Filing Procedures and Delegations of Authority; Unsafe and Unsound Banking Practices; Registration of Transfer Agents; International Banking; Management Official Interlocks; and Golden Parachutes and Indemnification Payments

The FDIC is amending its regulations governing application, notice and request procedures and delegations of authority by streamlining, modernizing, and clarifying current policies and practices. The final rule provides qualifying well-capitalized and well-managed insured depository institutions and their holding companies expedited processing procedures for several major types of filings, including deposit insurance, branch, and merger applications. The final rule also centralizes substantially all filing procedures found throughout the FDIC's regulations within this rule for ease of reference. It reorganizes the requirements of each major filing type into a separate regulatory subpart that will contain all information necessary to submit a filing to the agency, as well as any relevant internal agency delegations of authority. In addition the rule incorporates statutory changes to its application procedures made by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). Finally, technical changes are being made to related regulations to conform to these changes. This action is being taken in accordance with section 303(a) of the Riegle Community Development and Regulatory Improvement Act of 1994 (CDRIA) which requires the federal banking agencies to review and streamline their regulations and policies in order to improve efficiency, reduce unnecessary regulatory burden, eliminate unwarranted constraints on credit availability, and remove inconsistencies and outmoded and duplicative requirements. The final rule seeks to reduce burden on insured depository institutions by imposing regulatory requirements only where needed to address safety and soundness concerns or accomplish other statutory responsibilities of the FDIC. The final rule also strives to more closely align the FDIC's application processing regulations with those of the other banking agencies.