[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