[Federal Register Volume 61, Number 199 (Friday, October 11, 1996)]
[Notices]
[Pages 53494-53495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-25726]
[[Page 53493]]
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Part II
Federal Deposit Insurance Corporation
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Statement of Policy on Foreclosure Consent and Redemption Rights; and
Financial Institutions for Which the Federal Deposit Insurance
Corporation Has Been Appointed Either Receiver, Liquidator, or Manager;
Notices
Federal Register / Vol. 61, No. 199 / Friday, October 11, 1996 /
Notices
[[Page 53494]]
FEDERAL DEPOSIT INSURANCE CORPORATION
Clarification of Applicability of Statement of Policy on
Foreclosure Consent and Redemption Rights
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Clarification of Statement of Policy on Foreclosure Consent and
Redemption Rights (Policy Statement) regarding the applicability of the
Policy Statement to Resolution Trust Corporation assets that have been
transferred by operation of law to the Federal Deposit Insurance
Corporation (Corporation), and update Corporation addresses for receipt
of requests for consent.
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SUMMARY: In 1992, the Federal Deposit Insurance Corporation
(Corporation or FDIC) adopted a policy statement (Policy Statement)
concerning 12 U.S.C. 1825(b)(2), the codification of section 15(b) of
the Federal Deposit Insurance Act (FDIA), and 28 U.S.C. 2410(c). The
Policy Statement was published in the July 2, 1992 edition of the
Federal Register (57 FR 29491). In conjunction with the Policy
Statement, an initial listing of financial institutions in liquidation
was also published in the July 2, 1992 edition of the Federal Register
(57 FR 29494).
The Resolution Trust Corporation (RTC) had adopted an interim
policy statement concerning 12 U.S.C. 1825(b)(2) and 28 U.S.C. 2410(c).
The RTC policy statement was published in the May 7, 1992 edition of
the Federal Register (57 FR 19651).
Upon termination of the RTC on December 31, 1995, by operation of
law the Corporation succeeded the RTC as conservator or receiver of
those depository institutions for which the RTC acted as conservator or
receiver. 12 U.S.C. 1441a(m)(1).
Assets owned by the RTC in its corporate capacity have been
transferred to the FSLIC Resolution Fund. 12 U.S.C. 1441a(m)(2).
The Corporation is publishing this clarification to remove
uncertainty regarding the applicability of the Corporation's Policy
Statement to assets for which the Corporation has succeeded the RTC as
conservator or receiver and to assets for which the Corporation as
manager of the FSLIC Resolution Fund has succeeded the RTC as owner.
This clarification to the Corporation's Policy Statement confirms that
commencing January 1, 1996 (which was the first date after termination
of the RTC), the requirement for consent to foreclosure regarding all
assets formerly held by institutions in liquidation for which the RTC
was conservator or receiver or formerly held by the RTC in its
corporate capacity will be governed by the Policy Statement.
Finally, because certain of the offices to which consent requests
are to be sent have changed since the most recent update published in
the Federal Register on May 15, 1995 (60 FR 25909), in this notice, the
Corporation is publishing the current offices and addresses to which
consent notices are to be sent.
EFFECTIVE DATE: January 1, 1996.
FOR FURTHER INFORMATION CONTACT: Joseph W. Schantz, Asset Disposition
Specialist, Asset Disposition and Operation Branch (202-416-7302), or
Barbara Mutterperl, Counsel, Legal Division (202-736-0136), Federal
Deposit Insurance Corporation, 550 17th Street, NW, Washington, DC
20429.
Clarification of Applicability of Statement of Policy Regarding 12
U.S.C. 1825(b)(2) and 28 U.S.C. 2410(c)
1. Purpose
To clarify that the Statement of Policy Regarding 12 U.S.C.
1825(b)(2) and 28 U.S.C. 2410(c) (Policy Statement) promulgated by the
Federal Deposit Insurance Corporation (the Corporation) in the July 2,
1992 edition of the Federal Register (57 FR 29491) applies to assets
formerly held by the Resolution Trust Corporation (RTC) for which the
Corporation has succeeded the RTC as conservator or receiver or for
which the Corporation as manager of the FSLIC Resolution Fund has
succeeded the RTC as owner; to confirm that from and after the
Effective Date of this notice, the Interim Statement of Policy on
Foreclosure Consent and Redemption Rights (the Interim Policy)
promulgated by the RTC in the May 7, 1992 edition of the Federal
Register (57 FR 19651), shall not be applicable to assets formerly held
by the RTC for which the Corporation has succeeded the RTC as
conservator or receiver or for which the Corporation as manager of the
FSLIC Resolution Fund has succeeded the RTC as owner; to change
references to the ``Division of Liquidation'' to the ``Division of
Depositor and Asset Services,'' in keeping with the current
organizational structure of the Corporation; and to correct the
addresses to which requests for consent shall be sent.
2. Clarification
The FDIC is issuing this clarification in response to section 303
of the Riegle Community Development and Regulatory Improvement Act of
1994 (``CDRIA''), Pub. L. 103-325, 108 Stat. 2160 (Sept. 23, 1994).
This statute requires that each federal banking agency, consistent with
the principles of safety and soundness, statutory law and policy, and
the public interest, conduct a review of the regulations and written
policies of that agency to, among other things: streamline and modify
those regulations and policies, and remove inconsistencies and outmoded
and duplicative requirements.
As a result of its review of the Policy Statement, the FDIC has
determined that Policy Statement should be clarified. In accordance
with section 303 of CDRIA, the FDIC believes that this clarification
will improve efficiency and reduce unnecessary costs and is consistent
with the principles of safety and soundness, statutory law and policy,
and the public interest.
This document clarifies that, as of the Effective Date, the Policy
Statement shall apply to all assets of the Corporation, including those
assets formerly held by the RTC for which the Corporation has succeeded
the RTC as conservator or receiver or for which the Corporation as
manager of the FSLIC Resolution Fund has succeeded the RTC as owner. In
addition, as of the Effective Date, the Interim Policy of the RTC shall
have no further force or effect, except with respect to foreclosures
completed prior to the Effective Date. For this purpose, a nonjudicial
foreclosure action shall be considered completed upon recordation of
the trustee's deed conveying the property to the purchaser at a
foreclosure sale; a judicial foreclosure shall be considered completed
upon entry of a final, nonappealable judgment. Finally, this
clarification hereby changes all references to the ``Division of
Liquidation'' in the Policy Statement to the ``Division of Depositor
and Asset Services.''
3. Address Correction
Where consent of the Corporation is required pursuant to the Policy
Statement, lienholders shall submit a written request to the
Corporation. The request shall be delivered to the Corporation by
certified mail at the address indicated below with the envelope marked:
``Foreclosure Consent Request.'' The request shall be sent to the
Corporation office that covers the state in which the financial
institution in liquidation is located. The states covered by each
Corporation office are listed under the addresses of each office. In
certain instances, as set forth below, institutions in liquidation for
which the Corporation has been appointed
[[Page 53495]]
receiver, liquidator or manager and institutions in liquidation for
which the RTC was formerly receiver, from the same state are handled by
different Corporation offices. Except with respect to the address, all
procedures set forth in the Notice of Financial Institutions for Which
the Federal Deposit Insurance Corporation Has Been Appointed Either
Receiver, Liquidator, or Manager, published in the July 2, 1992 edition
of the Federal Register, at page 29494, shall remain unchanged.
Northeast Service Center
111 Founders Plaza, 14th Floor, East Hartford, CT 06128, (800) 873-
7785, (860) 291-4000
FDIC Institutions
Connecticut
Maine
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
Puerto Rico
Virgin Islands
Former RTC Institutions
Connecticut
Delaware
Maine
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
Southeast Service Center
1201 West Peachtree St. NE, 18th Floor, Atlanta, GA 30309-3415, (800)
765-3342 (404) 817-2500
FDIC Institutions
Alabama
Delaware
District of Columbia
Florida
Georgia
Kentucky
Maryland
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Former RTC Institutions
Alabama
District of Columbia
Florida
Georgia
Maryland
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Puerto Rico
Virgin Islands
Midwest Service Center
500 West Monroe, Chicago, IL 60661, (800) 944-5343, (312) 382-5575
FDIC Institutions
Illinois
Indiana
Iowa
Kansas
Michigan
Minnesota
Missouri
Nebraska
North Dakota
Ohio
South Dakota
Wisconsin
Former RTC Institutions
Alaska
Arkansas
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Michigan
Minnesota
Missouri
Montana
Nebraska
North Dakota
Ohio
Oklahoma
Oregon
South Dakota
Washington
Wisconsin
Wyoming
Southwest Service Center
5080 Spectrum Drive, Suite 1000E, Dallas, TX 75248, (800) 319-1444
(214) 385-4700
FDIC Institutions
Arkansas
Colorado
Louisiana
New Mexico
Oklahoma
Texas
Former RTC Institutions
Louisiana
Mississippi
Texas
Western Service Center
4 Park Plaza, Newport Beach, CA 92714, (800) 234-0867, (714) 263-7700
FDIC Institutions
Alaska
Arizona
California
Hawaii
Idaho
Montana
Nevada
Oregon
Utah
Washington
Wyoming
Guam
Former RTC Institutions
Arizona
California
Colorado
Hawaii
Nevada
New Mexico
Utah
Guam
4. Listing of Financial Institutions in Liquidation
To reduce uncertainty regarding identification of Corporation and
former RTC institutions in liquidation or for which the Corporation or
RTC has been appointed receiver, the Corporation will publish two
lists: the first will be a consolidation of and listing of financial
institutions in liquidation of the Corporation, superseding the listing
published in the July 2, 1992 edition of the Federal Register at page
29494, and all subsequent updates thereto, through and including the
most recent update set forth in the May 15, 1995 edition of the Federal
Register (60 FR 25909). Immediately following this listing will be a
listing of all financial institutions in liquidation for which the RTC
was formerly receiver, superseding the listing published in the
September 1, 1992 edition of the Federal Register (57 FR 39715). The
respective states in which each of the institutions in liquidation is
located will be set forth in the lists of the financial institutions in
liquidation.
By order of the Board of Directors.
Dated at Washington, DC, this 10th day of September, 1996.
Federal Deposit Insurance Corporation
Jerry L. Langley,
Executive Secretary.
[FR Doc. 96-25726 Filed 10-10-96; 8:45 am]
BILLING CODE 6714-01-P
