Regulatory Alerts2024-07-30 | FIL-46-2024Proposed Amendments to Part 354, Parent Companies of Industrial Banks and Industrial Loan Companies
The Federal Deposit Insurance Corporation proposes amendments to Part 354 of Title 12 CFR to expand regulatory oversight over parent companies controlling industrial banks and industrial loan companies. The revisions broaden the definition of "Covered Company" to encompass Home Owners’ Loan Act conversions, pre-April 2021 parent entities undergoing control changes or mergers, and other subsidiary scenarios while clarifying written commitment requirements. These changes establish additional risk assessment criteria to evaluate parent company dependence, ensuring the safety and soundness of industrial banks and mitigating potential threats to the Deposit Insurance Fund.
Share