Regulatory Alerts2020-09-28 | 2020-18812Removal of Transferred OTS Regulations Regarding Prompt Corrective Action Directives and Conforming Amendments to Other Regulations
The Federal Deposit Insurance Corporation proposes to rescind 12 CFR part 390, subpart Y, which contains redundant regulations regarding prompt corrective action directives originally transferred from the Office of Thrift Supervision. The agency simultaneously proposes to amend 12 CFR part 308, subpart Q to explicitly clarify that these administrative procedures apply to all FDIC-supervised insured depository institutions, including state savings associations. This action aims to streamline FDIC regulations by eliminating duplicative rules and consolidating applicable standards into a single regulatory framework.
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