FDIC Proposes and Finalizes Rules Regarding OTS Regulations (Fed. Reg.)

The FDIC issued proposed and final rules regarding regulations transferred from the former Office of Thrift Supervision ("OTS").

The FDIC finalized two rules rescinding and removing OTS Regulations involving the post-employment activities of senior examiners and the disclosure reporting of Community Reinvestment Act-related agreements that were transferred to the FDIC.

The final rules will become effective on August 20, 2014.

Additionally, the FDIC proposed to rescind certain regulations pertaining to the former OTS in order to eliminate duplicative or inconsistent rules and procedures, including:

• removing the electronic operations rules;
• removing and rescinding subpart V of the regulations, titled "Management Official Interlocks," relating to state savings associations; and
• removing regulations regarding possession by conservators and receivers for federal and state savings associations, which are no longer necessary.

Comments on the proposed rulemakings must be submitted by September 19, 2014.

See: Proposed Rules 79 FR 42225; 79 FR 42231; 79 FR 42235; Final Rules 79 FR 42181; 79 FR 42183.