SARC-99-06 (November 24, 1999)
The Supervision Appeals Review Committee (the 鈥淐ommittee鈥) has considered your appeal relative to the apparent violations cited and the resulting ratings assigned in the Federal Deposit Insurance Corporation鈥檚 (鈥湺啾τ蜗废略剽) April 19, 1999 Report of Examination-Trust Department (the 鈥淩eport鈥), of [Bank] (鈥淏ank鈥).
The Committee has resolved the appeal in favor of the Bank. Accordingly, the apparent violation of the Internal Revenue Code of 1986 and related regulations of the United States Department of the Treasury, and the Employee Retirement Income Security Act of 1974 (鈥淓RISA鈥) with respect to the Bank鈥檚 Employee Stock Ownership Plan (the 鈥淓SOP鈥) cited as set forth on pages 14-15 of the Report under the headings 鈥淎pparent Violations Involving The Bank鈥檚 Retirement Plan鈥 and 鈥淥ther Violations鈥 are hereby withdrawn from the Report.
As a result of this revision, the Component Ratings related to 鈥淢anagement鈥 and 鈥淐ompliance鈥 assigned at the examination are changed from 鈥3鈥 to 鈥2鈥 and, as a result, the overall Composite Rating is revised from 鈥3鈥 to 鈥2鈥. The Dallas Regional Office has informed us that, as a result of the Committee鈥檚 action, the proposed Memorandum of Understanding is being withdrawn. Please contact the Dallas Regional Office if you have any questions.
Please note that this decision by the Committee does not impact upon the jurisdiction of the United States Department of Labor to interpret and enforce ERISA鈥檚 requirements. Similarly, this decision by the Committee does not affect the jurisdiction of the Internal Revenue Service to interpret and enforce its ESOP regulations. The 多宝游戏下载 will not, however, provide information regarding the transaction to the Department of Labor under the interagency ERISA referral agreement of 1980.
In accordance with the Guidelines for Appeals of Material Supervisory Determinations published at 60 Fed. Reg. 15923 (March 28, 1995), the scope of this review was limited to the facts and circumstances that existed at the time of the examination.
This determination is considered the Federal Deposit Insurance Corporation鈥檚 final supervisory decision.
By direction of the Supervision Appeals Review Committee of the Federal Deposit Insurance Corporation.