[Federal Register Volume 83, Number 113 (Tuesday, June 12, 2018)]
[Notices]
[Pages 27371-27372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12556]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
[Docket ID OCC-2018-0012]
FEDERAL RESERVE SYSTEM
[Docket No. OP-1609]
FEDERAL DEPOSIT INSURANCE CORPORATION
Policy Statement on Interagency Notification of Formal
Enforcement Actions
AGENCIES: Board of Governors of the Federal Reserve System (Board);
Federal Deposit Insurance Corporation (FDIC); and Office of the
Comptroller of the Currency (OCC), Treasury.
ACTION: Notice of policy statement.
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[[Page 27372]]
SUMMARY: The Federal Financial Institutions Examination Council has
rescinded its Revised Policy Statement on ``Interagency Coordination of
Formal Corrective Action by the Federal Bank Regulatory Agencies''
dated February 20, 1997. To assure onging coordination, the Board, the
FDIC, and the OCC (collectively, ``the Federal Banking Agencies'' or
``FBAs'') are issuing this policy statement concerning Federal Banking
Agency coordination of formal corrective action.
DATES: Applicable on June 12, 2018.
FOR FURTHER INFORMATION CONTACT:
OCC: Jessica Burrell, Counsel, Enforcement and Compliance, (202-
649-6200); William Jacquet, Assistant Director, Enforcement and
Compliance, (202-649-6200). For the hearing impaired, TTY (202) 649-
5597.
Board: Jason Gonzalez, Special Counsel, Legal Division, Board of
Governors of the Federal Reserve System, 20th Street and Constitution
Avenue NW, Washington, DC 20551. For the hearing impaired or users of
Telecommunication Device for Deaf (TDD) only, call (202) 263-4869.
FDIC: Sam Ozeck, Legal Division (202) 898-6736; George Parkerson,
Division of Risk Management Supervision, (202) 898-3648.
SUPPLEMENTARY INFORMATION: The Federal Banking Agencies are issuing
this policy statement concerning their coordination of formal
corrective action.
The text of the policy statement is as follows:
Policy Statement on Interagency Notification of Formal Enforcement
Actions
The FBAs are issuing this policy statement to promote notification
of, and coordination on, formal enforcement actions among the FBAs at
the earliest practicable date. This statement replaces the existing
policy statement \1\ to incorporate and reflect current practices and
is not intended as a substitute for informal communication that
routinely occurs among the FBAs in advance of an enforcement action,
including verbal notification of pending enforcement matters to
officials and staff with supervisory and enforcement responsibility for
the affected institution.
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\1\ See 62 FR 7782 (Feb. 20, 1997).
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When an FBA determines it will take a formal enforcement action
against any federally insured depository institution, depository
institution holding company, non-bank affiliate, or institution-
affiliated party, it should evaluate whether the enforcement action
involves the interests of another FBA. Examples of such interests
include unsafe or unsound practices or significant violations of law by
an insured depository institution, non-bank affiliate, or depository
institution holding company or misconduct by an institution-affiliated
party that may have significant connections with an institution
regulated by another FBA.
If it is determined that one or more other FBAs have an interest in
the enforcement action, the FBA proposing the enforcement action should
notify the other FBA(s). Notification should be provided at the earlier
of the FBA's written notification to the federally insured depository
institution, depository institution holding company, non-bank
affiliate, or institution-affiliated party against which the FBA is
considering an enforcement action or when the appropriate responsible
agency official, or group of officials, determines that formal
enforcement action is expected to be taken.
The scope of the information shared by the notification may depend
on the gravity of the interests of the other FBA(s) and be determined
on a case-by-case basis by the FBA providing the notification. The
information shared, however, should be appropriate to allow the other
FBA(s) to take necessary action in examining or investigating the
financial institution or institution-affiliated party over which they
have jurisdiction.
If two or more FBAs consider bringing a complementary action (e.g.,
action involving a bank and its parent holding company), those FBAs
should coordinate the preparation, processing, presentation, potential
penalties, service, and follow-up of the enforcement action.
Dated: June 6, 2018.
Joseph M. Otting,
Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, June 4, 2018.
Anne E. Misback,
Secretary of the Board.
Dated at Washington, DC, this day of March 20, 2018.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2018-12556 Filed 6-11-18; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P