Summary: | The FDIC is issuing this Financial Institution Letter (FIL) to remind FDIC-supervised institutions of recent regulatory changes regarding the permissibility of certain investment activities. On June 4, 2012, the Office of the Comptroller of the Currency (OCC) adopted a final rule (OCC final rule) and related guidance that removes references to credit ratings in OCC regulations pertaining to investment securities (77 FR 35253 and 35259) consistent with section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under part 362 of the FDIC’s regulations, insured state banks generally are prohibited from engaging in an investment activity that is not permissible for a national bank under OCC regulations, including the requirements of the OCC final rule. Statement of Applicability to Institutions Under $1 Billion in Total Assets: This FIL applies to all FDIC-supervised institutions, including those with less than $1 billion in assets. |
Highlights:
Distribution: Suggested Routing: Note: |