®: CRE Regulatory Action of the Week
Government Financial Agencies Seek Comment on Interim Final Rules Implementing the Economic Growth Act
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation are jointly issuing and requesting public comment on interim final rules to implement section 210 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Section 210 of the Economic Growth Act amends section 10(d) of the Federal Deposit Insurance to permit the agencies to examine qualifying insured depository institutions with under $3 billion in total assets not less than once during each 18-month period. Prior to enactment of the Economic Growth Act, qualifying IDIs with under $1 billion in total assets were eligible for an 18-month on-site examination cycle. The interim final rules generally would allow qualifying IDIs with under $3 billion in total assets to benefit from the extended 18-month examination schedule. In addition, the interim final rules make parallel changes to the agencies' regulations governing the onsite examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978. Comments on the rules must be received by October 29, 2018.
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