Data / Federal rules / 2024-17637
Parent Companies of Industrial Banks and Industrial Loan Companies
The Federal Deposit Insurance Corporation published this proposed rule in the Federal Register on August 12, 2024. Comments closed on October 11, 2024.
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What the agency says
The Federal Deposit Insurance Corporation (FDIC) is seeking comments on proposed amendments to its regulation governing parent companies of industrial banks and industrial loan companies. This regulation, which was adopted in December 2020, requires certain conditions and written commitments in situations that would result in an industrial bank or industrial loan company becoming a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board. The proposed amendments would revise the definition of "Covered Company" to include conversions involving a proposed industrial bank or industrial loan company under section 5 of the Home Owners' Loan Act, or other transactions as determined by the FDIC; ensure that a parent company of an industrial bank subject to a change of control, or a parent company of an industrial bank subject to a merger in which it is the resultant entity, would be subject to the FDIC's regulation; and provide the FDIC the regulatory authority to apply the regulation to other situations where an industrial bank would become a subsidiary of a company that is not subject to Federal consolidated supervision. Additionally, the proposed amendments would clarify the relationship between written commitments and the FDIC's evaluation of the relevant statutory factors. The proposed amendments also would set forth additional criteria that the FDIC would consider when assessing the risks presented to an industrial bank or industrial loan company by its parent company and any affiliates and evaluating the institution's ability to function independently of the parent company and any affiliates.
Key facts
- Document number
- 2024-17637
- Type
- Proposed rule
- Action
- Notice of proposed rulemaking
- Agency
- Federal Deposit Insurance Corporation
- Published
- August 12, 2024
- Comments due
- October 11, 2024
- Dates
- Comments will be accepted until October 11, 2024.
- Regulation ID (RIN)
- 3064-AF88
- Code of Federal Regulations
- 12 CFR 354
- Topics
- Bank deposit insurance; Banks, banking; Holding companies; Insurance; Reporting and recordkeeping requirements; Savings associations
- Pages
- 13
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Everything from the Federal Deposit Insurance Corporation · Rules on bank deposit insurance · Rules on banks, banking · Rules on holding companies · Published in August 2024
Read from the Federal Register API, last updated 2026-10-23. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.