Transferred OTS regs on state savings association accounting, reporting, operations rescinded by FDIC

The rescission and removal of three transferred regulations of the former Office of Thrift Supervision (OTS) will be final 30 days after publication of final rules in the Federal Register, which is slated Tuesday.

The Federal Deposit Insurance Corp. (FDIC) Board approved removing the rules during its Dec. 12 open meeting. In taking that action, the board moved to eliminate former OTS rules on accounting requirements for state savings associations; rules on regulatory reporting requirements, and reports and audits, of state savings associations; and certain regulations governing the operations of state savings associations. All three were proposed in October. The latter action also makes other technical changes to FDIC rules to make them applicable to state savings associations.

The rules were considered largely redundant, the notices point out, given similar provisions in place at the federal level that apply to the state-chartered, federally insured institutions.

Removal of Transferred OTS Regulations Regarding Accounting Requirements for State Savings Associations

Removal of Transferred OTS Regulations Regarding Regulatory Reporting Requirements, Reports and Audits of State Savings Associations

Removal of Transferred OTS Regulations Regarding Certain Regulations for the Operations of State Savings Associations and Conforming Amendments to Other Regulations