[Federal Register Volume 59, Number 246 (Friday, December 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-31521]
[[Page Unknown]]
[Federal Register: December 23, 1994]
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DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 563
[No. 94-261]
Miscellaneous Technical Amendments to Mergers and Transfers of
Assets and Other Technical Corrections to Other Regulations
AGENCY: Office of Thrift Supervision, Treasury.
ACTION: Final rule.
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SUMMARY: This document contains corrections to the final rule on
mergers, transfers of assets and liabilities and other combinations
involving savings associations (No. 94-76), which was published on
Tuesday, August 30, 1994 (59 FR 44615). In addition the OTS is adopting
several technical corrections and clarifications to various other
regulations.
EFFECTIVE DATE: December 23, 1994.
FOR FURTHER INFORMATION CONTACT: Elissa J. Schwartz, Senior Paralegal,
Regulations and Legislation Division, (202) 906-7908.
SUPPLEMENTARY INFORMATION: On April 29, 1994, the Office of Thrift
Supervision (``OTS'') promulgated a final rule that amended, among
other things, the OTS regulations at 12 CFR 563.22 pertaining to
combinations and transfer of assets transactions. The amendments
were published in the Federal Register on August 30, 1994 (59 FR
44615), and became effective on September 29, 1994.
The amendments redesignated former Sec. 563.22(e) as
Sec. 563.22(f). This section provides that applications filed under
Sec. 563.22(a) are deemed to be automatically approved by the OTS 30
days after the OTS sends written notice to the applicant that the
application is complete, unless one of several circumstances exists.
The recent amendments revised the list of these circumstances, set
forth at Secs. 563.22(f) (1)-(15).
The description of the amendments to Sec. 563.22(f), at 59 FR
44625, contained two errors. The description states that the OTS was
revising newly designated paragraphs (f)(1), (f)(9) and (f)(14), when
OTS had intended to revise newly designated paragraphs (f)(1), (f)(10)
and (f)(15). As the section was amended, the situations that should
have been described in paragraphs (f)(9) and (f)(14) were deleted from
the list. In addition, the error caused paragraphs (f)(9) and (f)(10),
and (f)(14) and (f)(15) to be essentially duplicative.
These corrective amendments amend paragraphs (f)(9), (f)(10),
(f)(14) and (f)(15) to read as OTS had intended them to read upon the
effective date of the final regulations.
In addition, the OTS is also taking this opportunity to update and
correct certain obsolete references that appear in Sec. 563.22(f) and
in various other regulations. These corrections remove the term
``District Director'' which is no longer in use at OTS, and substitute
a reference to ``OTS'' instead. The substitution does not signal any
change in practice. The decisions and filings described in the revised
regulatory provisions that are currently made at the regional level
will continue to be made at the regional level under the delegations to
the Regional Directors that are already in place. See e.g., OTS Order
No. 92-416 (September 24, 1992). This final rule merely removes
redundant delegations of authority from regulatory language.
Regulatory Flexibility Act
Pursuant to section 605(b) of the Regulatory Flexibility Act, it is
certified that this rule will not have a significant economic impact on
a substantial number of small entities.
Executive Order 12866
The OTS has determined that this rule is not a ``significant
regulatory action'' for purposes of Executive Order 12866.
List of Subjects in 12 CFR Part 563
Accounting, Crime, Currency, Investments, Mortgages, Reporting and
recordkeeping requirements, Savings associations, Securities, Surety
bonds.
Accordingly, the Office of Thrift Supervision hereby amends part
563, chapter V, title 12 of the Code of Federal Regulations as set
forth below:
SUBCHAPTER D--REGULATIONS APPLICABLE TO ALL SAVINGS ASSOCIATIONS
PART 563--OPERATIONS
1. The authority citation for part 563 continues to read as
follows:
Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468,
1817, 1828, 3806; 42 U.S.C. 4106.
Sec. 563.10 [Amended]
2. Section 563.10 is amended by removing the words ``District
Director'' where they appear in paragraphs (c)(2), (c)(3) introductory
text and (d) and by adding in lieu thereof the word ``OTS''.
3. Section 563.22 is amended by removing the words ``District
Director'' where they appear in paragraphs (f) (2), (4), and (11) and
by adding in lieu thereof the word ``OTS'', and by revising paragraphs
(9), (10), (14) and (15) to read as follows:
Sec. 563.22 Merger, consolidation, purchase or sale of assets, or
assumption of liabilities.
* * * * *
(f) * * *
(9) In a transaction involving potential competition, the OTS
determines that the acquiring savings association is one of three or
fewer potential entrants into the relevant geographic area;
(10) The acquiring savings association has assets of $1 billion or
more and proposes to acquire assets of $1 billion or more;
* * * * *
(14) The transaction raises a significant issue of law or policy;
or
(15) The transaction is opposed by any constituent institution or
contested by a competing acquiror.
* * * * *
Sec. 563.47 [Amended]
4. Section 563.47 is amended by removing the words ``District
Director'' where they appear in paragraph (d) and by adding in lieu
thereof the word ``OTS''.
Sec. 563.74 [Amended]
5. Section 563.74 is amended by removing the phrase ``District
Director or his or her designee'' where it appears in paragraph (c) and
by adding in lieu thereof the word ``OTS'', and by removing the phrase
``concurrently to the District Director and to the Corporate and
Securities Division'' where it appears in paragraph (h) and by adding
in lieu thereof the phrase ``to the OTS''.
Sec. 563.84 [Amended]
6. Section 563.84 is amended by removing the phrase ``District
Director and the Corporate and Securities Division of the Chief
Counsel's Office'' where it appears in paragraph (b)(7)(i) introductory
text and by adding in lieu thereof the phrase ``OTS pursuant to
Sec. 516.1 of this chapter''.
Sec. 563.180 [Amended]
9. Section 563.180 is amended by removing the phrase ``District
Director for the District where the association's principal office is
located'' where it appears in paragraph (c) and by adding in lieu
thereof the word ``OTS''.
Dated: December 16, 1994.
By the Office of Thrift Supervision.
Jonathan L. Fiechter,
Acting Director.
[FR Doc. 94-31521 Filed 12-22-94; 8:45 am]
BILLING CODE 6720-01-P
