On Apr. 2, FDIC removed and replaced OTS regulations of thrifts.
- Final rules remove security procedures, and consumer protection in sale of insurance.
- Amended FDIC regulation to make removals applicable to State savings associations.
- Related to Dodd-Frank induced reorganization of rules, conform to FDIC rules, term.
Minimum Security
- The requirements inherited from OTS in 2011, were to be enforced by FDIC removal of 12 CFR 391 needed and to be replaced by existing near identical FDIC 12 CFR 326.
- On minimum security requirement per BSA including devices, systems and procedure.
- Modified scope of part 326, subpart A, include State savings associations, subsidiaries to conform to, reflect scope of FDIC's supervisory responsibilities as federal regulator.
Insurance Sales
- Similarly to remove 12 CFR 390 inherited OTS requirements, replace with 12 CFR 343.
- Modified scope to include state savings associations, made conforming change needed.
- Details consumer protection when selling insurance by any FDIC supervised institution.
Effectiveness
- No comments received on either proposal, final rule will be effective on May 2, 2018.
