Four statements of policy withdrawn after agency deems them outdated

Four statements of policy that have been deemed as outdated – including two dealing with collateral – are being rescinded by the federal insurer of bank deposits, the agency said Tuesday.

In a financial institution letter (FIL), the Federal Deposit Insurance Corp. (FDIC) said it is withdrawing the policy statements on:

  • 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

The agency said the abandonment of the policy statements is consistent with commitments it made two years ago in a report to Congress under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), when it initiated a review of all statements of policy.

Rescission of FDIC Statements of Policy

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