[Federal Register Volume 59, Number 75 (Tuesday, April 19, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-9300]
[[Page Unknown]]
[Federal Register: April 19, 1994]
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DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Chapter V and Parts 503, 504, 505, 515, 544, 552, and 561
[No. 93-250]
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. The amendments include a global revision to reflect the
change from the MACRO to the CAMEL rating system used by the other
federal banking regulatory agencies and a reinstatement of the
definition of ``affiliated person'' that was inadvertently removed. The
rule also revises OTS's organizational regulations to reflect current
titles and makes technical corrections to provisions concerning bylaws
and charter reissuance.
EFFECTIVE DATE: April 19, 1994.
FOR FURTHER INFORMATION CONTACT: Mary Gottlieb, Senior Paralegal, (202)
906-7135, or Deborah Dakin, Assistant Chief Counsel, (202) 906-6445,
Regulations and Legislation Division, Chief Counsel's Office, Office of
Thrift Supervision, 1700 G Street NW., Washington DC 20552.
SUPPLEMENTARY INFORMATION: The OTS is today adopting several technical
amendments to its regulations to implement the new rating system for
savings associations, to reinstate a definitional provision, to update
organizational titles and addresses and correct an erroneous cross-
reference.
CAMEL Rating System
The OTS is amending its regulations to reflect the conversion from
the MACRO to the CAMEL rating system. The purpose of the conversion is
to reduce regulatory burden by using the same rating system employed by
the other federal banking regulatory agencies. The MACRO system
currently used by the OTS is very similar to the FDIC's CAMEL policy
guidance. The conversion is intended to improve consistency with regard
to risk-based assessments and joint examinations. The OTS expects there
to be virtually no practical effect on savings associations as a result
of this change.
Affiliated Person Definition
The OTS is also taking the opportunity to reinstate its definition
of ``affiliated person,'' which formerly appeared as Sec. 561.5. The
definition, which was inadvertently removed through the final rule on
regulatory review,1 is being restored without change to avoid
confusion or misunderstanding about the applicability of restrictions
on affiliated persons.
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\1\58 FR 4308 (Jan. 14, 1993).
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Bylaws and Charter Reissuance
The appendix to part 544 which sets forth model bylaws for mutual
savings associations is being amended to bring it into conformity with
Sec. 544.5(b)(8). The appendix to part 552 containing model bylaws for
stock associations is being revised to bring it into conformity with
Sec. 552.6-1(h). A conforming change is also being made to
Sec. 552.6(d), based upon the model bylaws contained in the appendix.
The provisions undergoing amendment specify the amount of notice to be
given prior to certain meetings of boards of directors and state when
voting lists are to be prepared and how the meetings may be conducted.
Section 552.4 concerning charter reissuance is also being revised to
correct an erroneous cross-reference.
Miscellaneous
Parts 503, 504 and 515 are being updated to incorporate the current
titles of senior OTS personnel. New addresses are being incorporated
into part 505 to reflect recent office relocations.
Administrative Procedure Act
Pursuant to 5 U.S.C. 553, the OTS has found good cause to dispense
with both prior notice and comment on this final rule and a thirty-day
delay of its effective date. OTS believes that it is contrary to public
interest to delay the effective date of the rule, as it brings the
OTS's regulations into conformity with the current rating system. The
OTS believes that it is in the best interest of savings associations
for the implementing regulations to be amended at the time the rating
system is changed. The other amendments are purely technical
corrections.
Regulatory Flexibility Act
Pursuant to section 605(b) of the Regulatory Flexibility Act (Pub.
L. 96-354, 5 U.S.C. 601), it is certified that this technical
regulation will not have a significant economic impact on a substantial
number of small savings associations, small service corporations or
other small entities.
Executive Order 12866
The Acting Director has determined that this rule is not a
``significant regulatory action'' for purposes of Executive Order
12866.
List of Subjects
12 CFR Part 503
Privacy.
12 CFR Part 504
Classified information.
12 CFR Part 505
Freedom of information.
12 CFR Part 515
Infants and children, Postal service.
12 CFR Part 544
Reporting and recordkeeping requirements, Savings associations.
12 CFR Part 552
Reporting and recordkeeping requirements, Savings associations,
Securities.
12 CFR Part 561
Savings associations.
Accordingly, and under the authority of 12 U.S.C. 1462 et seq., the
Office of Thrift Supervision hereby amends chapter V, title 12 of the
Code of Federal Regulations as set forth below.
CHAPTER V--[AMENDED]
1. Chapter V is amended by removing the word ``MACRO'' wherever it
appears and by adding in lieu thereof the word ``CAMEL''.
SUBCHAPTER A--ORGANIZATION AND PROCEDURES
PART 503--[AMENDED]
2. The authority citation for part 503 is revised to read as
follows:
Authority: 5 U.S.C. 552a; 12 U.S.C. 1462a, 1463, 1464.
Sec. 503.1 [Amended]
3. Section 503.1 is amended by removing the phrase ``Senior Deputy
Director for Congressional Relations and Communications'' in paragraph
(e) and by adding in lieu thereof the phrase ``Deputy Director for
Washington Operations''.
PART 504--[AMENDED]
4. The authority citation for part 504 is revised to read as
follows:
Authority: E.O. 12356, 3 CFR, 1982 Comp., p. 166.
Sec. 504.3 [Amended]
5. Section 504.3 is amended by removing the phrase `` `Senior
Deputy Director' `` in the introductory text and by adding in lieu
thereof the phrase ```Deputy Director for Washington Operations'''.
Sec. 504.4 [Amended]
6. Section 504.4 is amended by removing the phrase ``Senior Deputy
Director'' in the first sentence and by adding in lieu thereof the
phrase ``Deputy Director for Washington Operations''.
PART 505--[AMENDED]
7. The authority citation for part 505 is revised to read as
follows:
Authority: 5 U.S.C. 552; 12 U.S.C. 1462a, 1463, 1464.
Sec. 505.2 [Amended]
8. Section 505.2 is amended by removing the phrase ``1776 G Street
NW., Street Level, 18th Street side of the building.'' in the second
sentence and by adding in lieu thereof the phrase ``1700 G Street NW.,
from 1 p.m. to 4 p.m. on business days. Visitors are escorted to and
from the Public Reference Room at established intervals.''
Sec. 505.4 [Amended]
9. Section 505.4 is amended by removing the phrase ``1776 G Street,
NW, Street Level, 18th Street side of building.'' in the third sentence
and by adding in lieu thereof the phrase ``1700 G Street NW''.
PART 515--[AMENDED]
10. The authority citation for part 515 is revised to read as
follows:
Authority: 39 U.S.C. 3220.
Sec. 515.2 [Amended]
11. Section 515.2 is amended by removing the phrase ``Director,
Financial and Administrative Systems, Management Office,'' and by
adding in lieu thereof the phrase ``Deputy Assistant Director,
Procurement and Administrative Services Division, Administration
Office,''.
Sec. 515.4 [Amended]
12. Section 515.4 is amended by removing the phrase ``The Financial
and Administrative Systems Division (``FAS'') of the Management
Office'' in the introductory text of paragraph (a) and by adding in
lieu thereof the phrase ``Procurement and Administrative Services
Division of the Administration Office''; and by removing the phrase
``Senior Deputy Directors'' in paragraph (b) and adding in lieu thereof
the phrase ``Deputy Assistant Directors''.
Sec. 515.5 [Amended]
13. Section 515.5 is amended by removing the phrase ``Management
Office'' and by adding in lieu thereof the phrase ``Administration
Office''.
SUBCHAPTER C--REGULATIONS FOR FEDERAL SAVINGS ASSOCIATIONS
PART 544--[AMENDED]
14. The authority citation for part 544 is revised to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, l464, 1467a, 2901 et
seq.
15. The appendix to part 544 is amended by revising the third
sentence of Item 8 and by adding a new sentence between the seventh and
eighth sentences to read as follows:
Appendix to Part 544--Model Bylaws for Mutual Savings Associations
* * * * *
8. Meetings of the board. * * * All special meetings shall be
held upon at least 24 hours written notice to each director
[trustee] unless notice is waived in writing before or after such
meeting. * * * The board may also permit telephonic participation at
meetings. * * *
* * * * *
PART 552--[AMENDED]
16. The authority citation for part 552 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.
Sec. 552.4 [Amended]
17. Section 552.4 is amended by removing the phrase
``Sec. 500.32(c)(5) of this chapter'' in paragraph (d) and by adding in
lieu thereof the phrase ``Sec. 516.1(c) of this chapter''.
Sec. 552.6 [Amended]
18. Section 552.6 is amended by removing the phrase ``10 days'' in
the first sentence of paragraph (d)(1) and by adding in lieu thereof
the phrase ``20 days''.
Appendix to Part 552 [Amended]
19. The appendix to part 552 is amended by removing the phrase
``two days'' in the first sentence of Article III, Section 6, and by
adding in lieu thereof the phrase ``24 hours''.
SUBCHAPTER D--REGULATIONS APPLICABLE TO ALL SAVINGS ASSOCIATIONS
PART 561--[AMENDED]
20. The authority citation for part 561 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.
21. Section 561.5 is added to read as follows:
Sec. 561.5 Affiliated person.
The term affiliated person of a savings association means the
following:
(a) A director, officer, or controlling person of such association;
(b) A spouse of a director, officer, or controlling person of such
association;
(c) A member of the immediate family of a director, officer, or
controlling person of such association, who has the same home as such
person or who is a director or officer of any subsidiary of such
association or of any holding company affiliate of such association;
(d) Any corporation or organization (other than the savings
association or a corporation or organization through which the savings
association operates) of which a director, officer or the controlling
person of such association:
(1) Is chief executive officer, chief financial officer, or a
person performing similar functions;
(2) Is a general partner;
(3) Is a limited partner who, directly or indirectly either alone
or with his or her spouse and the members of his or her immediate
family who are also affiliated persons of the association, owns an
interest of 10 percent or more in the partnership (based on the value
of his or her contribution) or who, directly or indirectly with other
directors, officers, and controlling persons of such association and
their spouses and their immediate family members who are also
affiliated persons of the association, owns an interest of 25 percent
or more in the partnership; or
(4) Directly or indirectly either alone or with his or her spouse
and the members of his or her immediate family who are also affiliated
persons of the association, owns or controls 10 percent or more of any
class of equity securities or owns or controls, with other directors,
officers, and controlling persons of such association and their spouses
and their immediate family members who are also affiliated persons of
the association, 25 percent or more of any class of equity securities;
and
(5) Any trust or other estate in which a director, officer, or
controlling person of such association or the spouse of such person has
a substantial beneficial interest or as to which such person or his or
her spouse serves as trustee or in a similar fiduciary capacity.
Dated: December 30, 1993.
By the Office of Thrift Supervision.
Jonathan L. Fiechter,
Acting Director.
[FR Doc. 94-9300 Filed 4-18-94; 8:45 am]
BILLING CODE 6720-01-P
