Policy Statement on Section 9(13) of the Federal Reserve Act, 88 FR 7848, FR Doc 2023-02192
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
7848 Federal Register / Vol. 88, No. 25 / Tuesday, February 7, 2023 / Rules and Regulations
temperature and pressure for the test, as threshold power setting test for the 4.1.1.2.4 Conventional gas cooking
calculated in section 4.1.1.2.1 of this cooking zone, in degrees Celsius; and top per-cycle active mode gas energy
appendix; and H, either Hn or Hp, the TS,MBT = the smoothened water temperature consumption. Calculate the per-cycle
heating value of the gas used in the test at the end of the maximum-below-
as specified in sections 2.2.2.1 and active mode gas energy consumption of
threshold power setting test for the a conventional gas cooking top, ECGG, in
2.2.2.2 of this appendix, expressed in
cooking zone, in degrees Celsius.
Btu per standard cubic foot of gas; Btu, using the following equation:
TS,MAT = the smoothened water temperature * * * * *
at the end of the minimum-above-
Where: The SUPPLEMENTARY INFORMATION 2023, the Federal Deposit Insurance
n, mz, and 2853 are defined in section section provides examples of how the Corporation (FDIC), the Office of the
4.1.1.1.2 of this appendix; and policy statement would be applied to Comptroller of the Currency (OCC), and
Egz = the normalized gas energy consumption certain crypto-asset-related activities. the Board issued a statement
representative of the Energy Test Cycle DATES: This policy statement is effective highlighting significant risks associated
for each cooking zone, as calculated in with crypto-assets and the crypto-asset
section 4.1.1.2.2 of this appendix, in Btu.
on February 7, 2023.
FOR FURTHER INFORMATION CONTACT: sector that banking organizations should
* * * * * be aware of, including significant
[FR Doc. 2023–02200 Filed 2–6–23; 8:45 am]
Asad Kudiya, Assistant General
Counsel, (202) 475–6358; Andrew volatility in crypto-asset markets, risks
BILLING CODE 6450–01–P of fraud among crypto-asset sector
Hartlage, Special Counsel, (202) 452–
6483; Kelley O’Mara, Senior Counsel, participants, legal uncertainties, and
(202) 973–7497; or Katherine Di Lucido, heightened risks associated with open,
FEDERAL RESERVE SYSTEM Attorney, (202) 452–2352, Legal public, and/or decentralized networks.3
Division; Kavita Jain, Deputy Associate As part of its careful review of proposals
12 CFR Part 208 from banking organizations to engage in
Director, (202) 452–2062, Division of
[Docket No. R–1800] Supervision and Regulation, Board of activities involving crypto-assets, and in
Governors of the Federal Reserve light of these risks, the Board is
RIN 7100–AG–53 clarifying its interpretation of section
System, 20th Street and C Streets NW,
Policy Statement on Section 9(13) of Washington, DC 20551. For users of 9(13) of the Federal Reserve Act (Act)
the Federal Reserve Act TTY–TRS, please call 711 from any and setting out a rebuttable presumption
telephone, anywhere in the United for how it will exercise its authority
AGENCY: Board of Governors of the States. under that statutory provision. This
Federal Reserve System (Board). SUPPLEMENTARY INFORMATION: Supplementary Information also
ACTION: Final rule. provides examples of how the Board
I. Background intends to apply this presumption in the
SUMMARY: The Board is issuing a policy In recent years, the Board has context of certain crypto-asset-related
statement interpreting section 9(13) of received a number of inquiries, activities.
the Federal Reserve Act and setting out notifications, and proposals from state As expressed in the policy statement,
a rebuttable presumption that it will member banks and applicants for the Board generally believes that the
exercise its discretion under that membership regarding potential same bank activity, presenting the same
provision to limit state member banks to engagement in novel and unprecedented risks, should be subject to the same
engaging as principal in only those activities.1 For example, the Board has regulatory framework, regardless of
activities that are permissible for received inquiries from banks regarding which agency supervises the bank. This
national banks—in each case, subject to potentially engaging in certain activities principle of equal treatment helps to
the terms, conditions, and limitations involving crypto-assets.2 In January level the competitive playing field
placed on national banks with respect to among banks with different charters and
the activity—unless those activities are 1 See SR Letter 22–6, CA Letter 22–6: Engagement different federal supervisors, and to
permissible for state banks by federal in Crypto-Asset-Related Activities by Federal mitigate the risks of regulatory arbitrage.
statute or under part 362 of the Federal Reserve-Supervised Banking Organizations (August
16, 2022) (providing guidance to banking
In alignment with this principle, the
Deposit Insurance Corporation’s organizations engaging or seeking to engage in Board generally presumes that it will
regulations. The policy statement also crypto-asset-related activities). exercise its discretion under section
reiterates to state member banks that 2 Throughout this SUPPLEMENTARY INFORMATION,
9(13) of the Act to limit state member
legal permissibility is a necessary, but the term ‘‘crypto-assets’’ refers to digital assets
issued using distributed ledger technology and
not sufficient, condition to establish that cryptographic techniques (for example, bitcoin and through issuance, storage, or transmission on an
a state member bank may engage in a ether), but does not include such assets to the open, public, and/or decentralized network, or
particular activity. A state member bank extent they are more appropriately categorized similar system), the Board reserves the right to treat
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within a recognized, traditional asset class (for it as a ‘‘crypto-asset.’’
must at all times conduct its business 3 Board, FDIC, and OCC, Joint Statement on
example, securities with an effective registration
and exercise its powers with due regard statement filed under the Securities Act of 1933 that Crypto-Asset Risks to Banking Organizations, at 1
to safety and soundness. For instance, it are issued, stored, or transferred through the system (January 3, 2023) (Joint Statement). In the Joint
should have in place internal controls of a regulated clearing agency and in compliance Statement, ‘‘crypto-assets’’ refers ‘‘generally to any
with all applicable federal and state securities digital asset implemented using cryptographic
and information systems that are laws). To the extent transmission using distributed techniques.’’ The Board believes that these risks
appropriate and adequate in light of the ledger technology and cryptographic techniques similarly apply to crypto-assets as defined in this
ER07FE23.045</GPH>
nature, scope, and risks of its activities. changes the risks of a traditional asset (for example, SUPPLEMENTARY INFORMATION. See supra note 2.
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Federal Register / Vol. 88, No. 25 / Tuesday, February 7, 2023 / Rules and Regulations 7849
banks to engaging as principal in only B. Application accordance with principles of safe and
those activities that are permissible for This policy statement applies to sound banking.
national banks—in each case, subject to insured and uninsured state member In assessing permissibility, the Board
the terms, conditions, and limitations banks. The statement does not impact is intending to align its process with
placed on national banks with respect to the legal obligation of insured state that of the FDIC under section 24 of the
the activity—unless those activities are member banks to seek approval from the FDIA.12 If the FDIC, by rule, permits
permissible for state banks by federal FDIC when required under section 24 of insured state banks to engage in the
statute or under part 362 of the FDIC’s the FDIA and part 362 of the FDIC’s activity, no Board approval would be
regulations. The Board also reiterates to regulations. As established under those required to establish permissibility.13
state member banks that legal provisions, insured state banks may not However, if the FDIC permits the
permissibility is a necessary, but not engage as principal in any type of activity only for a particular bank,
sufficient, condition to establish that a activity that is not permissible for a separate Board approval would be
state member bank may engage in a national bank unless—(i) the FDIC has required for all other state member
particular activity. A state member bank determined that the activity would pose banks.
must at all times conduct its business no significant risk to the Deposit
and exercise its powers with due regard In a case where a state member bank
Insurance Fund; and (ii) the state bank determines that an activity is
to safety and soundness.4 For instance, is, and continues to be, in compliance
it should have in place internal controls permissible for national banks under
with applicable capital standards.11 federal statute, OCC regulations, or OCC
and information systems that are By issuing this statement, the Board is
appropriate in light of the nature, scope, interpretation, the bank may only
setting out a clear expectation that state
and risks of its activities.5 engage in the activity if the bank
member banks look to federal statutes,
adheres to the terms, conditions, and
A. Legal Authority OCC regulations, and OCC
limitations placed on national banks by
interpretations to determine whether an
Under section 9(13) of the Act, the the OCC with respect to the activity. For
activity is permissible for national
Board ‘‘may limit the activities’’ of a example, if the OCC conditions
banks. If no such source authorizes
state member bank and its subsidiaries permissibility on a national bank
national banks to engage in the activity,
to those activities that are permissible demonstrating, to the satisfaction of its
then state member banks should look to
for a national bank in a manner supervisory office, that the bank has
whether there is authority for state
consistent with section 24 of the Federal controls in place to conduct the activity
banks to engage in the activity under
Deposit Insurance Act (FDIA).6 Section in a safe and sound manner, and
federal statute or part 362 of the FDIC’s
24 of the FDIA generally prohibits receiving a written nonobjection from
regulations. If there also is no authority
insured state banks from engaging as OCC supervisory staff before engaging in
for a state bank to engage in the activity
principal in any activity that is not a particular activity, then the activity
under federal statute or part 362 of the
permissible for national banks, unless would not be permissible for a state
FDIC’s regulations, a state member bank
authorized by federal statute or the member bank unless the bank makes the
may not engage in the activity unless it
FDIC.7 same demonstration and receives a
has received the permission of the
written nonobjection from Federal
The National Bank Act enumerates Board under § 208.3(d)(2) of the Board’s
Reserve supervisory staff before
certain powers that national banks may Regulation H. Under that provision, a
commencing such activity.
exercise and authorizes national banks state member bank may not, without the
to exercise ‘‘all such incidental powers permission of the Board, change the C. Safety and Soundness
as shall be necessary to carry on the general character of its business or the
business of banking.’’ 8 The OCC has the scope of the corporate powers it In the statement, the Board also
authority to interpret provisions of the exercised at the time of its admission to reiterates to state member banks that
National Bank Act and is charged with membership. In such instances, insured legal permissibility is a necessary, but
the ‘‘discretion to authorize activities state banks would be required to submit not sufficient, condition to establish that
beyond those specifically enumerated,’’ an application to the FDIC under part a state member bank may engage in a
within reasonable bounds.9 Section 362 of the FDIC’s regulations. particular activity. A state member bank
7.1000 of the OCC’s regulations In determining whether to grant a must at all times conduct its business
identifies the criteria that the OCC uses state member bank permission to engage and exercise its powers with due regard
to determine whether an activity is in an activity under § 208.3(d)(2) of to safety and soundness.14 For instance,
authorized as part of, or incidental to, Regulation H, the Board, consistent with it should have in place internal controls
the business of banking under 12 U.S.C. the policy statement, will rebuttably and information systems that are
24(Seventh).10 If a national bank has not presume that a state member bank is appropriate to the nature, scope, and
been authorized by federal law, prohibited from engaging as principal in
including the National Bank Act, to any activity that is impermissible for 12 See, e.g., FDIC FIL–54–2014: Filing and
engage in an activity, then national national banks, unless the activity is Documentation Procedures for State Banks
Engaging, Directly or Indirectly, in Activities or
banks are not permitted to engage in permissible for state banks under federal Investments that are Permissible for National Banks
such activity. statute or part 362 of the FDIC’s (November 19, 2014).
regulations. This presumption may be 13 As noted below, legal permissibility is a
4 12 CFR 208.3(d)(1). rebutted if there is a clear and necessary, but not sufficient, condition to establish
that a state member bank may engage in a particular
5 12 CFR 208, app. D–1. compelling rationale for the Board to
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activity. Regardless of the legal permissibility of a
6 12 U.S.C. 330 (as amended by Federal Deposit
allow the proposed deviation in proposed activity, if commencing the proposed
Insurance Corporation Improvement Act of 1991 regulatory treatment among federally activity would constitute a change in the general
§ 303(b), Public Law 102–242, 105 Stat. 2236, 2353). character of the state member bank’s business or in
7 12 U.S.C. 1831a(a); 12 CFR part 362.
supervised banks, and the state member
the scope of corporate powers it exercised at the
8 12 U.S.C. 24(Seventh). bank has robust plans for managing the time of its admission to membership, prior
9 NationsBank of North Carolina, N.A. v. Variable risks of the proposed activity in permission of the Federal Reserve pursuant to
Annuity Life Ins. Co., 513 U.S. 251, 258 n.2 (1995). § 208.3(d)(2) of Regulation H would be required.
10 12 CFR 7.1000. 11 12 U.S.C. 1831a(a)(1). 14 12 CFR 208.3(d)(1).
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7850 Federal Register / Vol. 88, No. 25 / Tuesday, February 7, 2023 / Rules and Regulations
risks of its activities.15 Further, a state or rule expressly permitting state banks especially in comparison to traditional
member bank must comply at all times to hold crypto-assets as principal. asset classes.
with Regulation H, conditions of Therefore, the Board would Issuing Dollar Tokens. Certain state
membership prescribed by the Board,16 presumptively prohibit state member member banks have proposed to issue
and other applicable laws and banks from engaging in such activity dollar-denominated tokens (dollar
regulations, including those related to under section 9(13) of the Act.18 tokens) using distributed ledger
consumer compliance and anti-money technology or similar technologies. The
The Board believes this presumption
laundering. With respect to any novel permissibility of the issuance of dollar
is bolstered by safety and soundness
and unprecedented activities, such as tokens to facilitate payments for
concerns.19 The Financial Stability
those associated with crypto-assets or national banks is subject to OCC
use of distributed ledger technology, it Oversight Council has observed that, in
Interpretive Letters 1174 and 1179,
is particularly important for a state the absence of a fundamental economic
including the conditions set out
member bank to have in place use case, the value of most crypto-assets
therein.21 A state member bank seeking
appropriate systems to monitor and is driven largely by sentiment and
to issue a dollar token would be
control risks, including liquidity, credit, future expectations, and not by cash
required to adhere to all the conditions
market, operational (including flows from providing goods or services
the OCC has placed on national banks
cybersecurity and use of third parties), outside the crypto-asset ecosystem.20 with respect to such activity, including
and compliance risks (including This prevents firms that hold crypto- demonstrating, to the satisfaction of
compliance with Bank Secrecy Act and assets from engaging in prudent risk Federal Reserve supervisors, that the
Office of Foreign Asset Control management based on the underlying bank has controls in place to conduct
requirements to reduce the risk of illicit value of most crypto-assets, their the activity in a safe and sound manner,
financial activity). Federal Reserve anticipated discounted cash flows, or and receiving a supervisory
supervisors will expect state member the historic behavior of the relevant nonobjection before commencing such
banks to be able to explain and markets. Moreover, the crypto-asset activity.
demonstrate an effective control sector—which is globally dispersed—is The Board generally believes that
environment related to such activities. largely unregulated or noncompliant issuing tokens on open, public, and/or
D. Specific Activities of Interest with regulation from a market-conduct decentralized networks, or similar
perspective, and issuers are often not systems is highly likely to be
The Board has received inquiries as to subject to or not compliant with inconsistent with safe and sound
the permissibility of certain crypto- disclosure and accounting requirements. banking practices.22 The Board believes
asset-related activities for state member This opacity may make it difficult or such tokens raise concerns related to
banks. Below, the Board discusses how impossible to assess market and operational, cybersecurity, and run
it would presumptively apply section counterparty exposure risks. Further,
9(13) of the Act to these activities. In risks, and may also present significant
engagement in crypto-asset transactions illicit finance risks, because—depending
practice, this presumption could be can present significant illicit finance
rebutted if there is a clear and on their design—such tokens could
risks, in part due to the pseudonymity circulate continuously, quickly,
compelling rationale for the Board to
of transactors and validators. Finally, pseudonymously, and indefinitely
allow deviations in regulatory treatment
crypto-assets that are issued or among parties unknown to the issuing
among federally supervised banks, and
transacted on open, public, and/or bank. Importantly, the Board believes
the state member bank has robust plans
for managing the risks of such activities decentralized ledgers may involve such risks are pronounced where the
in accordance with principles of safe significant cybersecurity risks— issuing bank does not have the
and sound banking. However, the Board capability to obtain and verify the
has not yet been presented with facts OCC Interpretive Letter No. 1174 (January 4, 2021) identity of all transacting parties,
(Interpretive Letter 1174); OCC Interpretive Letter including for those using unhosted
and circumstances that would warrant No. 1179 (November 18, 2021) (Interpretive Letter
rebutting its presumption. Nothing in 1179). The OCC has required a national bank to
wallets.23
the policy statement would prohibit a divest crypto-assets held as principal that it List of Subjects in 12 CFR Part 208
state member bank, or an applicant to acquired through a merger with a state bank.
become a state member bank, once
Specifically, the OCC conditioned its recent Accounting; Agriculture; Banks,
approval of the merger between Flagstar Bank, FSB Banking; Confidential business
approved, from providing safekeeping and New York Community Bank into Flagstar Bank,
services for crypto-assets in a custodial NA on the divestiture of holdings of ‘‘Hash,’’ a information; Consumer protection;
capacity if such activities are conducted crypto-asset, after a conformance period, as well as Crime; Currency; Federal Reserve
in a safe and sound manner and in
a commitment not to increase holdings of any System; Flood insurance; Insurance;
crypto-related asset or token ‘‘unless and until the Investments; Mortgages; Reporting and
compliance with consumer, anti-money- OCC determines that . . . Hash or other crypto-
laundering, and anti-terrorist-financing related holdings are permissible for a national recordkeeping requirements; Securities.
laws. bank.’’ OCC Conditional Approval Letter No. 1299,
at 9 (October 27, 2022).
12 CFR Chapter II
Holding Crypto-Assets as Principal.
The Board has not identified any
18 In addition, insured state member banks would
Authority and Issuance
need to seek approval to hold crypto-assets, other
authority permitting national banks to than those permitted by OCC Interpretive Letters For the reasons set forth in the
hold most crypto-assets, including 1174 and 1179, from the FDIC under section 24 of Supplementary Information, part 208 of
bitcoin and ether, as principal in any the FDIA and part 362 of the FDIC’s regulations. chapter II of title 12 of the Code of
19 See Joint Statement (noting that holding as
amount,17 and there is no federal statute
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principal crypto-assets that are issued, stored, or
21 Interpretive Letter 1174; Interpretive Letter
transferred on an open, public and/or decentralized
15 12 CFR 208, app. D–1. 1179.
network, or similar system, is highly likely to be
16 12 CFR 208.3(d)(3). inconsistent with safe and sound banking 22 See Joint Statement, at 2.
17 To date, the OCC has not made a determination practices). 23 Interpretive Letter 1174, at 4 (quoting
addressing the permissibility of a national bank 20 Financial Stability Oversight Council, Report President’s Working Group on Financial Markets,
holding crypto-assets as principal, other than on Digital Asset Financial Stability Risks and Statement on Key Regulatory and Supervisory
‘‘stablecoins’’ to facilitate payments subject to the Regulation, at 27 (October 3, 2022); see also id., at Issues Relevant to Certain Stablecoins, at 3
conditions of OCC Interpretive Letter 1179. See 23–28. (December 23, 2020)).
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Federal Register / Vol. 88, No. 25 / Tuesday, February 7, 2023 / Rules and Regulations 7851
Federal Regulations is amended as U.S.C. 330) to limit state member banks 362 of this title. As established under
follows: and their subsidiaries to engaging as those provisions, insured state banks
principal in only those activities that are may not engage as principal in any type
PART 208—MEMBERSHIP OF STATE permissible for national banks—in each of activity that is not permissible for a
BANKING INSTITUTIONS IN THE case, subject to the terms, conditions, national bank unless—(1) the FDIC has
FEDERAL RESERVE SYSTEM and limitations placed on national determined that the activity would pose
(REGULATION H) banks with respect to the activity— no significant risk to the Deposit
unless those activities are permissible Insurance Fund; and (2) the state bank
■ 1. The authority citation for part 208 for state banks by federal statute or is, and continues to be, in compliance
continues to read as follows: under 12 CFR part 362. For example, if with applicable capital standards.
Authority: 12 U.S.C. 24, 36, 92a, 93a, the OCC conditions permissibility on a (f) The Board also reiterates to state
248(a), 248(c), 321–338a, 371d, 461, 481–486, national bank demonstrating, to the member banks that legal permissibility
601, 611, 1814, 1816, 1817(a)(3), 1817(a)(12), satisfaction of its supervisory office, that is a necessary, but not sufficient,
1818, 1820(d)(9), 1833(j), 1828(o), 1831, the bank has controls in place to condition to establish that a state
1831o, 1831p–1, 1831r–1, 1831w, 1831x, conduct the activity in a safe and sound member bank may engage in a particular
1835a, 1882, 2901–2907, 3105, 3310, 3331–
manner, and receiving a written activity. Under § 208.3(d)(1), a state
3351, 3905–3909, 5371, and 5371 note; 15
U.S.C. 78b, 78I(b), 78l(i), 780–4(c)(5), 78q, nonobjection from OCC supervisory member bank must at all times conduct
78q–1, 78w, 1681s, 1681w, 6801, and 6805; staff before engaging in a particular its business and exercise its powers
31 U.S.C. 5318; 42 U.S.C. 4012a, 4104a, activity, then the activity would not be with due regard to safety and
4104b, 4106, and 4128. permissible for a state member bank soundness. Under appendix D–1 of this
unless the bank makes the same part, at a minimum, a state member
Subpart J—Interpretations demonstration and receives a written bank should have in place and
nonobjection from Federal Reserve implement internal controls and
■ 2. Add § 208.112 to read as follows: supervisory staff before commencing information systems that are appropriate
§ 208.112 Policy statement on section such activity. for the nature, scope, and risks of its
9(13) of the Federal Reserve Act. (d) If a state member bank or its activities. Further, under § 208.3(d)(3), a
subsidiary proposes to engage in an state member bank must comply at all
(a) Under section 9(13) of the Federal
activity as principal that is not times with this part and conditions of
Reserve Act (12 U.S.C. 330), a state permissible for a national bank or for an
member bank may ‘‘exercise all membership prescribed by the Board; in
insured state member bank under addition, a state member bank must
corporate powers granted it by the State federal statute or part 362 of this title,
in which it was created . . . except that comply with other applicable laws and
the state member bank or subsidiary regulations, including those related to
the [Board] may limit the activities of may not engage in the activity unless
State member banks and subsidiaries of consumer compliance and anti-money
the bank has received the prior laundering. With respect to any novel
State member banks in a manner permission of the Board under
consistent with section 24 of the Federal and unprecedented activities,
§ 208.3(d)(2). Under that provision, a appropriate systems to monitor and
Deposit Insurance Act.’’ The Board state member bank may not, without the
interprets this provision as vesting the control risks, including liquidity, credit,
permission of the Board, change the market, operational, and compliance
Board with the authority to prohibit or general character of its business or the
otherwise restrict state member banks risks, are particularly important; Federal
scope of the corporate powers it Reserve supervisors will expect banks to
and their subsidiaries from engaging as exercises at the time of its admission. In
principal in any activity (including be able to explain and demonstrate an
determining whether to grant effective control environment related to
acquiring or retaining any investment) permission to engage in an activity
that is not permissible for a national such activities.
under § 208.3(d)(2), the Board will
bank, unless the activity is permissible rebuttably presume that a state member By order of the Board of Governors of the
for state banks by federal statute or bank and its subsidiaries are prohibited Federal Reserve System, January 27, 2023.
under part 362 of the Federal Deposit from engaging as principal in any Ann E. Misback,
Insurance Corporation’s (FDIC) activity that is impermissible for Secretary of the Board.
regulations, 12 CFR part 362. The Board national banks, unless the activity is [FR Doc. 2023–02192 Filed 2–6–23; 8:45 am]
reminds state member banks of the permissible for state banks under federal BILLING CODE 6210–01–P
fundamental canon of federal banking statute or part 362 of this title. This
law that activities are permissible for a presumption may be rebutted if there is
national bank only if authority is a clear and compelling rationale for the DEPARTMENT OF TRANSPORTATION
provided under federal law, including Board to allow the proposed deviation
the National Bank Act. in regulatory treatment among federally Federal Aviation Administration
(b) The Board generally believes that supervised banks, and the state member
the same bank activity, presenting the bank has robust plans for managing the 14 CFR Part 39
same risks, should be subject to the risks of the proposed activity in [Docket No. FAA–2022–1298; Project
same regulatory framework, regardless accordance with principles of safe and Identifier MCAI–2022–00437–T; Amendment
of which agency supervises the bank. sound banking. Depending on the 39–22313; AD 2023–02–06]
This principle of equal treatment helps applicant and the activity, an
to level the competitive playing field RIN 2120–AA64
application to the FDIC may also be
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among banks with different charters and required under section 24 of the Federal Airworthiness Directives; BAE
different federal supervisors and to Deposit Insurance Act (12 U.S.C. 1831a). Systems (Operations) Limited
mitigate the risks of regulatory arbitrage. (e) This statement does not impact the
Airplanes
(c) In alignment with this principle, legal obligation of insured state member
the Board generally presumes that it banks to seek approval from the FDIC AGENCY: Federal Aviation
will exercise its discretion under section when required under section 24 of the Administration (FAA), Department of
9(13) of the Federal Reserve Act (12 Federal Deposit Insurance Act and part Transportation (DOT).
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