Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies; Rescission of Policy Statement

The FFIEC is rescinding its policy statement titled ``Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies'' that was issued on February 20, 1997 (the ``1997 Policy Statement''). This action is being coordinated with the publication of a new policy statement in the Federal Register by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), which reflects the current practices of the federal banking agencies with respect to the coordination of formal enforcement actions against federally regulated financial institutions and institution-affiliated parties.