[Federal Register Volume 59, Number 225 (Wednesday, November 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-28878]
[[Page Unknown]]
[Federal Register: November 23, 1994]
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DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Parts 550, 552, 562, 563 and 571
[No. 94-246]
RIN 1550-AA68
Annual Independent Audits
AGENCY: Office of Thrift Supervision, Treasury.
ACTION: Final rule.
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SUMMARY: The Office of Thrift Supervision (OTS) is adopting a final
rule that amends its annual independent audit requirements for savings
associations to be more consistent with those applicable to other
federally insured depository institutions. Pursuant to Section 112 of
the Federal Deposit Insurance Corporation Improvement Act of 1991
(FDICIA) all insured depository institutions with total assets of $500
million or more are required to obtain an annual independent audit. OTS
is amending its rules in order to eliminate the mandatory annual
independent audit requirement for small savings associations with
composite CAMEL ratings of 1 or 2; to rely on the FDICIA section 112
independent audit requirements for savings associations with assets of
$500 million or more; and to adopt regulatory language to allow OTS to
require an independent audit of any savings association with assets of
less than $500 million, as needed for purposes of safety and soundness.
EFFECTIVE DATE: December 23, 1994.
FOR FURTHER INFORMATION CONTACT: David H. Martens, Chief Accountant,
(202) 906-5645, Timothy J. Stier, Deputy Chief Accountant, (202) 906-
5699, Office of Thrift Supervision, 1700 G Street, NW., Washington,
D.C. 20552.
SUPPLEMENTARY INFORMATION:
I. Background and Description of Proposal
On March 22, 1994, OTS published a notice of proposed rulemaking to
amend the regulatory framework governing independent audits of savings
associations' financial statements. The proposed amendments were
designed to achieve comparability with the framework used by the other
Federal banking agencies1 for banks. Historically, OTS regulations
and policies required all savings associations and savings and loan
holding companies to obtain an annual independent audit of their
financial statements. In contrast, the regulations and policies of the
other Federal banking agencies generally encourage all banks and bank
holding companies to obtain an annual independent audit, but only
mandate that certain institutions obtain audits. OTS' proposal
recognized that a well planned and executed independent audit could
improve the reliability of regulatory reports, such as the Thrift
Financial Report (TFR). The proposal also recognized, however, that the
current OTS audit requirement could be modified to reduce regulatory
burden without increasing the risk of unsafe and unsound regulatory
reporting.
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\1\The term ``other Federal banking agencies'' means the Office
of the Comptroller of the Currency, the Board of Governors of the
Federal Reserve System, and the Federal Deposit Insurance
Corporation.
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Under the proposal, savings associations with assets of $500
million or more would continue to be audited pursuant to Section 112 of
FDICIA2 and the FDIC's implementing regulation 12 CFR Part 363.
The FDIC regulation requires audits of all FDIC-insured depository
institutions with assets of $500 million or more, includes financial
statement and internal control reporting requirements, and sets minimum
qualifications for independent public accountants and for members of
the board of directors' audit committee.
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\2\This provision is codified at section 36 of the Federal
Deposit Insurance Act (``FDI Act''), 12 U.S.C. 1831m.
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Under the proposal, small savings associations (i.e., those with
assets of less than $500 million), were required to obtain annual
independent audits of their financial statements whenever OTS believed
an independent audit was necessary to supplement other safety and
soundness supervisory activities. The proposal included a request for
comment on the specific safety and soundness criteria that should be
used to determine when such an audit would be appropriate. The proposal
required that such audits utilize the same qualifications for
independent public accountants as those applicable to institutions
covered by the FDIC regulation. The proposal provided that when small
savings associations obtained an audit voluntarily the audit would be
conducted in accordance with generally accepted auditing standards
(GAAS) and the resulting reports and supporting audit work papers would
be made available to OTS upon request.
Finally, the proposal included specific requests for comment on the
audit requirements for trust operations, holding company financial
statements, and savings associations overall. The objective of these
inquiries was to assist OTS in developing an audit approach for these
types of audits that would be responsive to the safety and soundness
needs and comparable to the approach used by the other Federal banking
agencies.
II. Summary of Comments and OTS Response
OTS received ten comment letters on the proposal. Commenters
included seven savings associations, two trade associations, and a
Federal banking agency. Overall, the commenters were supportive of the
proposal and offered suggestions on implementing the approach. Only one
commenter (a thrift) expressed significant opposition to the
elimination of the mandatory audit requirement. Commenters also
responded to the six specific requests for comment that were included
in the proposal. The issues and comments raised by those responses are
addressed below.
A. Benefits of Annual Independent Audits to Small Savings Associations
Five small savings associations commented on the issue of whether
audits were beneficial to small savings associations and improved the
accuracy of the Thrift Financial Report (TFR). Four of the commenters
suggested that audits were of little or no benefit since they typically
do not focus on the association's internal operations or the TFR
process. In addition, these commenters suggested that audits often
overlapped with OTS safety and soundness examinations in key areas. One
commenter suggested that audits were quite valuable because they are
often the only independent review of management's activities.
OTS believes that an independent audit can help address safety and
soundness concerns regarding the accuracy of an institution's financial
reports and the effectiveness of its internal controls over financial
reporting. Nonetheless, OTS believes that decision should be left to
the management of healthy savings associations that meet the size and
composite rating criteria discussed above.
Therefore, the final rule eliminates the mandatory annual audit
requirement for institutions with less than $500 million in assets and
composite CAMEL ratings of 1 or 2. The rule is intended to reduce the
regulatory burden on those institutions while ensuring consistency
between the audit requirements administered by the OTS and those
administered by the FDIC. It is not intended to discourage such an
institution from obtaining an annual independent audit. Management
should carefully consider the value of the annual independent audit to
the safety, soundness, and effectiveness of the institution's control
systems in deciding whether to continue the practice.
OTS will retain its ability to require audits of any small savings
associations that present certain safety and soundness concerns as
discussed in Item B below.
B. Safety and Soundness Concerns
Most of the commenters suggested alternatives to the mandatory
audit requirement that would mitigate the risk of unsafe and unsound
regulatory reporting. Three commenters suggested that independent
audits be required for all MACRO (CAMEL) 4 or 5 rated institutions or
other supervisory measures of risk. These commenters also suggested
that a waiver provision be included in any safety and soundness
requirement. Two commenters suggested that OTS simply rely on the
judgment of institution boards of directors to determine whether an
audit is needed and specifically encourage boards of directors to
obtain audits as part of a plan for sound financial reporting.
OTS has decided to use the CAMEL 3, 4 and 5 rating as a measure of
risk to identify when an independent audit is required. An institution
that receives a CAMEL 3 rating for safety and soundness concerns
exhibits a combination of financial, operational, or compliance
weaknesses. When weaknesses relate to financial condition, such
institutions may be vulnerable to the onset of adverse business
conditions and could easily deteriorate if concerted action is not
effective in correcting the areas of weakness. An institution that
receives a CAMEL 4 or 5 rating has a significant level of serious
financial weaknesses or a combination of other conditions that are
unsatisfactory. For these reasons, OTS believes that an audit
requirement for CAMEL 3, 4 or 5 rated institutions is generally an
effective use of independent audit resources. The rule thus requires a
CAMEL 3, 4 or 5 rated institution to obtain an independent audit,
unless notified otherwise by OTS.
OTS recognizes that an institution may receive a CAMEL 3, 4 or 5
rating for safety and soundness concerns unrelated to any issue that
would be addressed by an independent audit. It also recognizes that the
FDIC Board chose not to require independent audits of all troubled
banks. As a result, the final rule provides that in certain cases, the
OTS Director may determine that the independent audit is unnecessary,
and the required audit would be waived for the institution in question.
In addition, the OTS Director may modify the audit requirement by
requiring procedures agreed to by OTS if such agreed upon procedures
are effective to address specific safety and soundness concerns that a
particular institution presents.
The Director's authority to require audits on a case-by-case basis,
or to waive or modify an audit requirement in appropriate circumstances
may be delegated.
C. OTS Access to Work Papers of Small Savings Association Audits
Five commenters responded to the issue of whether OTS should have
access to audit work papers in cases where a small savings association
obtains an audit voluntarily. Most of the commenters were in favor of
granting access to work papers if it increases the efficiency of the
examination process. Two commenters were opposed to granting access to
audit work papers based on the rationale that by rescinding the audit
requirement, OTS is no longer an intended beneficiary of the audit
process.
In the interest of eliminating duplicative efforts, OTS believes it
would be beneficial for small savings associations, who voluntarily
have audits, to have their independent auditors make audit work papers
available to OTS as part of their audit engagement. OTS encourages
candid communication between examiners and independent auditors. OTS
policy encourages examiners to utilize independent audit work papers to
plan examinations and to reduce duplicative efforts and to share
examination work products with independent auditors. OTS believes that
it would be extremely beneficial for examiners and auditors to continue
to share their work products. Therefore, OTS will require that the
engagement letters for required and voluntary audits contain a
provision that gives OTS access to the audit work papers. This
provision is a continuation of the current OTS policy in Public
Accountant (PA) Bulletin 7a, ``Audits of Insured Institutions, Service
Corporations and Joint Ventures by Independent Public Accountants.''
D. Holding Company Audit Requirements
A few commenters presented suggestions on the manner in which OTS
should determine whether a savings and loan holding company is required
to obtain an audit for safety and soundness purposes. One commenter
suggested OTS utilize the same requirements that are applicable to bank
holding companies. Currently, the rules and policies applicable to bank
holding companies require an annual independent audit of all holding
companies with consolidated assets of $150 million or more. Other
commenters suggested that savings and loan holding companies be
required to obtain an audit if they are a multiple holding company
(i.e., owner of more than one depository institution) or have assets in
excess of $1 billion.
An objective in developing the overall OTS audit approach was to
attain comparability with the other Federal banking agencies. Because
the Federal Reserve's bank holding company audit requirement and the
FDIC's insured depository institution audit requirement differ, OTS
weighed the advantages and disadvantages of each agency's asset
threshold. Setting a lower asset threshold (i.e., $150 million) at the
holding company level would, in effect, require certain insured
subsidiary institutions to obtain an audit that would otherwise not
have been required by the FDIC.
In determining the exposure to a thrift posed by its parent holding
company, the OTS focuses primarily on the relationship and transactions
between the thrift and its affiliates. OTS believes that its current
holding company regulatory structure limits the risks from intercompany
transactions that may not be in the best interests of the thrift.
To avoid situations where the holding company audit requirement
would essentially create an audit requirement for the subsidiary
institution, OTS has decided against adopting the Federal Reserve's
$150 million threshold for bank holding companies. Instead, OTS will
require audits of holding companies whose subsidiary savings
association(s) have aggregate assets of $500 million or more. OTS
selected the $500 million asset threshold to achieve comparability with
the approach utilized in the FDIC regulation. This requirement has also
been incorporated into the instructions to the annual/current holding
company report H-(b)11.
The final rule provides that the Director of OTS may require, at
any time, an independent audit of any savings and loan holding company,
with aggregate assets of less than $500 million, when needed for
purposes of safety and soundness.
E. Alternatives to Auditing Procedures for Bank Secrecy Act and Third
Party Reviews of Service Bureaus That Could Be Used To Address Safety
and Soundness Concerns
A few commenters responded to the issue of whether OTS should
continue to have independent auditors perform procedures to test
compliance with the Bank Secrecy Act (BSA) and apply OTS standards for
third-party reviews of service bureau internal controls. Commenters
indicated that BSA compliance and service bureau internal controls
should be tested in more detail by an institution's internal audit
staff and OTS examiners.
OTS initially required independent auditors to test savings
associations' compliance with the BSA as part of a strategy to closely
monitor currency transactions. Since that time, OTS has expanded the
scope of examination procedures in this area and required their
application in all types of examinations. OTS believes that BSA
compliance is now adequately tested through the internal audit
functions of institutions and the examination process. In December of
1993, OTS rescinded PA Bulletin 7a-3, ``Auditors' and Accountants'
Responsibilities Under Currency and Foreign Transactions Reporting Act
(Bank Secrecy Act)''. No audit requirements for testing compliance with
the BSA are included in the final rule.
OTS issued its standards for third party reviews of service bureaus
at a time when there was limited supervisory and professional auditing
guidance on the subject. Since that time, OTS and the other banking
agencies have developed a uniform examination approach for EDP
functions including service bureaus. The auditing profession has also
revised its standards on several occasions to address testing of
service bureau internal controls. In addition, under the proposed OTS
Standards for Safety and Soundness regulations, promulgated pursuant to
section 39 of the FDI Act, associations would be required to maintain
an internal audit system that adequately tests and reviews internal
controls and information systems, including service bureaus. OTS
believes that service bureau internal controls are adequately tested
through an institution's internal audit function and the OTS
examination process. Therefore, PA Bulletin 7-1a, ``Standards for
Audits of Insured Institutions Using Electronic Data Processing'' will
be rescinded.
F. Trust Audits
Several commenters presented suggestions on the requirements for
audits of savings association trust departments. Two commenters
suggested that trust departments should be audited based on the volume
or dollar value of trust assets managed. Commenters indicated that
trust department audits could be performed by internal auditors,
external auditors, or OTS examiners. Commenters also suggested that
trust department audits were generally more beneficial to the
institution when performed by the internal audit function or as part of
an OTS compliance review.
OTS believes that the approach for trust audits outlined in the
proposal combined with examination procedures is responsive to safety
and soundness concerns. Therefore, the final rule will implement the
approach outlined in the proposal.
III. Description of Final Rule
A. General
The final rule generally follows the approach outlined in the
proposal. Savings associations and savings and loan holding companies
are no longer required to have independent audits except in cases
where: (1) FDIC rule 12 CFR Part 363 requires independent audits of
savings associations; (2) OTS requires independent audits of savings
and loan holding companies (i.e., holding companies with aggregate
insured depository assets of $500 million or more); or, (3) OTS
requires an independent audit, or agreed-upon procedures, of a savings
association or savings and loan holding company due to safety and
soundness concerns (e.g., CAMEL 3, 4 or 5 examination rating for
savings associations or other identified safety and soundness
concerns).
The final rule also includes two technical corrections to 12 CFR
562.3--Statements of Condition--that were not included in the proposal.
First, the final rule amends 12 CFR 562.3(b)(2) to eliminate language
requiring savings associations to make their audited financial
statements available to depositors upon request. This change was
necessary due to the fact that the final rule eliminates the mandatory
audit requirement. Any member of the public may obtain a copy of the
audited financial statements of a savings association, or other FDIC-
insured depository institution, that files a report with the FDIC
pursuant to FDIC rule 12 CFR Part 363 simply by making a request to the
institution.
Second, the final rule amends 12 CFR 562.3(d) to eliminate a cross
reference to 12 CFR 571.2. This change was necessary due to the fact
that the final rule eliminates 12 CFR 571.2.
B. Securities Filings
The final rule does not affect any of the auditing standards,
accounting standards, or other requirements for financial statements
contained in securities filings submitted to OTS pursuant to the
Securities Exchange Act of 1934 (1934 Act) or OTS regulations parts
563b, 563d, or 563g (Securities filings). Applicable federal securities
laws and regulations require securities filings to comply with
generally accepted accounting principles (GAAP) and to include
financial statements and other information that have been audited by
independent public accountants in accordance with GAAS. Savings
associations anticipating a conversion from mutual to stock form of
ownership, or any other transaction governed by the federal securities
laws and regulations, should note that the accounting or auditing
requirements for such securities filings continue to apply.
IV. 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. The rule is expected to relieve
a regulatory burden on savings associations with assets of less than
$500 million. The overall economic impact is not expected to be
significant because it is anticipated that many of these institutions
will continue on a voluntary basis to obtain annual independent audits.
Therefore, Regulatory Flexibility Act analysis is not required.
V. Paperwork Reduction Act
The reporting requirements contained in this final rule have been
submitted to and approved by the Office of Management and Budget under
OMB Control No. 1550-0082 for review in accordance with the Paperwork
Reduction Act of 1980 (44 U.S.C. 3504(h)). Comments on the collections
of information should be sent to the Office of Management and Budget,
Paperwork Reduction Project (1550), Washington, DC 20503 with copies to
the Office of Thrift Supervision, 1700 G Street NW., Washington, DC
20552.
The reporting requirements in this proposal are found in 12 CFR
550.7(a) and 12 CFR 562.4(a). The information is needed by OTS to
provide an orderly mechanism for expeditiously processing requests for
non-public information while ensuring confidentiality. The likely
recordkeepers are Federal savings associations.
VI. Executive Order 12866
OTS has determined that this final rule does not constitute a
``significant regulatory action'' for purposes of Executive Order
12866.
VII. Effective Date
OTS has provided for a 30-day delayed effective date for this rule.
See 5 U.S.C. 553(d). The Riegle Community Development and Regulatory
Improvement (CDRI) Act of 1994, which was signed by the President on
September 23, 1994, imposes further effective date requirements with
respect to regulations issued by the Federal banking agencies. Section
302(b) of that law requires the agencies to delay the effective date of
new regulations that ``impose additional reporting, disclosures, or
other new requirements on insured depository institutions'' until the
first day of the first calendar quarter after the regulations are
published in final form. An exception to this requirement is available
if the agency determines, ``for good cause published with the
regulation,'' that the regulation should become effective sooner.
Although the principal effect of today's rule is to relieve
restrictions rather than to impose ``new requirements'' on insured
depository institutions, certain of its provisions arguably fall within
the scope of coverage of the CDRI Act's effective date provision. For
the following reasons, however, the OTS has concluded that good cause
exists to accelerate the effective date that would be required by the
CDRI Act.
Application of this CDRI Act effective date provision would cause
today's rule to take effect on January 1, 1995. OTS's current rules
require all savings associations to be audited at least once in each
calendar year. If the effective date of today's rule is delayed until
January 1, 1995, then it will not exempt any savings associations from
their obligation to obtain an audit in calendar year 1994. The result
would be to require those associations that are relieved of the annual
audit requirement under today's rule to incur the burden and expense of
an annual independent audit for no reason other than the timing imposed
by the CDRI Act's delayed effective date provision. This result would
be inconsistent with the purpose of section 302 of the CDRI Act, which
is generally to reduce regulatory burden and the cost of compliance.
See H.R. Conf. Rep. No. 103-652, 103d Cong., 2d Sess. 168 (1994).
Accordingly, the OTS finds good cause for the rule to become effective
earlier than the date that the CDRI Act would otherwise require.
Finally, the OTS notes that the CDRI Act effective date provision
applies only to regulations affecting insured depository institutions.
Regulations applicable to holding companies are therefore beyond the
scope of the provision.
List of Subjects
12 CFR Part 550
Reporting and recordkeeping requirements, Savings associations,
Trusts and trustees.
12 CFR Part 552
Reporting and recordkeeping requirements, Savings associations,
Securities.
12 CFR Part 562
Accounting, Reporting and recordkeeping requirements.
12 CFR Part 563
Accounting, Advertising, Crime, Currency, Flood insurance,
Investments, Reporting and recordkeeping requirements, Savings
associations, Securities, Surety bonds.
12 CFR Part 571
Accounting, Conflicts of interest, Gold, Investments, Reporting and
recordkeeping requirements, Savings associations.
Accordingly, OTS hereby amends subchapters C and D, chapter V,
title 12, Code of Federal Regulations, as set forth below:
SUBCHAPTER C--REGULATIONS FOR FEDERAL SAVINGS ASSOCIATIONS
PART 550--TRUST POWERS OF FEDERAL SAVINGS ASSOCIATIONS
1. The authority citation for part 550 is revised to read as
follows:
Authority: 12 U.S.C. 1462a, 1463, 1464, 1735f-7.
2. Section 550.7 is revised to read as follows:
Sec. 550.7 Audit of trust department.
(a) A committee of directors of the Federal savings association who
are independent of its management shall make, or cause to be made, a
suitable audit of the association's trust department annually. The
audit shall, at a minimum, ascertain whether the department has
internal control policies and procedures in place to provide reasonable
assurance that:
(1) Fiduciary activities are administered in accordance with
applicable laws and regulations, governing trust instruments, and sound
fiduciary principles;
(2) Fiduciary assets are properly safeguarded; and
(3) Transactions are accurately recorded in the appropriate
accounts in a timely manner.
(b) The audit shall be conducted in accordance with generally
accepted standards for attestation engagements and any other standards
established by the OTS. The audit may be conducted by internal
auditors, external auditors or other qualified persons who are
responsible only to the board of directors.
PART 552--INCORPORATION, ORGANIZATION, AND CONVERSION OF FEDERAL
STOCK ASSOCIATIONS
3. The authority citation for part 552 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.
Sec. 552.6-4 [Removed and Reserved]
4. Section 552.6-4 is removed and reserved.
SUBCHAPTER D--REGULATIONS APPLICABLE TO ALL SAVINGS ASSOCIATIONS
PART 562--REGULATORY REPORTING STANDARDS
5. The authority citation for part 562 continues to read as
follows:
Authority: 12 U.S.C. 1463.
6. Section 562.3 is amended by removing paragraph (b)(2),
redesignating paragraph (b)(3) as paragraph (b)(2), and revising
paragraph (d) to read as follows:
Sec. 562.3 Statements of condition.
* * * * *
(d) Alternative annual statement of condition. The requirement of
paragraph (a)(2) of this section is satisfied when a savings
association makes copies of its audited financial statements
conspicuously available to the public in its home office and each of
its branch locations.
* * * * *
7. Section 562.4 is added to read as follows:
Sec. 562.4 Audit of savings associations and savings association
holding companies.
(a) General. The OTS may require, at any time, an independent audit
of the financial statements of, or the application of procedures agreed
upon by the OTS to a savings association, savings and loan holding
company, or affiliate (as defined by 12 CFR 563.41(b)(1)) by qualified
independent public accountants when needed for any safety and soundness
reason identified by the Director.
(b) Audits required for safety and soundness purposes. The OTS
requires an independent audit for safety and soundness purposes:
(1) If, as of its most recent report of examination, a savings
association has received a composite rating of 3, 4 or 5 on the CAMEL
financial institutions' rating scale; or
(2) If, as of the beginning of its fiscal year, a savings and loan
holding company controls savings association subsidiary(ies) with
aggregate consolidated assets of $500 million or more.
(c) Procedures. (1) When the OTS requires an independent audit
because such an audit is needed for safety and soundness purposes, the
Director shall determine whether the audit was conducted and filed in a
manner satisfactory to the OTS.
(2) The Director may waive the independent audit requirement for a
savings association that, as of its most recent report of examination,
has received a CAMEL rating of 3, 4 or 5, if the Director determines
that an audit would not address the safety and soundness issues that
caused the examination rating.
(3) When the OTS requires the application of procedures agreed upon
by the OTS for safety and soundness purposes, the Director shall
identify the procedures to be performed. The Director shall also
determine whether the agreed upon procedures were conducted and filed
in a manner satisfactory to the OTS.
(d) Qualifications for independent public accountants. The audit
shall be conducted by an independent public accountant who:
(1) Is registered or licensed to practice as a public accountant,
and is in good standing, under the laws of the state or other political
subdivision of the United States in which the savings association's or
holding company's principal office is located;
(2) Agrees in the engagement letter to provide the OTS with access
to and copies of any work papers, policies, and procedures relating to
the services performed;
(3) Is in compliance with the American Institute of Certified
Public Accountants' (AICPA) Code of Professional Conduct and meets the
independence requirements and interpretations of the Securities and
Exchange Commission and its staff; and
(4) Has received, or is enrolled in, a peer review program that
meets guidelines acceptable to the OTS.
(e) Voluntary audits. When a savings association, savings and loan
holding company, or affiliate (as defined by 12 CFR 563.41(b)(1))
obtains an independent audit voluntarily, it shall be performed only by
an independent public accountant who satisfies the requirements of
paragraphs (d)(1), (d)(2), and (d)(3) of this section.
PART 563--OPERATIONS
8. 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. 563.170 [Amended]
9. Section 563.170 is amended by removing paragraph (a)(2) and the
paragraph designation of (a)(1).
PART 571--STATEMENTS OF POLICY
10. The authority citation for part 571 continues to read as
follows:
Authority: 5 U.S.C. 552, 559; 12 U.S.C. 1462a, 1463, 1464.
Sec. 571.2 [Removed and Reserved]
11. Section 571.2 is removed and reserved.
Dated: November 17, 1994.
Jonathan L. Fiechter,
Acting Director.
[FR Doc. 94-28878 Filed 11-22-94; 8:45 am]
BILLING CODE 6720-01-P
