[Federal Register Volume 76, Number 199 (Friday, October 14, 2011)]
[Rules and Regulations]
[Pages 63817-63818]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-26635]



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 Rules and Regulations
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  Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / 
Rules and Regulations  

[[Page 63817]]



FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Parts 309 and 310

RIN 3064-AD83


Disclosure of Information; Privacy Act Regulations; Notice and 
Amendments

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Final rule.

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SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Act), abolished the Office of Thrift Supervision (OTS) and, as of July 
21, 2011, the statutorily prescribed transfer date (Transfer Date), the 
functions and regulations of the OTS relating to savings and loan 
holding companies, Federal savings associations, and State savings 
associations to the Board of Governors of the Federal Reserve System 
(FRB), the Office of the Comptroller of the Currency (OCC), and the 
FDIC, respectively. The Board of Directors is finalizing an interim 
rule that confirmed that, effective on the Transfer Date, the OTS 
Freedom of Information Act (FOIA) and Privacy Act (PA) regulations will 
not be enforced by the FDIC and that, instead, all FOIA and PA issues 
will be addressed under the FDIC's regulations involving disclosure of 
information and the PA, as amended.

DATES: Effective Date: The effective date of the final rule is November 
14, 2011.

FOR FURTHER INFORMATION CONTACT: Ann Johnson Taylor, Counsel, Legal 
Division, (202) 898-3573 or [email protected]; Rodney D. Ray, 
Counsel, Legal Division, (202) 898-3556 or [email protected]; or Martin P. 
Thompson, Senior Review Examiner, Division of Risk Management 
Supervision, (202) 898-6767 or [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    The Act, signed into law on July 21, 2010, substantially 
reorganized the regulation of savings associations and their holding 
companies. Beginning July 21, 2011, the Transfer Date established in 
Dodd-Frank, functions formerly performed by the OTS were divided among 
the FRB, OCC, and FDIC. Section 316(b) of the Act provides that all 
orders, resolutions, determinations, and regulations issued, made, 
prescribed, or allowed to become effective by the OTS that were in 
effect on the day before the Transfer Date continue in effect and are 
enforceable by the appropriate successor Federal banking agency until 
modified, terminated, set aside, or superseded in accordance with 
applicable law by such successor agency, by any court of competent 
jurisdiction, or by operation of law. Section 323(b) of the Act also 
provides for the transfer on the Transfer Date of OTS property, 
including books, accounts, records, reports, files, memoranda, paper, 
reports of examination, work papers, and correspondence relating to 
such reports, to the respective agencies, that were used by the OTS on 
the day before the Transfer Date to support OTS functions.
    Section 316(c) of the Act further provides for the identification 
of OTS regulations relating to the supervision of State savings 
associations to be transferred to the FDIC. On July 6, 2011, the OCC 
and FDIC published a Joint Notice (Notice) in the Federal Register 
identifying OTS regulations that will be continued and enforced by each 
agency. In the Notice, the FDIC indicated that it did not intend to 
continue or enforce existing OTS regulations regarding the Freedom of 
Information Act or Privacy Act.

II. The Final Rule

    On June 21, 2011, the FDIC published for comment an interim rule 
providing the public with notice that the FDIC would apply the FDIC's 
existing FOIA and PA regulations, as of the Transfer Date, to all 
records or other matters transferred from the OTS to the FDIC. The 
interim rule also included certain technical amendments to the FDIC's 
existing regulations and substituted the Bureau of Consumer Financial 
Protection for the OTS as a Federal financial institution supervisory 
agency, for purposes of Sec.  309.6, to which exempt records could be 
disclosed.\1\
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    \1\ 76 FR 35963 (June 21, 2011).
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    Although the interim rule became effective for all existing and 
future FOIA and PA issues involving state savings associations as of 
the Transfer Date, the interim rule prescribed a 30-day comment period. 
The comment period ended on August 22, 2011 and no comments were 
received.
    The final rule corrects an erroneous facsimile number contained in 
Sec.  309.5(b)(1)(ii) of the interim rule.

III. Regulatory Analysis and Procedure

A. Regulatory Flexibility Act

    The Regulatory Flexibility Act, 5 U.S.C. 601, et seq., (RFA) 
applies only to rules for which an agency publishes a general notice of 
proposed rulemaking pursuant to 5 U.S.C. 553(b). As discussed in the 
interim rule, since the FDIC determined that good cause existed to 
waive the general notice and comment requirements of the APA, the 
requirement to prepare a final regulatory flexibility analysis, as 
described at 5 U.S.C. 604 of the RFA does not apply to this final rule.

B. Small Business Regulatory Enforcement Fairness Act

    The Office of Management and Budget (OMB) has determined that the 
final rule is not a ``major rule'' within the meaning of the relevant 
sections of the Small Business Regulatory Enforcement Act of 1996 
(SBREFA) (5 U.S.C. 801, et seq.). As required by SBREFA, the FDIC will 
file the appropriate reports with Congress and the General Accounting 
Office so that the final rule may be reviewed.

C. Paperwork Reduction Act

    No collections of information pursuant to the Paperwork Reduction 
Act (44 U.S.C. 3501 et seq.) are contained in the final rule.

D. Plain Language

    Section 722 of the Gramm-Leach-Bliley Act (Pub. L. 106-102, 113 
Stat. 1338, 1471), requires the Federal banking agencies to use plain 
language in all proposed and final rules published after January 1, 
2000. The FDIC has sought to present the final rule in a simple and 
straightforward manner and received no comments on the interim rule.

[[Page 63818]]

E. Riegle Community Development and Regulatory Improvement Act

    The final rule does not impose any new reporting or disclosure 
requirements on insured depository institutions under the Riegle 
Community Development and Regulatory Improvement Act.

List of Subjects in 12 CFR Parts 309 and 310

    Banks, banking, Freedom of information, Privacy, Savings 
associations.

    For the reasons stated above, the Board of Directors of the Federal 
Deposit Insurance Corporation adopts the interim final rule published 
June 21, 2011, at 76 FR 35963, as final with the following change:

PART 309--DISCLOSURE OF INFORMATION

0
1. The authority citation for part 309 continues to read as follows:

    Authority: 5 U.S.C. 552; 12 U.S.C. 1819 ``Seventh'' and 
``Tenth.''


Sec.  309.5  [Amended]

0
2. In Sec.  309.5, in paragraph (b)(1)(ii), remove the fax number 
``(703) 562-7977: and add in its place the fax number ``(703) 562-
2797''

    By order of the Board of Directors.

    Dated at Washington, DC this 11th day of October 2011.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-26635 Filed 10-13-11; 8:45 am]
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