98-21554. Applications to Relocate Main Office or Branch (Includes Remote Service Facilities); Rescission of Statement of Policy

[Federal Register Volume 63, Number 161 (Thursday, August 20, 1998)]
[Notices]
[Pages 44766-44767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-21554]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Applications to Relocate Main Office or Branch (Includes Remote 
Service Facilities); Rescission of Statement of Policy

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Rescission of statement of policy.

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SUMMARY: The FDIC is rescinding its Statement of Policy ``Applications 
to Relocate a Main Office or Branch (Includes Remote Service 
Facilities)'' (Statement of Policy). The Statement of Policy provides 
information and guidance to state nonmember banks planning to relocate 
a bank's main office or a branch. The information and guidance is out-
of-date.
    This action is being taken as part of the FDIC's systematic review 
of its regulations and written policies under section 303(a) of the 
Riegle Community Development and Regulatory Improvement Act of 1994 
(CDRIA), which requires the federal bank and thrift regulatory agencies 
to review and streamline their regulations and policies in order to 
improve efficiency, reduce unnecessary costs, eliminate unwarranted 
constraints on credit availability, and remove inconsistencies and 
outmoded and duplicative requirements.
    The FDIC is rescinding the Statement of Policy because the 
revisions to its applications regulation published elsewhere in today's 
Federal Register update the requirements and sufficiently address all 
required application procedures to relocate a main office or a branch.

EFFECTIVE DATE: October 1, 1998.

FOR FURTHER INFORMATION CONTACT: Jesse G. Snyder, Assistant Director, 
[phone], Division of Supervision; Susan van den Toorn, Counsel, 
[phone]) Legal Division, FDIC, 550 17th Street, N.W., Washington, 
D.C. 20429.

SUPPLEMENTARY INFORMATION: In accordance with section 303(a) of the 
CDRIA (12 U.S.C. 4803(a)), the FDIC conducted a systematic review of 
its regulations and written policies and determined that it was 
appropriate to rescind the Statement of Policy. A notice of proposed 
rescission of this

[[Page 44767]]

Statement of Policy was published on October 9, 1997 (62 FR 52886).
    The FDIC developed the Statement of Policy to provide general 
supervisory information and guidance to state nonmember banks relative 
to the application process and the evaluation of statutory factors in 
relocating main office or branches. The FDIC last amended the Statement 
of Policy September 8, 1980. 2 FDIC Law, Regulations, and Related Acts 
5125.
    Since the Statement of Policy was last amended, the application 
process for relocating branches and main offices has changed 
significantly. As a result, the supervisory information and guidance 
contained in the Policy Statement are now out-of-date.
    As part of the FDIC's comprehensive review of its applications 
process the FDIC is amending part 303 of its regulations elsewhere in 
today's Federal Register. The revisions to part 303 cover the 
relocation of main offices and branches in sufficient detail so as to 
address the required application procedures.
    The FDIC received three comments regarding the rescission of the 
Statement of Policy. Two commenters supported the FDIC's proposal to 
rescind the Statement of Policy and one offered no objection.
    For the above reasons, the FDIC rescinds the Statement of Policy on 
Applications to Relocate Main Office or Branch (Includes Remote Service 
Facilities).

    By order of the Board of Directors.

    Dated at Washington, D.C. this 7th day of July, 1998.

Federal Deposit Insurance Corporation
James LaPierre,
Deputy Executive Secretary.
[FR Doc. 98-21554 Filed 8-19-98; 8:45 am]
BILLING CODE 6714-01-P