December 31, 2019
Rescission of FDIC Statements of Policy
As part of a continuing effort to reduce regulatory burden, the FDIC is rescinding four FDIC Statements of Policy that are outdated.
Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-insured depository institutions.
The FDIC, as part of a continuing effort to reduce regulatory burden and consistent with commitments made in its 2017 Economic Growth and Regulatory Paperwork Reduction Act of 1996 Report to Congress, initiated a review of all Statements of Policy. The FDIC identified the following four that are outdated and will be rescinded, effective December 31, 2019:
- Applicability of the Glass-Steagall Act to Securities Activities of Subsidiaries of Insured Nonmember Banks
- Treatment of Collateralized Letters of Credit After Appointment of FDIC as Conservator or Receiver
- Treatment of Collateralized Put Obligations After Appointment of FDIC as Conservator or Receiver
- Contracting with Firms That Have Unresolved Audit Issues with FDIC.
This FIL will become inactive six months after issuance.