[Federal Register Volume 59, Number 227 (Monday, November 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29241]
[Federal Register: November 28, 1994]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 346
RIN 3064-AA78
Foreign Banks
AGENCY: Federal Deposit Insurance Corporation (FDIC or Corporation).
ACTION: Final rule.
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SUMMARY: The FDIC is amending its regulations concerning the
permissible activities of state-licensed insured branches of foreign
banks. Section 202 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (Improvement Act) provides that after December
19, 1992, a state-licensed insured branch of a foreign bank may not
engage in any activity which is not permissible for a federal branch of
a foreign bank unless the Board of Governors of the Federal Reserve
System (Board) has determined that the activity is consistent with
sound banking practice, and the FDIC has determined that the activity
would pose no significant risk to the Bank Insurance Fund (BIF). The
amendments cover application procedures and divestiture or cessation
plans. Foreign banks are required to seek both the FDIC's and the
Board's approval for an insured state branch to engage in or continue
to engage in an activity which is not permissible for a federal branch
of a foreign bank. In the event such an application is denied or the
foreign bank elects not to continue the activity, a plan of divestiture
or cessation must be submitted and such divestiture or cessation must
be completed within one year, or sooner if the FDIC so directs.
EFFECTIVE DATE: The final regulation is effective January 1, 1995.
FOR FURTHER INFORMATION CONTACT: Charles V. Collier, Assistant
Director, Division of Supervision, (202) 898-6850; Jeffrey M. Kopchik,
Counsel, Legal Division, (202) 898-3872; Federal Deposit Insurance
Corporation, 550 17th Street, N.W., Washington, D.C. 20429.
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information contained in this final rule has been
reviewed and approved by the Office of Management and Budget under
control no. 3064-0114 pursuant to section 3504(h) of the Paperwork
Reduction Act (44 U.S.C. 3501 et seq.). Comments on the accuracy of the
burden estimate, and suggestions for reducing the burden, should be
directed to the Office of Management and Budget, Paperwork Reduction
Project (3064-0114), Washington, D.C., 20503, with copies of such
comments to Steven F. Hanft, Office of the Executive Secretary, Room F-
453, Federal Deposit Insurance Corporation, 550 17th Street, N.W.,
Washington, D.C. 20429. The collections of information in this
regulation are found in Secs. 346.101(a), (d), (e) and (f) and take the
form of a requirement that foreign banks (1) file an application with
the FDIC requesting permission for an insured state branch to engage in
or to continue engaging in any activity which is not permissible for a
federal branch of a foreign bank and (2) submit a plan of divestiture
or cessation in the event that the application is not approved, the
foreign bank elects not to apply to the FDIC for permission to continue
the activity, or a permissible activity becomes impermissible due to a
subsequent change in statute, regulation or formal order or
interpretation. The information contained in the application will allow
the FDIC to properly discharge its responsibilities under section 7 of
the International Banking Act of 1978 (12 U.S.C. 3101 et seq.) (IBA),
as amended by section 202 of the Improvement Act. The information in
the application will be used by the FDIC as part of the process of
determining whether conduct of the activity in question by the
applicant will pose a significant risk to the Bank Insurance Fund. The
information in the divestiture or cessation plan will be used by the
FDIC to make judgments concerning the reasonableness of the
institution's actions to discontinue activities deemed to pose
significant risk to the insurance fund.
The estimated annual reporting burden for the collection of
information from foreign banks in this proposed amendment is summarized
as follows:
Number of respondents:
Application.................................................. 27
Plan to discontinue or cease................................. 5
--------
Total.................................................... 32
Number of responses per respondent............................. 1
Total annual responses......................................... 32
Hours per response............................................. 8
Total annual burden hours...................................... 256
Regulatory Flexibility Act
Pursuant to section 605(b) of the Regulatory Flexibility Act (Pub.
L. 96-354, 5 U.S.C. 601 et seq.), it is certified that this final rule
will not have a significant impact on a substantial number of small
entities.
Discussion
Section 202 of the Improvement Act (Pub. L. 102-242, 12 U.S.C.
3105) amended section 7 of the IBA by adding new subsection (h) which
provides that after December 19, 1992 a state branch or state agency of
a foreign bank may not engage in any type of activity that is not
permissible for a federal branch of a foreign bank unless the Board of
Governors of the Federal Reserve System has determined that such
activity is consistent with sound banking practice; and in the case of
an insured branch, the Federal Deposit Insurance Corporation has
determined that the activity would pose no significant risk to the
deposit insurance fund. 12 U.S.C. 3105(h)(1).
On March 2, 1993, the FDIC proposed an amendment to part 346 of its
regulations (12 CFR part 346), ``Foreign Banks'', in order to implement
this new statutory provision. This proposal was published for a sixty-
day comment period in the Federal Register. (58 FR 11992, March 2,
1993).1 The proposal sought to amend subpart A, Sec. 346.1, to
include a definition of ``significant risk to the deposit insurance
fund'' and to add a new subpart D, ``Applications Seeking Approval for
Insured State Branches to Conduct Activities Not Permissible for
Federal Branches''.2
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\1\Similarly, the Board proposed an amendment to its Regulation
K (12 CFR part 211), ``International Banking Operations'', to
implement section 202 of the Improvement Act on January 6, 1993. (58
FR 513, January 6, 1993).
\2\Because Sec. 346.101 of the FDIC's regulations is obsolete,
the FDIC proposed to remove the existing Sec. 346.101 and to add a
new Sec. 346.101 which will comprise a new subpart D.
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The proposed new subpart provided that a foreign bank operating an
insured state branch which desires to engage in or continue an activity
that is not permissible for a federal branch, pursuant to statute,
regulation, official bulletin or circular, or any order or
interpretation issued in writing by the Office of the Comptroller of
the Currency (OCC), shall file with the FDIC a prior written
application for permission to conduct or continue such activity.
(Proposed Sec. 346.101(a)). The proposal went on to provide that the
application shall be filed with the FDIC Regional Director of the
Division of Supervision for the region in which the insured state
branch is located. (Proposed Sec. 346.101(c)). Since section 202(a) of
the Improvement Act became effective December 19, 1992, the FDIC
proposed to allow existing insured state branches of foreign banks to
continue activities (at existing levels) which may not be permissible
for a federal branch until the regulation is promulgated in final form
and the FDIC acts on their application. The proposal provided that the
FDIC would expect all foreign banks engaged in an impermissible
activity to file the required application no later than 60 days after
the effective date of the final rule. (58 FR 11993, column three).
Section 346.101(b) of the proposed regulation provided that the
application shall be in letter form and shall contain certain
information, including a description of the activity in which the
branch desires to engage or in which it is already engaged, the foreign
bank's financial condition, the branch's assets and liabilities, the
projected effect of the proposed activity on the financial condition of
the foreign bank and the branch, and a statement of why the proposed
activity will pose no significant risk to the deposit insurance fund.
Comment Letters
The FDIC received two comment letters concerning the proposed
amendments. Both comment letters were supportive of the FDIC's efforts
to coordinate its application procedures with the Board and to minimize
the administrative burden on state-licensed insured branches which
apply for permission to conduct or continue to conduct an activity
which is not permissible for a federal branch.
The commenters raised four primary concerns with the Corporation's
proposed regulation. First, the comments urged the FDIC to approve
activities on an ``activity by activity'' basis, in addition to its
approval of individual applications by specific banks requesting
permission to conduct a particular activity. One commenter noted that
such ``activity'' applications could be submitted by trade groups and
state bank supervisors. Second, both commenters requested that the FDIC
publish a list of ``pre-approved'' activities for state-licensed
insured branches which the FDIC determines pose no significant risk to
the BIF. They envision that once an activity is on this list, an
insured state branch could engage in it without the necessity of
applying to the FDIC. Third, it was suggested that the scope of the
information required to be included in a branch's application (Proposed
Sec. 346.101(b)) be reduced in order to decrease even further the
administrative burden on applicants. Fourth, the commenters urged the
FDIC not to carry over quantitative restrictions which the OCC places
on federal branches to activities permitted to state-licensed insured
branches which pose no significant risk of loss to the BIF. These
points are discussed below.
Approval of Activities Versus Applicants
Both commenters urged the FDIC to approve generic activities, in
addition to individual applications. One commenter expanded on this
recommendation by suggesting that the FDIC accept applications from
industry trade groups and state bank supervisors requesting approval of
a certain activity or activities on behalf of state-licensed insured
branches. That same commenter also argued that the intent of Congress
in enacting the statute was not to require the FDIC, as a general rule,
to review and approve applications from particular institutions to
engage in specific activities. Rather, the commenter argued that
Congress intended the FDIC to approve generic activities on an activity
by activity basis as being permissible for all state-licensed insured
branches.
The Corporation is of the opinion that the regulatory scheme
represented in the final regulation is consistent with the views
expressed by the commenters as described immediately above. In its
proposal, the FDIC explicitly requested interested parties to describe
activities which, even though they are not permissible for federal
branches, clearly pose no significant risk to the BIF when conducted by
an insured state branch. (58 FR 11994, column two). The FDIC went on to
request that commenters discuss the proposed application process as it
related to such activities and whether a more limited notice procedure
might be more appropriate in such cases. Id. After carefully
considering the comments and referring to its recently enacted
regulation concerning ``Activities and Investments of Insured State
Banks'', 12 CFR part 362 (58 FR 64462, December 8, 1993), the FDIC has
concluded that there are certain activities which, even though they may
not be permissible for a federal branch, clearly pose no significant
risk to the BIF when conducted by an insured state branch. Thus, in the
event that an insured state-licensed branch is conducting or desires to
conduct such an activity, no application or notice to the FDIC will be
required. The precise nature of these activities is discussed below.
Joint Application Procedure
The FDIC is sensitive to the administrative burden on applicants of
gathering the requested information and preparing an application. Since
section 202 of the Improvement Act requires all state branches and
state agencies that desire to engage in, or to continue to engage in,
any activity which is not permissible for a federal branch to secure
the approval of the Board, the FDIC will permit insured state branches
to submit a copy of their application to the Board to the FDIC instead
of preparing a completely separate submission. The FDIC and the Board
will review such applications simultaneously.
The commenters urged the FDIC to reduce the scope of the
information required to be submitted in a foreign bank's application in
view of the fact that some of this information may already be available
to the FDIC through the general examination and supervisory process.
After careful consideration, the FDIC has decided to accept this
recommendation. Therefore, Sec. 346.101(b) of the proposed regulation
has been revised to delete paragraphs (b)(3), (b)(4) and (b)(5).
Applicants will not be required to submit a current statement of the
applicant's assets, liabilities and capital, a current statement of the
branch's assets and liabilities or a copy of the applicant's most
recent audited financial statements. (Final Sec. 346.101(d)).
Permissible Activities
Section 346.101(a) of the final regulation is identical to
Sec. 346.101(a) of the proposed regulation. It provides that a state-
licensed insured branch which desires to engage in or continue to
engage in certain activities not permissible for a federal branch must
obtain the FDIC's permission. More specifically, it refers to ``any
type of activity that is not permissible for a federal branch, pursuant
to the National Bank Act (12 U.S.C. 21 et seq.) or any other federal
statute, regulation, official bulletin or circular, or order or
interpretation issued in writing by the Office of the Comptroller of
the Currency.* * *'' Written staff opinions will be considered to
evidence the position of the Comptroller so long as the opinion is
still considered valid, i.e., it has not been overruled by the OCC or
found invalid by a court of competent jurisdiction.
This section of the final regulation is substantially similar to
Sec. 362.2(b) of the Corporation's regulation concerning the activities
of state chartered banks. (12 CFR 362.2(b)). The FDIC is of the opinion
that Sec. 346.101(a) of the final regulation should parallel
Sec. 362.2(b) concerning the activities of state banks with regard to
the determination of permissible activities and the commenters
agreed.3
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\3\In May 1993, the FDIC published a booklet entitled ``Equity
Investments Permissible for National Banks and Activities
Permissible for National Banks and Their Subsidiaries''. This
booklet, which is available from the FDIC's Office of Corporate
Communications, lists activities which have been found by the OCC to
be permissible for national banks. While the booklet is not
necessarily comprehensive and while the FDIC has not committed to
update it on any regular basis, it may prove a useful guide for
state-licensed branches of foreign banks who are attempting to
ascertain what activities are and are not permissible for federal
branches since, generally speaking, a federal branch is empowered to
do whatever a national bank can do.
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The commenters suggested that the FDIC should approve activities
which, though not permissible for federal branches, pose no significant
risk to the BIF and thus would be permissible for state-licensed
insured branches assuming that the Board determines that such
activities are consistent with sound banking practice and that state
law as well as any other applicable federal law or regulation permits
the branch to engage in such activities. In its preamble to the
proposed regulation, the Corporation specifically requested commenters
to describe such activities. (58 FR 11994, column two). Only one
commenter put forth a specific recommendation in this regard. That
comment letter urged the FDIC to issue a blanket approval for agency
activities and any activity approved as an exception pursuant to
Sec. 362.4(c)(3) of the Corporation's regulations governing the
activities of state banks. 12 CFR 362.4(c)(3). With regard to
activities approved as exceptions pursuant to Sec. 362.4(c)(3) of the
Corporation's regulations, the Corporation agrees with the position set
forth by the commenter that activities approved as exceptions for
state-chartered domestic banks on the basis that they pose no
significant risk to the deposit insurance funds should also be
permissible for state-licensed insured branches of foreign banks,
without the necessity of filing an application or notice pursuant to
this part, provided the activity in question is also permissible for a
state licensed branch of a foreign bank under state law and any other
applicable federal law or regulation. See Final Sec. 346.101(b).
Engaging in an Activity as Agent
Section 202(a) of the Improvement Act does not distinguish between
activities which a foreign branch conducts as principal versus those
conducted as agent, nor does it distinguish between activities which a
foreign branch conducts directly versus those it conducts indirectly.
The FDIC is of the opinion that the absence of such distinctions in
section 202 is significant especially in light of the inclusion of such
distinctions in other sections of the Improvement Act. For example,
section 303 of the Improvement Act, which added section 24 to the FDI
Act, provides that an insured state bank may not engage as principal in
any type of activity that is not permissible for a national bank. 12
U.S.C. 1831a(a). Similarly, section 24(c) of the FDI Act, which was
also added by section 303 of the Improvement Act, provides that an
insured state bank may not, directly or indirectly, acquire or retain
any equity investment of a type that is not permissible for a national
bank. 12 U.S.C. 1831a(c). Part 362 of the Corporation's regulations, 12
CFR part 362, reflects the clear statutory intent of FDI Act section
24. The prohibition on foreign branches contained in section 7(h) of
the IBA is broader than the similar prohibitions contained in sections
24(a) and (c) of the FDI Act. Thus, the FDIC interprets section 7(h) of
the IBA to apply to any activity in which an insured state branch
desires to engage which is not permissible for a federal branch
regardless of the capacity or manner in which the branch seeks to
conduct the activity.
However, the Corporation's determination that agency activities are
covered by section 202 of the Improvement Act does not mean that some
or all agency activities cannot be found to be permissible, provided
the Board determines that the activity is consistent with sound banking
practice and the FDIC determines that the activity would pose no
significant risk to the BIF. After careful consideration, the FDIC is
of the opinion that a state-licensed insured branch may engage in an
activity as agent provided that such agency activity is permissible for
a state-chartered bank headquartered in the state in which the insured
branch of the foreign bank is located and is also a permissible
activity for a state-licensed branch of a foreign bank. Thus, state-
licensed insured branches which desire to engage in such agency
activities will not be required to file an application or notice with
the FDIC pursuant to the final regulation. Of course, the activity in
question must also be permissible pursuant to any other applicable
federal law or regulation. See Final Sec. 346.101(c).
Substantive Limitations on Permissible Activities
In the preamble to the proposed regulation, the FDIC noted that it
would ``generally expect any conditions or restrictions set out in the
OCC's regulations, bulletins, circulars, orders and interpretations to
be met if the activity is to be considered permissible when conducted
by an insured branch''. (58 FR 11994, column two). The commenters
expressed some confusion as to the precise meaning and scope of this
standard. They also contrasted the FDIC's position with the Board's
apparent position on this issue as briefly discussed in its proposed
amendments to Regulation K. (58 FR 513, January 6, 1993).
After careful consideration, the FDIC has decided to adopt a
position consistent with that of the Board. That is, an application
under this section will not normally be required where an activity is
permissible for a federal branch, but the OCC imposes a quantitative
restriction on the conduct of such an activity. The FDIC is of the
opinion that appropriate quantitative restrictions can be addressed on
a case-by-case basis as part of the ongoing supervisory process.
Significant Risk to the Fund
In approving an application to conduct or to continue to conduct an
activity which is not permissible for a federal branch, the FDIC must
determine that the activity in question ``would pose no significant
risk to the deposit insurance fund''. The phrase ``significant risk to
the deposit insurance fund'' is defined in Sec. 346.1(r) of the final
regulation. Significant risk to the deposit insurance fund shall be
understood to be present whenever there is a high probability that the
BIF may suffer a loss. It is not necessary that engaging in the
activity in question will result in the insolvency or threatened
insolvency of the insured state branch before a significant risk of
loss to the BIF is considered to be present. This definition is
substantially similar to the definition that is used in Sec. 362.2(m)
of the FDIC's regulation governing the activities of state banks and
the FDIC is of the opinion that the definition in the final regulation
should parallel the part 362 definition. None of the commenters
addressed this issue. Thus, the definition contained in the proposed
regulation is being adopted without change.
Divestiture or Cessation
In the event that an insured state branch is required to cease
conducting an activity, Sec. 346.101(d) of the proposed regulation set
forth the guidelines that must be followed to divest or cease the
impermissible activity. Generally, this section provides that the
insured state branch shall submit a written plan of divestiture or
cessation within 60 days of (1) being notified by the FDIC or the Board
that an application to continue to conduct the activity has been
denied, (2) the effective date of the regulation in the event that the
foreign bank elects not to apply for permission to continue to conduct
the activity, and (3) any change in statute, regulation, official
bulletin or circular, order or interpretation issued in writing by the
Office of the Comptroller of the Currency, or decision of a court of
competent jurisdiction that renders the activity impermissible.
Divestiture or cessation shall be completed within one year, or sooner
if the FDIC so directs. (Sec. 346.101(f)(1)). The commenters did not
address this issue. Therefore, this section of the proposed regulation
is being adopted without substantive change.
Delegation of Authority
Section 346.101(g) of the final regulation delegates authority to
review and approve divestiture and cessation plans to the Executive
Director, Compliance, Resolutions and Supervision, and the Director of
the Division of Supervision, and where confirmed in writing by the
Director, to an associate director, or to the appropriate regional
director or deputy regional director. The FDIC received no comment on
this section of the proposed regulation and, thus, it has been adopted
unchanged.
Effective Date
Section 302 of the Riegle Community Development and Regulatory
Improvement Act of 1994, Pub. L. 103-325, provides that amendments to
regulations which impose additional reporting or other new requirements
on insured depository institutions shall take effect on the first day
of a calendar quarter which begins on or after the date on which the
regulation is published in final form, with certain exception which are
not applicable in this case. Thus, this final amendment to Part 346
shall become effective on January 1, 1995.
List of Subjects in 12 CFR Part 346
Bank deposit insurance, Foreign banking, Reporting and
recordkeeping requirements.
For the reasons set out in the preamble, 12 CFR Part 346 is amended
as follows:
PART 346--FOREIGN BANKS
1. The authority citation for Part 346 is revised to read as
follows:
Authority: 12 U.S.C. 1813, 1815, 1817, 1819, 1820, 3103, 3104,
3105, 3108.
2. Section 346.1 of subpart A is amended by adding a new paragraph
(r) to read as follows:
Sec. 346.1 Definitions.
* * * * *
(r) Significant risk to the deposit insurance fund shall be
understood to be present whenever there is a high probability that the
Bank Insurance Fund administered by the FDIC may suffer a loss.
3. Section 346.101 of subpart C is removed.
4. Part 346 is amended by adding a new subpart D to read as
follows:
Subpart D--Applications Seeking Approval for Insured State Branches
To Conduct Activities Not Permissible for Federal Branches
Sec. 346.101 Applications.
(a) Scope. A foreign bank operating an insured state branch which
desires to engage in or continue to engage in any type of activity that
is not permissible for a federal branch, pursuant to the National Bank
Act (12 U.S.C. 21 et seq.) or any other federal statute, regulation,
official bulletin or circular, or order or interpretation issued in
writing by the Office of the Comptroller of the Currency, or which is
rendered impermissible due to a subsequent change in statute,
regulation, official bulletin or circular, written order or
interpretation, or decision of a court of competent jurisdiction (each
an impermissible activity), shall file a written application for
permission to conduct such activity with the FDIC pursuant to this
section. An applicant may submit to the FDIC a copy of its application
to the Board of Governors of the Federal Reserve System (Board of
Governors), provided that such application contains the information
described in paragraph (d) of this section.
(b) Exceptions. A foreign bank operating an insured state branch
which would otherwise be required to submit an application pursuant to
paragraph (a) of this section will not be required to submit such an
application if the activity it desires to engage in or continue to
engage in has been determined by the FDIC not to present a significant
risk to the affected deposit insurance fund pursuant to 12 CFR Part
362, ``Activities and Investments of Insured State Banks''.
(c) Agency activities. A foreign bank operating an insured state
branch which would otherwise be required to submit an application
pursuant to paragraph (a) of this section will not be required to
submit such an application if it desires to engage in or continue to
engage in an activity conducted as agent which would be a permissible
agency activity for a state-chartered bank located in the state in
which the state-licensed insured branch of the foreign bank is located
and is also permissible for a state-licensed branch of a foreign bank
located in that state; provided, however, that the agency activity must
be permissible pursuant to any other applicable federal law or
regulation.
(d) Content of application. An application submitted pursuant to
paragraph (a) of this section shall be in letter form and shall contain
the following information:
(1) A brief description of the activity, including the manner in
which it will be conducted and an estimate of the expected dollar
volume associated with the activity;
(2) An analysis of the impact of the proposed activity on the
condition of the United States operations of the foreign bank in
general and of the branch in particular, including a copy, if
available, of any feasibility study, management plan, financial
projections, business plan, or similar document concerning the conduct
of the activity;
(3) A resolution by the applicant's board of directors or, if a
resolution is not required pursuant to the applicant's organizational
documents, evidence of approval by senior management authorizing the
conduct of such activity and the filing of this application;
(4) A statement by the applicant of whether or not it is in
compliance with Secs. 346.19 and 346.20, Pledge of Assets and Asset
Maintenance, respectively;
(5) A statement by the applicant that it has complied with all
requirements of the Board of Governors concerning applications to
conduct the activity in question and the status of such application,
including a copy of the Board of Governors' disposition of such
application, if applicable;
(6) A statement of why the activity will pose no significant risk
to the deposit insurance fund; and
(7) Any other information which the regional director deems
appropriate.
(e) Application procedures. Applications pursuant to this section
shall be filed with the Regional Director of the Division of
Supervision for the region in which the insured state branch is
located. An application shall not be deemed complete until it contains
all the information requested by the Regional Director and has been
accepted. Approval of such an application may be conditioned on the
applicant's agreement to conduct the activity subject to specific
limitations, such as but not limited to the pledging of assets in
excess of the requirements of Sec. 346.19 and/or the maintenance of
eligible assets in excess of the requirements of Sec. 346.20. In the
case of an application to conduct an activity, as opposed to an
application to continue to conduct an activity, the insured branch
shall not commence the activity until it has been approved in writing
by the FDIC pursuant to this part and the Board of Governors, and any
and all conditions imposed in such approvals have been satisfied.
(f) Divestiture or cessation. (1) If an application for permission
to continue to conduct an activity is not approved by the FDIC or the
Board of Governors, the applicant shall submit a detailed written plan
of divestiture or cessation of the activity to the Regional Director of
the Division of Supervision for the region where the insured branch is
located within 60 days of the disapproval. The divestiture or cessation
plan shall describe in detail the manner in which the applicant will
divest itself of or cease the activity in question and shall include a
projected timetable describing how long the divestiture or cessation is
expected to take. Divestitures or cessations shall be completed within
one year from the date of the disapproval, or within such shorter
period of time as the Corporation shall direct.
(2) A foreign bank operating an insured state branch which elects
not to apply to the FDIC for permission to continue to conduct an
impermissible activity shall submit a written plan of divestiture or
cessation, in conformance with paragraph (f)(1) of this section, within
60 days of January 1, 1995, or of any change in statute, regulation,
official bulletin or circular, written order or interpretation, or
decision of a court of competent jurisdiction rendering such activity
impermissible.
(g) Delegation of authority. Authority is hereby delegated to the
Executive Director, Compliance, Resolutions and Supervision, and the
Director of the Division of Supervision, and where confirmed in writing
by the Director, to an associate director, or to the appropriate
regional director or deputy regional director, to approve plans of
divestiture and cessation submitted pursuant to paragraph (f) of this
section.
By order of the Board of Directors.
Dated at Washington, D.C. this 22nd day of November, 1994.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Acting Executive Secretary.
[FR Doc. 94-29241 Filed 11-25-94; 8:45 am]
BILLING CODE 6714-01-P
