Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is adopting a final rule that requires certain conditions and commitments for each deposit insurance application approval, non-objection to a change in control notice, and merger application approval that would result in an insured industrial bank or industrial loan company becoming, on or after the effective date of the final rule, a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board. The final rule also requires that before any industrial bank or industrial loan company may become a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board, such company and the industrial bank or industrial loan company must enter into one or more written agreements with the Federal Deposit Insurance Corporation.
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Federal Deposit Insurance Corporation 12 CFR Part 354 RIN 3064-AF31 AGENCY: Federal Deposit Insurance Corporation. ACTION: Final rule. SUMMARY: The Federal Deposit Insurance Corporation is adopting a final rule that requires certain conditions and commitments for each deposit insurance application approval, non-objection to a change in control notice, and merger application approval that would result in an insured industrial bank or industrial loan company becoming, on or after the effective date of the final rule, a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board. The final rule also requires that before any industrial bank or industrial loan company may become a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board, such company and the industrial bank or industrial loan company must enter into one or more written agreements with the Federal Deposit Insurance Corporation. DATES: The rule is effective on April 1, 2021. FOR FURTHER INFORMATION CONTACT: Amanda Ledig, Attorney, (202) 898-7261, aledig@fdic.gov ; Merritt Pardini, Counsel, (202) 898-6680, mpardini@fdic.gov ; Joyce Raidle, Counsel, (202) 898-6763, jraidle@fdic.gov ; Gregory Feder, Counsel, (202) 898-8724, gfeder@fdic.gov ; Catherine Topping, Counsel, (202) 898-3975, ctopping@fdic.gov ; Mark Flanigan, Senior Counsel, (202) 898-7426, mflanigan@fdic.gov ; Ashby Hilsman, Assistant General Counsel, (202) 898-6636, ahilsma…
Citation: 86 FR 10703
