FDIC Proposes Streamlining OTS State Savings Association Regulations

The FDIC has issued a notice of proposed rulemaking that would remove certain regulations from 12 CFR 390 that the FDIC inherited from the Office of Thrift Supervision (OTS) pursuant to the Dodd-Frank Act. 

Dodd Frank revised the definition of an “appropriate Federal banking agency”, adding state savings associations to the list of entities for which the FDIC was the appropriate Federal banking agency, and the FDIC therefore is authorized to issue, modify, and rescind regulations involving state savings associations.  

The FDIC’s notice lays out plans to reissue and re-designate transferring regulations from the OTS in order to streamline regulations and remove unnecessary provisions that are addressed in existing statutes and regulations.

Comments on the proposal are due November 16, 2020.