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FOR IMMEDIATE RELEASE PR-38-2001 (5-17-2001) |
Media Contact: David Barr (202-898-6992) |
The Federal Deposit Insurance Corporation (FDIC) has published its semiannual agenda of regulations in the Federal Register to inform the public of the Corporation's regulatory actions and encourage participation in the rulemaking process. Many of the actions are the result of the FDIC Board's ongoing efforts to reduce the regulatory burden on banks, simplify rules and improve efficiency. A number of the actions have also been developed following the enactment of the financial services modernization law known as the Gramm-Leach-Bliley Act (GLBA), which requires rulemakings by the FDIC and other regulators in areas such as privacy, fair credit reporting and consumer protection. The agenda contains 26 regulatory actions. Seven actions have been completed and the rest are in various stages of the rulemaking process. Among the rules mandated by GLBA are planned, proposed or final rules relating to fair credit reporting; prohibitions against the use of interstate branches primarily for deposit production; and recordkeeping requirements for banks relying on certain broker-dealer exemptions. In addition, the agenda contains completed actions required by GLBA relating to consumer protection in sales of insurance; standards for the administrative, technical and physical safeguarding of customer records; the disclosure and reporting of Community Reinvestment Act (CRA)-related agreements (CRA Sunshine); and the framework for subsidiaries of state nonmember banks to engage in financial activities, including securities underwriting. Other highlights follow.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,905 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200). |
Last Updated 5/17/2001 | communications@fdic.gov |
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