[Federal Register Volume 76, Number 129 (Wednesday, July 6, 2011)]
[Rules and Regulations]
[Pages 39246-39248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-16875]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Chapter I

[Docket ID OCC-2011-0017]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Chapter III

RIN 3064-ZA01


List of Office of Thrift Supervision Regulations to be Enforced 
by the Office of the Comptroller of the Currency and the Federal 
Deposit Insurance Corporation Pursuant to the Dodd-Frank Wall Street 
Reform and Consumer Protection Act

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); 
Federal Deposit Insurance Corporation (FDIC).

ACTION: Joint notice.

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SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Act), transfers to the OCC the functions of the Office of Thrift 
Supervision (OTS) relating to Federal savings associations and also 
transfers to the OCC rulemaking authority of the OTS and the Director 
of the OTS, respectively, relating to all savings associations. 
Functions of the OTS relating to State savings associations are 
transferred to the FDIC. Section 316(c) of the Act requires the OCC and 
the FDIC, after consultation with one another, to identify those 
regulations of the OTS that are continued under Section 316(b) of the 
Act that the OCC, with respect to Federal savings associations, and the 
FDIC, with respect to State savings associations, will enforce, and to 
publish a list of those regulations in the Federal Register. This joint 
notice sets out the required lists of both the OCC and the FDIC.

FOR FURTHER INFORMATION CONTACT: OCC: Andra Shuster, Senior Counsel, 
Heidi Thomas, Special Counsel, or Mary Gottlieb, Regulatory Specialist, 
Legislative and Regulatory Activities Division, (202) 874-5090, Office 
of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 
20219.
    FDIC: Ann Johnson Taylor, Counsel, (202) 898-3573; Rodney D. Ray, 
Counsel, (202) 898-3556; or Martin P. Thompson, Senior Review Examiner, 
(202) 898-6767, Federal Deposit Insurance Corporation, 550 17 St. NW., 
Washington, DC 20429.

SUPPLEMENTARY INFORMATION: The Act, signed into law on July 21, 
2010,\1\ transfers all functions of the OTS and the Director as well as 
all of the powers, authorities, rights, and duties vested in the OTS 
and the Director of the OTS relating to the transferred functions to 
the OCC, FDIC and the Board of Governors of the Federal Reserve System 
(the Board). All functions, powers, authorities, rights, and duties 
relating to Federal savings associations are transferred to the OCC and 
the Comptroller of the Currency; all functions, powers, authorities, 
rights, and duties relating to State savings associations are 
transferred to the FDIC; and all functions, powers, authorities, 
rights, and duties relating to the supervision of savings and loan 
holding companies (SLHCs) and any subsidiaries of such SLHCs other than 
depository institutions are transferred to the Board. The Act transfers 
rulemaking authority of the OTS and the Director of the OTS relating to 
savings associations to the OCC and the Comptroller of the Currency, 
and transfers rulemaking authority of the OTS and the Director of the 
OTS relating to SLHCs to the Board.\2\ The transfer of OTS functions 
will take place on July 21, 2011. The Act abolishes the OTS 90 days 
after the transfer date.
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    \1\ Public Law 111-203, 124 Stat. 1376 (July 21, 2010).
    \2\ Section 312(c) of the Act designated the FDIC as the 
``appropriate Federal banking agency'' for State savings 
associations. Under those statutes (and others using similar 
terminology) for which the ``appropriate Federal banking agency'' is 
authorized to issue regulations, the FDIC will issue regulations for 
State savings associations.
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    Section 316(b) of the Act provides for the continuation of OTS 
regulations and enforcement of such regulations that have been issued 
in performance of the functions transferred by Title III of the Act. 
Section 316(c) of the Act requires the OCC and FDIC, after consultation 
with each other, to identify those regulations of the OTS that are 
continued under Section 316(b) of the Act that will be enforced by each 
agency and publish a list of those regulations in the Federal 
Register.\3\ This list must be published no later than the transfer 
date.
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    \3\ Separately, the Act requires the Board to identify the OTS 
regulations continued under Section 316(b) that the Board will 
enforce after the transfer date and to publish a list in the Federal 
Register.
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    This joint notice sets out both the OCC's and the FDIC's lists of 
OTS regulations that each agency will enforce beginning on the transfer 
date: The OCC, with respect to Federal savings associations; and the 
FDIC, with respect to State savings associations.\4\ This joint notice 
is not intended to have any substantive effect on the regulations at 
issue; rather it provides a reference for Federal savings associations 
that will be regulated and supervised by the OCC beginning on the 
transfer date and for State savings associations that will be regulated 
and supervised by the FDIC beginning on the transfer date.\5\ 
Separately, the OCC also plans to issue an interim final rule with a 
request for comment, effective on the transfer date, that republishes 
those OTS regulations the OCC will enforce as of the transfer date. 
These regulations will be added to Chapter I of Title 12 of the Code of 
Federal Regulations and renumbered accordingly as OCC rules, with 
nomenclature and other technical amendments to reflect OCC supervision. 
The OCC will consider more comprehensive substantive amendments to 
former OTS regulations, as

[[Page 39247]]

appropriate, with the opportunity for public comment, after the 
transfer date.\6\
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    \4\ As set out in the tables below, certain provisions have been 
excluded because they relate to the supervision of SLHCs, which will 
be supervised by the Board, or are superseded by the Act.
    \5\ Further, publication of this list should not be construed to 
restrict the OCC or the FDIC from enforcing violations of OTS 
regulations by Federal savings associations or State savings 
associations, respectively, that occurred prior to the transfer 
date.
    \6\ The OCC also has issued a notice of proposed rulemaking to 
revise a number of OCC regulations to reflect the OCC's supervision 
of Federal savings associations and other changes necessitated by 
the Act. 76 FR 30557 (May 26, 2011).
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    On June 14, 2011, the FDIC's Board of Directors approved an interim 
rule with request for comment to revise a number of existing FDIC 
administrative and procedural rules to reflect the FDIC's supervision 
of State savings associations and to make other clarifying amendments 
to those rules.\7\ This interim rule, which was published in the 
Federal Register on June 21, 2011, will be effective on the transfer 
date. The FDIC plans to issue a second interim rule with a request for 
comment, also effective on the transfer date, which will republish 
certain OTS rules for which the FDIC has rulemaking authority. These 
regulations will be renumbered and added to Chapter III of Title 12 of 
the Code of Federal Regulations with nomenclature and other technical 
amendments. After the transfer date, and with the opportunity for 
public comment, the FDIC will consider incorporating these rules into 
its existing rules, amending them in a more substantive manner, or 
rescinding them, as appropriate.
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    \7\ 76 FR 35963 (June 21, 2011).
    \8\ Pursuant to section 1025 of the Act, with respect to subpart 
C, the OCC will enforce this rule for Federal savings associations 
with assets of $10 billion or less. The Consumer Financial 
Protection Bureau will enforce subpart C of this rule for 
institutions with assets of more than $10 billion.
    \9\ Pursuant to section 1025 of the Act, with respect to subpart 
D, the OCC will enforce this rule for Federal savings associations 
with assets of $10 billion or less. The Consumer Financial 
Protection Bureau will enforce subpart D of this rule for 
institutions with assets of more than $10 billion.
    \10\ With respect to Sec.  571.83 and subpart J, the OCC will 
enforce this rule for all Federal savings associations. Pursuant to 
section 1025 of the Act, with respect to the remaining provisions of 
part 571, the OCC will enforce this rule for Federal savings 
associations with assets of $10 billion or less and the Consumer 
Financial Protection Bureau will enforce this rule for institutions 
with assets of more than $10 billion.
    \11\ Pursuant to section 1025 of the Act, the OCC will enforce 
this rule for Federal savings associations with assets of $10 
billion or less. The Consumer Financial Protection Bureau will 
enforce this rule for institutions with assets of more than $10 
billion.
    \12\ Pursuant to section 1025 of the Dodd-Frank Act, the FDIC 
will enforce subpart D of this rule for State savings associations 
with assets of $10 billion or less. The Consumer Financial 
Protection Bureau will enforce this rule for institutions with 
assets of more than $10 billion.
    \13\ With respect to Sec.  571.83 and subpart J, the FDIC will 
enforce this rule for all State savings associations. Pursuant to 
section 1025 of the Dodd-Frank Act, with respect to the remaining 
provisions of part 571, the FDIC will enforce this rule for State 
savings associations with assets of $10 billion or less, and the 
Consumer Financial Protection Bureau will enforce this rule for 
institutions with assets of more than $10 billion.
    \14\ Pursuant to section 1025 of the Dodd-Frank Act, the FDIC 
will enforce this rule for State savings associations with assets of 
$10 billion or less. The Consumer Financial Protection Bureau will 
enforce this rule for institutions with assets of more than $10 
billion.

                           OTS Regulations That Will Be Enforced by the OCC--Title 12
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                                                  Chapter V--Office of Thrift Supervision, Department of the
               Part or section                                             Treasury
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Part 508....................................  Removals, Suspensions and Prohibitions where a Crime is Charged.
Part 509 (except 509.100(b) and Subparts C    Rules of Practice and Procedure in Adjudicatory Proceedings.
 and D).
Part 512....................................  Rules for Investigative Proceedings and Formal Examination
                                               Proceedings.
Part 516....................................  Application Processing Procedure.
Part 528....................................  Nondiscrimination Requirements.
Part 533....................................  Disclosure and Reporting of CRA-related Agreements.
Part 536....................................  Consumer Protection in Sales of Insurance.
Part 541....................................  Definitions for Federal Savings Association Regulations.
Part 543....................................  Federal Mutual Savings Associations--Incorporation, Organization
                                               and Conversion.
Part 544....................................  Federal Mutual Savings Associations--Charter and Bylaws.
Part 545 (except 545.2).....................  Federal Savings Associations--Operations.
Part 546....................................  Federal Mutual Savings Associations--Merger, Dissolution,
                                               Reorganization, and Conversion.
Part 550 (except 550.10(b)).................  Fiduciary Powers of Savings Associations.
Part 551....................................  Recordkeeping for Securities Transactions.
Part 552....................................  Federal Stock Associations--Incorporation, Organization, and
                                               Conversion.
Part 555 (except 555.310(b))................  Electronic Operations.
Part 557 (except 557.11, 12 and 13).........  Deposits.
Part 559....................................  Subordinate Organizations.
Part 560 \8\ (except 560.2).................  Lending and Investment.
Part 561....................................  Definitions for Regulations Affecting All Savings Associations.
Part 562 (except 562.4(b)(2))...............  Regulatory Reporting Standards.
Part 563 \9\ (except 563.171, and             Savings Associations--Operations.
 563.172(b)(2)).
Part 563b...................................  Conversions from Mutual to Stock Form.
Part 563c...................................  Accounting Requirements.
Part 563d...................................  Securities of Savings Associations.
Part 563e...................................  Community Reinvestment.
Part 563f...................................  Management Official Interlocks.
Part 563g...................................  Securities Offerings.
Part 564....................................  Appraisals.
Part 565....................................  Prompt Corrective Action.
Part 567....................................  Capital.
Part 568....................................  Security Procedures.
Part 569....................................  Proxies.
Part 570....................................  Safety and Soundness Guidelines Establishing Standards for Safety
                                               and Soundness.
Part 571 \10\...............................  Fair Credit Reporting.
Part 572....................................  Loans in Areas Having Special Flood Hazards.
Part 573 \11\...............................  Privacy of Consumer Information.
Part 574 (except provisions only applicable   Acquisition of Control of Savings Associations.
 to SLHCs).
Part 590....................................  Preemption of State Usury Laws.
Part 591....................................  Preemption of Due-on-Sale Laws.
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[[Page 39248]]


                           OTS Regulations That Will Be Enforced by the FDIC--Title 12
----------------------------------------------------------------------------------------------------------------
                                                  Chapter V--Office of Thrift Supervision, Department of the
               Part or section                                             Treasury
----------------------------------------------------------------------------------------------------------------
Part 507 (except 507.3(b))..................  Restrictions on Post-Employment Activities of Senior Examiners.
Part 508....................................  Removals, Suspensions and Prohibitions where a Crime is Charged.
Part 509 (except 509.1(e)(3), 509.100(b),     Rules of Practice and Procedure in Adjudicatory Proceedings.
 509.103(b)(2), and Subparts C and D).
Part 512....................................  Rules for Investigative Proceedings and Formal Examination
                                               Proceedings.
Part 513....................................  Practice Before the Office.
Part 516 (except 516.45(a)(3), and            Application Processing Procedure.
 516.290(b)).
Part 528....................................  Nondiscrimination Requirements.
Part 533 (except 533.1(b)(2) and 533.10)....  Disclosure and Reporting of CRA-related Agreements.
Part 536....................................  Consumer Protection in Sales of Insurance.
Part 550 (only 550.10(b))...................  Fiduciary Powers of Savings Associations.
Part 551....................................  Recordkeeping for Securities Transactions.
Part 555 (only Subpart B, except 555.310(b))  Electronic Operations.
Part 557 (only Subpart C)...................  Deposits.
Part 558....................................  Possession by Conservators and Receivers for Federal and State
                                               Savings Associations.
Part 559 (only Subpart B)...................  Subordinate Organizations.
Part 560 (only 560.1, 560.3 and Subpart B)..  Lending and Investment.
Part 561 (except 561.18(b) and 561.34)......  Definitions for Regulations Affecting All Savings Associations.
Part 562 (except 562.4(b)(2))...............  Regulatory Reporting Standards.
Part 563 \12\ (except 563.161 as to service   Savings Associations--Operations.
 corporations, 563.172(b)(1), 563.180(d)(4),
 563.555 (definition of ``Troubled
 condition'' (2)).
Part 563b...................................  Conversions from Mutual to Stock Form.
Part 563c...................................  Accounting Requirements.
Part 563d (except 563d.2)...................  Securities of Savings Associations.
Part 563e...................................  Community Reinvestment.
Part 563f (except 563f.2(o)(1)).............  Management Official Interlocks.
Part 563g...................................  Securities Offerings.
Part 564....................................  Appraisals.
Part 565 (except 565.5(h))..................  Prompt Corrective Action.
Part 567....................................  Capital.
Part 568....................................  Security Procedures.
Part 569....................................  Proxies.
Part 570....................................  Safety and Soundness Guidelines Establishing Standards for Safety
                                               and Soundness.
Part 571\13\ (except 571.30(a)(1)(iii),       Fair Credit Reporting.
 (iv), and (v)).
Part 572....................................  Loans in Areas Having Special Flood Hazards.
Part 573 \14\...............................  Privacy of Consumer Information.
Part 574 (except provisions applicable to     Acquisition of Control of Savings Associations.
 SLHCs).
Part 590....................................  Preemption of State Usury Laws.
Part 591....................................  Preemption of Due-on-Sale Laws.
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    Dated: June 15, 2011.
John Walsh,
Acting Comptroller of the Currency.
    By order of the Board of Directors.

    Dated at Washington, DC, this 14th day of June, 2011.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-16875 Filed 7-5-11; 8:45 am]
BILLING CODE 4810-33-P; 6714-01-P