[Federal Register Volume 71, Number 74 (Tuesday, April 18, 2006)]
[Rules and Regulations]
[Pages 19810-19812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-3720]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Parts 528, 546, 552, 561, 563, 563b, 570, 574, 575, and 583

[No. 2006-15]
RIN 1550-AC05


Technical Amendments To Reflect BIF and SAIF Merger

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 numerous technical and conforming amendments 
necessary to reflect the recent merger of the Bank Insurance Fund (BIF) 
and the Savings Association Insurance Fund (SAIF).

DATES: Effective Date: April 18, 2006.

FOR FURTHER INFORMATION CONTACT: Sandra E. Evans, Legal Information 
Assistant (Regulations), (202) 906-6076; or Richard Bennett, Counsel, 
(202) 906-7409, 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 numerous technical and conforming amendments necessary to 
reflect the recent merger of the Bank Insurance Fund (BIF) and the 
Savings Association Insurance Fund (SAIF). The Deposit Insurance Reform 
Act of 2005, which was enacted as part of the Deficit Reduction Act of 
2005, Public Law 109-171, brought about this merger, creating one 
Deposit Insurance Fund (DIF). The President signed that act into law on 
February 8, 2006.
    The Act provides that the merger would take effect no later than 
July 1, 2006. The Federal Deposit Insurance Corporation made the merger 
effective March 31, 2006.
    Accordingly, OTS is making technical and conforming amendments to 
its regulations. These include deleting references to SAIF and BIF, 
substituting references to DIF where applicable, and other related 
changes to simplify definitions and provisions consistent with the 
Deposit Insurance Reform Act of 2005.

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. 5 U.S.C. 553. OTS 
believes that these procedures are unnecessary and contrary to public 
interest because the rule merely makes technical and conforming 
amendments to existing provisions necessitated by the merger of BIF and 
SAIF under the Deposit Insurance Reform Act of 2005. That merger took 
effect March 31, 2006.
    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. 
Public Law 103-325, 12 U.S.C. 4802. This section does not apply because 
this final rule imposes no additional requirements and makes only 
technical and conforming changes to existing regulations.

Regulatory Flexibility Act

    Pursuant to section 605(b) of the Regulatory Flexibility Act, 
Public Law 96-354, 5 U.S.C. 601, the OTS Director certifies that this 
regulation will not have a significant economic impact on a substantial 
number of small entities.

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 528

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

12 CFR Part 546

    Reporting and recordkeeping requirements, Savings associations.

12 CFR Parts 552 and 563b

    Reporting and recordkeeping requirements, Savings associations, 
Securities.

12 CFR Part 561

    Savings associations.

12 CFR Part 563

    Accounting, Administrative practice and procedure, Advertising, 
Conflict of interest, Crime, Currency, Holding companies, Investments, 
Mortgages, Reporting and recordkeeping requirements, Savings 
associations, Securities, Surety bond.

12 CFR Part 570

    Accounting, Administrative practice and procedure, Bank deposit 
insurance, Holding companies, Reporting and

[[Page 19811]]

recordkeeping requirements, Savings associations.

12 CFR Part 574

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

12 CFR Part 575

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

12 CFR Part 583

    Holding companies, Savings associations.

0
Accordingly, the Office of Thrift Supervision amends title 12, chapter 
V of the Code of Federal Regulations, as set forth below.

PART 528--NONDISCRIMINATION REQUIREMENTS

0
1. 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.


0
2. Revise Sec.  528.1(b) to read as follows:


Sec.  528.1  Definitions.

* * * * *
    (b) Savings association. The term ``savings association'' means any 
savings association as defined in 12 U.S.C. 1813(b).
* * * * *

PART 546--FEDERAL MUTUAL SAVINGS ASSOCIATIONS--MERGER, DISSOLUTION, 
REORGANIZATION, AND CONVERSION

0
3. The authority citation for part 546 continues to read as follows:

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


0
4. Revise Sec.  546.2(a)(3) to read as follows:


Sec.  546.2  Procedure; effective date.

* * * * *
    (a) * * *
    (3) Any resulting Federal savings association conforms within the 
time prescribed by the OTS to the requirements of sections 5(c) and 
10(m) of the Home Owners' Loan Act; and
* * * * *

PART 552--FEDERAL STOCK ASSOCIATIONS--INCORPORATION, ORGANIZATION, 
AND CONVERSION

0
5. The authority citation for part 552 continues to read as follows:

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


0
6. Revise Sec.  552.13(a) and (c)(3) to read as follows:


Sec.  552.13  Combinations involving Federal stock associations.

    (a) Scope and authority. Federal stock associations may enter into 
combinations only in accordance with the provisions of this section, 
section 18(c) of the Federal Deposit Insurance Act, sections 5(d)(3)(A) 
and 10(s) of the Home Owners' Loan Act, and Sec.  563.22 of this part.
* * * * *
    (c) * * *
    (3) Any resulting Federal savings association conforms within the 
time prescribed by the OTS to the requirements of sections 5(c) and 
10(m) of the Home Owners' Loan Act; and
* * * * *

PART 561--DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS 
ASSOCIATIONS

0
7. The authority citation for part 561 continues to read as follows:

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


Sec.  561.3  [Amended]

0
8. Amend Sec.  561.3 by removing ``SAIF'' and adding in its place 
``Deposit Insurance Fund''.


Sec.  561.7  [Removed]

0
9. Remove and reserve Sec.  561.7.


Sec.  561.41  [Removed]

0
10. Remove and reserve Sec.  561.41.

PART 563--SAVINGS ASSOCIATIONS--OPERATIONS

0
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, 1831o, 3806; 31 U.S.C. 5318; 42 U.S.C. 4106.


0
12. Amend Sec.  563.22 as follows:
0
a. Revise paragraph (d)(4);
0
b. Remove ``the Savings Association Insurance Fund, the Bank Insurance 
Fund,'' and add in its place ``the Deposit Insurance Fund'' in 
paragraph (e)(2)(i);
0
c. Remove ``, except as provided in paragraph (h)(2)(iii) of this 
section'' in paragraph (h)(2)(ii); and
0
d. Remove paragraph (h)(2)(iii), to read as follows:


Sec.  563.22  Merger, consolidation, purchase or sale of assets, or 
assumption of liabilities.

* * * * *
    (d) * * *
    (4) Applications filed under paragraph (a) of this section must be 
processed in accordance with the time frames set forth in Sec. Sec.  
516.210 through 516.290 of this chapter, provided that the period for 
review may be extended only if the Office determines that the applicant 
has failed to furnish all requested information or that the information 
submitted is substantially inaccurate, in which case the review period 
may be extended for up to 30 days.
* * * * *


Sec.  563.81  [Amended]

0
13. Amend Sec.  563.81 as follows:
0
a. Remove ``the Savings Association Insurance Fund or the Bank 
Insurance Fund, as the case may be,'' and add in its place ``the 
Deposit Insurance Fund'' in paragraph (b)(3);
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b. Remove ``the Savings Association Insurance Fund or the Bank 
Insurance Fund, as the case may be,'' and add in its place ``the 
Deposit Insurance Fund'' in paragraph (f);
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c. Remove ``whose accounts are insured by the Savings Association 
Insurance Fund,'' in paragraph (k)(3)(ii); and
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d. Remove ``the Savings Association Insurance Fund or the Bank 
Insurance Fund, as appropriate'' and add in its place ``the Deposit 
Insurance Fund'' in paragraph (k)(5)(i).

PART 563b--CONVERSIONS FROM MUTUAL TO STOCK FORM

0
14. The authority citation for part 563b continues to read as follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 2901; 15 
U.S.C. 78c, 78l, 78m, 78n, 78w.

Sec.  563b.625  [Amended]

0
15. Amend Sec.  563b.625 by removing ``the federal deposit insurance 
funds'' and adding in its place ``the Deposit Insurance Fund'' in 
paragraphs (b)(3) and (4).

Sec.  563b.630  [Amended]

0
16. Revise the section heading of Sec.  563b.630 to read as follows:


Sec.  563b.630  When is a state-chartered savings bank eligible for a 
voluntary supervisory conversion?

0
17. Amend the introductory text of Sec.  563b.630 by removing ``BIF-
insured''.


[[Page 19812]]




Sec.  563b.670  [Amended]

0
18. Amend Sec.  563b.670 by removing ``the federal deposit insurance 
funds'' and adding in its place ``the Deposit Insurance Fund'' in 
paragraph (b).

Sec.  563b.675  [Amended]

0
19. Amend Sec.  563b.675 by removing ``the federal deposit insurance 
funds'' and adding in its place ``the Deposit Insurance Fund'' in 
paragraph (b)(1).

PART 570--SAFETY AND SOUNDNESS GUIDELINES AND COMPLIANCE PROCEDURES

0
20. The authority citation for part 570 continues to read as follows:

    Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 1828, 1831p-1, 
1881-1884; 15 U.S.C. 1681s and 1681w; 15 U.S.C. 6801 and 6805(b)(1).

Appendix A to Part 570 [Amended]

0
21. Amend paragraph I(vi) of Appendix A by removing ``the deposit 
insurance funds'' and adding in its place ``the Deposit Insurance 
Fund''.

PART 574--ACQUISITION OF CONTROL OF SAVINGS ASSOCIATIONS

0
22. The authority citation for part 574 continues to read as follows:

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


Sec.  574.2  [Amended]

0
23. Remove and reserve Sec.  574.2, paragraphs (e) and (o).


Sec.  574.7  [Amended]

0
24. Amend Sec.  574.7 as follows:
0
a. Remove ``the SAIF or BIF; or'' and add in its place ``the Deposit 
Insurance Fund; or'' in paragraph (c)(1)(i);
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b. Remove ``the SAIF or the BIF'' and add in its place ``the Deposit 
Insurance Fund'' in paragraph (d)(6).

PART 575--MUTUAL HOLDING COMPANIES

0
25. 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
26. Amend Sec.  575.7 by removing ``the relevant Federal deposit 
insurance fund,'' and adding in its place ``the Deposit Insurance 
Fund,'' in paragraph (d)(6)(ii).

PART 583--DEFINITIONS FOR REGULATIONS AFFECTING SAVINGS AND LOAN 
HOLDING COMPANIES

0
27. The authority citation for part 583 continues to read as follows:

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


0
28. Revise Sec.  583.3 to read as follows:


Sec.  583.3  Bank.

    The term bank means any national bank, state bank, state-chartered 
savings bank, cooperative bank, or industrial bank, the deposits of 
which are insured by the Deposit Insurance Fund.


Sec.  583.5  [Removed]

0
29. Remove and reserve Sec.  583.5.


Sec.  583.19  [Removed]

0
30. Remove and reserve Sec.  583.19.

    Dated: March 31, 2006.

    By the Office of Thrift Supervision.
John M. Reich,
Director.
[FR Doc. 06-3720 Filed 4-17-06; 8:45 am]
BILLING CODE 6720-01-P