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Financial Institution Letter

Revised Statement of Policy on Assistance to Operating Insured Depository Institutions

July 10, 1996
Notes
 
TO: CHIEF EXECUTIVE OFFICER 
 
SUBJECT: FDIC Seeks Comment on Proposed Revision to Its Statement of Policy on Assistance to Operating Insured Depository Institutions 
 

The FDIC Board of Directors is seeking comment on a proposed revision to its policy statement concerning financial assistance to operating insured depository institutions. This policy statement was last revised on December 18, 1992. 

Written comments on the proposed revision, which is contained in the attached Federal Register notice, are due by August 2, 1996. 

In addition to streamlining the policy statement, the proposed revision would: 

  • delete references to the statutory authority of the Resolution Trust Corporation, which sunset on December 31, 1995; and
  • incorporate the requirement of section 11 of the Resolution Trust Corporation Completion Act, which was enacted in 1993, to prohibit, with certain exceptions, the use of funds from the Bank Insurance Fund or the Savings Association Insurance Fund to benefit shareholders of a failing insured depository institution. 

For more information, please call Sean C. Forbush, Resolution Specialist in the FDIC's Division of Resolutions, at (202) 898-8506; Barbara I. Taft, Assistant General Counsel in the FDIC's Legal Division, at (202) 736-0183; or Michael B. Phillips, Counsel in the FDIC's Legal Division, at (202)736-0186.

Gail L. Patelunas
Acting Director

Attachment: PDF Format (39 kb, PDF help or hard copy ), HTML Format 

Distribution: All Insured Banks and Savings Associations

FIL-47-96

Last Updated: July 10, 1996