The Federal Deposit Insurance Corporation ("FDIC") rescinded four "outdated" Statements of Policy as part of the agency's effort to reduce the regulatory burden on market participants.
Effective as of December 31, 2019, the FDIC rescinded:
- "Applicability of the Glass-Steagall Act to Securities Activities of Subsidiaries of Insured Nonmember Banks";
- "Treatment of Collateralized Letters of Credit after Appointment of FDIC as Conservator or Receiver";
- "Treatment of Collateralized Put Obligations after Appointment of FDIC as Conservator or Receiver"; and
- "Contracting with Firms That Have Unresolved Audit Issues with FDIC."