FDIC Proposes to Rescind Previously Transferred OTS Prompt Corrective Action Regulations

In order to streamline its regulations, the FDIC has proposed to rescind and remove from the Code of Federal Regulations prompt corrective action rules that were transferred to the FDIC from the OTS on July 21, 2011, in connection with the implementation of Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposal would also amend certain sections of existing FDIC prompt corrective action rules to make it clear that such rules apply to all insured depository institutions for which the FDIC is the appropriate Federal banking agency. Comments on the proposed rule must be received on or before October 28, 2020.