FDIC rescinds disclosure rule

The FDIC has published [84 FR 9698, 3/18/2019] a final rule rescinding and removing its regulations (12 CFR part 350) entitled Disclosure of Financial and Other Information By FDIC-Insured State Nonmember Banks. Upon the removal of the regulations, all insured state nonmember banks and insured state-licensed branches of foreign banks will no longer be subject to the annual disclosure statement requirement set out in the existing regulations. The financial and other information that has been subject to disclosure by individual banks under the regulations is publicly available through the FDIC's website. The rule will be effective April 17, 2019.