[Federal Register Volume 64, Number 237 (Friday, December 10, 1999)]
[Rules and Regulations]
[Pages 69183-69185]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-32066]
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DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Parts 503, 505, 557, 559, 563, 572
[No. 99-79]
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 statutory references and regulatory cross-
references, amending provisions that contain minor drafting errors, and
making other minor changes.
EFFECTIVE DATE: December 10, 1999.
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 503--Privacy Act. OTS has updated office names and
employee titles.
Part 505--Freedom of Information Act. OTS has updated
office names, employee titles, and references for requesting records by
e-mail.
Part 557--Deposits. OTS has added an inadvertently omitted
statutory citation to Sec. 557.11.
Part 559--Subordinate Organizations. OTS has corrected an
erroneous cross-reference to a FDIC regulation requiring savings
associations to file a notice before acquiring or establishing a
subsidiary or conducting new activities through a subsidiary.
Part 563--Operations. OTS has clarified that its frequency
of examination regulation relates solely to safety and soundness
examinations, as opposed to compliance examinations. OTS has also
corrected a typographical error in its transactions with affiliates
regulations.
Part 572--Loans in Areas Having Special Flood Hazards. OTS
has deleted a cross-reference to Federal Emergency Management Agency
(FEMA) regulations at 44 CFR Part 65, Appendix
[[Page 69184]]
A, which had contained the text of the Standard Flood Hazard
Determination Form (Form). FEMA removed Appendix A in 1998. OTS has
revised its regulation to indicate where lenders may obtain copies of
the Form.
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.1 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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\1\ 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 2 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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\2\ Pub. L. No. 103-325, 12 U.S.C. 4802.
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Regulatory Flexibility Act
Pursuant to section 605(b) of the Regulatory Flexibility
Act,3 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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\3\ Pub. L. No. 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.
Paperwork Reduction Act
This final rule does not involve a collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) This final
rule, however, amends existing Sec. 572.6, which contains paperwork
burden. The final rule does not change the burden.
List of Subjects
12 CFR Part 503
Privacy.
12 CFR Part 505
Freedom of Information.
12 CFR Part 557
Investments, Reporting and recordkeeping requirements, Savings
associations.
12 CFR Part 559
Reporting and recordkeeping requirements, Savings associations,
Subsidiaries.
12 CFR Part 563
Accounting, Advertising, Crime, Currency, Investments, Reporting
and recordkeeping requirements, Savings associations, Securities,
Surety bonds.
12 CFR Part 572
Flood insurance, Reporting and recordkeeping requirements, Savings
associations.
Accordingly, the Office of Thrift Supervision hereby amends title
12, chapter V of the Code of Federal Regulations as set forth below.
PART 503--PRIVACY ACT
1. The authority citation for part 503 continues to read as
follows:
Authority: 5 U.S.C. 552a; 12 U.S.C. 1462a, 1463, 1464.
2. Section 503.1 is amended by revising the last sentence of
paragraphs (b), (c), and (d) to read as follows:
Sec. 503.1 Scope and procedures.
* * * * *
(b) * * * Requests for information and specific guidance on where
to send requests for records may be mailed or delivered personally to:
Privacy Act Request, Manager, Dissemination Branch, Information
Management & Services Division, Office of Thrift Supervision, 1700 G
Street, NW., Washington, DC 20552.
(c) * * * Requests for amendment should be addressed to: Privacy
Act Amendment Request, Manager, Dissemination Branch, Information
Management & Services Division, Office of Thrift Supervision, 1700 G
Street, NW., Washington, DC 20552.
(d) * * * Appeals made by mail should be addressed to, or delivered
personally to: Privacy Act Amendment Appeal, Deputy Chief Counsel for
General Law, Office of Thrift Supervision, 1700 G Street, NW.,
Washington, DC 20552.
* * * * *
PART 505--FREEDOM OF INFORMATION ACT
3. The authority citation for part 505 continues to read as
follows:
Authority: 5 U.S.C. 552; 12 U.S.C. 1462a, 1463, 1464.
4. Section 505.2 is amended by revising the last sentence to read
as follows:
Sec. 505.2 Public reference room.
* * * Contact the Dissemination Branch, Information Management &
ServicesDivision, Office of Thrift Supervision, 1700 G Street, NW.,
Washington, DC 20552, or visit the Public Reference Room at 1700 G
Street, NW., Lower Level, from 9:00 a.m. to 4:00 p.m. on business days.
5. Section 505.3 is amended by revising the last two sentences to
read as follows:
Sec. 505.3 Requests for records.
* * * Requests may be mailed to: Freedom of Information Act
Request, Dissemination Branch, Information Management & Services
Division, Office of Thrift Supervision, 1700 G Street, NW., Washington,
DC 20552, or marked ``FOIA'' and delivered in person to the Public
Reference Room, Dissemination Branch, Information Management & Services
Division, 1700 G Street, NW., Lower Level. Requests may also be sent by
e-mail or facsimile.
6. Section 505.4 is amended by revising the last three sentences to
read as follows:
Sec. 505.4 Administrative appeal of initial determination to deny
records.
* * * Appeals by mail should be addressed to: Deputy Chief Counsel
for General Law, 1700 G Street, NW., Washington, DC 20552. Appeals may
be delivered personally to the Dissemination Branch, Information
Management & Services Division, Office of Thrift Supervision 1700 G
Street, NW., Lower Level. Appeals may also be sent by e-mail or
facsimile.
PART 557--DEPOSITS
7. The authority citation for part 557 continues to read as
follows:
Authority: 12 U.S.C. 1462a, 1463, 1464.
8. Section 557.11 is amended by revising paragraph (a) introductory
text to read as follows:
[[Page 69185]]
Sec. 557.11 To what extent does federal law preempt deposit-related
state laws?
(a) Under sections 4(a), 5(a), and 5(b) of the HOLA, 12 U.S.C.
1463(a), 1464(a), and 1464(b), OTS is authorized to promulgate
regulations that preempt state laws affecting the operations of federal
savings associations when appropriate to:
* * * * *
PART 559--SUBORDINATE ORGANIZATIONS
9. The authority citation for part 559 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1828.
10. Section 559.11 is amended by revising the second sentence to
read as follows:
Sec. 559.11 What notices are required to establish or acquire a new
subsidiary or engage in new activities through an existing subsidiary?
* * * The Notice must contain all of the information the Federal
Deposit Insurance Corporation (FDIC) requires under 12 CFR 362.15. * *
*
PART 563--OPERATIONS
11. The authority citation for part 563 continues to read as
follows:
Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468,
1817, 1820, 1828, 1831i, 3806; 42 U.S.C. 4106.
12. Section 563.41 is amended by revising paragraph (b)(1)(v)(B) to
read as follows:
Sec. 563.41 Loans and other transactions with affiliates and
subsidiaries.
* * * * *
(b) * * *
(1) * * *
(v) * * *
(B) That the Office determines presents a risk to the safety or
soundness of the savings association, based on the nature of the
activities conducted by the company, amount of transactions with the
savings associations or its subsidiaries, financial condition of the
company or its parent savings association, or other supervisory
factors;
* * * * *
13. Section 563.171 is amended by revising the section heading to
read as follows:
Sec. 563.171 Frequency of safety and soundness examination.
* * * * *
PART 572--LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS
14. The authority citation for part 572 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464; 42 U.S.C. 4012a,
4104a, 4104b, 4106, 4128.
15. Section 572.6 is amended by revising paragraph (a) to read as
follows:
Sec. 572.6 Required use of standard flood hazard determination form.
(a) Use of form. A savings association shall use the standard flood
hazard determination form developed by the Director of FEMA when
determining whether the building or mobile home offered as collateral
security for a loan is or will be located in a special flood hazard
area in which flood insurance is available under the Act. The standard
flood hazard determination form may be used in a printed, computerized,
or electronic manner. A savings association may obtain the standard
flood hazard determination form from FEMA, P.O. Box 2012, Jessup, MD
20794-2012.
* * * * *
Dated: December 6, 1999.
By the Office of Thrift Supervision.
Ellen Seidman,
Director.
[FR Doc. 99-32066 Filed 12-9-99; 8:45 am]
BILLING CODE 6720-01-P