On July 15, the FDIC Board withdrew a proposed rule concerning the oversight of parent companies of industrial banks and industrial loan companies.
The withdrawal means the FDIC no longer intends to issue a final rule on this matter. The agency stated that any future changes in this area will be addressed through a new regulatory action, consistent with the Administrative Procedure Act. The FDIC is also separately soliciting information and comments from interested parties regarding its review process for filings submitted by industrial banks.
As previously covered by InfoBytes, the NPRM would have expanded regulations on parent companies of industrial banks and industrial loan companies and set forth additional circumstances where such parent companies would be subject to FDIC authority.
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