FDIC to Rescind Duplicative Disclosure Requirement

The FDIC is set to issue a proposal that would rescind Part 350 from the Code of Federal Regulations, removing an annual disclosure requirement that was duplicated by data publicly available on the FDIC’s website. The 1987 requirement called for FDIC-insured state non-member banks and foreign branches, but not state thrifts, to prepare annual disclosures of Call Report and other data.

The FDIC noted that other federal regulators have removed similar requirements. “With advancements in information technology since Part 350 was adopted . . . information about the financial condition of individual insured depository institutions is now reliably and directly offered to the public through the FDIC’s and the Federal Financial Institutions Examination Council’s websites,” the agency said. Comments are due by Nov. 24.