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Inactive Financial Institution Letters
The proposed revisions would streamline processing for well-managed and well-capitalized institutions, reduce regulatory burden, remove inconsistencies and outmoded requirements and present the regulation in a more user-friendly format. Comments on the proposal are due by January 7, 1998.
The most significant feature of the proposal is to provide expedited processing for most filings submitted by well-managed and well-capitalized depository institutions. An estimated 90 percent of banks supervised by the FDIC would meet the definition of an "eligible depository institution." While expedited processing would not be available for all types of filings, more than 90 percent of all filings made with the FDIC would probably be the types for which expedited processing or notice procedures would be available.
The FDIC is also proposing to amend the statements of policy on "Applications for Deposit Insurance," "Bank Merger Transactions" and "Liability of Commonly Controlled Institutions," and to rescind the policy statements on "Applications to Establish a Domestic Branch" and "Applications to Relocate Main Office or Branch."
For further information, please contact one of the following: Cary H. Hiner, Associate Director in the Division of Supervision (DOS), (202) 898-6814; Jesse G. Snyder, DOS Associate Director, (202) 898-6915; Mark S. Schmidt, DOS Assistant Director, (202) 898-6918; Steven D. Fritts, Associate Director in the Division of Compliance and Consumer Affairs (DCA), (202) 942-3454; Louise N. Kotoshirodo, Review Examiner in DCA, (202) 942-3599; and Susan van den Toorn, (202) 898-8707, and Nancy Schucker-Recchia, (202) 898-8885, Counsels in the Legal Division.
For foreign bank activities (Subpart J), please contact Christie A. Sciacca, DOS Assistant Director, (202) 898-3671, or Jamey G. Basham, Counsel in the Legal Division, (202) 898-7265.
For enforcement issues (Subpart N), please contact Grovetta N. Gardineer, (202) 736-0665, or Philip P. Houle, (202) 736-0758, Counsels in the Legal Division.
Distribution: All Insured Depository Institutions
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 (800-276-6003 or (703) 562-2200).
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