[Federal Register Volume 75, Number 243 (Monday, December 20, 2010)]
[Unknown Section]
[Pages 79921-79923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-30465]
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Part XX
Federal Deposit Insurance Corporation
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###Semiannual Regulatory Agenda###
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FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
_______________________________________________________________________
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Ch. III
Fall 2010 Unified Agenda
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is hereby
publishing items for the Fall 2010 Unified Agenda of Federal Regulatory
and Deregulatory Actions. The agenda contains information about FDIC's
current and projected rulemakings, existing regulations under review,
and completed rulemakings.
FOR FURTHER INFORMATION CONTACT: Persons identified under regulations
listed in the Agenda. Unless otherwise noted, the address for all FDIC
staff identified in the agenda is Federal Deposit Insurance
Corporation, 550 17th Street NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: Twice each year, the FDIC publishes an
agenda of regulations to inform the public of its regulatory actions
and to enhance public participation in the rulemaking process.
Publication of the agenda is in accordance with the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.). The FDIC amends its regulations
under the general rulemaking authority prescribed in section 9 of the
Federal Deposit Insurance Act (12 U.S.C. 1819) and under specific
authority granted by the Act and other statutes.
Risk-Based Capital Standards: Market Risk: The OCC, Board and
the FDIC proposed revisions to the market risk capital rule to
enhance its risk sensitivity and introduce requirements for public
disclosure of certain qualitative and quantitative information
about the market risk of a bank or bank holding company. The Office
of Thrift Supervision (OTS) currently does not apply a market risk
capital rule to savings associations and is proposing in this
notice a market risk capital rule for savings associations. The
proposed rules for each agency are substantively identical.
Deposit Insurance Regulations; Revocable Trust Accounts: The
FDIC adopted this rule to simplify and modernize its deposit
insurance rules for revocable trust accounts. The FDIC's main goal
in implementing these revisions is to make the rules easier to
understand and apply, without decreasing coverage currently
available for revocable trust account owners. The FDIC believes
that the rule will result in faster deposit insurance
determinations after depository institution closings and will help
improve public confidence in the banking system. The rule
eliminates the concept of qualifying beneficiaries. Also, for
account owners with revocable trust accounts totaling no more than
$500,000, coverage will be determined without regard to the
beneficial interest of each beneficiary in the trust.
Under the new rule, a trust account owner with up to five
different beneficiaries named in all his or her revocable trust
accounts at one FDIC-insured institution will be insured up to
$100,000 per beneficiary. Revocable trust account owners with more
than $500,000 and more than five different beneficiaries named in
the trust(s) will be insured for the greater of either: $500,000 or
the aggregate amount of all the beneficiaries' interests in the
trust(s), limited to $100,000 per beneficiary.
Guidelines for Furnishers of Information to Consumer Reporting
Agencies: The OCC, Board, FDIC, OTS, NCUA, and FTC (collectively,
the Agencies) request comment to gather information that would
assist the Agencies in considering the development of a possible
proposed addition to the furnisher accuracy and integrity
guidelines which, along with the accompanying regulations,
implement the accuracy and integrity provisions in section 312 of
the Fair and Accurate Credit Transactions Act of 2003 (FACT Act)
that amended section 623 of the Fair Credit Reporting Act (FCRA).
This advance notice of proposed rulemaking (ANPRM) seeks to obtain
information that would assist the Agencies in determining whether
it would be appropriate to propose an addition to one of the
guidelines that would delineate the circumstances under which a
furnisher would be expected to provide an account opening date to a
consumer reporting agency to promote the integrity of the
information. In addition, the Agencies request comment more broadly
on whether furnishers should be expected to provide any other types
of information to a consumer reporting agency in order to promote
integrity.
Community Reinvestment Act Regulations: The OCC, the Board, the
FDIC, and the OTS (collectively, the Agencies) issued this notice
of proposed rulemaking that would revise our rules implementing the
Community Reinvestment Act (CRA). The proposed rule would
incorporate into our rules recently adopted statutory language that
requires the Agencies, when assessing an institution's record of
meeting community credit needs, to consider, as a factor, low-cost
education loans provided by the financial institution to low-income
borrowers. The proposal also would incorporate into our rules
statutory language that allows the Agencies, when assessing an
institution's record, to consider as a factor capital investment,
loan participation, and other ventures undertaken by non minority-
owned and nonwomen-owned financial institutions in cooperation with
minority- and women-owned financial institutions and low-income
credit unions.
Defining Safe Harbor Protection for Treatment by the FDIC as
Conservator or Receiver of Financial Assets Transferred by an
Insured Depository Institution: The Federal Deposit Insurance
Corporation (FDIC) is amending its regulation codified at 12 CFR
section 360.6, Defining Safe Harbor Protection for Treatment By The
Federal Deposit Insurance Corporation As Conservator Or Receiver Of
Financial Assets Transferred In Connection With A Securitization Or
Participation. The amendment adds a new subparagraph (b)(2) in
order to continue for a limited time the safe harbor provision of
section 360.6(b) for participations or securitizations that would
be affected by recent changes to generally accepted accounting
principles. In effect, the Rule ``grandfathers'' all participations
and securitizations for which financial assets were transferred or,
for revolving securitization trusts, for which securities were
issued prior to March 31, 2010 so long as those participations or
securitizations complied with the preexisting section 360.6 under
generally accepted accounting principles in effect prior to
November 15, 2009. The transitional safe harbor will apply
irrespective of whether or not the participation or securitization
satisfies all of the conditions for sale accounting treatment under
generally accepted accounting principles as
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effective for reporting periods after November 15, 2009.
Incorporating Executive Compensation Criteria Into the Risk
Assessment System: The FDIC is seeking comment on ways that the
FDIC's risk-based deposit insurance assessment system (risk-based
assessment system) could be changed to account for the risks posed
by certain employee compensation programs. Section 7 of the Federal
Deposit Insurance Act (FDI Act, 12 U.S.C. 1817) sets forth the
risk-based assessment authorities underlying the FDIC's deposit
insurance system, and the parameters of the FDIC's rules are set
forth at 12 CFR part 327.
Assessments: The FDIC proposes to amend 12 CFR part 327 to
revise the assessment system applicable to large institutions to
better differentiate institutions by taking a more forward-looking
view of risk; to better take into account the losses that the FDIC
will incur if an institution fails; to revise the initial base
assessment rates for all insured depository institutions; and to
make technical and other changes to the rules governing the risk-
based assessment system.
Special Reporting, Analysis and Contingent Resolution Plans at
Certain Large Insured Depository Institutions: The FDIC is seeking
comment on a proposed rule that would require certain identified
insured depository institutions (IDIs) that are subsidiaries of
large and complex financial parent companies to submit to the FDIC
analysis, information, and contingent resolution plans that address
and demonstrate the IDl's ability to be separated from its parent
structure, and to be wound down or resolved in an orderly fashion.
The IDI's plan would include a gap analysis that would identify
impediments to the orderly stand-alone resolution of the IDI, and
identify reasonable steps that are or will be taken to eliminate or
mitigate such impediments. The contingent resolution plan, gap
analysis, and mitigation efforts are intended to enable the FDIC to
develop a reasonable strategy, plan or options for the orderly
resolution of the institution. The proposal would apply only to
IDls with greater than $10 billion in total assets that are owned
or controlled by parent companies with more than $100 billion in
total assets.
Alternatives to the Use of Credit Ratings in the Risk-Based
Capital Guidelines of the Federal Banking Agencies: The Dodd-Frank
Wall Street Reform and Consumer Protection Act (the Act), enacted
on July 21, 2010, requires Federal agencies to review their
regulations that (1) require an assessment of the credit-worthiness
of a security or money market instrument and (2) contain references
to or requirements regarding credit ratings. In addition, the
agencies are required to remove such requirements that refer to or
rely upon credit ratings, and to substitute in their place uniform
standards of credit-worthiness. The Advanced Notice of Proposed
Rulemaking seeks comment on alternative standards of credit-
worthiness that may be used for risk-based capital requirements.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
Federal Deposit Insurance Corporation--Long-Term Actions
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Regulation
Sequence Title Identifier
Number Number
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603 12 CFR 325 Alternatives to the Use of Credit Ratings in the Risk-Based Capital 3064-AD62
Guidelines of the Federal Banking Agencies............................................
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_______________________________________________________________________
Federal Deposit Insurance Corporation (FDIC) Long-Term Actions
_______________________________________________________________________
<###doc>
603. <> ALTERNATIVES TO THE USE OF CREDIT RATINGS IN THE
RISK-BASED CAPITAL GUIDELINES OF THE FEDERAL BANKING AGENCIES
Legal Authority: Dodd-Frank Wall Street Reform and Consumer Protection
Act
Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection Act
(the Act), enacted on July 21, 2010, requires Federal agencies to
review their regulations that (1) require an assessment of the credit-
worthiness of a security or money market instrument and (2) contain
references to or requirements regarding credit ratings. In addition,
the agencies are required to remove such requirements that refer to or
rely upon credit ratings, and to substitute in their place uniform
standards of credit-worthiness. The ANPRM seeks comment on alternative
standards of credit-worthiness that may be used for risk-based capital
requirements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 08/25/10 75 FR 52283
ANPRM Comment Period End 10/25/10
Next Action Undetermined
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Michael Phillips, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3581
RIN: 3064-AD62
[FR Doc. 2010-30465 Filed 12-17-10; 8:45 am]
BILLING CODE 6705-01-S
