[Federal Register Volume 71, Number 124 (Wednesday, June 28, 2006)]
[Proposed Rules]
[Page 36717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-5834]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 327

RIN 3064-AD07


Dividends

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: On May 18, 2006, the Federal Deposit Insurance Corporation 
(FDIC) issued a notice of proposed rulemaking with request for comments 
on the implementation of dividends, as required by the Federal Deposit 
Insurance Act, as amended by the Federal Deposit Insurance Reform Act 
(``Reform Act'') (see 71 FR 28804). The FDIC is extending the comment 
period on that notice of proposed rulemaking to August 16, 2006. This 
action will allow interested persons additional time to analyze the 
issues and prepare their comments.

DATES: Comments must be received on or before August 16, 2006.

ADDRESSES: You may submit comments, identified by RIN number 3064-AD07 
by any of the following methods:
     Agency Web site: http://www.FDIC.gov/regulations/laws/federal/propose.html.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments/Legal ESS, Federal Deposit Insurance Corporation, 550 17th 
Street, NW., Washington, DC 20429.
     Hand Delivered/Courier: The guard station at the rear of 
the 550 17th Street, N.W. Building (located on F Street), on business 
days between 7 a.m. and 5 p.m.
     E-mail: [email protected]. Include RIN number 3064-AD07 in 
the subject line of the message.
    Instructions: Submissions received must include the agency name and 
RIN for this rulemaking. Comments received will be posted without 
change to http://www.FDIC.gov/regulations/laws/federal/propose.html, 
including any personal information provided.

FOR FURTHER INFORMATION CONTACT: Munsell W. St. Clair, Senior Policy 
Analyst, Division of Insurance and Research, (202) 898-8967; Donna M. 
Saulnier, Senior Assessment Policy Specialist, Division of Finance, 
(703) 562-6167; and Kymberly K. Copa, Counsel, Legal Division, (202) 
898-8832.

SUPPLEMENTARY INFORMATION: On May 18, 2006, the FDIC requested comment 
on its proposal to implement the dividend requirements for an initial 
two-hear period. The proposed rule would sunset on December 31, 2008, 
and addresses the method for the calculation, declaration, and payment 
of dividends, and administrative appeals of individual dividend 
amounts.
    The proposed rule on dividends is just one of three notices of 
proposed rulemaking to implement certain aspects of the Reform Act 
published by the FDIC on the same date. At that time, the FDIC also 
published proposed rules on the one-time assessment credit (see 71 FR 
28809) and certain procedural and operational changes to its risk-based 
assessments regulations in part 327 (see 71 FR 28790). In addition, the 
Reform Act requires the FDIC to prescribe rules on the designated 
reserve ratio and risk-based assessments. Those proposed rules are 
expected to be published in the coming weeks.
    The FDIC has determined that it would be most effective for comment 
purposes to have a longer period of overlap between the pending 
proposed rules on credits, dividends, and operational changes to the 
risk-based assessments regulations, and the upcoming proposed rules on 
the designated reserve ratio and risk-based assessments. All of these 
proposals relate in one way or another to risk-based assessments, and 
commenters should have a period of time during which they could, if 
they so choose, review all of the proposals together.
    Recently, ING Bank, fsb and Nationwide Bank requested that the FDIC 
extend the closing date for comments on the pending proposed rules to 
coincide with the closing date for comments on the upcoming proposed 
rules. While the FDIC understands the concerns expressed, a 30-day 
extension should provide sufficient comment period overlap to permit 
all of the proposals to be reviewed together, giving interested parties 
90 days to comment on the three pending proposals and allowing FDIC 
staff to consider all comments in a timely manner.

    Dated at Washington, DC this 20th day of June, 2006.
    By order of the Board of Directors.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 06-5834 Filed 6-27-06; 8:45 am]
BILLING CODE 6714-01-P