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
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).