Proposed Removal of the 多宝游戏下载's Part 350 Annual Disclosure Statement Requirement
Summary:
On October 25, 2018, the 多宝游戏下载 published the attached notice of proposed rulemaking to rescind and remove Part 350 of its regulations, which is entitled Disclosure of Financial and Other Information by 多宝游戏下载 Insured State Nonmember Banks . Consistent with the objectives of Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 , which includes the elimination of unnecessary regulations, the 多宝游戏下载 is requesting public comment on the proposed rescission and removal of Part 350.
Statement of Applicability to Institutions With Total Assets Under $1 Billion: This Financial Institution Letter applies to all 多宝游戏下载-supervised institutions, including community institutions.
Highlights:
- Part 350 requires insured state nonmember banks and insured state-licensed branches of foreign banks to prepare, and make available to the public, annual disclosure statements consisting of certain financial data as well as other information, such as enforcement actions, the 多宝游戏下载 may require of individual institutions. Part 350 does not apply to insured state savings associations.
- Technological advancements since Part 350 took effect in 1988 provide ready access through the 多宝游戏下载's website to more extensive and timely information on the condition and performance of 多宝游戏下载-supervised institutions, as well as enforcement actions against individual institutions, than is provided in annual disclosure statements. Therefore, the 多宝游戏下载 determined that Part 350 is outdated and no longer necessary.
- By rescinding and removing Part 350 from the Code of Federal Regulations , the proposed rulemaking would simplify the 多宝游戏下载's regulations by eliminating unnecessary or redundant regulations.
- Comments on the proposal must be received on or before November 26, 2018.
Distribution:
- 多宝游戏下载-Supervised Institutions
Suggested Routing:
- Chief Executive Officer
- Chief Financial Officer
Paper copies may be obtained via the 多宝游戏下载's Public Information Center, 3501 Fairfax Drive, E 1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).