3232 Federal Register / Vol. 85, No. 13 / Tuesday, January 21, 2020 / Rules and Regulations
designated by the Administrator of
OIRA as a significant energy action. For
any proposed significant energy action,
the agency must give a detailed
statement of any adverse effects on
energy supply, distribution, or use
should the proposal be implemented,
and of reasonable alternatives to the
action and their expected benefits on
energy supply, distribution, and use.
This final rule is not a significant
regulatory action under Executive Order
12866. Moreover, it would not have a
significant adverse effect on the supply,
distribution, or use of energy, nor has it
been designated as a significant energy
action by the Administrator of OIRA.
Therefore, it is not a significant energy
action, and, accordingly, DOE has not
prepared a Statement of Energy Effects.
L. Congressional Notification
As required by 5 U.S.C. 801, DOE will
submit to Congress a report regarding
the issuance of this final rule prior to
the effective date set forth at the outset
of this rulemaking. The report will state
that it has been determined that the rule
is not a ‘‘major rule’’ as defined by 5
U.S.C. 801(2).
IV. Approval of the Office of the
Secretary
The Secretary of Energy has approved
publication of this final rule.
List of Subjects in 10 CFR Part 205
Administrative practice and
procedure, Energy, Recordkeeping and
reporting requirements.
Signed in Washington, DC, on December
23, 2019.
Karen. S. Evans,
Assistant Secretary, Office of Cybersecurity,
Energy Security, and Emergency Response.
For the reasons stated in the
preamble, DOE amends part 205 of
chapter II of title 10 of the Code of
Federal Regulations as set forth below:
PART 205—ADMINISTRATIVE
PROCEDURES AND SANCTIONS
Subpart W—Electric Power System
Permits and Reports; Applications;
Administrative Procedures and
Sanctions; Grid Security Emergency
Orders
■ 1. The authority citation for subpart W
of part 205 is revised to read as follows:
Authority: Pub. L. 95–91, 91 Stat. 565 (42
U.S.C. 7101); Pub. L. 66–280, 41 Stat. 1063
(16 U.S.C. Section 792 et seq.); E.O. 10485,
18 FR 5397, 3 CFR, 1949–1953, Comp., p. 970
as amended by E.O. 12038, 43 FR 4957, 3
CFR 1978 Comp., p. 136; Department of
Energy Delegation Order No. 00–002.00Q
(Nov. 1, 2018).
§ 205.383 [Amended]
■ 2. Section 205.383(a) introductory text
is amended by removing the words ‘‘the
Department of Energy’s Office of
Electricity Delivery and Energy
Reliability’’ and adding in their place
the words ‘‘the office that is delegated
the authority by the Secretary’’.
[FR Doc. 2020–00101 Filed 1–17–20; 8:45 am]
BILLING CODE 6450–01–P
DEPARTMENT OF ENERGY
10 CFR Part 430
[Docket Number EERE–2016–BT–STD–
0022]
RIN 1904–AD69
Energy Conservation Program: Energy
Conservation Standards for
Uninterruptible Power Supplies
Correction
In rule document 2019–2635
beginning on page 1447 in the issue of
Friday, January 10, 2020, make the
following correction:
§ 430.32 [Corrected]
On page 1503, in § 430.32(z)(3) the
table should appear as follows:
Battery charger product class Rated output power Minimum efficiency
10a (VFD UPSs) ........................................... 0W < P rated ≤ 300 W ................................... ¥1.20E–06 * P 2rated + 7.17E–04 * P rated + 0.862.
300 W < P rated ≤ 700 W .............................. ¥7.85E–08 * P 2rated + 1.01E–04 * P rated + 0.946.
Prated > 700 W ............................................. ¥7.23E–09 * P 2rated + 7.52E–06 * P rated + 0.977.
10b (VI UPSs) ............................................... 0W < P rated ≤ 300 W ................................... ¥1.20E–06 * P 2rated + 7.19E–04 * P rated + 0.863.
300 W < P rated ≤ 700 W .............................. ¥7.67E–08 * P 2rated + 1.05E–04 * P rated + 0.947.
Prated > 700 W ............................................. ¥4.62E–09 * P 2rated + 8.54E–06 * P rated + 0.979.
10c (VFI UPSs) ............................................. 0W < P rated ≤ 300 W ................................... ¥3.13E–06 * P 2rated + 1.96E–03 * P rated + 0.543.
300 W < P rated ≤ 700 W .............................. ¥2.60E–07 * P 2rated + 3.65E–04 * P rated + 0.764.
Prated > 700 W ............................................. ¥1.70E–08 * P 2rated + 3.85E–05 * P rated + 0.876.
[FR Doc. C1–2019–26354 Filed 1–17–20; 8:45 am]
BILLING CODE 1301–00–D
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 303, 326, 337, 353, and
390
RIN 3064–AF14
Removal of Transferred OTS
Regulations Regarding Certain
Regulations for the Operations of State
Savings Associations and Conforming
Amendments to Other Regulations
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
adopting a final rule (final rule) to
rescind and remove certain regulations
transferred in 2011 to the FDIC from the
former Office of Thrift Supervision
(OTS) pursuant to the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the Dodd-Frank Act) because they
are unnecessary, redundant, or
duplicative of other regulations or safety
and soundness considerations. In
addition to the removal, the FDIC is
making technical changes to other parts
of the FDIC’s regulations so that they
may be applicable on their terms to
State savings associations. Following
the removal of the identified
regulations, the regulations governing
the operations of State savings
associations will be substantially the
same as those for all other FDIC-
supervised institutions.
DATES: The final rule is effective
February 20, 2020.
FOR FURTHER INFORMATION CONTACT:
Karen J. Currie, Senior Examination
Specialist, 202–898–3981, kcurrie@
fdic.gov, Division of Risk Management
Supervision; Cassandra Duhaney,
Senior Policy Analyst, 202–898–6804,
Division of Depositor and Consumer
Protection; Gregory Feder, Counsel,
202–898–8724; Suzanne Dawley,
Counsel, 202–898–6509; or Linda
Hubble Ku, Counsel, 202–898–6634,
Legal Division.
SUPPLEMENTARY INFORMATION:
VerDate Sep<11>2014 16:38 Jan 17, 2020 Jkt 250001 PO 00000 Frm 00004 Fmt 4700 Sfmt 4700 E:\FR\FM\21JAR1.SGM 21JAR1
jbell on DSKJLSW7X2PROD with RULES
designated by the Administrator of
OIRA as a significant energy action. For
any proposed significant energy action,
the agency must give a detailed
statement of any adverse effects on
energy supply, distribution, or use
should the proposal be implemented,
and of reasonable alternatives to the
action and their expected benefits on
energy supply, distribution, and use.
This final rule is not a significant
regulatory action under Executive Order
12866. Moreover, it would not have a
significant adverse effect on the supply,
distribution, or use of energy, nor has it
been designated as a significant energy
action by the Administrator of OIRA.
Therefore, it is not a significant energy
action, and, accordingly, DOE has not
prepared a Statement of Energy Effects.
L. Congressional Notification
As required by 5 U.S.C. 801, DOE will
submit to Congress a report regarding
the issuance of this final rule prior to
the effective date set forth at the outset
of this rulemaking. The report will state
that it has been determined that the rule
is not a ‘‘major rule’’ as defined by 5
U.S.C. 801(2).
IV. Approval of the Office of the
Secretary
The Secretary of Energy has approved
publication of this final rule.
List of Subjects in 10 CFR Part 205
Administrative practice and
procedure, Energy, Recordkeeping and
reporting requirements.
Signed in Washington, DC, on December
23, 2019.
Karen. S. Evans,
Assistant Secretary, Office of Cybersecurity,
Energy Security, and Emergency Response.
For the reasons stated in the
preamble, DOE amends part 205 of
chapter II of title 10 of the Code of
Federal Regulations as set forth below:
PART 205—ADMINISTRATIVE
PROCEDURES AND SANCTIONS
Subpart W—Electric Power System
Permits and Reports; Applications;
Administrative Procedures and
Sanctions; Grid Security Emergency
Orders
■ 1. The authority citation for subpart W
of part 205 is revised to read as follows:
Authority: Pub. L. 95–91, 91 Stat. 565 (42
U.S.C. 7101); Pub. L. 66–280, 41 Stat. 1063
(16 U.S.C. Section 792 et seq.); E.O. 10485,
18 FR 5397, 3 CFR, 1949–1953, Comp., p. 970
as amended by E.O. 12038, 43 FR 4957, 3
CFR 1978 Comp., p. 136; Department of
Energy Delegation Order No. 00–002.00Q
(Nov. 1, 2018).
§ 205.383 [Amended]
■ 2. Section 205.383(a) introductory text
is amended by removing the words ‘‘the
Department of Energy’s Office of
Electricity Delivery and Energy
Reliability’’ and adding in their place
the words ‘‘the office that is delegated
the authority by the Secretary’’.
[FR Doc. 2020–00101 Filed 1–17–20; 8:45 am]
BILLING CODE 6450–01–P
DEPARTMENT OF ENERGY
10 CFR Part 430
[Docket Number EERE–2016–BT–STD–
0022]
RIN 1904–AD69
Energy Conservation Program: Energy
Conservation Standards for
Uninterruptible Power Supplies
Correction
In rule document 2019–2635
beginning on page 1447 in the issue of
Friday, January 10, 2020, make the
following correction:
§ 430.32 [Corrected]
On page 1503, in § 430.32(z)(3) the
table should appear as follows:
Battery charger product class Rated output power Minimum efficiency
10a (VFD UPSs) ........................................... 0W < P rated ≤ 300 W ................................... ¥1.20E–06 * P 2rated + 7.17E–04 * P rated + 0.862.
300 W < P rated ≤ 700 W .............................. ¥7.85E–08 * P 2rated + 1.01E–04 * P rated + 0.946.
Prated > 700 W ............................................. ¥7.23E–09 * P 2rated + 7.52E–06 * P rated + 0.977.
10b (VI UPSs) ............................................... 0W < P rated ≤ 300 W ................................... ¥1.20E–06 * P 2rated + 7.19E–04 * P rated + 0.863.
300 W < P rated ≤ 700 W .............................. ¥7.67E–08 * P 2rated + 1.05E–04 * P rated + 0.947.
Prated > 700 W ............................................. ¥4.62E–09 * P 2rated + 8.54E–06 * P rated + 0.979.
10c (VFI UPSs) ............................................. 0W < P rated ≤ 300 W ................................... ¥3.13E–06 * P 2rated + 1.96E–03 * P rated + 0.543.
300 W < P rated ≤ 700 W .............................. ¥2.60E–07 * P 2rated + 3.65E–04 * P rated + 0.764.
Prated > 700 W ............................................. ¥1.70E–08 * P 2rated + 3.85E–05 * P rated + 0.876.
[FR Doc. C1–2019–26354 Filed 1–17–20; 8:45 am]
BILLING CODE 1301–00–D
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 303, 326, 337, 353, and
390
RIN 3064–AF14
Removal of Transferred OTS
Regulations Regarding Certain
Regulations for the Operations of State
Savings Associations and Conforming
Amendments to Other Regulations
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
adopting a final rule (final rule) to
rescind and remove certain regulations
transferred in 2011 to the FDIC from the
former Office of Thrift Supervision
(OTS) pursuant to the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the Dodd-Frank Act) because they
are unnecessary, redundant, or
duplicative of other regulations or safety
and soundness considerations. In
addition to the removal, the FDIC is
making technical changes to other parts
of the FDIC’s regulations so that they
may be applicable on their terms to
State savings associations. Following
the removal of the identified
regulations, the regulations governing
the operations of State savings
associations will be substantially the
same as those for all other FDIC-
supervised institutions.
DATES: The final rule is effective
February 20, 2020.
FOR FURTHER INFORMATION CONTACT:
Karen J. Currie, Senior Examination
Specialist, 202–898–3981, kcurrie@
fdic.gov, Division of Risk Management
Supervision; Cassandra Duhaney,
Senior Policy Analyst, 202–898–6804,
Division of Depositor and Consumer
Protection; Gregory Feder, Counsel,
202–898–8724; Suzanne Dawley,
Counsel, 202–898–6509; or Linda
Hubble Ku, Counsel, 202–898–6634,
Legal Division.
SUPPLEMENTARY INFORMATION:
VerDate Sep<11>2014 16:38 Jan 17, 2020 Jkt 250001 PO 00000 Frm 00004 Fmt 4700 Sfmt 4700 E:\FR\FM\21JAR1.SGM 21JAR1
jbell on DSKJLSW7X2PROD with RULES
3233Federal Register / Vol. 85, No. 13 / Tuesday, January 21, 2020 / Rules and Regulations
1 12 U.S.C. 5411.
2 12 U.S.C. 5414(b).
3 List of Office of Thrift Supervision Regulations
to be Enforced by the Office of the Comptroller of
the Currency and the Federal Deposit Insurance
Corporation Pursuant to the Dodd-Frank Wall Street
Reform and Consumer Protection Act, 76 FR 39246
(Jul. 6, 2011).
4 Transfer and Redesignation of Certain
Regulations Involving State Savings Associations
Pursuant to the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, 76 FR 47652
(Aug. 5, 2011).
5 12 U.S.C. 5412(b)(2)(C).
6 12 U.S.C. 1813(q).
7 12 CFR part 390, subpart S.
8 The transferred OTS provision governing the
frequency of safety and soundness examinations of
State savings associations, 12 CFR 390.351, was
rescinded and removed by the final rule that
amended 12 CFR 337.12 to reflect the authority of
the FDIC under section 4(a) of HOLA to provide for
the examination of safe and sound operation of
State savings associations. See Expanded
Examination Cycle for Certain Small Insured
Depository Institutions and U.S. Branches and
Agencies of Foreign Banks, 81 FR 90949 (Dec. 16,
2016).
9 84 FR 58492 (Oct. 31, 2019).
10 Id.
11 12 U.S.C. 1461, et seq.
I. Policy Objectives
The policy objectives of the proposed
rule are twofold. The first is to simplify
the FDIC’s regulations by removing
unnecessary ones and thereby
improving ease of reference and public
understanding. The second is to
promote parity between State savings
associations and State nonmember
banks by having certain regulations
governing the operations of both classes
of institutions addressed in the same
FDIC rules.
II. Background
A. The Dodd-Frank Act
Beginning July 21, 2011, the transfer
date established by section 311 of the
Dodd-Frank Act,1 the powers, duties,
and functions of the former Office of
Thrift Supervision (OTS) were divided
among the FDIC, as to State savings
associations, the Office of the
Comptroller of the Currency (OCC), as to
Federal savings associations, and the
Board of Governors of the Federal
Reserve System (FRB), as to savings and
loan holding companies. Section 316(b)
of the Dodd-Frank Act, provides the
manner of treatment for all orders,
resolutions, determinations, regulations,
and advisory materials that had been
issued, made, prescribed, or allowed to
become effective by the OTS.2 The
section provides that if such issuances
were in effect on the day before the
transfer date, they continue in effect and
are enforceable by or against the
appropriate successor agency until they
are modified, terminated, set aside, or
superseded in accordance with
applicable law by such successor
agency, by any court of competent
jurisdiction, or by operation of law.
The Dodd-Frank Act directed the
FDIC and the OCC to consult with one
another and to publish a list of the
continued OTS regulations to be
enforced by each respective agency. The
list was published by the FDIC and OCC
as a Joint Notice in the Federal Register
on July 6, 2011,3 and shortly thereafter,
the FDIC published its transferred OTS
regulations as new FDIC regulations in
12 CFR parts 390 and 391.4 When it
republished the transferred OTS
regulations, the FDIC noted that its staff
would evaluate the transferred OTS
regulations and might later recommend
incorporating the transferred OTS rules
into other FDIC rules, amending them or
rescinding them, as appropriate.
Section 312(b)(2)(C) of the Dodd-
Frank Act 5 amended the definition of
‘‘appropriate Federal banking agency’’
contained in section 3(q) of the Federal
Deposit Insurance Act (FDI Act) 6 to add
State savings associations to the list of
entities for which the FDIC is
designated as the ‘‘appropriate Federal
banking agency.’’ As a result, when the
FDIC acts as the designated
‘‘appropriate Federal banking agency’’
(or under similar terminology) for State
savings associations, as it does here, the
FDIC is authorized to issue, modify, and
rescind regulations involving such
associations and for State nonmember
banks and insured branches of foreign
banks.
B. 12 CFR Part 390, Subpart S
One of the rules of the former OTS
that was transferred to the FDIC, 12 CFR
part 563, governs many of the
operations of State savings associations.
The former OTS’s rule was transferred
to the FDIC with nominal changes and
is now found in the FDIC’s rules at part
390, subpart S, entitled ‘‘State Savings
Associations—Operations.’’ 7 Subpart S
governs a wide range of operations of
State savings associations, as further
discussed below.8
III. The Proposal
A. Removal of Part 390, Subpart S,
Operations of State Savings
Associations
On October 31, 2019, the FDIC
published a notice of proposed
rulemaking (NPR or proposal) regarding
the removal of part 390, subpart S,
which generally concerns supervision
and governance of State savings
associations, including operations
dealing with chartering documents, the
issuance and sale of State savings
association securities, mergers and
consolidations, advertising, composition
of the board of directors, tying
restrictions, employment contracts,
affiliate transactions, insider loans,
pension plans, capital rules for
subordinated debt securities and certain
preferred stock, capital distributions,
management and financial policies,
examinations, financial derivatives,
interest-rate-risk management, Bank
Secrecy Act (BSA), fidelity bonds,
conflicts of interest, and changes of
directors or officers.9 The NPR proposed
removing part 390, subpart S from the
Code of Federal Regulations (CFR)
because, after careful review and
consideration, the FDIC believed it was
largely unnecessary, redundant, or
duplicative of existing regulations or
safety and soundness considerations.
The FDIC received no comments on
these aspects of the proposal.
Rather than restate the rationale for
rescission and removal of each section
of subpart S, the reader is referred to the
fulsome explanations for rescission and
removal provided in the NPR,10 which
the FDIC references here as the basis for
finalizing the regulations as proposed.
In several instances, the proposal to
remove a specific section of subpart S
was coupled with a proposed
amendment to another section of the
FDIC’s regulations. These amendments
are discussed below.
B. Amendments to Parts 303, 326, 337,
and 353
The proposal would have made
largely technical amendments to
sections of the FDIC’s regulations
located in parts 303, 326, 337, and 353.
The proposal would have changed the
scope of several regulations to make
them applicable, not only to State
nonmember banks, but also to State
savings associations. One proposed
amendment would have included
provisions specific to the Home Owners
Loan Act (HOLA) 11 and applicable to
State savings associations in regulations
that previously had not applied to State
savings associations, as further
described below. Other proposed
changes would have revised FDIC
regulations to take into account changes
to other regulations that are cross-
referenced in those FDIC regulations.
This Supplementary Information
section of this final rule sets forth the
rationales for the amendments to the
FDIC’s regulations located in parts 303,
326, 337, and 353 because in each case
the proposal would have made, and the
final rule makes, revisions to FDIC
regulations that will remain in place,
albeit in an amended form.
VerDate Sep<11>2014 16:38 Jan 17, 2020 Jkt 250001 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 E:\FR\FM\21JAR1.SGM 21JAR1
jbell on DSKJLSW7X2PROD with RULES
1 12 U.S.C. 5411.
2 12 U.S.C. 5414(b).
3 List of Office of Thrift Supervision Regulations
to be Enforced by the Office of the Comptroller of
the Currency and the Federal Deposit Insurance
Corporation Pursuant to the Dodd-Frank Wall Street
Reform and Consumer Protection Act, 76 FR 39246
(Jul. 6, 2011).
4 Transfer and Redesignation of Certain
Regulations Involving State Savings Associations
Pursuant to the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, 76 FR 47652
(Aug. 5, 2011).
5 12 U.S.C. 5412(b)(2)(C).
6 12 U.S.C. 1813(q).
7 12 CFR part 390, subpart S.
8 The transferred OTS provision governing the
frequency of safety and soundness examinations of
State savings associations, 12 CFR 390.351, was
rescinded and removed by the final rule that
amended 12 CFR 337.12 to reflect the authority of
the FDIC under section 4(a) of HOLA to provide for
the examination of safe and sound operation of
State savings associations. See Expanded
Examination Cycle for Certain Small Insured
Depository Institutions and U.S. Branches and
Agencies of Foreign Banks, 81 FR 90949 (Dec. 16,
2016).
9 84 FR 58492 (Oct. 31, 2019).
10 Id.
11 12 U.S.C. 1461, et seq.
I. Policy Objectives
The policy objectives of the proposed
rule are twofold. The first is to simplify
the FDIC’s regulations by removing
unnecessary ones and thereby
improving ease of reference and public
understanding. The second is to
promote parity between State savings
associations and State nonmember
banks by having certain regulations
governing the operations of both classes
of institutions addressed in the same
FDIC rules.
II. Background
A. The Dodd-Frank Act
Beginning July 21, 2011, the transfer
date established by section 311 of the
Dodd-Frank Act,1 the powers, duties,
and functions of the former Office of
Thrift Supervision (OTS) were divided
among the FDIC, as to State savings
associations, the Office of the
Comptroller of the Currency (OCC), as to
Federal savings associations, and the
Board of Governors of the Federal
Reserve System (FRB), as to savings and
loan holding companies. Section 316(b)
of the Dodd-Frank Act, provides the
manner of treatment for all orders,
resolutions, determinations, regulations,
and advisory materials that had been
issued, made, prescribed, or allowed to
become effective by the OTS.2 The
section provides that if such issuances
were in effect on the day before the
transfer date, they continue in effect and
are enforceable by or against the
appropriate successor agency until they
are modified, terminated, set aside, or
superseded in accordance with
applicable law by such successor
agency, by any court of competent
jurisdiction, or by operation of law.
The Dodd-Frank Act directed the
FDIC and the OCC to consult with one
another and to publish a list of the
continued OTS regulations to be
enforced by each respective agency. The
list was published by the FDIC and OCC
as a Joint Notice in the Federal Register
on July 6, 2011,3 and shortly thereafter,
the FDIC published its transferred OTS
regulations as new FDIC regulations in
12 CFR parts 390 and 391.4 When it
republished the transferred OTS
regulations, the FDIC noted that its staff
would evaluate the transferred OTS
regulations and might later recommend
incorporating the transferred OTS rules
into other FDIC rules, amending them or
rescinding them, as appropriate.
Section 312(b)(2)(C) of the Dodd-
Frank Act 5 amended the definition of
‘‘appropriate Federal banking agency’’
contained in section 3(q) of the Federal
Deposit Insurance Act (FDI Act) 6 to add
State savings associations to the list of
entities for which the FDIC is
designated as the ‘‘appropriate Federal
banking agency.’’ As a result, when the
FDIC acts as the designated
‘‘appropriate Federal banking agency’’
(or under similar terminology) for State
savings associations, as it does here, the
FDIC is authorized to issue, modify, and
rescind regulations involving such
associations and for State nonmember
banks and insured branches of foreign
banks.
B. 12 CFR Part 390, Subpart S
One of the rules of the former OTS
that was transferred to the FDIC, 12 CFR
part 563, governs many of the
operations of State savings associations.
The former OTS’s rule was transferred
to the FDIC with nominal changes and
is now found in the FDIC’s rules at part
390, subpart S, entitled ‘‘State Savings
Associations—Operations.’’ 7 Subpart S
governs a wide range of operations of
State savings associations, as further
discussed below.8
III. The Proposal
A. Removal of Part 390, Subpart S,
Operations of State Savings
Associations
On October 31, 2019, the FDIC
published a notice of proposed
rulemaking (NPR or proposal) regarding
the removal of part 390, subpart S,
which generally concerns supervision
and governance of State savings
associations, including operations
dealing with chartering documents, the
issuance and sale of State savings
association securities, mergers and
consolidations, advertising, composition
of the board of directors, tying
restrictions, employment contracts,
affiliate transactions, insider loans,
pension plans, capital rules for
subordinated debt securities and certain
preferred stock, capital distributions,
management and financial policies,
examinations, financial derivatives,
interest-rate-risk management, Bank
Secrecy Act (BSA), fidelity bonds,
conflicts of interest, and changes of
directors or officers.9 The NPR proposed
removing part 390, subpart S from the
Code of Federal Regulations (CFR)
because, after careful review and
consideration, the FDIC believed it was
largely unnecessary, redundant, or
duplicative of existing regulations or
safety and soundness considerations.
The FDIC received no comments on
these aspects of the proposal.
Rather than restate the rationale for
rescission and removal of each section
of subpart S, the reader is referred to the
fulsome explanations for rescission and
removal provided in the NPR,10 which
the FDIC references here as the basis for
finalizing the regulations as proposed.
In several instances, the proposal to
remove a specific section of subpart S
was coupled with a proposed
amendment to another section of the
FDIC’s regulations. These amendments
are discussed below.
B. Amendments to Parts 303, 326, 337,
and 353
The proposal would have made
largely technical amendments to
sections of the FDIC’s regulations
located in parts 303, 326, 337, and 353.
The proposal would have changed the
scope of several regulations to make
them applicable, not only to State
nonmember banks, but also to State
savings associations. One proposed
amendment would have included
provisions specific to the Home Owners
Loan Act (HOLA) 11 and applicable to
State savings associations in regulations
that previously had not applied to State
savings associations, as further
described below. Other proposed
changes would have revised FDIC
regulations to take into account changes
to other regulations that are cross-
referenced in those FDIC regulations.
This Supplementary Information
section of this final rule sets forth the
rationales for the amendments to the
FDIC’s regulations located in parts 303,
326, 337, and 353 because in each case
the proposal would have made, and the
final rule makes, revisions to FDIC
regulations that will remain in place,
albeit in an amended form.
VerDate Sep<11>2014 16:38 Jan 17, 2020 Jkt 250001 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 E:\FR\FM\21JAR1.SGM 21JAR1
jbell on DSKJLSW7X2PROD with RULES