Agency proposes reducing pile of old letters to FIs – by issuing another letter

In a perhaps unintended irony, the federal insurer of deposits in banks has proposed “retiring” to an inactive status certain nearly 400 “Financial Institution Letters” – in another Financial Institution Letter (FIL).

The Federal Deposit Insurance Corp. (FDIC)’s FIL 46-2018, issued Monday, proposes targeting 374 of its 664 risk-management supervision-related FILs issued over a 22-year period (from 1995-2017), part of an effort to reduce regulatory burden, the agency said. Comments will be accepted 30 days on the proposal.

FDIC said that is staff had identified the 374 risk-management supervision FILs that are outdated or that convey regulations or other information that is still in effect but available elsewhere on the its website. (A full list of the identified FILs is attached to the proposal).

The agency said that FILs pertaining to other aspects of its supervision are under review, and that — separate from the proposal – it is also reviewing remaining FILs in order to “identify opportunities for updates and additional streamlining.”

FDIC Seeks Comment on Proposed Retirement of Certain Financial Institution Letters