FDIC Formally Rescinds Duplicative Disclosure Requirement

The FDIC today issued a final rule to 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. ABA welcomed the proposal when it was issued last fall. The final rule takes effect on April 17.

The 1987 requirement—flagged as outdated by the banking agencies in their most recent decennial Economic Growth and Regulatory Paperwork Reduction Act review—called for FDIC-insured state non-member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.