[Federal Register Volume 79, Number 139 (Monday, July 21, 2014)]
[Proposed Rules]
[Pages 42235-42238]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-16977]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 390

RIN 3064-AE17


Transferred OTS Regulations Regarding Possession by Conservators 
and Receivers for Federal and State Savings Associations.

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) proposes to 
rescind and remove regulations regarding possession by conservators and 
receivers for federal and state savings associations, which are no 
longer necessary in light of or contradict provisions of the Federal 
Deposit Insurance Act and are not in accordance with FDIC practice and 
procedures. The regulations were included in the regulations that were 
transferred to the FDIC from the Office of Thrift Supervision (OTS) on 
July 21, 2011, in connection with the implementation of applicable 
provisions of Title III of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act. Rescinding these regulations will eliminate 
confusion that may arise from duplicative or inconsistent rules and 
procedures and will eliminate unnecessary regulations.

DATES: Comments must be received on or before September 19, 2014.

ADDRESSES: You may submit comments by any of the following methods:
     FDIC Web site: http://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency Web 
site.
     FDIC Email: [email protected]. Include RIN 3064-AE17 in 
the subject line of the message.
     FDIC Mail: Robert E. Feldman, Executive Secretary, 
Attention: Comments, Federal Deposit Insurance Corporation, 550 17th 
Street NW., Washington, DC 20429.
     Hand Delivery to FDIC: Comments may be hand-delivered to 
the guard station at the rear of the 550 17th Street Building (located 
on F Street) on business days between 7 a.m. and 5 p.m.

    Please note:  All comments received will be posted generally 
without change to http://www.fdic.gov/regulations/laws/federal/, 
including any personal information provided.


FOR FURTHER INFORMATION CONTACT: R. Penfield Starke, Assistant General 
Counsel, Legal Division (703) 562-2422 or [email protected]; Thomas 
Bolt, Senior Counsel, Legal Division (703) 562-2046 or [email protected]; 
or Manuel E. Cabeza, Counsel, Legal Division (703) 562-2434 or 
[email protected].

SUPPLEMENTARY INFORMATION: 

I. Background

The Dodd-Frank Act

    The Dodd-Frank Wall Street Reform and Consumer Protection Act 
(``Dodd-Frank Act'') \1\, signed into law on July 21, 2010, provided 
for a substantial reorganization of the regulation of State and Federal 
savings associations and their holding companies. Beginning July 21, 
2011, the transfer date established by section 311 of the Dodd-Frank 
Act,\2\ the powers, duties, and functions formerly performed by the OTS 
were divided among the FDIC as to State savings associations, the 
Office of Comptroller of the Currency (OCC) as to Federal savings 
associations, and the Board of Governors of the Federal Reserve System 
(FRB) as to savings and loan holding companies. Section 316(b) of the 
Dodd-Frank Act \3\ provides the manner of treatment for all orders, 
resolutions, determinations, regulations, and other advisory materials, 
that were issued, made, prescribed, or allowed to become effective by 
the OTS. The section provides that if such advisory materials were in 
effect on the day before the transfer date, they continue in effect and 
are enforceable by or against the appropriate successor agency until 
they are 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.
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    \1\ Dodd-Frank Wall Street Reform and Consumer Protection Act, 
Public Law 111-203, 12 U.S.C. 5301 et seq. (2010).
    \2\ 12 U.S.C. 5411.
    \3\ 12 U.S.C. 5414(b).
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    Section 316(c) of the Dodd-Frank Act \4\ further directed the FDIC 
and the OCC to consult with one another and to publish a list of the 
continued OTS regulations that would be enforced by the FDIC and the 
OCC respectively. On June 14, 2011 the FDIC's Board of Directors 
approved a ``List of OTS Regulations to be Enforced by the OCC and the 
FDIC Pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act.'' This list was published by the FDIC and the OCC as a 
Joint Notice in the Federal Register on July 6, 2011.\5\
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    \4\ 12 U.S.C. 5414(c).
    \5\ 76 FR 39247 (July 6, 2011).
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FDIC's Authority To Regulate

    Although section 312(b)(2)(B)(i)(II) of the Dodd-Frank Act \6\ 
granted the OCC rulemaking authority relating to both State and Federal 
savings associations, nothing in the Dodd-Frank Act affected the FDIC's 
existing authority to issue regulations under the Federal Deposit 
Insurance Act (the ``FDI Act'') \7\ and other laws as the ``appropriate 
Federal banking agency'' or under similar statutory terminology. 
Section 312(c) of the Dodd-Frank Act amended section 3(q) of the FDI 
Act \8\ and designated the FDIC as the ``appropriate Federal banking 
agency'' for State savings associations. As a result, when the FDIC 
acts as the designated ``appropriate Federal banking agency'' (or under 
similar terminology) for State savings associations, as it does here, 
the FDIC is authorized to issue, modify and rescind regulations 
involving such associations.
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    \6\ 12 U.S.C. 5412(b)(2)(B)(i)(II).
    \7\ 12 U.S.C. 1811 et seq.
    \8\ 12 U.S.C. 1813(q).
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    As noted, on June 14, 2011 the FDIC's Board of Directors reissued 
and redesignated certain transferring regulations of the former OTS. 
These transferred OTS regulations were published as FDIC interim rules 
in the Federal Register on August 5, 2011.\9\ When it republished the 
transferred OTS regulations as new FDIC

[[Page 42236]]

regulations, the FDIC specifically noted that its staff would evaluate 
the transferred OTS rules and might later recommend incorporating the 
transferred OTS regulations into other FDIC rules, amending them, or 
rescinding them, as appropriate.
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    \9\ 76 FR 47652 (August 5, 2011).
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    One of the regulations transferred to the FDIC governed the 
procedures to be followed by conservators and receivers for Federal and 
State savings associations upon taking possession of said entities and 
for the giving notice of their appointment. This OTS regulation, 
formerly found at 12 CFR part 558, was transferred to the FDIC with 
only nominal changes and is now found in the FDIC's regulations at 12 
CFR part 390, subpart N. Unlike the OTS, which was established in 1989 
as an office within the Department of the Treasury,\10\ the FDIC's role 
and responsibilities when serving as conservator or receiver are 
defined by specific statutory provisions contained in the FDI Act. The 
FDIC is a federal corporation established by the FDI Act,\11\ and has 
been entrusted with virtually complete responsibility for resolving 
failed insured depository institutions. The FDI Act confers expansive 
powers on the FDIC and its Board of Directors to ensure the efficiency 
of the process. The FDIC's Board of Directors is empowered to prescribe 
bylaws regulating the manner in which the FDIC's general business may 
be conducted and to exercise, directly or through duly authorized 
officers and agents, all powers specifically granted by the statute and 
such incidental powers as are necessary to carry out the powers so 
granted.\12\ Pursuant to this authority, the FDIC's Board of Directors 
has appointed various officers and has issued resolutions delegating 
corporate authority to these officers. Pursuant to this delegated 
corporate authority, FDIC officers have established detailed procedures 
governing the closing of failed institutions when the FDIC is appointed 
conservator or receiver. If the proposed rule is adopted, the 
procedures followed by the FDIC upon appointment as conservator or 
receiver, implemented through delegated corporate powers, including 
those for providing notice of such appointment, will continue to be 
those followed by FDIC prior to the transfer of responsibilities from 
the former OTS. With respect to instances where the FDIC, pursuant to 
the discretion it has been granted under the FDI Act,\13\ elects to 
decline tendered appointment as conservator or receiver by an authority 
having supervision of an insured State depository institution, 
applicable State law will continue to govern matters pertinent to such 
conservatorships or receiverships.
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    \10\ The Office of Thrift Supervision was established by the 
Financial Institutions Reform, Recovery and Enforcement Act of 1989 
(``FIRREA''), Public Law 101-73, 103 Stat. 183 (1989) (codified at 
various sections of 12 and 15 U.S.C.).
    \11\ 12 U.S.C. 1811(a).
    \12\ 12 U.S.C. 1819(a) ``Sixth'' and ``Seventh.''
    \13\ 12 U.S.C. 1821(c)(3)(A).
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II. The Proposal

    After careful review of 12 CFR part 390, subpart N--Possession by 
Conservators and Receivers for Federal and State Savings Associations, 
the FDIC proposes to rescind 12 CFR part 390, subpart N, because the 
regulations contained in this subpart are unnecessary in light of, or 
contrary to provisions of the FDI Act and are duplicative of, or not in 
accordance with FDIC practice and procedures. Regarding the functions 
of the former OTS that were transferred to the FDIC, section 316(b)(3) 
of the Dodd-Frank Act,\14\ in pertinent part, provides that the former 
OTS's regulations will be enforceable by the FDIC until they are 
modified, terminated, set aside, or superseded in accordance with 
applicable law. After reviewing the rules regarding possession by 
conservators and receivers for Federal and State savings associations 
and notice procedures following such appointments, currently found in 
12 CFR part 390, subpart N, the FDIC, as the appropriate Federal 
banking agency for State savings associations proposes to rescind these 
regulations in their entirety. The FDIC believes that the provisions of 
the FDI Act are sufficient to establish the authority of the FDIC, once 
it has been appointed conservator or receiver of an insured depository 
institution, to give adequate notice of its appointment and to take 
possession of and exercise control over the assets of a failed 
institution, including insured State savings associations. The rules 
found at 12 CFR part 390, subpart N \15\ are in some respects 
duplicative and in others inconsistent with the provisions of the FDI 
Act and current FDIC procedures established pursuant to the exercise of 
corporate powers granted FDIC under the FDI Act.
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    \14\ 12 U.S.C. 5414(c).
    \15\ 12 CFR Part 390, Subpart N contains two regulations: 
section 390.240, entitled ``Procedure upon taking possession'' and 
section 390.241 entitled ``Notice of appointment.''
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12 CFR Sec.  390.240--Procedure Upon Taking Possession

    The FDIC interim rule found at 12 CFR 390.240 contains a 
transferred OTS regulation outlining procedures to be followed by 
conservators and receivers for Federal and State savings associations 
for taking possession of said entities upon appointment that is 
inconsistent with provisions of the FDI Act in two respects. First, the 
FDIC interim rule's references to ``Executive Secretary'' \16\ and 
``FDIC'' \17\ suggest that only the FDIC will serve as conservator or 
receiver of an insured State depository institution, whereas a State 
authority could appoint a different entity as conservator or receiver, 
and the FDI Act provides that the acceptance of such tendered 
appointment is at the discretion of the FDIC rather than mandatory.\18\ 
In addition, the interim rule provides that the FDIC, upon being 
appointed conservator or receiver of a State or Federal savings 
association, is to take possession of the failed institution ``in 
accordance with the terms of the OCC's or State bank supervisor's, as 
appropriate, appointment'' \19\ and elsewhere requires the FDIC to post 
a notice at all locations where the failed institution operated, as 
``prescribed by the OCC or State bank supervisor, as appropriate.'' 
\20\ These two provisions diverge from the FDI Act, which provides 
that, when acting as conservator or receiver, the FDIC ``shall not be 
subject to the direction or supervision of any other agency or 
department of the United States or any State in the exercise of the 
Corporation's rights, powers, and privileges.'' \21\
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    \16\ 12 CFR 390.240(b)(3).
    \17\ 12 CFR 390.241.
    \18\ 12 U.S.C. 1821(c)(3)(A) provides that ``[w]henever the 
authority having supervision of any insured State depository 
institution appoints a conservator or receiver for such institution 
and tenders appointment to the Corporation, the Corporation may 
accept such appointment.'' [Emphasis added].
    \19\ 12 CFR 390.240(a).
    \20\ Sec.  390.240(b)(4).
    \21\ 12 U.S.C. 1821(c)(2)(C) [with respect to Federal depository 
institutions] and 12 U.S.C. 1821(c)(3)(C) [with respect to insured 
State depository institutions].
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    This transferred OTS regulation is inconsistent with FDIC practice 
and procedures in two respects. Section 390.240(a) requires the FDIC, 
when appointed as receiver or conservator to take ``possession of the 
principal office'' of the failed institution, whereas, in practice, the 
FDIC, upon appointment as conservator or receiver, takes coordinated 
simultaneous possession of all locations from which a failed 
institution operates, even in cases where multiple time zones are 
involved. In addition, Sec.  390.240(b)(3) requires the filing of a 
statement with the Executive Secretary indicating that the conservator 
or receiver took possession of the failed

[[Page 42237]]

institution. This provision is also inconsistent with FDIC practice. 
The FDIC Board of Directors is aware of all impending potential 
appointments of the Corporation as conservator or receiver of a failing 
insured depository institution and, at the appropriate time, adopts 
resolutions specific to the failing institution delegating to corporate 
officers the necessary authority to accept the appointment and carry 
out the required procedures to take possession of a failed institution. 
Accordingly, it is not necessary for corporate officers to whom 
authority has been thus delegated, to file any statement or otherwise 
give specific notice to the Executive Secretary or the Board of 
Directors about taking actions the Board of Directors specifically 
directed them to take. The electronic notifications, press releases and 
Web site postings handled by the FDIC's Office of Communications upon 
the closing of a failed institution serve to keep all interested 
parties, public and internal, adequately informed.
    Finally, this transferred OTS regulation is duplicative of self-
executing provisions of the FDI Act. Section 390.240(b) contains 
provisions that prescribe actions that the FDIC must take after taking 
possession of a savings association. These include: (1) Taking 
possession of the failed institutions books, records and assets; \22\ 
(2) providing written notice to certain parties, ``personally or by 
registered mail or telegraph,'' that the FDIC ``has succeeded to 
rights, powers and privileges of the [failed institution];'' \23\ and 
(3) a statement of the fact that FDIC as conservator or receiver 
succeeds to the rights, titles, powers and privileges of the failed 
institution and its assets.\24\ These provisions are redundant and 
unnecessary.\25\ Pursuant to the FDI Act, FDIC, as conservator or 
receiver, by operation of law, succeeds to ``all rights, titles, powers 
and privileges of the [failed] institution . . . and the assets of the 
[failed] institution.'' \26\ The FDI Act also empowers the FDIC, as 
conservator or receiver, ``to take over the assets and operate the 
insured depository institution with all the powers of the members or 
shareholders, the directors and the officers of the institution and 
conduct all business of the institution.'' \27\ These provisions of the 
FDI Act are self-executing and do not require a regulation to restate, 
add or subtract from their broad clear and unambiguous language.
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    \22\ Sec.  390.240(b)(1).
    \23\ Sec.  390.240(b)(2).
    \24\ Sec.  390.240(b)(5).
    \25\ FDIC provides notice to interested parties through press 
releases and its Web site.
    \26\ 12 U.S.C. 1821(d)(2(A).
    \27\ 12 U.S.C. 1821(d)(2(B).
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12 CFR 390.241--Notice of Appointment

    The FDIC interim rule found at 12 CFR 390.241 contains a 
transferred OTS regulation outlining procedures for giving notice of 
the appointment of a conservator or receiver for a Federal or State 
savings association that is contrary to provisions of the FDI Act or is 
inconsistent with FDIC practice and procedures in several respects. 
First, Sec.  390.241(a) requires the FDIC, when the OCC or a State bank 
supervisor appoints it as conservator or receiver, to designate the 
person or entities that will give or post certain notices and certified 
copies of documents prior to taking possession of the failed 
institution. The FDIC's Board of Directors, pursuant to authority in 
the FDI Act has delegated authority to certain corporate positions, 
among them those of Closing Manager and Receiver-in-Charge. The 
officers appointed to fill these positions have the necessary authority 
to take the actions contemplated in Sec.  390.241(a). This authority is 
delegated from the FDIC's Board of Directors by means of resolutions 
that are a matter of public record and are readily available.
    Second, Sec.  390.241(a)(1) through (3) preconditions the 
conservator's or receiver's taking possession of a failed savings 
association on certain notice requirements providing that ``before the 
conservator or receiver takes possession of the savings association'' 
the FDIC must give notice ``to any officer or employee who is present 
in and appears to be in charge at the principal office of the savings 
association;'' \28\ must serve a copy of the order for the appointment 
by ``leaving a certified copy of the order of appointment at the 
principal office of the savings association,'' \29\ or by ``handing a 
certified copy of the order of appointment to the previous conservator 
. . . or the officer or employee of the savings association . . . who 
is present in and appears to be in charge at the principal office of 
the savings association;'' \30\ and must file ``with the Executive 
Secretary of the FDIC a statement that includes the date and time that 
notice of the appointment was given and service of the order of 
appointment was made.'' \31\ Pursuant to the FDI Act, when appointed 
conservator or receiver, the FDIC, by operation of law, succeeds to the 
assets and all rights, titles, powers and privileges of a failed 
institution. The FDI Act also empowers the FDIC, as conservator or 
receiver, to take over the assets and operate the failed insured 
depository institution.\32\ As stated above, these provisions of the 
FDI Act are self-executing and the taking of possession of a failed 
savings association by the FDIC following its appointment as 
conservator or receiver is not conditioned on the giving of notice of 
appointment or the serving of an order of appointment. In addition, the 
notices listed in Sec.  390.241(a)(1) through (3) are given 
instantaneously and simultaneously through electronic means by the FDIC 
upon acceptance of the appointment. The requirements in this rule are 
cumbersome, redundant and inconsistent with the FDI Act.
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    \28\ 12 CFR 390.241(a)(1).
    \29\ 12 CFR 390.241(a)(2)(i).
    \30\ 12 CFR 390.241(a)(2)(ii).
    \31\ 12 CFR 390.241(a)(3).
    \32\ See Footnotes 19 and 20 and related text.
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    Rescinding the rules found at 12 CFR part 390, subpart N will serve 
to streamline the FDIC's rules, prevent confusion and eliminate 
unnecessary regulations.

III. Request for Comments

    The FDIC invites comments on all aspects of the proposed 
rulemaking. Written comments must be received by the FDIC no later than 
September 19, 2014.

IV. Regulatory Analysis and Procedure

A. The Paperwork Reduction Act

    Removing part 390, subpart N will not revise any existing 
information collections pursuant to the Paperwork Reduction Act (44 
U.S.C. 3501 et seq.). Consequently, FDIC has not submitted any 
information collection revisions to the Office of Management and Budget 
for review.

B. The Regulatory Flexibility Act

    The Regulatory Flexibility Act, 5 U.S.C. 601, et seq., (RFA), 
requires that each Federal agency either (1) certify that a proposed 
rule would not, if adopted in final form, have a significant economic 
impact on a substantial number of small entities or (2) prepare an 
initial regulatory flexibility analysis of the rule and publish the 
analysis for comment. Rescinding 12 CFR part 390, subpart N will leave 
the FDI Act as the sole source of the FDIC's authority to act as 
conservator or receiver for an insured depository institution and does 
not impose any obligations or restrictions on banking organizations, 
including small banking organizations. On this basis, the FDIC 
certifies that this proposal, if it is adopted in final form, would not 
have a significant impact on a substantial number of small entities,

[[Page 42238]]

within the meaning of those terms as used in the RFA.

C. Plain Language

    Section 722 of the Gramm-Leach-Bliley Act, Public Law 106-102, 113 
Stat. 1338, 1471, 12 U.S.C. 4809, requires each Federal banking agency 
to use plain language in all of its proposed and final rules published 
after January 1, 2000. As a Federal banking agency subject to the 
provisions of this section, the FDIC has sought to present the proposed 
rule to rescind Part 390, Subpart N in a simple and straightforward 
manner. The FDIC invites comments on whether the proposal is clearly 
stated and effectively organized, and how the FDIC might make the 
proposal easier to understand.

D. The Economic Growth and Regulatory Paperwork Reduction Act

    Under section 2222 of the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (``EGRPRA''), the FDIC is required to review all 
of its regulations, at least once every 10 years, in order to identify 
any outdated or otherwise unnecessary regulations imposed on insured 
institutions. The FDIC completed the last comprehensive review of its 
regulations under EGRPRA in 2006 and is commencing the next decennial 
review. The action taken on this rule will be included as part of the 
EGRPRA review that is currently under way. As part of that review, the 
FDIC invites comments concerning whether the Proposed Rule would impose 
any outdated or unnecessary regulatory requirements on insured 
depository institutions. If you provide such comments, please be 
specific and provide alternatives whenever appropriate.

List of Subjects in 12 CFR Part 390

    Banks and banking, Savings associations.

Authority and Issuance

    For the reasons stated in the preamble and under the authority of 
12 U.S.C. 5412, the Board of Directors of the Federal Deposit Insurance 
Corporation proposes to amend 12 CFR part 390 as follows:

PART 390--REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT 
SUPERVISION

0
1. The authority citation for part 390 is revised to read as follows:

    Authority: 12 U.S.C. 1819.

    Subpart A also issued under 12 U.S.C. 1820.
    Subpart B also issued under 12 U.S.C. 1818.
    Subpart C also issued under 5 U.S.C. 504; 554-557; 12 U.S.C. 
1464; 1467; 1468; 1817; 1818; 1820; 1829; 3349, 4717; 15 U.S.C. 78 
l; 78o-5; 78u-2; 28 U.S.C. 2461 note; 31 U.S.C. 5321; 42 U.S.C. 
4012a.
    Subpart D also issued under 12 U.S.C. 1817; 1818; 1820; 15 
U.S.C. 78 l.
    Subpart E also issued under 12 U.S.C. 1813; 1831m; 15 U.S.C. 78.
    Subpart F also issued under 5 U.S.C. 552; 559; 12 U.S.C. 2901 et 
seq.
    Subpart G also issued under 12 U.S.C. 2810 et seq., 2901 et 
seq.; 15 U.S.C. 1691; 42 U.S.C. 1981, 1982, 3601-3619.
    Subpart H also issued under 12 U.S.C. 1464; 1831y.
    Subpart I also issued under 12 U.S.C. 1831x.
    Subpart J also issued under 12 U.S.C. 1831p-1.
    Subpart L also issued under 12 U.S.C. 1831p-1.
    Subpart M also issued under 12 U.S.C. 1818.
    Subpart O also issued under 12 U.S.C. 1828.
    Subpart P also issued under 12 U.S.C. 1470; 1831e; 1831n; 1831p-
1; 3339.
    Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464.
    Subpart R also issued under 12 U.S.C. 1463; 1464; 1831m; 1831n; 
1831p-1.
    Subpart S also issued under 12 U.S.C. 1462; 1462a; 1463; 1464; 
1468a; 1817; 1820; 1828; 1831e; 1831o; 1831p-1; 1881-1884; 3207; 
3339; 15 U.S.C. 78b; 78l; 78m; 78n; 78p; 78q; 78w; 31 U.S.C. 5318; 
42 U.S.C. 4106.
    Subpart T also issued under 12 U.S.C. 1462a; 1463; 1464; 15 
U.S.C. 78c; 78l; 78m; 78n; 78w.
    Subpart U also issued under 12 U.S.C. 1462a; 1463; 1464; 15 
U.S.C. 78c; 78l; 78m; 78n; 78p; 78w; 78d-1; 7241; 7242; 7243; 7244; 
7261; 7264; 7265.
    Subpart V also issued under 12 U.S.C. 3201-3208.
    Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15 
U.S.C. 78c; 78l; 78m; 78n; 78p; 78w.
    Subpart X also issued under 12 U.S.C. 1462; 1462a; 1463; 1464; 
1828; 3331 et seq.
    Subpart Y also issued under 12 U.S.C. 1831o.
    Subpart Z also issued under 12 U.S.C. 1462; 1462a; 1463; 1464; 
1828 (note).

Subpart N--[Removed and Reserved]

0
2. Remove and reserve subpart N, consisting of Sec. Sec.  390.240 
through 390.241.

    Dated at Washington, DC, this 15th day of July 2014.

    By order of the Board of Directors.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014-16977 Filed 7-18-14; 8:45 am]
BILLING CODE 6714-01-P