The Federal Deposit Insurance Corporation (FDIC) has issued a correction to a previous regulation published on November 13, 2020, which deals with Branch Application Procedures. The regulation amendment aims to fix an error in the instructions concerning the establishment and relocation of branches and offices, specifically regarding statements about compliance with the National Historic Preservation Act of 1966 and the National Environmental Policy Act of 1969. As a result of this correction, certain paragraphs in the regulation are being removed and others are being renumbered. This correction became effective on February 16, 2021.
Simple Explanation
The FDIC found a mistake in some rules they made about how banks open new branches, so they fixed it to make sure everyone follows the right steps when looking after old and special places in the environment.