[Federal Register Volume 63, Number 247 (Thursday, December 24, 1998)]
[Rules and Regulations]
[Pages 71210-71213]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-34026]
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DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Parts 506, 528, 545, 557, 566, 571, 574, 584
[No. 98-121]
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 cross-references in its regulations,
consolidating several regulatory provisions, and amending regulations
containing drafting or typographical errors.
EFFECTIVE DATE: December 24, 1998.
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 506--Information Collection Requirements under the
Paperwork Reduction Act. OTS has updated the display table of OMB
control numbers.
Part 545--Operations. OTS has deleted reserved but unused
sections in order to clarify the part.
Part 557--Deposits. OTS has corrected an incorrect
statutory citation in Sec. 557.11.
Part 566--Liquidity. OTS has revised the definition of
``net withdrawable accounts'' at Sec. 566.1 to correct an inadvertent
drafting error that occurred in the final rule published in November,
1997.1
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\1\ 62 FR 62509 (November 24, 1997).
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Part 571--Statements of Policy. The statement of policy on
nondiscrimination in lending at Sec. 571.24 is moved to part 528. This
section is the only statement of policy remaining in current part 571
and it relates to the material found in part 528. Part 571, consisting
of a number of reserved but unused sections, is removed.
Part 574--Acquisition of Control of Savings Associations.
OTS has corrected a typographical error in Sec. 574.100.
Part 584--Regulated Activities. OTS has corrected cross-
references to Federal Reserve Board regulations on permissible bank
holding company activities and other outdated cross-references.
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.2 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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\2\ 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 3 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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\3\ Pub. L. 103-325, 12 U.S.C. 4802.
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Regulatory Flexibility Act
Pursuant to section 605(b) of the Regulatory Flexibility
Act,4 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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\4\ Pub. L. 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.
List of Subjects
12 CFR Part 506
Reporting and recordkeeping requirements.
12 CFR Part 528
Advertising, Aged, Civil rights, Credit, Equal employment
opportunity, Fair housing, Home mortgage disclosure, Individuals with
disabilities, Marital status discrimination, Mortgages, Religious
discrimination, Reporting and recordkeeping requirements, Savings
associations, Sex discrimination, Signs and symbols.
[[Page 71211]]
12 CFR Part 545
Accounting, Consumer protection, Credit, Electronic funds
transfers, Investments, Reporting and recordkeeping requirements,
Savings associations.
12 CFR Part 557
Consumer protection, Reporting and recordkeeping requirements,
Savings associations.
12 CFR Part 566
Liquidity, Reporting and recordkeeping requirements, Savings
associations.
12 CFR Part 571
Accounting, Conflicts of interest, Investments, Reporting and
recordkeeping requirements, Savings associations.
12 CFR Part 574
Administrative practice and procedure, Holding companies, Reporting
and recordkeeping requirements, Savings associations, Securities.
12 CFR Part 584
Administrative practice and procedure, Holding companies, Reporting
and recordkeeping requirements, Savings associations, Securities.
Accordingly, the Office of Thrift Supervision, under the authority
of 12 U.S.C. 1462a, hereby amends title 12, chapter V of the Code of
Federal Regulations as set forth below.
PART 506--INFORMATION COLLECTION REQUIREMENTS UNDER THE PAPERWORK
REDUCTION ACT
1. The authority citation for part 506 continues to read as
follows:
Authority: 44 U.S.C. 3501 et seq.
2. Section 506.1 is amended by revising paragraph (b) to read as
follows:
Sec. 506.1 OMB control numbers assigned pursuant to the Paperwork
Reduction Act.
* * * * *
(b) Display.
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12 CFR part or section where identified and
described Current OMB control No.
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502.70........................................ 1550-0053.
510........................................... 1550-0081.
Part 516...................................... 1550-0005, 1550-0006, 1550-0016.
516.1(c)...................................... 1550-0056.
Part 528...................................... 1550-0021.
543.2......................................... 1550-0005.
543.3......................................... 1550-0005
543.9......................................... 1550-0007.
544.2......................................... 1550-0017.
544.5......................................... 1550-0018.
544.8......................................... 1550-0011.
545.74........................................ 1550-0013.
545.92........................................ 1550-0004.
545.95........................................ 1550-0006.
545.96(c)..................................... 1550-0011.
546.2......................................... 1550-0016.
546.4......................................... 1550-0066.
Part 550...................................... 1550-0037.
552.2-1....................................... 1550-0005.
552.2-6....................................... 1550-0007.
552.4......................................... 1550-0017.
552.5......................................... 1550-0018.
552.6......................................... 1550-0025.
552.7......................................... 1550-0025.
552.11........................................ 1550-0011.
552.13........................................ 1550-0016, 1550-0025.
555.300....................................... 1550-0095.
555.310....................................... 1550-0095.
557.20........................................ 1550-0092.
559.3......................................... 1550-0077.
559.11........................................ 1550-0067.
559.12........................................ 1550-0013.
559.13........................................ 1550-0065.
560.1......................................... 1550-0078.
560.2......................................... 1550-0078.
560.32........................................ 1550-0078.
560.35........................................ 1550-0078.
560.93(f)..................................... 1550-0078.
560.101....................................... 1550-0078.
560.170(c).................................... 1550-0078.
560.172....................................... 1550-0078.
560.210....................................... 1550-0078.
562.1......................................... 1550-0011.
562.1(b)...................................... 1550-0078.
562.4......................................... 1550-0011.
563.1......................................... 1550-0027.
563.1(b)...................................... 1550-0011.
563.22........................................ 1550-0016.
563.41(e)..................................... 1550-0078.
563.42(e)..................................... 1550-0078.
563.43........................................ 1550-0075.
[[Page 71212]]
563.47(e)..................................... 1550-0011.
563.74........................................ 1550-0050.
563.76(c)..................................... 1550-0011.
563.80........................................ 1550-0030.
563.81........................................ 1550-0061.
563.134....................................... 1550-0059.
563.170....................................... 1550-0078.
563.177....................................... 1550-0041.
563.180....................................... 1550-0084.
563.180(d).................................... 1550-0003.
563.180(e).................................... 1550-0079.
563.181....................................... 1550-0032.
563.183....................................... 1550-0032.
Part 563b..................................... 1550-0014.
563b.4........................................ 1550-0032.
563b.20 through 563b.32....................... 1550-0074.
Part 563d..................................... 1550-0019.
Part 563e..................................... 1550-0012.
Part 563f..................................... 1550-0051.
Part 563g..................................... 1550-0035.
Part 564...................................... 1550-0078.
566.4......................................... 1550-0011.
Part 568...................................... 1550-0062.
572.6......................................... 1550-0088.
572.7......................................... 1550-0088.
572.9......................................... 1550-0088.
572.10........................................ 1550-0088.
574.3(b)...................................... 1550-0032.
574.4......................................... 1550-0032.
574.5......................................... 1550-0032.
574.6......................................... 1550-0015.
Part 575...................................... 1550-0072.
584.1(f)...................................... 1550-0011.
584.2-1....................................... 1550-0063.
584.2-2....................................... 1550-0063.
584.9......................................... 1550-0063.
590.4(h)...................................... 1550-0078.
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PART 528--NONDISCRIMINATION REQUIREMENTS
3. The authority citation for part 528 continues to read as
follows:
Authority: 12 U.S.C. 1464, 2810 et seq., 2901 et seq.; 15 U.S.C.
1691; 42 U.S.C. 1981, 1982, 3601-3619.
Sec. 571.24 [Redesignated]
4. Section 571.24 is redesignated Sec. 528.9.
Sec. 528.1 [Amended]
5. Section 528.1 is amended by removing the phrase ``and
Sec. 571.24'' in paragraph (a).
6. Section 528.1a is revised to read as follows:
Sec. 528.1a Supplementary guidelines.
The Office's policy statement found at 12 CFR 528.9 supplements
this part and should be read together with this part. Refer also to the
HUD Fair Housing regulations at 24 CFR parts 100 et seq., Federal
Reserve Regulation B at 12 CFR Part 202, and Federal Reserve Regulation
C at 12 CFR Part 203.
7. Section 528.2 is amended by revising the note at the end of the
section to read as follows:
Sec. 528.2 Nondiscrimination in lending and other services.
* * * * *
Note: See also, Sec. 528.9(b) and (c).
8. Section 528.2a is amended by revising the note at the end of the
section to read as follows:
Sec. 528.2a Nondiscriminatory appraisal and underwriting.
* * * * *
Note: See also, Sec. 528.9(b), (c)(6), and (c)(7).
9. Section 528.3 is amended by revising the note at the end of the
section to read as follows:
Sec. 528.3 Nondiscrimination in applications.
* * * * *
Note: See also, Sec. 528.9(a) through(d).
PART 545--OPERATIONS
10. The authority citation for part 545 continues to read as
follows:
Authority: 12 U.S.C. 1462a, 1463, 1464, 1828.
Secs. 545.3-545.9, 545.21-545.30, 545.54-545.70, 545.83-545.90, 545.93-
545.94, 545.97-545.100, 545.104-545.120, 545.123-545.125, 545.127-
545.130, 545.132-545.135, 545.139-545.140 [Removed]
11. Reserved Secs. 545.3-545.9, 545.21-545.30, 545.54-545.70,
545.83-545.90, 545.93-545.94, 545.97-545.100, 545.104-545.120, 545.123-
545.125, 545.127-545.130, 545.132-545.135, 545.139-545.140 are removed.
PART 557--DEPOSITS
12. The authority citation for part 557 continues to read as
follows:
Authority: 12 U.S.C. 1462a, 1463, 1464.
13. Section 557.11 is amended by revising the section heading and
introductory text of paragraph (a) to read as follows:
Sec. 557.11 To what extent does federal law preempt deposit-related
state laws?
(a) Under sections 4(a) and 5(a) of the HOLA, 12 U.S.C. 1463(a),
1464(b), OTS is authorized to promulgate regulations that preempt state
laws affecting the operations of federal savings associations when
appropriate to:
* * * * *
[[Page 71213]]
PART 566--LIQUIDITY
14. The authority citation for part 566 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1465, 1467a; 15
U.S.C. 1691, 1691a.
15. Section 566.1 is amended by revising the last sentence of
paragraph (d) to read as follows:
Sec. 566.1 Definitions.
* * * * *
(d) * * * Tax and loan accounts, note accounts, accounts to the
extent that security has been given upon them pursuant to any
applicable regulations, U.S. Treasury General Accounts, and U.S.
Treasury Time Deposit Open Accounts are not withdrawable accounts.
* * * * *
PART 571--STATEMENTS OF POLICY [REMOVED]
16. Part 571 is removed.
PART 574--ACQUISITION OF CONTROL OF SAVINGS ASSOCIATIONS
17. The authority citation for part 574 continues to read as
follows:
Authority: 12 U.S.C. 1467a, 1817, 1831i.
Sec. 574.100 [Amended]
18. Section 574.100 is amended in the Agreement in section
II.A.6.(c) by removing the word ``character'', and by adding in lieu
thereof the word ``charter''.
PART 584--REGULATED ACTIVITIES
19. The authority citation for part 584 continues to read as
follows:
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1468.
20. Section 584.2 is amended by revising paragraph (b)(6)(i) to
read as follows:
Sec. 584.2 Prohibited activities.
* * * * *
(b) * * *
(6) * * * (i) That the Board of Governors of the Federal Reserve
System has permitted for bank holding companies pursuant to 12 CFR
225.24 or 225.28, unless the Office, by regulation, prohibits or limits
any such activity for savings and loan holding companies; or
* * * * *
21. Section 584.2-1 is amended by removing, in paragraph (b)(1)(v),
the phrase ``Sec. 545.50(b) of this chapter,'' and by adding in lieu
thereof the phrase ``Sec. 560.3 of this chapter,'', and by revising the
last sentence in paragraph (a) to read as follows:
Sec. 584.2-1 Prescribed services and activities of savings and loan
holding companies.
(a) * * * Notwithstanding and without regard to any other provision
of this section other than this sentence, a savings and loan holding
company and any subsidiary thereof that is not a savings association,
other than a service corporation, may invest in the types of securities
specified in Sec. 566.1 of this chapter without regard to any
limitation therein as to amount or maturity, except in the case of
bankers acceptances, in which case the maturity limits of Sec. 566.1
shall apply.
* * * * *
Sec. 584.2-2 [Amended]
22. Section 584.2-2 is amended by removing the phrase ``12 CFR
225.23 or 225.25'' in the first sentence of paragraph (a), and by
adding in lieu thereof the phrase ``12 CFR 225.24 or 225.28''.
Dated: December 18, 1998.
By the Office of Thrift Supervision.
Ellen Seidman,
Director.
[FR Doc. 98-34026 Filed 12-23-98; 8:45 am]
BILLING CODE 6720-01-P
