Four statements of policy that have been deemed as outdated – including two dealing with collateral – are being rescinded by the federal insurer of bank deposits, the agency said Tuesday.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