Federal Register, Volume 63 Issue 247 (Thursday, December 24, 1998)

[Federal Register Volume 63, Number 247 (Thursday, December 24, 1998)]
[Rules and Regulations]
[Pages 71210-71213]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-34026]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Parts 506, 528, 545, 557, 566, 571, 574, 584

[No. 98-121]


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. OTS is updating cross-references in its regulations, 
consolidating several regulatory provisions, and amending regulations 
containing drafting or typographical errors.

EFFECTIVE DATE: December 24, 1998.

FOR FURTHER INFORMATION CONTACT: Mary H. Gottlieb, Senior Paralegal 
(Regulations), (202) 906-7135, or Karen A. Osterloh, Assistant Chief 
Counsel, (202) 906-6639, Regulations and Legislation Division, Chief 
Counsel's Office, Office of Thrift Supervision, 1700 G Street, NW., 
Washington DC 20552.

SUPPLEMENTARY INFORMATION: OTS is amending its regulations to 
incorporate a number of technical and conforming amendments. 
Specifically, OTS is amending:
     Part 506--Information Collection Requirements under the 
Paperwork Reduction Act. OTS has updated the display table of OMB 
control numbers.
     Part 545--Operations. OTS has deleted reserved but unused 
sections in order to clarify the part.
     Part 557--Deposits. OTS has corrected an incorrect 
statutory citation in Sec. 557.11.
     Part 566--Liquidity. OTS has revised the definition of 
``net withdrawable accounts'' at Sec. 566.1 to correct an inadvertent 
drafting error that occurred in the final rule published in November, 
1997.¹
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    \1\ 62 FR 62509 (November 24, 1997).
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     Part 571--Statements of Policy. The statement of policy on 
nondiscrimination in lending at Sec. 571.24 is moved to part 528. This 
section is the only statement of policy remaining in current part 571 
and it relates to the material found in part 528. Part 571, consisting 
of a number of reserved but unused sections, is removed.
     Part 574--Acquisition of Control of Savings Associations. 
OTS has corrected a typographical error in Sec. 574.100.
     Part 584--Regulated Activities. OTS has corrected cross-
references to Federal Reserve Board regulations on permissible bank 
holding company activities and other outdated cross-references.

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.² OTS believes 
that it is contrary to public interest to delay the effective date of 
the rule, as it corrects provisions that have caused confusion. Because 
the amendments in the rule are not substantive, making them effective 
immediately will not detrimentally affect savings associations.
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    \2\ 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 ³ 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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    \3\ 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,⁴ 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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    \4\ 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 528

    Advertising, Aged, Civil rights, Credit, Equal employment 
opportunity, Fair housing, Home mortgage disclosure, Individuals with 
disabilities, Marital status discrimination, Mortgages, Religious 
discrimination, Reporting and recordkeeping requirements, Savings 
associations, Sex discrimination, Signs and symbols.

[[Page 71211]]

12 CFR Part 545

    Accounting, Consumer protection, Credit, Electronic funds 
transfers, Investments, Reporting and recordkeeping requirements, 
Savings associations.

12 CFR Part 557

    Consumer protection, Reporting and recordkeeping requirements, 
Savings associations.

12 CFR Part 566

    Liquidity, Reporting and recordkeeping requirements, Savings 
associations.

12 CFR Part 571

    Accounting, Conflicts of interest, Investments, Reporting and 
recordkeeping requirements, Savings associations.

12 CFR Part 574

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

12 CFR Part 584

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

    Accordingly, the Office of Thrift Supervision, under the authority 
of 12 U.S.C. 1462a, 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:


Sec. 506.1  OMB control numbers assigned pursuant to the Paperwork 
Reduction Act.

* * * * *
    (b) Display.

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  12 CFR part or section where identified and
                   described                                         Current OMB control No.
----------------------------------------------------------------------------------------------------------------
502.70........................................  1550-0053.
510...........................................  1550-0081.
Part 516......................................  1550-0005, 1550-0006, 1550-0016.
516.1(c)......................................  1550-0056.
Part 528......................................  1550-0021.
543.2.........................................  1550-0005.
543.3.........................................  1550-0005
543.9.........................................  1550-0007.
544.2.........................................  1550-0017.
544.5.........................................  1550-0018.
544.8.........................................  1550-0011.
545.74........................................  1550-0013.
545.92........................................  1550-0004.
545.95........................................  1550-0006.
545.96(c).....................................  1550-0011.
546.2.........................................  1550-0016.
546.4.........................................  1550-0066.
Part 550......................................  1550-0037.
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.
552.13........................................  1550-0016, 1550-0025.
555.300.......................................  1550-0095.
555.310.......................................  1550-0095.
557.20........................................  1550-0092.
559.3.........................................  1550-0077.
559.11........................................  1550-0067.
559.12........................................  1550-0013.
559.13........................................  1550-0065.
560.1.........................................  1550-0078.
560.2.........................................  1550-0078.
560.32........................................  1550-0078.
560.35........................................  1550-0078.
560.93(f).....................................  1550-0078.
560.101.......................................  1550-0078.
560.170(c)....................................  1550-0078.
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........................................  1550-0075.

[[Page 71212]]

 
563.47(e).....................................  1550-0011.
563.74........................................  1550-0050.
563.76(c).....................................  1550-0011.
563.80........................................  1550-0030.
563.81........................................  1550-0061.
563.134.......................................  1550-0059.
563.170.......................................  1550-0078.
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.
572.6.........................................  1550-0088.
572.7.........................................  1550-0088.
572.9.........................................  1550-0088.
572.10........................................  1550-0088.
574.3(b)......................................  1550-0032.
574.4.........................................  1550-0032.
574.5.........................................  1550-0032.
574.6.........................................  1550-0015.
Part 575......................................  1550-0072.
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 528--NONDISCRIMINATION REQUIREMENTS

    3. The authority citation for part 528 continues to read as 
follows:

    Authority: 12 U.S.C. 1464, 2810 et seq., 2901 et seq.; 15 U.S.C. 
1691; 42 U.S.C. 1981, 1982, 3601-3619.


Sec. 571.24  [Redesignated]

    4. Section 571.24 is redesignated Sec. 528.9.


Sec. 528.1  [Amended]

    5. Section 528.1 is amended by removing the phrase ``and 
Sec. 571.24'' in paragraph (a).
    6. Section 528.1a is revised to read as follows:


Sec. 528.1a  Supplementary guidelines.

    The Office's policy statement found at 12 CFR 528.9 supplements 
this part and should be read together with this part. Refer also to the 
HUD Fair Housing regulations at 24 CFR parts 100 et seq., Federal 
Reserve Regulation B at 12 CFR Part 202, and Federal Reserve Regulation 
C at 12 CFR Part 203.
    7. Section 528.2 is amended by revising the note at the end of the 
section to read as follows:


Sec. 528.2  Nondiscrimination in lending and other services.

* * * * *
    Note: See also, Sec. 528.9(b) and (c).

    8. Section 528.2a is amended by revising the note at the end of the 
section to read as follows:


Sec. 528.2a  Nondiscriminatory appraisal and underwriting.

* * * * *
    Note: See also, Sec. 528.9(b), (c)(6), and (c)(7).

    9. Section 528.3 is amended by revising the note at the end of the 
section to read as follows:


Sec. 528.3  Nondiscrimination in applications.

* * * * *
    Note: See also, Sec. 528.9(a) through(d).

PART 545--OPERATIONS

    10. The authority citation for part 545 continues to read as 
follows:

    Authority: 12 U.S.C. 1462a, 1463, 1464, 1828.

Secs. 545.3-545.9, 545.21-545.30, 545.54-545.70, 545.83-545.90, 545.93-
545.94, 545.97-545.100, 545.104-545.120, 545.123-545.125, 545.127-
545.130, 545.132-545.135, 545.139-545.140  [Removed]

    11. Reserved Secs. 545.3-545.9, 545.21-545.30, 545.54-545.70, 
545.83-545.90, 545.93-545.94, 545.97-545.100, 545.104-545.120, 545.123-
545.125, 545.127-545.130, 545.132-545.135, 545.139-545.140 are removed.

PART 557--DEPOSITS

    12. The authority citation for part 557 continues to read as 
follows:

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

    13. Section 557.11 is amended by revising the section heading and 
introductory text of paragraph (a) to read as follows:


Sec. 557.11  To what extent does federal law preempt deposit-related 
state laws?

    (a) Under sections 4(a) and 5(a) of the HOLA, 12 U.S.C. 1463(a), 
1464(b), OTS is authorized to promulgate regulations that preempt state 
laws affecting the operations of federal savings associations when 
appropriate to:
* * * * *

[[Page 71213]]

PART 566--LIQUIDITY

    14. The authority citation for part 566 continues to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1465, 1467a; 15 
U.S.C. 1691, 1691a.

    15. Section 566.1 is amended by revising the last sentence of 
paragraph (d) to read as follows:


Sec. 566.1  Definitions.

* * * * *
    (d) * * * Tax and loan accounts, note accounts, accounts to the 
extent that security has been given upon them pursuant to any 
applicable regulations, U.S. Treasury General Accounts, and U.S. 
Treasury Time Deposit Open Accounts are not withdrawable accounts.
* * * * *

PART 571--STATEMENTS OF POLICY [REMOVED]

    16. Part 571 is removed.

PART 574--ACQUISITION OF CONTROL OF SAVINGS ASSOCIATIONS

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

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


Sec. 574.100  [Amended]

    18. Section 574.100 is amended in the Agreement in section 
II.A.6.(c) by removing the word ``character'', and by adding in lieu 
thereof the word ``charter''.

PART 584--REGULATED ACTIVITIES

    19. The authority citation for part 584 continues to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1468.

    20. Section 584.2 is amended by revising paragraph (b)(6)(i) to 
read as follows:


Sec. 584.2  Prohibited activities.

* * * * *
    (b) * * *
    (6) * * * (i) That the Board of Governors of the Federal Reserve 
System has permitted for bank holding companies pursuant to 12 CFR 
225.24 or 225.28, unless the Office, by regulation, prohibits or limits 
any such activity for savings and loan holding companies; or
* * * * *
    21. Section 584.2-1 is amended by removing, in paragraph (b)(1)(v), 
the phrase ``Sec. 545.50(b) of this chapter,'' and by adding in lieu 
thereof the phrase ``Sec. 560.3 of this chapter,'', and by revising the 
last sentence in paragraph (a) to read as follows:


Sec. 584.2-1  Prescribed services and activities of savings and loan 
holding companies.

    (a) * * * Notwithstanding and without regard to any other provision 
of this section other than this sentence, a savings and loan holding 
company and any subsidiary thereof that is not a savings association, 
other than a service corporation, may invest in the types of securities 
specified in Sec. 566.1 of this chapter without regard to any 
limitation therein as to amount or maturity, except in the case of 
bankers acceptances, in which case the maturity limits of Sec. 566.1 
shall apply.
* * * * *


Sec. 584.2-2  [Amended]

    22. Section 584.2-2 is amended by removing the phrase ``12 CFR 
225.23 or 225.25'' in the first sentence of paragraph (a), and by 
adding in lieu thereof the phrase ``12 CFR 225.24 or 225.28''.

    Dated: December 18, 1998.

    By the Office of Thrift Supervision.
Ellen Seidman,
Director.
[FR Doc. 98-34026 Filed 12-23-98; 8:45 am]
BILLING CODE 6720-01-P