[Federal Register Volume 63, Number 207 (Tuesday, October 27, 1998)]
[Rules and Regulations]
[Pages 57236-57237]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-28681]


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THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD

DEPARTMENT OF THE TREASURY

12 CFR Chapter XV, Parts 1502, 1503, 10505, 1506, 1507


Repeal of Thrift Depositor Protection Oversight Board's General 
Regulations and Transfer of Authority of Regulations Related to 
Resolution Funding Corporation to the Secretary of the Treasury

AGENCY: Thrift Depositor Protection Oversight Board and Department of 
the Treasury.

ACTION: Final rule.

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SUMMARY: Pursuant to the Homeowners Protection Act of 1998, the Thrift 
Depositor Protection Oversight Board (the Board) will be abolished on 
October 28, 1998. On that date authority of the Board related to the 
Resolution Funding Corporation (Refcorp) is transferred to the 
Secretary of the Treasury. This rule repeals regulations of the Board 
that will not be needed after the Board is abolished and designates 
remaining regulations as regulations of the Department of the Treasury.

EFFECTIVE DATE: October 28,1998.

FOR FURTHER INFORMATION CONTACT:
Matthew Green, Office of Financial Institutions Policy, Department of 
the Treasury, (202) 622-2157.

SUPPLEMENTARY INFORMATION: The Board was established as the ``Oversight 
Board,'' by section 21A(a)(1) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(a)(1)), as added by the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (``FIRREA''). The Board was 
renamed the ``Thrift Depositor Protection Oversight Board'' by the 
Resolution Trust Corporation Refinancing, Restructuring, and 
Improvement Act of 1991 (Pub. L. 102-233, sec. 302(a), 105 Stat. 1761, 
1767).
    The Board's principal duty was to oversee the Resolution Trust 
Corporation (``RTC''), which also was established by FIRREA. The 
principal duty of the RTC was to manage and resolve failing and failed 
thrift institutions. The Board was also responsible for the general 
oversight of the Refcorp, which was established by FIRREA to fund the 
operations of RTC. To fund the RTC, Refcorp issued debt obligations, 
which will remain outstanding until they mature. Although the RTC was 
abolished on December 31, 1995, the Board has continued to carry out 
its other responsibilities, including those with respect to Refcorp.
    To carry out its duties and responsibilities, the Board promulgated 
general regulations relating to the Freedom of Information Act, the 
Privacy Act, employee responsibilities and conduct, and contractors. 
These rules are found at 12 CFR Chapter XV, Subchapter A. The Board 
also promulgated rules relating to Refcorp and its debt obligations. 
These rules are found at 12 CFR Chapter XV, Subchapter B.
    Because Refcorp will continue to exist until its debt obligations 
are retired section 14 of Public Law 105-215 transferred to the 
Secretary of the Treasury, effective October 28, 1998, the Board's 
authority and duties with respect to Refcorp (see sections 21A(a)(6)(I) 
and 21B of the Federal Home Loan Bank Act). Because Public Law 105-216 
did not transfer to the

[[Page 57237]]

Secretary the Board's general rulemaking authority, the Board is now 
repealing its regulations that do not relate to Refcorp.
    Because this rule relates to agency management and personnel, and 
because it repeals regulations that will serve no purpose after the 
Board is abolished, notice and public procedure are not required 
pursuant to 5 U.S.C. 553(a)(2). for these reasons, good cause is found 
to dispense with a delayed effective date pursuant to 5 U.S.C. 
553(d)(3). Because no notice of proposed rulemaking is required, the 
provisions of the Regulatory Flexibility Act (5 U.S.C. 601) do not 
apply. This rule is not a significant regulatory action for purposes of 
Executive Order 12866.

List of Subjects

12 CFR Part 1502

    Confidential business information, Freedom of information.

12 CFR Part 1503

    Privacy.

12 CFR Part 1505

    Conflict of interests.

12 CFR Part 1506.

    Conflict of interests, Government contracts, Reporting and 
recordkeeping requirements.

12 CFR Part 1507

    Government contracts, Minority businesses, Women.

    For the reasons set forth in the preamble and pursuant to 12 U.S.C. 
1441a and section 14 of Public Law No. 105-216, 12 CFR Chapter XV is 
amended as follows:
    1. Revise the chapter heading to read as follows: Chapter XV--
Department of the Treasury.

PARTS 1502, 1503, 1505, 1506 AND 1507 [REVISED AND RESERVED]

    2. Remove and reserve subchapter A and parts 1502, 1503, 1505, 1506 
and 1507.
John D. Hawke, Jr.,
Acting Chairman, Thrift Depositor Protection Oversight Board and Under 
Secretary of the Treasury.
[FR Doc. 98-28681 Filed 10-26-98; 8:45 am]
BILLING CODE 4810-25-M