Comments due on FDIC proposal to consolidate PCA regs

The FDIC has published a proposed rule [85 FR 60738] that would rescind and remove the "Prompt Corrective Action" regulations that were transferred to the FDIC from the Office of Thrift Supervision in 2011 as part of the implementation of the Dodd-Frank Act, and amend certain sections of existing FDIC regulations governing the issuance and review of orders pursuant to the prompt corrective action provisions of the Federal Deposit Insurance Act to make it clear that such rules apply to all insured depository institutions for which the FDIC is the appropriate Federal banking agency.

Comments on the proposal are due by October 28, 2020.