Comment deadlines for two federal banking regulatory proposals – one from the Office of the Comptroller of the Currency (OCC) on licensing requirements, the other from the Federal Deposit Insurance Corp. (FDIC) on requirements for industrial banks and industrial loan companies (ILCs) – are provided in recent Federal Register notices.
The OCC proposal – with a May 4 public comment deadline – makes a number of changes to the agency’s rule on licensing requirements affecting national banks and federal savings associations (FSAs). Announced early in March, the proposal would revise rule provisions on policies and procedures of corporate activities and transactions. It would also update and clarify the policies and procedures, eliminate requirements considered unnecessary for safety and soundness, and make other technical and conforming changes.
The FDIC proposal – with a June 1 comment deadline – would require certain conditions and commitments for each deposit insurance application approval, non-objection to a change in control notice, and merger application approval that would result in an insured industrial bank or ILC becoming, after the effective date of any final rule, a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board.
Announced March 18, the FDIC proposal also would require that before any industrial bank or ILC could become a subsidiary of a company that is not subject to consolidated supervision by the Fed, that company and the industrial bank or ILC must enter into one or more written agreements with the FDIC addressing the company’s relationship with the industrial bank; requiring capital and liquidity support from the parent to the industrial bank; and establishing appropriate recordkeeping and reporting requirements.
Reg lookup: Licensing Amendments