[Federal Register Volume 61, Number 239 (Wednesday, December 11, 1996)]
[Rules and Regulations]
[Pages 65177-65179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31315]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Parts 506, 561, 563, 563d, 574

[No. 96-118]


Technical Amendments

AGENCY: Office of Thrift Supervision, Treasury.

ACTION: Final rule.

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SUMMARY: The Office of Thrift Supervision (OTS) is amending its 
regulations to incorporate a number of technical and conforming 
amendments. The amendments include a correction to the paragraph 
designations used in the transactions with affiliates regulation, 
removal or correction of erroneous cross-references, and an amendment 
to specify where securities filings are to be made.

EFFECTIVE DATE: December 11, 1996.

FOR FURTHER INFORMATION CONTACT: Mary Gottlieb, Senior Paralegal, (202) 
906-7135, or Deborah Dakin, Assistant Chief Counsel, (202) 906-6445, 
Regulations and Legislation Division, Chief Counsel's Office, Office of 
Thrift Supervision, 1700 G Street, NW., Washington DC 20552.

SUPPLEMENTARY INFORMATION: OTS is today adopting several technical 
amendments to its regulations to correct cross-references and 
codification errors, and to add a reference to OTS's Securities Filing 
Desk to its securities regulations.

Transactions With Affiliates

    Current Sec. 563.41(e)(2), as originally adopted in July, 
1991,1 specifies that prior notification of transactions with

[[Page 65178]]

any affiliate or subsidiary must be provided to OTS if the transaction 
involves (1) a de novo savings association that began operating or an 
association or holding company thereof that has been the subject of an 
application or notice under part 574 that was approved during the 
preceding two years; and (2) a savings association that has a 4 or 5 
MACRO (now CAMEL) rating, that is not meeting all of its current 
capital requirements, that has entered into a consent to merge, a 
supervisory agreement or cease and desist order during the preceding 
two year period, or is subject to a formal enforcement proceeding, or 
that is otherwise the subject of supervisory concern or requires 
extraordinary supervision and OTS provides written notice of the basis 
for the concern to the institution.
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    \1\ 56 FR 34013 (July 25, 1991).
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    The intent of the regulation was that OTS could require prior 
notice in either of the above circumstances. The amendment being made 
today clarifies that both criteria need not be met. Accordingly, the 
``and'' that separates the two clauses is being changed to an ``or.''
    Several other clarifying amendments are also being made to 
Sec. 563.41(e), including redesignation of the final paragraph in 
Sec. 563.41(e)(2) as Sec. 563.41(e)(3). It currently is included as 
paragraph (iii), following paragraphs (i) and (ii) outlined above. 
Paragraph (iii) specifies the steps to be taken following issuance of 
the written notice under paragraphs (i) and (ii), and should not be 
part of the same paragraph sequence.

Corrections to Cross-References and Amendment to Securities Filing 
Regulation

    Section 563d.1, regarding the requirements of the Securities 
Exchange Act of 1934, is being amended to specify that securities 
filings are to be made with the Securities Filing Desk of the Business 
Transaction Division (BTD). The current regulation refers only to BTD. 
While the Securities Filings Desk is now housed within the 
Dissemination Branch of the Records Management and Information Policy 
Division, filings should be addressed to ``Securities Filing Desk, 
Business Transactions Division.''
    Sections 563.7 and 574.6(c)(5) relating to fixed-term certificate 
accounts and acquisition of control are being revised to correct 
erroneous cross-references. Section 561.13, which deals with 
classifying consumer credit as a loss, is being amended by removing an 
outdated cross-reference.

Display Table for Information Collection Requirements

    The table setting forth OMB control numbers assigned to collections 
of information under the Paperwork Reduction Act contained in OTS 
regulations 2 has been updated to reflect any additional 
collections approved during 1996, as well as any changes to existing 
collections. It is being reprinted in its entirety for ease of reader 
reference.
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    \2\ 12 CFR 506.1(b).
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Administrative Procedure Act; Riegle Community Development and 
Regulatory Improvement Act of 1994

    The OTS has found good cause to dispense with both prior notice and 
comment on this final rule and a 30-day delay of its effective date 
mandated by the Administrative Procedure Act.3 OTS believes that 
it is contrary to public interest to delay the effective date of the 
rule, as it corrects a number of errors that have caused confusion. 
Because the amendments in the rule are not substantive, they will not 
detrimentally affect savings associations by becoming effective 
immediately.
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    \3\ 5 U.S.C. 553.
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    In addition, this document is exempt from the requirement found in 
section 302 of the Riegle Community Development and Regulatory 
Improvement Act of 1994 4 that regulations must not take effect 
before the first day of the quarter following publication, as it 
imposes no new requirements.
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    \4\ Pub. L. 103-325, 12 U.S.C. 4802.
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Regulatory Flexibility Act

    Pursuant to section 605(b) of the Regulatory Flexibility Act,5 
it is certified that this technical corrections regulation will not 
have a significant economic impact on a substantial number of small 
entities.
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    \5\ Pub. L. 96-354, 5 U.S.C. 601.
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Executive Order 12866

    OTS has determined that this rule is not a ``significant regulatory 
action'' for purposes of Executive Order 12866.

Unfunded Mandates Reform Act of 1995

    OTS has determined that the requirements of this final rule will 
not result in expenditures by State, local, and tribal governments, or 
by the private sector, of $100 million or more in any one year. 
Accordingly, a budgetary impact statement is not required under section 
202 of the Unfunded Mandates Reform Act of 1995.

List of Subjects

12 CFR Part 506

    Reporting and recordkeeping requirements.

12 CFR Part 561

    Savings associations.

12 CFR Part 563

    Accounting, Advertising, Crime, Currency, Investments, Reporting 
and recordkeeping requirements, Savings associations, Securities, 
Surety bonds.

12 CFR Part 563d

    Authority delegations (Government agencies), Reporting and 
recordkeeping requirements, Savings associations, Securities.

12 CFR Part 574

    Administrative practice and procedure, Holding companies, Reporting 
and recordkeeping requirements, Savings associations, Securities.

    Accordingly, the Office of Thrift Supervision hereby amends title 
12, chapter V of the Code of Federal Regulations as set forth below.

PART 506--INFORMATION COLLECTION REQUIREMENTS UNDER THE PAPERWORK 
REDUCTION ACT

    1. The authority citation for part 506 continues to read as 
follows:

    Authority: 44 U.S.C. 3501 et seq.

    2. Section 506.1 is amended by revising paragraph (b) to read as 
follows:
* * * * *
    (b) Display.

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                                                            Current OMB 
  12 CFR part or section where identified and described     control No. 
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502.3...................................................       1550-0053
Part 510................................................       1550-0081
516.1(c)................................................       1550-0056
Part 528................................................       1550-0021
543.2...................................................       1550-0005
543.9...................................................       1550-0007
544.2...................................................       1550-0017
544.5...................................................       1550-0018
544.8...................................................       1550-0011
545.74..................................................       1550-0013
545.92..................................................       1550-0006
545.95..................................................       1550-0006
545.96(c)...............................................       1550-0011
546.2...................................................       1550-0016
546.4...................................................       1550-0066
552.1...................................................       1550-0019
552.2-1.................................................       1550-0005
552.2-6.................................................       1550-0007
552.4...................................................       1550-0017
552.5...................................................       1550-0018
552.6...................................................       1550-0025
552.7...................................................       1550-0025
552.11..................................................       1550-0011
559.12..................................................       1550-0013

[[Page 65179]]

                                                                        
552.13..................................................      1550-0016,
                                                               1550-0025
559.3...................................................       1550-0077
559.11..................................................       1550-0067
559.12..................................................       1550-0013
559.13..................................................       1550-0065
560.93(f)...............................................       1550-0078
560.100.................................................       1550-0078
560.101.................................................       1550-0078
560.170.................................................       1550-0078
560.170(c)..............................................       1550-0083
560.172.................................................       1550-0078
560.210.................................................       1550-0078
562.1...................................................       1550-0011
562.1(b)................................................       1550-0078
562.4...................................................       1550-0011
563.1...................................................       1550-0027
563.1(b)................................................       1550-0011
563.22..................................................       1550-0016
563.41(e)...............................................       1550-0078
563.42(e)...............................................       1550-0078
563.43(f) through (h)...................................       1550-0075
563.43(i)(3)............................................       1550-0075
563.47(e)...............................................       1550-0011
563.74..................................................       1550-0050
563.76(c)...............................................       1550-0011
563.80..................................................       1550-0061
563.81..................................................       1550-0030
563.131.................................................       1550-0028
563.134.................................................       1550-0059
563.173(e)..............................................       1550-0011
563.174(e)..............................................       1550-0011
563.174(f)..............................................       1550-0011
563.175(e)..............................................       1550-0011
563.175(f)..............................................       1550-0011
563.177.................................................       1550-0041
563.180.................................................       1550-0084
563.180(d)..............................................       1550-0003
563.180(e)..............................................       1550-0079
563.181.................................................       1550-0032
563.183.................................................       1550-0032
Part 563b...............................................       1550-0014
563b.4..................................................       1550-0032
563b.20 through 563b.32.................................       1550-0074
Part 563d...............................................       1550-0019
Part 563e...............................................       1550-0012
Part 563f...............................................       1550-0051
Part 563g...............................................       1550-0035
Part 564................................................       1550-0078
566.4...................................................       1550-0011
Part 568................................................       1550-0062
571.6...................................................       1550-0005
574.3(b)................................................       1550-0032
574.4...................................................       1550-0032
574.5...................................................       1550-0032
574.6...................................................       1550-0015
Part 575................................................       1550-0071
584.1(f)................................................       1550-0011
584.2-1.................................................       1550-0063
584.2-2.................................................       1550-0063
584.9...................................................       1550-0063
590.4(h)................................................       1550-0078
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PART 561--DEFINITIONS

    3. The authority citation for part 561 continues to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.


Sec. 561.13  [Amended]

    4. Section 561.13 is amended by removing footnote 1 to the tables.

PART 563--OPERATIONS

    5. The authority citation for part 563 continues to read as 
follows:

    Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468, 
1817, 1828, 3806.


Sec. 563.7  [Amended]

    6. Section 563.7 is amended in paragraphs (a) and (d)(2) by 
removing the phrases ``paragraph (e)'' and ``paragraph (e)(1)'', 
respectively, and by adding in lieu thereof the phrases ``paragraph 
(d)'' and ``paragraph (d)(1)'', respectively.


Sec. 563.41  [Amended]

    7. Section 563.41 is amended by removing the word ``and'' at the 
end of paragraph (e)(2)(i), and by adding in lieu thereof the word 
``or''; by removing the word ``current'' in paragraph (e)(2)(ii)(B); by 
redesignating paragraph (e)(2)(iii) as paragraph (e)(3); and by 
removing, in newly designated paragraph (e)(3), the phrase ``paragraph 
(e)(2)(ii)'', and by adding in lieu thereof the phrase ``paragraph 
(e)(2)''.

PART 563d--SECURITIES OF SAVINGS ASSOCIATIONS

    8. The authority citation for part 563d continues to read as 
follows:

    Authority: 12 U.S.C. 1462a, 1463, 1464; 15 U.S.C. 78c(b), 78l, 
78m, 78w, 78d-1.


Sec. 563d.1  [Amended]

    9. Section 563d.1 is amended in the fourth sentence by adding the 
phrase ``Securities Filing Desk,'' after the phrase ``Business 
Transactions Division,''.

PART 574--ACQUISITION OF CONTROL OF SAVINGS ASSOCIATIONS

    10. The authority citation for part 574 continues to read as 
follows:

    Authority: 12 U.S.C. 1467a, 1817, 1831i.


Sec. 574.6  [Amended]

    11. Section 574.6(c)(5) is amended by removing the phrase 
``paragraph (c)(5)'', and by adding in lieu thereof the phrase 
``paragraph (c)''.

    Dated: November 18, 1996.

    By the Office of Thrift Supervision.
Nicolas P. Retsinas,
Director.
[FR Doc. 96-31315 Filed 12-10-96; 8:45 am]
BILLING CODE 6720-01-P