[Federal Register Volume 68, Number 249 (Tuesday, December 30, 2003)]
[Rules and Regulations]
[Pages 75108-75110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-31692]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Parts 506, 550, 560, 563, 563g, and 575

[No. 2003-68]


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. They include clarifications, updated statutory and other 
references, and corrections of typographical errors.

EFFECTIVE DATE: December 30, 2003.

FOR FURTHER INFORMATION CONTACT: Marilyn K. Burton, Senior Paralegal 
(Regulations), (202) 906-6467, or Karen A. Osterloh, Special 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. OTS is 
making the following miscellaneous changes:
    [sbull] Part 506--Information Collection Requirements under the 
Paperwork Reduction Act (PRA). The final rule updates the table 
displaying the OMB control numbers assigned to various OTS regulations 
under the PRA by adding and amending references to a control number. 
See 12 CFR 506.1(b).
    [sbull] Part 550--Fiduciary Powers of Savings Associations. The 
final rule corrects typographical errors in the chart in Sec.  550.70.
    [sbull] Part 560--Lending and Investment. The final rule corrects a 
typographical error in Sec.  560.30.
    [sbull] Part 563--Savings Associations--Operations. The final rule 
adds a regulatory reference to Sec.  563.41(b) and deletes a citation 
to an outdated regulation in Sec.  563.180(c).
    [sbull] Parts 563g--Securities Offerings. The final rule updates a 
reference to an OTS Office and revises citations in Sec. Sec.  
563g.1(a)(6), (a)(9) and (a)(10), and 563g.5.
    [sbull] Part 575--Mutual Holding Companies. The final rule corrects 
a typographical error in Sec.  575.7.

Administrative Procedure Act; Riegle Community Development and 
Regulatory Improvement Act of 1994

    OTS finds that there is good cause to dispense with prior notice 
and comment on this final rule and with the 30-day delay of effective 
date mandated by the Administrative Procedure Act.\1\ OTS believes that 
these procedures are unnecessary and contrary to public interest 
because the rule merely corrects and clarifies existing provisions. 
Because the amendments in the rule are not substantive, these changes 
will not detrimentally affect savings associations.
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    \1\ 5 U.S.C. 553.
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    Section 302 of the Riegle Community Development and Regulatory 
Improvement Act of 1994 provides that regulations that impose 
additional reporting, disclosure, or other new requirements may not 
take effect before the first day of the quarter following 
publication.\2\ This section does not apply because this final rule 
imposes no additional requirements and makes only technical changes to 
existing regulations.
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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\ 
the OTS Director certifies 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.

List of Subjects

12 CFR Part 506

    Reporting and recordkeeping requirements.

12 CFR Part 550

    Savings associations, Trusts and trustees.

12 CFR Part 560

    Consumer protection, Investments, Manufactured homes, Mortgages, 
Reporting and recordkeeping requirements, Savings associations, 
Securities.

[[Page 75109]]

12 CFR Part 563

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

12 CFR Part 563g

    Reporting and recordkeeping requirements, Savings associations, 
Securities.

12 CFR Part 575

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

0
Accordingly, the Office of Thrift Supervision 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

0
1. The authority citation for part 506 continues to read as follows:

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


0
2. Amend the table in Sec.  506.1(b) by:
0
a. Revising the entries for Sec. Sec.  563.22 and 563.81; and
0
b. Removing the entries for Sec. Sec.  552.6, 552.7, 563.80, 563b.4, 
and 563b.20 through 563b.32.


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.
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                              * * * * * * *
563.22...........................  1550-0016, 1550-0025
 
                              * * * * * * *
563.81...........................  1550-0030
 
                              * * * * * * *
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PART 550--FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS

0
3. The authority citation for part 550 continues to read as follows:

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


0
4. Revise the table in Sec.  550.70 at paragraphs (b) and (d) to read 
as follows:


Sec.  550.70  Must I obtain OTS approval or file a notice before I 
exercise fiduciary powers?

* * * * *

------------------------------------------------------------------------
       If you will conduct . . .                    Then . . .
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                              * * * * * * *
(b) Fiduciary activities that are        You must obtain prior approval
 materially different from the            from OTS under Sec.  Sec.
 activities that OTS has previously       550.80 through 550.120 before
 approved for you, including fiduciary    you conduct the activities
 activities that OTS has previously
 approved for you that you have not
 exercised for at least five years.
 
                              * * * * * * *
(d) Activities that are ancillary to     You do not have to obtain prior
 your fiduciary business.                 OTS approval or file a notice
                                          with OTS.
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PART 560--LENDING AND INVESTMENT

0
5. The authority citation for part 560 continues to read as follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1701j-3, 
1828, 3803, 3806; 42 U.S.C. 4106.


0
6. Revise the fifth entry in the table in Sec.  560.30 to read as 
follows:


Sec.  560.30  General lending and investment powers of Federal savings 
associations.

* * * * *

                   Lending and Investment Powers Chart
------------------------------------------------------------------------
                                                           Statutory
                                                          investment
                                                          limitations
            Category                   Statutory       (Endnotes contain
                                   authorization \1\      applicable
                                                          regulatory
                                                         limitations)
------------------------------------------------------------------------
 
                              * * * * * * *
Community development loans and   5(c)(3)(A)........  5% of total
 equity investments.                                   assets, provided
                                                       equity
                                                       investments do
                                                       not exceed 2% of
                                                       total assets.\4\
 
                              * * * * * * *
------------------------------------------------------------------------
Endnotes:
1. All references are to section 5 of the Home Owners' Loan Act (12
  U.S.C. 1464) unless otherwise indicated.
* * * * * * *
4. The 2% of assets limitation is a sublimit for investments within the
  overall 5% of assets limitation on community development loans and
  investments. The qualitative standards for such loans and investments
  are set forth in HOLA section 5(c)(3)(A) (formerly 5(c)(3)(B), as
  explained in an opinion of the OTS Chief Counsel dated May 10, 1995
  (available at http://www.ots.treas.gov)).


[[Page 75110]]

* * * * *

PART 563--SAVINGS ASSOCIATIONS--OPERATIONS

0
7. 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, 1831o, 3806; 42 U.S.C. 4106.


0
8. Revise the last sentence of the introductory paragraph of Sec.  
563.41(b) to read as follows:


Sec.  563.41  Transactions with affiliates.

* * * * *
    (b) * * * In addition, a savings association should read all 
references to ``the Board'' or ``appropriate federal banking agency'' 
to refer only to ``OTS,'' except for references at 12 CFR 
223.2(a)(9)(iv), 223.3(h), 223.3(z), 223.14(c)(4), 223.43, and 223.55.
* * * * *


Sec.  563.180  [Amended]

0
9. Amend Sec.  563.180(c) by removing the last sentence.

PART 563g--SECURITIES OFFERINGS

0
10. The authority citation for part 563g continues to read as follows:

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


Sec.  563g.1  [Amended]

0
11. In Sec.  563g.1, amend paragraph (a)(6) by removing ``Corporate and 
Securities Division'' and by adding in lieu thereof ``Business 
Transactions Division'; amend paragraph (a)(9) by removing ``Sec.  
563b.2(a)(27)'' and adding in lieu thereof ``Sec.  563b.25''; and amend 
paragraph (a)(10) by removing ``Sec.  563b.2(a)(29)'' and adding in 
lieu thereof ``Sec.  563b.25''.


Sec.  563g.5  [Amended]

0
12. Amend Sec.  563g.5(a) by removing the phrase ``Sec.  563b.8(e)(1), 
(e)(3), and (e)(4), (f) through (q), and (s)'' and adding in lieu 
thereof ``Sec. Sec.  563b.115(a), 563b.150(a)(6), 563b.155, 
563b.180(b), and Form AC, General Instruction B''.

PART 575--MUTUAL HOLDING COMPANIES

0
13. The authority citation for part 575 continues to read as follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1828, 2901.


Sec.  575.7  [Amended]

0
14. Amend Sec.  575.7 by removing ``12 CFR Form OC'' in paragraph 
(d)(6)(i) and by adding in lieu thereof ``Form OC''.

    Dated: December 17, 2003.

    By the Office of Thrift Supervision.
Richard M. Riccobono,
Deputy Director.
[FR Doc. 03-31692 Filed 12-29-03; 8:45 am]
BILLING CODE 6720-01-P