99-32066. Technical Amendments  

  • [Federal Register Volume 64, Number 237 (Friday, December 10, 1999)]
    [Rules and Regulations]
    [Pages 69183-69185]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 99-32066]
    
    
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    DEPARTMENT OF THE TREASURY
    
    Office of Thrift Supervision
    
    12 CFR Parts 503, 505, 557, 559, 563, 572
    
    [No. 99-79]
    
    
    Technical Amendments
    
    AGENCY: Office of Thrift Supervision, Treasury.
    
    ACTION: Final rule.
    
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    SUMMARY: The Office of Thrift Supervision (OTS) is amending its 
    regulations to incorporate a number of technical and conforming 
    amendments. OTS is updating statutory references and regulatory cross-
    references, amending provisions that contain minor drafting errors, and 
    making other minor changes.
    
    EFFECTIVE DATE: December 10, 1999.
    
    FOR FURTHER INFORMATION CONTACT: Mary H. Gottlieb, Senior Paralegal 
    (Regulations), (202) 906-7135, or Karen A. Osterloh, Assistant Chief 
    Counsel, (202) 906-6639, Regulations and Legislation Division, Chief 
    Counsel's Office, Office of Thrift Supervision, 1700 G Street, NW., 
    Washington DC 20552.
    
    SUPPLEMENTARY INFORMATION: OTS is amending its regulations to 
    incorporate a number of technical and conforming amendments. 
    Specifically, OTS is amending:
         Part 503--Privacy Act. OTS has updated office names and 
    employee titles.
         Part 505--Freedom of Information Act. OTS has updated 
    office names, employee titles, and references for requesting records by 
    e-mail.
         Part 557--Deposits. OTS has added an inadvertently omitted 
    statutory citation to Sec. 557.11.
         Part 559--Subordinate Organizations. OTS has corrected an 
    erroneous cross-reference to a FDIC regulation requiring savings 
    associations to file a notice before acquiring or establishing a 
    subsidiary or conducting new activities through a subsidiary.
         Part 563--Operations. OTS has clarified that its frequency 
    of examination regulation relates solely to safety and soundness 
    examinations, as opposed to compliance examinations. OTS has also 
    corrected a typographical error in its transactions with affiliates 
    regulations.
         Part 572--Loans in Areas Having Special Flood Hazards. OTS 
    has deleted a cross-reference to Federal Emergency Management Agency 
    (FEMA) regulations at 44 CFR Part 65, Appendix
    
    [[Page 69184]]
    
    A, which had contained the text of the Standard Flood Hazard 
    Determination Form (Form). FEMA removed Appendix A in 1998. OTS has 
    revised its regulation to indicate where lenders may obtain copies of 
    the Form.
    
    Administrative Procedure Act; Riegle Community Development and 
    Regulatory Improvement Act of 1994
    
        The OTS has found good cause to dispense with both prior notice and 
    comment on this final rule and a 30-day delay of its effective date 
    mandated by the Administrative Procedure Act.1 OTS believes 
    that it is contrary to public interest to delay the effective date of 
    the rule, as it corrects provisions that have caused confusion. Because 
    the amendments in the rule are not substantive, making them effective 
    immediately will not detrimentally affect savings associations.
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        \1\ 5 U.S.C. 553.
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        In addition, this document is exempt from the requirement found in 
    section 302 of the Riegle Community Development and Regulatory 
    Improvement Act of 1994 2 that regulations must not take 
    effect before the first day of the quarter following publication, as it 
    imposes no new requirements.
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        \2\ Pub. L. No. 103-325, 12 U.S.C. 4802.
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    Regulatory Flexibility Act
    
        Pursuant to section 605(b) of the Regulatory Flexibility 
    Act,3 it is certified that this technical corrections 
    regulation will not have a significant economic impact on a substantial 
    number of small entities.
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        \3\ Pub. L. No. 96-354, 5 U.S.C. 601.
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    Executive Order 12866
    
        OTS has determined that this rule is not a ``significant regulatory 
    action'' for purposes of Executive Order 12866.
    
    Unfunded Mandates Reform Act of 1995
    
        OTS has determined that the requirements of this final rule will 
    not result in expenditures by State, local, and tribal governments, or 
    by the private sector, of $100 million or more in any one year. 
    Accordingly, a budgetary impact statement is not required under section 
    202 of the Unfunded Mandates Reform Act of 1995.
    
    Paperwork Reduction Act
    
        This final rule does not involve a collection of information under 
    the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) This final 
    rule, however, amends existing Sec. 572.6, which contains paperwork 
    burden. The final rule does not change the burden.
    
    List of Subjects
    
    12 CFR Part 503
    
        Privacy.
    
    12 CFR Part 505
    
        Freedom of Information.
    
    12 CFR Part 557
    
        Investments, Reporting and recordkeeping requirements, Savings 
    associations.
    
    12 CFR Part 559
    
        Reporting and recordkeeping requirements, Savings associations, 
    Subsidiaries.
    
    12 CFR Part 563
    
        Accounting, Advertising, Crime, Currency, Investments, Reporting 
    and recordkeeping requirements, Savings associations, Securities, 
    Surety bonds.
    
    12 CFR Part 572
    
        Flood insurance, Reporting and recordkeeping requirements, Savings 
    associations.
        Accordingly, the Office of Thrift Supervision hereby amends title 
    12, chapter V of the Code of Federal Regulations as set forth below.
    
    PART 503--PRIVACY ACT
    
        1. The authority citation for part 503 continues to read as 
    follows:
    
        Authority: 5 U.S.C. 552a; 12 U.S.C. 1462a, 1463, 1464.
    
        2. Section 503.1 is amended by revising the last sentence of 
    paragraphs (b), (c), and (d) to read as follows:
    
    
    Sec. 503.1  Scope and procedures.
    
    * * * * *
        (b) * * * Requests for information and specific guidance on where 
    to send requests for records may be mailed or delivered personally to: 
    Privacy Act Request, Manager, Dissemination Branch, Information 
    Management & Services Division, Office of Thrift Supervision, 1700 G 
    Street, NW., Washington, DC 20552.
        (c) * * * Requests for amendment should be addressed to: Privacy 
    Act Amendment Request, Manager, Dissemination Branch, Information 
    Management & Services Division, Office of Thrift Supervision, 1700 G 
    Street, NW., Washington, DC 20552.
        (d) * * * Appeals made by mail should be addressed to, or delivered 
    personally to: Privacy Act Amendment Appeal, Deputy Chief Counsel for 
    General Law, Office of Thrift Supervision, 1700 G Street, NW., 
    Washington, DC 20552.
    * * * * *
    
    PART 505--FREEDOM OF INFORMATION ACT
    
        3. The authority citation for part 505 continues to read as 
    follows:
    
        Authority: 5 U.S.C. 552; 12 U.S.C. 1462a, 1463, 1464.
    
        4. Section 505.2 is amended by revising the last sentence to read 
    as follows:
    
    
    Sec. 505.2  Public reference room.
    
        * * * Contact the Dissemination Branch, Information Management & 
    ServicesDivision, Office of Thrift Supervision, 1700 G Street, NW., 
    Washington, DC 20552, or visit the Public Reference Room at 1700 G 
    Street, NW., Lower Level, from 9:00 a.m. to 4:00 p.m. on business days.
        5. Section 505.3 is amended by revising the last two sentences to 
    read as follows:
    
    
    Sec. 505.3  Requests for records.
    
        * * * Requests may be mailed to: Freedom of Information Act 
    Request, Dissemination Branch, Information Management & Services 
    Division, Office of Thrift Supervision, 1700 G Street, NW., Washington, 
    DC 20552, or marked ``FOIA'' and delivered in person to the Public 
    Reference Room, Dissemination Branch, Information Management & Services 
    Division, 1700 G Street, NW., Lower Level. Requests may also be sent by 
    e-mail or facsimile.
        6. Section 505.4 is amended by revising the last three sentences to 
    read as follows:
    
    
    Sec. 505.4  Administrative appeal of initial determination to deny 
    records.
    
        * * * Appeals by mail should be addressed to: Deputy Chief Counsel 
    for General Law, 1700 G Street, NW., Washington, DC 20552. Appeals may 
    be delivered personally to the Dissemination Branch, Information 
    Management & Services Division, Office of Thrift Supervision 1700 G 
    Street, NW., Lower Level. Appeals may also be sent by e-mail or 
    facsimile.
    
    PART 557--DEPOSITS
    
        7. The authority citation for part 557 continues to read as 
    follows:
    
        Authority: 12 U.S.C. 1462a, 1463, 1464.
    
        8. Section 557.11 is amended by revising paragraph (a) introductory 
    text to read as follows:
    
    [[Page 69185]]
    
    Sec. 557.11  To what extent does federal law preempt deposit-related 
    state laws?
    
        (a) Under sections 4(a), 5(a), and 5(b) of the HOLA, 12 U.S.C. 
    1463(a), 1464(a), and 1464(b), OTS is authorized to promulgate 
    regulations that preempt state laws affecting the operations of federal 
    savings associations when appropriate to:
    * * * * *
    
    PART 559--SUBORDINATE ORGANIZATIONS
    
        9. The authority citation for part 559 continues to read as 
    follows:
    
        Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1828.
    
        10. Section 559.11 is amended by revising the second sentence to 
    read as follows:
    
    
    Sec. 559.11  What notices are required to establish or acquire a new 
    subsidiary or engage in new activities through an existing subsidiary?
    
        * * * The Notice must contain all of the information the Federal 
    Deposit Insurance Corporation (FDIC) requires under 12 CFR 362.15. * * 
    *
    
    PART 563--OPERATIONS
    
        11. The authority citation for part 563 continues to read as 
    follows:
    
        Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468, 
    1817, 1820, 1828, 1831i, 3806; 42 U.S.C. 4106.
    
        12. Section 563.41 is amended by revising paragraph (b)(1)(v)(B) to 
    read as follows:
    
    
    Sec. 563.41  Loans and other transactions with affiliates and 
    subsidiaries.
    
    * * * * *
        (b) * * *
        (1) * * *
        (v) * * *
        (B) That the Office determines presents a risk to the safety or 
    soundness of the savings association, based on the nature of the 
    activities conducted by the company, amount of transactions with the 
    savings associations or its subsidiaries, financial condition of the 
    company or its parent savings association, or other supervisory 
    factors;
    * * * * *
        13. Section 563.171 is amended by revising the section heading to 
    read as follows:
    
    
    Sec. 563.171  Frequency of safety and soundness examination.
    
    * * * * *
    
    PART 572--LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS
    
        14. The authority citation for part 572 continues to read as 
    follows:
    
        Authority: 12 U.S.C. 1462, 1462a, 1463, 1464; 42 U.S.C. 4012a, 
    4104a, 4104b, 4106, 4128.
    
        15. Section 572.6 is amended by revising paragraph (a) to read as 
    follows:
    
    
    Sec. 572.6  Required use of standard flood hazard determination form.
    
        (a) Use of form. A savings association shall use the standard flood 
    hazard determination form developed by the Director of FEMA when 
    determining whether the building or mobile home offered as collateral 
    security for a loan is or will be located in a special flood hazard 
    area in which flood insurance is available under the Act. The standard 
    flood hazard determination form may be used in a printed, computerized, 
    or electronic manner. A savings association may obtain the standard 
    flood hazard determination form from FEMA, P.O. Box 2012, Jessup, MD 
    20794-2012.
    * * * * *
        Dated: December 6, 1999.
    
        By the Office of Thrift Supervision.
    Ellen Seidman,
    Director.
    [FR Doc. 99-32066 Filed 12-9-99; 8:45 am]
    BILLING CODE 6720-01-P
    
    
    

Document Information

Effective Date:
12/10/1999
Published:
12/10/1999
Department:
Thrift Supervision Office
Entry Type:
Rule
Action:
Final rule.
Document Number:
99-32066
Dates:
December 10, 1999.
Pages:
69183-69185 (3 pages)
Docket Numbers:
No. 99-79
PDF File:
99-32066.pdf
CFR: (9)
12 CFR 503.1
12 CFR 505.2
12 CFR 505.3
12 CFR 505.4
12 CFR 557.11
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