2015; Subpart C--Fair Credit 
Reporting, final rule, 80 FR 65913 (Oct. 28, 2015) https://www.govinfo.gov/content/pkg/FR-2015-10-28/pdf/2015-27291.pdf, 
effective November 27, 2015; Subpart D--Loans in Areas Having 
Special Flood Hazards, final rule, 79 FR 75742 (Dec. 19, 2014) 
https://www.govinfo.gov/content/pkg/FR-2014-12-19/pdf/2014-29761.pdf, effective January 20, 2015; and Subpart E--Acquisitions 
of Control of State Savings Associations, final rule, 80 FR 65889 
(Oct. 28, 2015) https://www.govinfo.gov/content/pkg/FR-2015-10-28/pdf/2015-27289.pdf, effective January 1, 2016.
    \5\ The list below reflects the relevant Federal Register 
citations and effective dates for the 24 subparts of part 390 that 
have been rescinded and removed. The FDIC is also expected to 
propose rescinding and removing Subpart W at the same Board meeting 
on January 19, 2021.
    Subpart A--Restrictions on Post-Employment Activities of Senior 
Examiners, final rule, 79 FR 42181 (July 21, 2014) https://www.govinfo.gov/content/pkg/FR-2014-07-21/pdf/2014-16974.pdf, 
effective August 20, 2014; Subpart B--Removals, Suspensions, and 
Prohibitions Where a Crime is Charged or Proven, final rule, 80 FR 
5009 (Jan. 30 2015) https://www.govinfo.gov/content/pkg/FR-2015-01-30/pdf/2015-01327.pdf, effective March 2, 2015; Subpart C--Rules of 
Practice and Procedure in Adjudicatory Proceedings, final rule, 80 
FR 5009 (Jan. 30 2015) https://www.govinfo.gov/content/pkg/FR-2015-01-30/pdf/2015-01327.pdf, effective March, 2, 2015; Subpart D--Rules 
for Investigations and Formal Examination Proceedings, final rule, 
80 FR 5009 (Jan. 30 2015) https://www.govinfo.gov/content/pkg/FR-2015-01-30/pdf/2015-01327.pdf, effective March 2, 2015; Subpart E--
Rules of Practice Before the FDIC, final rule, 80 FR 5009 (Jan. 30 
2015) https://www.govinfo.gov/content/pkg/FR-2015-01-30/pdf/2015-01327.pdf, effective March 2, 2015; Subpart F--Application Process 
Procedures, final rule approved by the FDIC Board on December 15, 
2020, https://www.govinfo.gov/content/pkg/FR-2020-10-15/pdf/2020-21000.pdf; Subpart G--Nondiscrimination Requirements, final rule 
approved by the FDIC Board on December 15, 2020, https://www.fdic.gov/news/board/2020/2020-12-15-notice-sum-f-mem.pdf; 
Subpart H--Disclosure and Reporting of CRA-Related Agreements, final 
rule, 79 FR 42183 (July 21, 2014) https://www.govinfo.gov/content/pkg/FR-2014-07-21/pdf/2014-16973.pdf, effective August 20, 2014; 
Correction 80 FR 23692 (Apr. 29, 2015); https://www.govinfo.gov/content/pkg/FR-2015-04-29/pdf/2015-09894.pdf, effective April 29, 
2015; Subpart I--Consumer Protection in Sales of Insurance, final 
rule, 83 FR 13843 (April 2, 2018) https://www.govinfo.gov/content/pkg/FR-2018-04-02/pdf/2018-06163.pdf, effective May 2, 2018; Subpart 
J--Fiduciary Powers of State Savings Associations, final rule, 83 FR 
60333 (Nov. 26, 2018) https://www.govinfo.gov/content/pkg/FR-2018-11-26/pdf/2018-25659.pdf, effective January 1, 2019; Subpart K--
Recordkeeping and Confirmation Requirements for Securities 
Transactions, final rule, 78 FR 76721 (Dec. 19, 2013) https://www.govinfo.gov/content/pkg/FR-2013-12-19/pdf/2013-29786.pdf, 
effective January 24, 2014; Subpart L--Electronic Operations, final 
rule, 80 FR 65612 (Oct. 27, 2015) https://www.govinfo.gov/content/pkg/FR-2015-10-27/pdf/2015-27292.pdf, effective November 27, 2015; 
Subpart M--Deposits, final rule, 84 FR 65276 (Nov. 27, 2019) https://www.govinfo.gov/content/pkg/FR-2019-11-27/pdf/2019-25697.pdf, 
effective December 27, 2019; Subpart N--Possession by Conservators 
or Receivers of Federal and State Savings Associations, final rule, 
80 FR 5015 (Jan. 30, 2015) https://www.govinfo.gov/content/pkg/FR-2015-01-30/pdf/2015-01326.pdf, effective March 2, 2015; Subpart O--
Subordinate Organizations, final rule approved by the FDIC Board on 
December 15, 2020, https://www.fdic.gov/news/board/2020/2020-12-15-notice-sum-g-fr.pdf; Subpart P--Lending and Investment, final rule, 
84 FR 31171 (July 1, 2019) https://www.govinfo.gov/content/pkg/FR-2019-07-01/pdf/2019-13449.pdf, effective July 31, 2019; Subpart R--
Regulatory Reporting Standards, final rule, 85 FR 3247 (Jan. 21, 
2020) https://www.govinfo.gov/content/pkg/FR-2020-01-21/pdf/2019-27577.pdf, effective February 20, 2020; Subpart S--State Savings 
Associations--Operations, final rule, 85 FR 3232 (Jan. 21, 2020) 
https://www.govinfo.gov/content/pkg/FR-2020-01-21/pdf/2019-27580.pdf, effective February 20, 2020; Subpart T--Accounting 
Requirements, final rule, 85 FR 3250 (Jan. 21, 2020) https://www.govinfo.gov/content/pkg/FR-2020-01-21/pdf/2019-27579.pdf, 
effective February 20, 2020; Subpart U--Securities of State Savings 
Associations, final rule, 79 FR 63498 (Oct. 24, 2014) https://www.govinfo.gov/content/pkg/FR-2014-10-24/pdf/2014-25336.pdf, 
effective November 24, 2014; Subpart V--Management Officials 
Interlock, final rule, 80 FR 79250 (Dec. 21. 2015) https://www.govinfo.gov/content/pkg/FR-2015-12-21/pdf/2015-31940.pdf, 
effective January 20, 2016; Subpart W--Securities Offerings, Subpart 
W is expected to be considered at the January 19, 2021, Board 
meeting.; Subpart X--Appraisals, final rule, 80 FR 33658 (June 9, 
2015) https://www.govinfo.gov/content/pkg/FR-2015-06-09/pdf/2015-12719.pdf, effective August 10, 2015; Subpart Y--Prompt Corrective 
Action, final rule, Sec. Sec.  390.450 through 390.455 rescinded and 
removed, 83 FR 17737 (April 24, 2018) https://www.govinfo.gov/content/pkg/FR-2018-04-24/pdf/2018-06881.pdf, effective April 24, 
2018; for rescinding and removing the remaining sections of subpart 
Y, Sec. Sec.  390.456 through 390.459, a final rule was approved by 
the FDIC Board on December 15, 2020, https://www.fdic.gov/news/board/2020/2020-12-15-notice-sum-h-fr.pdf. https://www.fdic.gov/news/board/2020/2020-12-15-notice-sum-h-fr-.pdf; Subpart Z--Capital, 
final rule, 83 FR 17737 (Apr. 24, 2018) https://www.govinfo.gov/content/pkg/FR-2018-04-24/pdf/2018-06881.pdf, (effective April 24, 
2018).
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III. Proposed Regulation Changes

    Part 390, subpart Q, contains definitions of terms used in subparts 
390 and 391,\6\ and is derived from definitions contained in 12 CFR 
part 561 of the OTS regulations. As noted above, all of part 391 has 
been rescinded and removed from the FDIC's regulations. For part 390, 
24 of the 26 subparts have been rescinded and removed and the other 
remaining subpart, subpart W, is expected to be considered at the 
January 2021 Board meeting. Once this other remaining subpart of part 
390 is rescinded and removed, no regulations will remain to which the 
definitions in subpart Q will apply. For this reason, the FDIC is 
proposing to rescind and remove subpart Q, the last of the 26 subparts, 
and will coordinate the final rule's effective date with effective 
dates for the rescission and removal of the remaining other subparts of 
part 390.
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    \6\ Subpart Q is derived from part 561 of the OTS regulations.
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IV. Expected Effects

    As of the quarter ending June 30, 2020, the FDIC supervised 3,270 
depository institutions, of which 35 (1.1 percent) are State savings 
associations.\7\ The proposed rule primarily would affect regulations 
that govern State savings associations. Therefore, the FDIC estimates 
that the proposed rule will affect 35 FDIC-supervised State savings 
associations. As previously discussed, the proposed rule, if adopted, 
would rescind and remove part 390, subpart Q. Since the proposed 
rescission and removal of subpart Q is being coordinated with the 
rescission and removal of the five remaining subparts of part 390, it 
will no longer apply to any regulation and will, therefore, be 
unnecessary. Based on the forgoing, the proposed rule is not expected 
to have any substantive effects on FDIC-supervised State savings 
associations.
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    \7\ CALL Report data, June 2020.
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    The proposed rule could have a broad effect on the public by 
simplifying the Code of Federal Regulations, and thereby, benefit the 
public by promoting ease of understanding and reference. Assessing the 
magnitude of this potential effect appears infeasible given the absence 
of direct studies demonstrating the potential connection between 
outdated federal regulations and compliance outcomes.
    The FDIC does not believe that the proposed rule will have direct 
substantive effects on financial market activity or the U.S. economy.
    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?

V. Alternatives Considered

    The FDIC has considered alternatives to the proposed rule, but 
believes the proposed rule represents the most appropriate option for 
covered institutions. As discussed previously, the Dodd-Frank Act 
transferred to the FDIC certain powers, duties, and functions formerly 
performed by the

[[Page 9030]]

OTS. The FDIC's Board reissued and redesignated certain transferred 
regulations from the OTS, but noted that it would evaluate and might 
later, as appropriate, rescind, amend, or incorporate the regulations 
into other FDIC regulations.
    The FDIC has evaluated the existing regulations regarding 
definitions of terms used in parts 390 and 391. The FDIC considered the 
status quo alternative of retaining the current regulations, but 
believes it would be unnecessary for FDIC-supervised institutions to 
continue to refer to these regulations when they will not apply to 
remaining regulations. If subpart Q remained in the Federal Code while 
all the subparts to which it applied were rescinded and removed, some 
members of the public could incur modest but unnecessary costs 
associated with the time and effort to comprehend the meaning of the 
presence of subpart Q. Therefore, the FDIC is proposing to rescind and 
remove the regulations.

VI. Request for Comments

    The FDIC invites comments on all aspects of this proposed 
rulemaking. In particular, the FDIC requests comments on what negative 
impacts, if any, can you foresee in the FDIC's proposal to rescind and 
remove part 390, subpart Q from the Code of Federal Regulation and to 
coordinate this action with the effective dates of the rescission and 
removal of the other remaining subparts of part 390. Please provide any 
other comments you have on the proposal.

VII. Administrative Law Matters

A. The Paperwork Reduction Act

    In accordance with the requirements of the Paperwork Reduction Act 
of 1995 (PRA),\8\ 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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    \8\ 44 U.S.C. 3501-3521.
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    The proposed rule would rescind and remove from FDIC regulations 
part 390, subpart Q. 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.\9\ 
However, a regulatory flexibility analysis is not required if the 
agency certifies that the proposed 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 proposed 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.\10\ 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.
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    \9\ 5 U.S.C. 601, et seq.
    \10\ The SBA defines a small banking organization as having $600 
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 by 84 FR 34261, effective August 19, 2019). 
``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 the quarter ending June 30, 2020, the FDIC supervised 3,270 
depository institutions,\11\ of which 2,492 were considered small 
entities for the purposes of RFA.\12\ There are 33 (1.0 percent of 
FDIC-supervised depository institutions) State savings associations 
that are small entities for the purposes of RFA.\13\ As discussed 
previously, the proposed rule would rescind and remove 12 CFR part 390, 
subpart Q, which contains definitions of terms used in parts 390 and 
391 of the FDIC's regulations. Because all of part 391 has been 
rescinded and removed and all other remaining subparts of part 390 will 
be rescinded and removed upon finalization of this proposed rulemaking, 
the FDIC does not expect the rescission and removal of the definitions 
in subpart Q to significantly affect any small FDIC-supervised State 
savings associations.
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    \11\ FDIC-supervised institutions are set forth in 12 U.S.C. 
1813(q)(2).
    \12\ FDIC CALL Report data, June 30, 2020.
    \13\ Id.
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    Based on the information above, the FDIC certifies that the 
proposed rule, if enacted, 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 section, and in particular, whether the 
proposed rule would have any significant effects on small entities that 
the FDIC has not identified.

C. Plain Language

    Section 722 of the Gramm-Leach-Bliley Act \14\ requires the Federal 
banking agencies to use plain language in all proposed and final rules 
published after January 1, 2000. The FDIC has sought to present the 
proposed rule 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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    \14\ Public Law 106-102, section 722, 113 Stat. 1338, 1471 
(codified at 12 U.S.C. 4809)).
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D. The Economic Growth and Regulatory Paperwork Reduction Act

    Under section 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.\15\ 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 the 
FDIC will take to address issues that were identified.\16\ As noted in 
the EGRPRA Report, the FDIC is continuing to streamline and clarify its 
regulations through the OTS rule integration process. By rescinding and 
removing outdated or unnecessary regulations such as part 390, subpart 
Q, this proposed rule complements other actions that the FDIC has 
taken, separately and with the other Federal banking agencies, to 
further the EGRPRA mandate.
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    \15\ Public Law 104-208, 110 Stat. 3009 (1996).
    \16\ 82 FR 15900 (March 31, 2017).
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E. Riegle Community Development and Regulatory Improvement Act of 1994

    Pursuant to section 302(a) of the Riegle Community Development and 
Regulatory Improvement Act (RCDRIA),\17\ in determining the effective 
date and administrative compliance requirements for new regulations 
that impose additional reporting, disclosure, or other requirements on 
insured depository institutions (IDIs), each

[[Page 9031]]

Federal banking agency must 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, 
section 302(b) of RCDRIA requires new regulations and amendments to 
regulations that impose additional reporting, disclosures, or other new 
requirements on IDIs generally to 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.\18\ The FDIC invites comments 
that further will inform its consideration of RCDRIA.
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    \17\ 12 U.S.C. 4802(a).
    \18\ Id.
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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.

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

Authority and Issuance

    For the reasons stated in the preamble, the Federal Deposit 
Insurance Corporation proposes to amend part 390 of title 12 of the 
Code of Federal Regulations as follows:

0
1. The authority citation for part 390 is revised to read as follows:

    Authority:  12 U.S.C. 1819.

Subpart Q--[Removed and Reserved]

0
2. Remove and reserve subpart Q, consisting of Sec. Sec.  390.280 
through 390.316.

Federal Deposit Insurance Corporation.

    By order of the Board of Directors.

    Dated at Washington, DC, on January 19, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-01536 Filed 2-10-21; 8:45 am]
BILLING CODE 6714-01-P


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