[Federal Register Volume 63, Number 4 (Wednesday, January 7, 1998)]
[Proposed Rules]
[Page 1044]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-204]
[[Page 1043]]
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Part IV
Department of the Treasury
_______________________________________________________________________
Office of Thrift Supervision
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12 CFR Parts 563 and 536b
Capital Distributions: Withdrawal of Proposed Rule and Regulation
Amendments; Proposed Rules
Federal Register / Vol. 63, No. 4 / Wednesday, January 7, 1998 /
Proposed Rules
[[Page 1044]]
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 563
[No. 97-127]
RIN 1550-AA72
Capital Distributions; Withdrawal of Proposed Rule
AGENCY: Office of Thrift Supervision (OTS), Treasury.
ACTION: Proposed rule; withdrawal.
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SUMMARY: The OTS is withdrawing the proposed rule amending its capital
distributions regulation originally published on December 5, 1994.
Elsewhere in today's issue of the Federal Register, the OTS has
published a new proposal making more extensive revisions to the
regulation.
DATES: Proposed amendment to Sec. 563.134 is withdrawn on January 7,
1998.
FOR FURTHER INFORMATION CONTACT: Edward J. O'Connell, III, Project
Manager, (202) 906-5694; Robyn Dennis, Manager, (202) 906-5751,
Supervision Policy; Evelyne Bonhomme, Counsel (Banking and Finance),
(202) 906-7052; or Karen Osterloh, Assistant Chief Counsel, (202) 906-
6639, Regulations and Legislation Division, Chief Counsel's Office,
Office of Thrift Supervision, 1700 G Street, N.W., Washington, DC
20552.
SUPPLEMENTARY INFORMATION:
Background
In 1990, the OTS adopted the current capital distributions rule at
12 CFR 563.134. The rule permits a savings association to make a
capital distribution based on its level of capitalization. The
regulation was originally intended to restrict capital distributions by
savings associations that did not meet the capital requirements imposed
in the Financial Institutions Reform, Recovery, and Enforcement Act of
1989.
On December 5, 1994, the OTS issued a proposed rule revising the
capital distributions regulation. 59 FR 62356. The proposed rule was
designed to incorporate statutory changes contained in the prompt
corrective action statute at 12 U.S.C. 1831o (PCA requirements) and to
reflect the improved capital position of the thrift industry.
Section 303 of the CDRIA (12 U.S.C. 4803) requires the OTS to
streamline and modify its regulations to improve efficiency, reduce
unnecessary costs, and eliminate unwarranted constraints on credit
availability. Section 303 also requires the OTS to remove
inconsistencies and outmoded and duplicative requirements from its
regulations.
Consistent with these requirements, elsewhere in today's Federal
Register the OTS is proposing a new rule that updates, simplifies, and
streamlines Sec. 563.134. Like the 1994 proposal, today's proposed rule
reflects PCA requirements. The new proposal also contains changes
designed to simplify the rule and to conform OTS's capital
distributions requirements with those that apply to banks. The proposal
utilizes plain English drafting techniques to make the regulation
easier to understand.
Withdrawal of the Proposed Rule
In light of the newly proposed revisions to Sec. 563.134, the OTS
withdraws its proposal published in the Federal Register on December 5,
1994 at 59 FR 62358.
Dated: December 10, 1997.
By the Office of Thrift Supervision.
Ellen S. Seidman,
Director.
[FR Doc. 98-204 Filed 1-6-98; 8:45 am]
BILLING CODE 6720-01-P
