On September 10, 2018, the FDIC published a proposal (FIL-46-2018) seeking comment with respect to the retirement of certain Financial Institution Letters. FILs are letters that typically announce various types of regulations, policies, publications, and other matters of interest to those in the banking community. The retired FILs would be archived and moved to inactive status, but would still be available for reference. The FDIC issued the proposal pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which requires the FDIC (and other agencies) to conduct a review of their rules at least every ten years to identify outdated or unnecessary regulations. In connection with this mandate, the FDIC has identified 374 FILs issued between 1995 and 2017 regarding risk management supervision that have become outdated or redundant. The FDIC is also currently reviewing FILs regarding other subject matters, and is exploring opportunities to update or streamline its remaining FILs generally.
Comments to the proposal are due by October 10, 2018.
The full text of the FDIC proposal, including a list of the letters to be retired, is available at: https://www.fdic.gov/news/news/financial/2018/fil18046.pdf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
