[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)]
[Rules and Regulations]
[Pages 47083-47084]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-21904]


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DEPARTMENT OF THE TREASURY

Office of the Secretary

12 CFR Chapter V


Removal of Office of Thrift Supervision Regulations

AGENCY: Department of the Treasury.

ACTION: Final rule.

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SUMMARY: The Department of the Treasury is removing chapter V of title 
12, Code of Federal Regulations (CFR), which contains regulations of 
the former Office of Thrift Supervision (OTS). The OTS, a Bureau of the 
Department of the Treasury, was abolished effective October 19, 2011, 
and its rulemaking authority and operative rules were transferred to 
other agencies pursuant to the Dodd-Frank Wall Street Reform and 
Consumer Protection Act. Because those agencies have issued regulations 
that supersede chapter V, chapter V is no longer necessary.

DATES: Effective October 11, 2018.

FOR FURTHER INFORMATION CONTACT: Heidi Cohen, Senior Counsel for 
Regulatory Affairs, (202) 622-1142, Office of the Assistant General 
Counsel for General Law, Ethics & Regulation, Department of the 
Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220.

SUPPLEMENTARY INFORMATION: 

Description of Final Rule

    The OTS, a Bureau of the Department of the Treasury, was abolished 
by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act or Act) \1\ on October 19, 2011. Titles III and X of the Act 
transferred the powers, authorities, rights, and duties of the OTS to 
the Office of the Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, the Board of Governors of the Federal Reserve 
System, and the Consumer Financial Protection Bureau (collectively, the 
Agencies), effective July 21, 2011.
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    \1\ Public Law 111-203, 124 Stat. 1376 (2010).
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    Chapter V of title 12 of the CFR sets out the OTS regulations. 
Several parts of chapter V relate to the administrative functions of 
the OTS. Because the OTS was abolished, those parts are inoperative. 
The remaining parts of chapter V concern the supervision and 
examination of savings associations and savings and loan holding 
companies. Since the abolishment of the OTS, the Agencies have 
republished those OTS regulations they will enforce in their own 
chapters of title 12.\2\
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    \2\ See, e.g., 76 FR 48950 (August 9, 2011) (republishing 
regulations relating to savings associations in chapter I of title 
12); 76 FR 47652 (August 5, 2011) (republishing regulations relating 
to State savings associations in chapter III of title 12); 76 FR 
56508 (September 13, 2011) (republishing regulations relating to 
savings and loan holding companies in chapter II of title 12); 76 FR 
44226 (July 22, 2011) (republishing regulations relating to the 
Alternative Mortgage Transaction Parity Act and the Truth in Lending 
Act in chapter X of title 12); 76 FR 78487 (December 19, 2011) 
(republishing regulations relating to the S.A.F.E. Mortgage 
Licensing Act in chapter X of title 12); 76 FR 79025 (December 21, 
2011) (republishing regulations relating to privacy of consumer 
financial information in chapter X of title 12); and 76 FR 79308 
(December 21, 2011) (republishing regulations relating to the Fair 
Credit Reporting Act in chapter X of title 12).
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    In order to eliminate the confusion that may arise from having 
inoperative and superseded regulations of an abolished agency published 
in the CFR, the Department of the Treasury is removing chapter V of 
title 12 of the CFR.

Notice and Comment

    The Administrative Procedure Act (APA) generally requires public 
notice and an opportunity to comment before an agency issues a final 
rule.\3\ However, notice and comment are not required before issuing a 
final rule if the rulemaking relates to agency organization, procedure, 
or practice or if an agency, for good cause, finds that ``notice and 
public procedure thereon are impracticable, unnecessary, or contrary to 
the public interest.''
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    \3\ 5 U.S.C. 553(b)(B),
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    The Department of the Treasury finds that notice and comment are 
not required with respect to the removal of the parts of chapter V that 
govern the organization and administrative functions of the OTS because 
those

[[Page 47084]]

parts have been inoperative since the OTS was abolished in 2011.
    Furthermore, with respect to the removal of the parts of chapter V 
that govern savings associations and savings and loan holding 
companies, the Department of the Treasury finds that notice and comment 
under the APA are neither necessary nor in the public interest. As 
discussed above, titles III and X of the Dodd-Frank Act transferred the 
powers, authorities, rights, and duties of the OTS to the Agencies on 
July 21, 2011 and abolished the OTS on October 19, 2011. Since that 
time, the Agencies have issued rules that supersede the OTS regulations 
relating to savings associations and savings and loan holding 
companies. This final rule does not make any substantive changes to the 
regulations currently applicable to savings associations and savings 
and loan associations and does not substantively affect these regulated 
entities or the public. It simply removes obsolete provisions that are 
likely to be a source of confusion. For these reasons, advance notice 
and comment under the APA are unnecessary and not in the public 
interest.

Regulatory Flexibility Act Analysis

    The Regulatory Flexibility Act \4\ (RFA) applies only to rules for 
which an agency publishes a general notice of proposed rulemaking 
pursuant to 5 U.S.C. 553(b). Pursuant to the APA at 5 U.S.C. 553(b)(B), 
general notice and an opportunity for public comment are not required 
prior to the issuance of a final rule when an agency, for good cause, 
finds that ``notice and public procedure thereon are impracticable, 
unnecessary, or contrary to the public interest.'' As discussed above, 
the Department of the Treasury has determined for good cause that the 
APA does not require notice and public comment on this final rule and, 
therefore, it is not publishing a notice of proposed rulemaking. Thus, 
the RFA, pursuant 5 U.S.C. 601(2), does not apply to this final rule.
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    \4\ (Pub. L. 96-354, Sept. 19, 1980).
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Unfunded Mandates Reform Act

    Section 202 of the Unfunded Mandates Reform Act of 1995 requires 
that an agency prepare a budgetary impact statement before promulgating 
any rule likely to result in a Federal mandate that may result in the 
expenditure by state, local, and tribal governments, in the aggregate, 
or by the private sector, of $100 million or more in any one year, 
adjusted for inflation.\5\ Because this final rule removes inoperative 
and superseded regulations, the Department of the Treasury has 
determined that there is no Federal mandate imposed by this rulemaking.
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    \5\ Public Law 104-4 (2 U.S.C. 1532).
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Executive Order 12866

    This rule is not a significant regulatory action under Executive 
Order 12866, Regulatory Planning and Review.

12 CFR Chapter V [Removed]

0
For the reasons set forth in the preamble and pursuant to titles III 
and X of the Dodd-Frank Act, amend title 12 of the Code of Federal 
Regulations by removing chapter V.

    Dated: October 4, 2017.
Kody H. Kinsley,
Assistant Secretary for Management.
[FR Doc. 2017-21904 Filed 10-10-17; 8:45 am]
BILLING CODE 4810-25-P