Trust Updates Archive
(August 5, 2011 --Chicago, IL) --Regulatory and supervisory responsibilities and authority for thrifts passed to other federal bank regulators on July 21. However, rules and regulations for thrifts and their holding companies remain in force “for the time being,” according to regulators.
The OCC assumed thrift supervisory and rule making responsibility. The Federal Reserve assumed responsibilities for regulating thrift and saving and loan hold companies. Deposit insurance responsibility is being handled by the FDIC.
Regulators tell TRN that there are no “immediate” plans to revoke or terminate Office of Thrift Supervision issuances, with the exception of those that duplicate existing OCC, Federal Reserve, or FDIC rules. They then caution that all regulations and issuances generally build in “wiggle room” allowing for their amendment or termination.
The Federal Reserve in a written release notes that it does not anticipate “revisiting” OTS determinations. It then adds, “in the near future, the Federal Reserve anticipates proposing rules that would update and streamline OTS holding company regulations.”
Regulators stress that they are reviewing all OTS rules, regulations, examination procedures, orders, and other issuances. Under Dodd-Frank, regulators are required to identify and publish lists of existing OTS regulations the each agency will continue to enforce after the transfer date.
For more on this topic, see the current issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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