Transferred OTS Regulations and FDIC Regulations Regarding Management Official Interlocks
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SUMMARY: In this notice of proposed rulemaking, the
Upon removal of the transferred OTS regulations applicable for all IDIs for which the
EFFECTIVE DATE: Comments must be received on or before
ADDRESSES: You may submit comments by any of the following methods:
* FDIC Web site: http://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency Web site.
* FDIC Email: [email protected]. Include RIN # 3064-AE20 on the subject line of the message.
* FDIC Mail:
* Hand Delivery to
Please include your name, affiliation, address, email address, and telephone number(s) in your comment. Where appropriate, comments should include a short Executive Summary consisting of no more than five single-spaced pages. All statements received, including attachments and other supporting materials, are part of the public record and are subject to public disclosure. You should submit only information that you wish to make publicly available.
Please note: All comments received will be posted generally without change to http://www.fdic.gov/regulations/laws/federal/, including any personal information provided. Paper copies of public comments may be requested from the
FOR FURTHER INFORMATION CONTACT:
The Dodd-Frank Act
The Dodd-Frank Act /1/ provided for a substantial reorganization of the regulation of State and Federal savings associations and their holding companies. Beginning
FOOTNOTE 1 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124
Section 316(c) of the Dodd-Frank Act, codified at 12 U.S.C. 5414(c), further directed the
FOOTNOTE 2 76 FR 39247 (
Although section 312(b)(2)(B)(i)(II) of the Dodd-Frank Act, codified at 12 U.S.C. 5412(b)(2)(B)(i)(II), granted the OCC rulemaking authority relating to both State and Federal savings associations, nothing in the Dodd-Frank Act affected the
As noted, on
FOOTNOTE 3 76 FR 47652 (
One of the OTS rules transferred to the
FOOTNOTE 4 Home Owners' Loan Act, Public Law 101-73;
The Depository Institution Management Interlocks Act ("Interlocks Act") /5/ was enacted as Title II of the Financial Institutions Regulatory and Interest Rate Control Act of 1978. /6/ The Interlocks Act generally prohibits bank management officials from serving simultaneously with two unaffiliated depository institutions or their holding companies ("depository organizations"). The purpose of the Interlocks Act and the rules governing management interlocks generally is to foster competition between unaffiliated institutions. Thus, the Interlocks Act seeks to prohibit interlocks that could enable two institutions to engage in anticompetitive behavior. The scope of the prohibition depends on the size and location of the organizations involved. For example, the Interlocks Act prohibits interlocks between unaffiliated depository organizations, regardless of size, if each organization has an office in the same community (the "community prohibition"). Interlocks are also prohibited between unaffiliated depository organizations if each organization has total assets of
FOOTNOTE 5 12 U.S.C. 3201 et seq. END FOOTNOTE
FOOTNOTE 6 Public Law 95-630, 92
--This is a summary of a
Notice of proposed rulemaking.
CFR Part: "12 CFR Parts 348 and 390"
RIN Number: "RIN 3064-AE20"
Citation: "79 FR 42225"
Federal Register Page Number: "42225"
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