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FDIC proposes two new rules
The FDIC’s Board of Directors has proposed two new rules:
- Withdrawal and reenactment of 12 CFR part 303 subpart L (Applications Under Section 19 of the Federal Deposit Insurance Act) and amendment of 12 CFR part 308, subpart M (Procedures and Standards Applicable to Applications Pursuant to Section 19 of the FDIA) to formalize a longstanding agency policy related to individuals seeking to work in the banking industry with minor criminal offenses. The FDIC released a Fact Sheet on the proposal.
- Amendments to 12 CFR part 331 (Federal Interest Rate Authority) to clarify the Federal law governing interest rates state banks may charge their customers by addressing marketplace uncertainty in the wake of a 2015 court ruling that called into question the enforceability of interest rate terms following the sale or assignment of a loan originated by a national bank to a third-party non-bank. A Fact Sheet on this proposal was also released.
Comments on both proposed rules will be accepted for 60 days following publication in the Federal Register.