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FDIC CONTINUES EFFORTS
TO REDUCE REGULATORY BURDENSE
FOR IMMEDIATE RELEASE
PR-44-96 (6-17-96)
Media Contact:
Jay Rosenstein (202) 898-7303

Continuing efforts to reduce burdensome regulations for banks and the public, the FDIC today took a number of steps to streamline rules and policies in areas such as capital standards and securities registration requirements.

"Today's actions are part of a top-to-bottom review of 120 regulations and policies," said FDIC Director Joe Neely, who is leading the agency's efforts. "Our goal is to eliminate redundancies, unnecessary paperwork and other compliance burdens so that bankers can focus their resources on meeting the needs of their customers."

In one action today, the FDIC issued an interagency proposal to remove inconsistencies in the way regulators assign risk-based capital requirements to certain loans and other collateralized transactions. The agency also proposed that publicly traded FDIC-supervised banks use the Securities and Exchange Commission's rules for securities registration and reporting instead of following separate but similar rules from the FDIC.

Among other items on the long list of regulatory reduction efforts taken today were final actions eliminating outmoded policies regarding the submission of quarterly reports of condition and income ("Call Reports") and the advertising of NOW (negotiable order of withdrawal) accounts.

"We are committed to focusing on all FDIC regulations and policy statements until this review process is complete," Mr. Neely said. "Our objective throughout this process will be to streamline and simplify where possible to benefit all FDIC-supervised institutions and their customers."

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 12,000 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other documents may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC ((703) 562-2200).

Last Updated 07/14/1999 communications@fdic.gov