[Federal Register Volume 73, Number 1 (Wednesday, January 2, 2008)]
[Rules and Regulations]
[Pages 17-19]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-25000]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Parts 558, 563, 564, 567, and 574

[OTS No. 2007-0025]


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 and corrections of 
typographical errors.

DATES: Effective Date: January 2, 2008.

FOR FURTHER INFORMATION CONTACT: Sandra E. Evans, Legal Information 
Assistant (Regulations), (202) 906-6076, 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:
     Sections 558.1 and 558.2--Procedure upon taking 
possession; notice of appointment. OTS's regulations at 12 CFR 558.1 
provides that when OTS appoints a conservator or receiver, the 
conservator or receiver shall, upon taking possession of the 
institution: (1) Give notice of the appointment to any officer or 
employee of the institution who appears to be in charge at the 
institution's principal office, and (2) serve a copy of the order of 
appointment upon the savings association or an existing conservator or 
receiver by leaving a copy of the order at the principal office or by 
handing a copy of the order to specified persons. This final rule 
modifies Sec. Sec.  558.1 and 558.2 to increase administrative 
flexibility by providing that the Director of OTS will designate those 
persons or entities that will give notice and make service. In 
addition, reference to service on prior receivers is eliminated because 
the OTS may appoint only the Federal Deposit Insurance Corporation as a 
receiver of a savings association.
     Section 563.43--Loans by savings associations to their 
executive officers, directors and principal shareholders. The final 
rule revises the introductory paragraph to remove the reference to 
subparts A and B of the Federal Reserve Board's Regulation O (12 CFR 
Part 215) as Regulation O is no longer divided

[[Page 18]]

into subparts. The introductory paragraph is also revised to remove the 
reference to Sec.  215.13 since that section no longer exists.
     Section 564.8--Appraisal policies and practices of savings 
associations and subsidiaries. The incorrect reference to Sec.  563.172 
in paragraph (a) ``Introduction'' is removed.
     Section 567.5--Components of capital. Section 
567.5(b)(1)(iv), which refers to net worth certificates, and section 
567.5(b)(1)(v), which refers to income capital certificates, are 
obsolete and are removed. All of these certificates have been redeemed 
and no longer exist.
     Section 567.12--Intangible assets, servicing assets, and 
credit-enhancing interest-only strips. The practice of grandfathering 
core deposit intangibles (CDIs) is no longer relevant because all CDIs 
were fully amortized as of 2002. Therefore, Sec.  567.12(g) is removed.
     Section 574.2(c)(3)--Definitions. The cross-reference to 
Sec.  563b.2(a)(39) is corrected by replacing it with a cross-reference 
to Sec.  563b.25.

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 the public interest 
because the rule merely makes changes to agency procedures and 
technical changes to existing provisions. Because the amendments in the 
rule are not substantive, these changes will not 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. 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. 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 558

    Savings associations.

12 CFR Part 563

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

12 CFR Part 564

    Mortgages, Reporting and recordkeeping requirements, Savings 
associations.

12 CFR Part 567

    Reporting and recordkeeping requirements, Savings associations.

12 CFR Part 574

    Administrative practice and procedure, 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 558--POSSESSION BY CONSERVATORS AND RECEIVERS FOR FEDERAL AND 
STATE SAVINGS ASSOCIATIONS

0
1. The authority citation for part 558 continues to read as follows:

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


0
2. Amend Sec.  558.1 by removing paragraphs (b)(1) and (b)(2) and 
redesignating paragraphs (b)(3) through (b)(7) as paragraphs (b)(1) 
through (b)(5).

0
3. Revise Sec.  558.2 to read as follows:


Sec.  558.2  Notice of appointment.

    (a) When the Director of OTS issues an order for the appointment of 
a conservator or receiver, the Director will designate the persons or 
entities whose employees or agents must, before the conservator or 
receiver takes possession of the savings association:
    (1) Give notice of the appointment to any officer or employee who 
is present in and appears to be in charge at the principal office of 
the savings association as determined by OTS.
    (2) Serve a copy of the order for the appointment upon the savings 
association or upon the conservator by:
    (i) Leaving a certified copy of the order of appointment at the 
principal office of the savings association as determined by OTS; or
    (ii) Handing a certified copy of the order of appointment to the 
previous conservator of the savings association, or to the officer or 
employee of the savings association, or to the previous conservator who 
is present in and appears to be in charge at the principal office of 
the savings association as determined by OTS.
    (3) File with the Secretary of OTS a statement that includes the 
date and time that notice of the appointment was given and service of 
the order of appointment was made.
    (b) If the Director of OTS appoints a conservator or receiver under 
this part, OTS will immediately file a notice of the appointment for 
publication in the Federal Register.

PART 563--SAVINGS ASSOCIATIONS--OPERATIONS

0
4. 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.


Sec.  563.43  [Amended]

0
5. Amend the introductory paragraph of Sec.  563.43 by removing ``12 
CFR Part 215, subparts A and B of the Federal Reserve Board's 
Regulation O, with the exception of 12 CFR 215.13,'' and adding ``the 
Federal Reserve Board's Regulation O (12 CFR Part 215),'' in its place.

PART 564--APPRAISALS

0
6. The authority citation for Part 564 continues to read as follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1828(m), 3331 et 
seq.


Sec.  564.8  [Amended]

0
7. Amend Sec.  564.8(a) by removing ``Sec. Sec.  563.170 and 563.172 of 
this part''

[[Page 19]]

and adding ``Sec.  563.170 of this chapter'' in its place.

PART 567--CAPITAL

0
8. The authority citation for Part 567 continues to read as follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1828 
(note).


Sec.  567.5  [Amended]

0
9. Amend Sec.  567.5 by removing paragraphs (b)(1)(iv) and (v) and 
redesignating paragraphs (b)(1)(vi) and (vii) as paragraphs (b)(1)(iv) 
and (v).


Sec.  567.12  [Amended]

0
10. Amend Sec.  567.12 by removing paragraph (g) and redesignating 
paragraph (h) as paragraph (g).

PART 574--ACQUISITION OF CONTROL OF SAVINGS ASSOCIATIONS

0
11. The authority citation for Part 574 continues to read as follows:

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


Sec.  574.2  [Amended]

0
12. Amend Sec.  574.2(c)(3) by removing ``Sec.  563b.2(a)(39)'' and 
adding ``Sec.  563b.25 of this chapter'' in its place.

    Dated: December 19, 2007.
    By the Office of Thrift Supervision.
John M. Reich,
Director.
[FR Doc. E7-25000 Filed 12-31-07; 8:45 am]
BILLING CODE 6720-01-P