Federal Register: FDIC Proposes to Rescind Regulations regarding Disclosure of Information by Certain Banks

The FDIC proposed to rescind regulations mandating the disclosure of financial and other information by FDIC-insured state nonmember banks.

The proposal states that upon the removal of FDIC Rules Part 350, all insured state nonmember banks and insured state-licensed branches of foreign banks would no longer be subject to the annual disclosure statement requirement. The FDIC stated that the policy objective of the proposed rule is to eliminate unnecessary or duplicative regulations.

Comments must be submitted on or before November 26, 2018.