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FEDERAL DEPOSIT INSURANCE CORPORATION
REPORT BULLETIN NO. 6

October 30, 2015

550 Seventeenth Street, N.W.
Washington, D.C. 20429


Supplement Highlights

Truth in Lending (Regulation Z) Annual Threshold Adjustments (CARD ACT, HOEPA and ATR/QM) The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulatory text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule reviews the dollar amounts for provisions implementing amendments to TILA under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These amounts are adjusted, where appropriate, based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2015. The minimum interest charge disclosure thresholds will remain unchanged in 2016. 80 Fed. Reg. 56895.

See pages 7041–7042, 7344.01–7344.02, 7345–7346, 7396.33–7396.34-A, and 7415–7416

Nondiscrimination on the Basis of Disability Minority and Women Outreach Program Contracting. The FDIC is updated its regulations, Nondiscrimination on the Basis of Disability, and Minority and Women Outreach Program Contracting, to reflect a name change from the Agency's Office of Diversity and Economic Opportunity (ODEO) to the Office of Minority and Women Inclusion (OMWI). 80 Fed. Reg. 62443.

See pages 2947–2949 and 3089–3090

Removal of Transferred OTS Regulations Regarding Electronic Operations. The Federal Deposit Insurance Corporation (``FDIC'') adopted its final rule to rescind and remove from the Code of Federal Regulations the transferred regulation entitled ``Electronic Operations.'' This regulation was included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision (``OTS'') on July 21, 2011, in connection with the implementation of applicable provisions of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). There is no corresponding FDIC Electronic Operations rule and the rule is deemed obsolete, unnecessary, and burdensome. Therefore, the FDIC has decided to rescind and remove the regulation in its entirety. 80 Fed. Reg. 65612.

See pages 3285 and 3341–3342

Creditors and Rural or Underserved Areas Under the Truth in Lending Act (Regulation Z). The Bureau of Consumer Financial Protection (Bureau) amended certain mortgage rules issued by the Bureau in 2013. This final rule revised the Bureau's regulatory definitions of small creditor, and rural and underserved areas, for purposes of certain special provisions and exemptions from various requirements provided to certain small creditors under the Bureau's mortgage rules. 80 Fed. Reg. 59944.

See pages 7021–7024.04, 7034.07–7034.10, 7358.01–7358.04, 7358.09–7358.10, and 7396.37–7396.42

Filing Requirements and Processing Procedures for Changes in Control With Respect to State Nonmember Banks and State Savings Associations. On November 25, 2014, the FDIC published a notice of proposed rulemaking (proposed rule or NPR) to amend its filing requirements and processing procedures for notices filed under the Change in Bank Control Act (Notices). The comment period closed January 26, 2015, and no comments were received. The FDIC is now adopting that proposed rule as final with one change (final rule). The final rule accomplishes several objectives. First, the final rule consolidates into one subpart the current requirements and procedures for Notices filed with respect to State nonmember banks and certain parent companies thereof, and the requirements and procedures for Notices filed with respect to State savings associations and certain parent companies thereof. Second, the final rule rescinds the FDIC's separate regulation governing the requirements and procedures for Notices filed with respect to State savings associations and certain parent companies thereof and rescinds any guidance issued by the Office of Thrift Supervision (OTS) relating to changes in control of State savings associations that is inconsistent with the final rule. Third, the final rule adopts the best practices of the related regulations of the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Board of Governors). Finally, the final rule clarifies the FDIC's requirements and procedures based on its experience interpreting and implementing the existing regulation. This final rule is also part of the FDIC's continuing review of its regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. 80 Fed. Reg. 65889.

See pages 2061–2064.02, and 3549–3550

Removal of Transferred OTS Regulations Regarding Safety and Soundness Guidelines and Compliance Procedures; Rules on Safety and Soundness. The Federal Deposit Insurance Corporation (``FDIC'') adopted its final rule (``Final Rule'') to rescind and remove from the Code of Federal Regulations 12 CFR part 391, subpart B (``part 391, subpart B''), entitled ``Safety and Soundness Guidelines and Compliance Procedures,'' appendices A and B to part 391, subpart B, and supplement A to appendix B. The Final Rule also amends 12 CFR part 308, subpart R (``part 308, subpart R''), entitled ``Submission and Review of Safety and Soundness Compliance Plans and Issuance of Orders to Correct Safety and Soundness Deficiencies,'' and 12 CFR part 364 (``part 364''), entitled ``Standards for Safety and Soundness'' and its corresponding appendices and supplement. Part 391, subpart B was one of several rules transferred to the FDIC following dissolution of the former Office of Thrift Supervision (``OTS'') in connection with the implementation of applicable provisions of Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 316(b)(3) of the Dodd-Frank Act provided that the former OTS rules that were transferred to the FDIC would be enforceable by or against the FDIC until they were modified, terminated, set aside, or superseded in accordance with applicable law by the FDIC, by any court of competent jurisdiction, or by operation of law. On January 30, 2015, the FDIC published in the Federal Register a notice of proposed rulemaking (``NPR'' or ``Proposed Rule'') that explained and solicited public comment on a proposal to rescind and remove part 391, subpart B and to amend part 364, its appendices, and its supplement and part 308, subpart R by making them applicable to ``State savings associations'' and making minor technical updates to the appendices and supplement to part 364. The FDIC received no comments on the Proposed Rule and consequently is adopting the Final Rule as proposed in the NPR without change. 80 Fed. Reg. 65903.

See pages 3165–3172.04, 2166.16–2166.20, and 3549–3550 \

Removal of Transferred OTS Regulations Regarding Fair Credit Reporting and Amendments; Amendment to the ``Creditor'' Definition in Identity Theft Red Flags Rule; Removal of FDIC Regulations Regarding Fair Credit Reporting Transferred to the Consumer Financial Protection Bureau. The Federal Deposit Insurance Corporation (FDIC) adopted its final rule (Final Rule) to make several amendments to its regulations covering ``Fair Credit Reporting.'' The amendments conform FDIC Fair Credit Reporting regulations to the Dodd-Frank Act by consolidating the regulations for all institutions for which the FDIC is the appropriate Federal banking agency into a single part. The amendments also address the role of the Consumer Financial Protection Bureau in promulgating rules relating to Fair Credit Reporting. 80 Fed. Reg. 65913.

See pages 2409–2410.01, 2411–2412, 2414.21–2414.22, 2414.29–3414.32

Temporary Liquidity Guarantee Program; Unlimited Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts. The FDIC rescinded and removed its regulations implementing the Temporary Liquidity Guarantee Program (TLGP) and the unlimited deposit insurance coverage for ``noninterest-bearing transaction accounts'' provided by section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and related definitions. Because these programs have expired by their terms, the regulations implementing them are unnecessary and obsolete. 80 Fed. Reg. 65919.

See pages 2351, 2367, and 3237 \

Privacy Act of 1974, as Amended; System of Records. Pursuant to the provisions of the Privacy Act of 1974, as amended, 5 U.S.C. 552a(e)(4) and OMB Circular A-130, the Federal Deposit Insurance Corporation (``FDIC'') republished in full a notice of the existence and character of each FDIC system of records. FDIC is making minor editorial and stylistic revisions to make the notices clearer, more accurate, and up-to-date. 80 Fed. Reg. 66982.

See pages 2203–2226.58


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