The proposed amendments will update the versions of examination manuals that are incorporated by reference in this rule; comply with current requirements of Section 120.54(1)(i), F.S., for incorporating materials by reference; and clarify the uses ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NO.:RULE TITLE:

69U-100.045Examination Manuals and Referenced Standards

PURPOSE AND EFFECT: The proposed amendments will update the versions of examination manuals that are incorporated by reference in this rule; comply with current requirements of Section 120.54(1)(i), F.S., for incorporating materials by reference; and clarify the uses of the manuals referenced.

SUMMARY: See above. The amendments update and incorporate examination manuals by reference and clarify their uses.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential economic impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 655.012(2) FS.

LAW IMPLEMENTED: 655.045 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Meredith Hinshelwood, Assistant General Counsel, Division of Financial Institutions, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-100.045 Examination Manuals and Referenced Standards.

The OFR uses the following examination manuals referenced by this rule in the implementation of its examination responsibilities.; The OFR examiners use these manuals as reference guidelines when conducting safety and soundness examinations of financial institutions. The material incorporated by reference in this rule may also be obtained from the Florida Office of Financial Regulation, Division of Financial Institutions’s website at http://www.flofr.com/StaticPages/DivisionOfFinancialInstitutions.htm. The following manuals which are hereby incorporated by reference into the body of printed materials that the OFR uses for the purposes of conducting examinations of financial institutions to assess the performance and condition of such institutions. The OFR examiners use the manuals as reference guidelines when conducting safety and soundness examinations of such financial institutions:

(1) Federal Financial Institutions Examination Council, Bank Secrecy Act/Anti-Money Laundering Examination Manual (2014), accessible at http://www.flrules.org/Gateway/reference.asp?No=Ref-__________ (2010), which may be obtained electronically through the following website: http://www.ffiec.gov/ bsa_aml_infobase/ documents/BSA_AML_Man_2010.pdf.

(2) Federal Deposit Insurance Corporation, DSC Risk Management Manual of Examination Policies (11/2014), accessible at: http://www.flrules.org/Gateway/reference.asp?No=Ref-         (12/2004), which may be obtained electronically through the following website: http://www.fdic.gov/regulations/safety/manual/ manual_examinations _full.pdf.

(3) Federal Deposit Insurance Corporation, Trust Examination Manual (2008), accessible at http://www.flrules.org/Gateway/ reference.asp?No=Ref-         which may be obtained electronically through the following website: http://www.fdic.gov/regulations/examinations/trustmanual/.

(4) National Credit Union Administration, Examiner’s Guide (06/2002), accessible at http://www.flrules. org/Gateway/reference.asp?No=Ref-           which may be obtained electronically through the following website: http://www.ncua.gov/GenInfo/GuidesManuals/examiners_guide/examguide..

(5) Office of Financial Regulation, State Credit Union Examination Manual (11/3/2014), accessible at http://www.flrules.org/Gateway/reference.asp?No=Ref-           (03/25/09), which may be obtained from the Florida Office of Financial Regulation, Division of Banking, 200 E. Gaines Street, Tallahassee, FL 32399.

(6) The Federal Reserve Board’s Examination Manual for U.S. Branches and Agencies of Foreign Banking organizations (9/1997), accessible at http://www.flrules.org/Gateway/reference.asp?No=Ref-          (07/1997), which may be obtained electronically through the following website: http://www.federalreserve.gov/ boarddocs/ supmanual/us_branches/usbranch.pdf.

Rulemaking Authority 655.012(2) FS. Law Implemented 655.045 FS. History–New 10-24-93, Formerly 3C-1.015, Amended 1-2-95, 6-4-95, 5-22-96, Formerly 3C-100.045, Amended 9-2-10,______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Barry Gilman, Director, Division of Financial Institutions

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: April 14, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: March 30, 2015