66706 Federal Register / Vol. 64, No. 228 / Monday, November 29, 1999 / Rules and Regulations
Appendix D–2 to Part 208—Interagency
Guidelines Establishing Year 2000
Standards for Safety and Soundness
By Order of the Board of Governors of the
Federal Reserve System.
Dated: October 22, 1999.
Robert deV. Frierson,
Associate Secretary of the Board.
Federal Deposit Insurance Corporation
12 CFR CHAPTER III
Authority and Issuance
For the reasons set forth in the
common preamble, part 364 of chapter
III of title 12 of the Code of Federal
Regulations is amended as follows:
PART 364—STANDARDS FOR SAFETY
AND SOUNDNESS
1. The authority citation for 12 CFR
part 364 continues to read as follows:
Authority: 12 U.S.C. 1819 (Tenth), 1831p–
1.
2. Appendix B to part 364 is revised
to read as set forth at the end of the
common preamble:
Appendix B to Part 364—Interagency
Guidelines Establishing Year 2000
Standards for Safety and Soundness
By Order of the Board of Directors.
Dated at Washington, DC, this 8th Day of
November, 1999.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Office of Thrift Supervision
12 CFR CHAPTER V
Authority and Issuance
For the reasons set forth in the
common preamble, part 570 of chapter
V of title 12 of the Code of Federal
Regulations is amended as follows:
PART 570—SUBMISSION AND REVIEW
OF SAFETY AND SOUNDNESS
COMPLIANCE PLANS AND ISSUANCE
OF ORDERS TO CORRECT SAFETY
AND SOUNDNESS DEFICIENCIES
1. The authority citation for part 570
continues to read as follows:
Authority: 12 U.S.C. 1831p–1.
2. Appendix B to part 570 is revised
to read as set forth at the end of the
common preamble:
Appendix B to Part 570—Interagency
Guidelines Establishing Year 2000
Standards for Safety and Soundness
Dated: October 15, 1999.
Ellen Seidman,
Director.
[FR Doc. 99–30284 Filed 11–26–99; 8:45 am]
BILLING CODE 4810–33–U; 6210–01–U; 6714–01–U;
6720–01–U
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 30
[Docket No. 99–17]
RIN 1557–AB67
FEDERAL RESERVE SYSTEM
12 CFR Part 263
[Docket No. R–1018]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 364
RIN 3064–AC18
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 570
[Docket No. 99–50]
RIN 1550–AB27
Safety and Soundness Standards
AGENCIES: Office of the Comptroller of
the Currency, Treasury; Board of
Governors of the Federal Reserve
System; Federal Deposit Insurance
Corporation; and Office of Thrift
Supervision, Treasury.
ACTION: Joint final rule.
SUMMARY: The Office of the Comptroller
of the Currency (OCC), the Board of
Governors of the Federal Reserve
System (Board), the Federal Deposit
Insurance Corporation (FDIC), and the
Office of Thrift Supervision (OTS)
(collectively, the Agencies) are issuing
this joint final rule to update their
procedural rules pertaining to safety and
soundness standards issued under
section 39 of the Federal Deposit
Insurance Act (FDI Act). This joint final
rule adopts, with only one technical
change, the Agencies’ interim rules.
This final rule is intended only to
incorporate appropriate references to
the Interagency Guidelines Establishing
Year 2000 Standards for Safety and
Soundness published elsewhere in this
issue of the Federal Register.
EFFECTIVE DATE: This joint final rule is
effective on November 29, 1999.
FOR FURTHER INFORMATION CONTACT:
OCC: Karl Betz, Attorney, Legislative
and Regulatory Activities (202) 874–
5090; or Brian McCormally, Assistant
Director, Enforcement and Compliance
(202) 874–4800, Office of the
Comptroller of the Currency, 250 E
Street, SW, Washington, DC 20219.
Board: Stephanie Martin, Managing
Senior Counsel, Legal Division (202)
452–3198. For the hearing impaired
only, Telecommunication Device for
Deaf (TDD), Diane Jenkins (202) 452–
3544, Board of Governors of the Federal
Reserve System, 20th and C Streets,
NW, Washington, DC 20551.
FDIC: Sandy Comenetz, Year 2000
Project Manager, Legal Division (202)
898–3582; Richard Bogue, Counsel,
Legal Division (202) 898–3726; or Nancy
Chase Burton, Counsel, Legal Division
(202) 898–6533, Federal Deposit
Insurance Corporation, 550 17th Street,
NW, Washington, DC 20429.
OTS: Dorothy Van Cleave, National
Year 2000 Coordinator (202) 906–7380;
Stephen E. Hart, Assistant Chief
Counsel, Office of Enforcement, Office
of Chief Counsel (202) 906–7204; or
Timothy P. Leary, Counsel (Banking &
Finance), Regulations and Legislation
Division, Office of Chief Counsel (202)
906–7170, Office of Thrift Supervision,
1700 G Street, NW, Washington, DC
20552.
SUPPLEMENTARY INFORMATION:
Background and Discussion of Final
Rule
In 1995, the Agencies jointly adopted
Guidelines Establishing Standards for
Safety and Soundness pursuant to
section 39 of the FDI Act. 12 U.S.C.
1831p–1. At the same time, each Agency
adopted rules establishing procedures
for requiring submission of a
compliance plan and issuing an
enforceable order for violation of safety
and soundness standards pursuant to
section 39. The Guidelines Establishing
Standards for Safety and Soundness are
set forth in an appendix to each
Agency’s procedural rules. 60 FR 35674
(July 10, 1995).
On October 15, 1998, the Agencies
adopted interim Interagency Guidelines
Establishing Year 2000 Standards for
Safety and Soundness (Year 2000
Guidelines) under section 39 of the FDI
Act. 63 FR 55480. Elsewhere in this
issue of the Federal Register, the
Agencies are publishing final Year 2000
Guidelines. These Year 2000 Guidelines
VerDate 29-OCT-99 14:38 Nov 26, 1999 Jkt 190000 PO 00000 Frm 00008 Fmt 4701 Sfmt 4700 E:\FR\FM\29NOR2.XXX pfrm04 PsN: 29NOR2
Appendix D–2 to Part 208—Interagency
Guidelines Establishing Year 2000
Standards for Safety and Soundness
By Order of the Board of Governors of the
Federal Reserve System.
Dated: October 22, 1999.
Robert deV. Frierson,
Associate Secretary of the Board.
Federal Deposit Insurance Corporation
12 CFR CHAPTER III
Authority and Issuance
For the reasons set forth in the
common preamble, part 364 of chapter
III of title 12 of the Code of Federal
Regulations is amended as follows:
PART 364—STANDARDS FOR SAFETY
AND SOUNDNESS
1. The authority citation for 12 CFR
part 364 continues to read as follows:
Authority: 12 U.S.C. 1819 (Tenth), 1831p–
1.
2. Appendix B to part 364 is revised
to read as set forth at the end of the
common preamble:
Appendix B to Part 364—Interagency
Guidelines Establishing Year 2000
Standards for Safety and Soundness
By Order of the Board of Directors.
Dated at Washington, DC, this 8th Day of
November, 1999.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Office of Thrift Supervision
12 CFR CHAPTER V
Authority and Issuance
For the reasons set forth in the
common preamble, part 570 of chapter
V of title 12 of the Code of Federal
Regulations is amended as follows:
PART 570—SUBMISSION AND REVIEW
OF SAFETY AND SOUNDNESS
COMPLIANCE PLANS AND ISSUANCE
OF ORDERS TO CORRECT SAFETY
AND SOUNDNESS DEFICIENCIES
1. The authority citation for part 570
continues to read as follows:
Authority: 12 U.S.C. 1831p–1.
2. Appendix B to part 570 is revised
to read as set forth at the end of the
common preamble:
Appendix B to Part 570—Interagency
Guidelines Establishing Year 2000
Standards for Safety and Soundness
Dated: October 15, 1999.
Ellen Seidman,
Director.
[FR Doc. 99–30284 Filed 11–26–99; 8:45 am]
BILLING CODE 4810–33–U; 6210–01–U; 6714–01–U;
6720–01–U
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 30
[Docket No. 99–17]
RIN 1557–AB67
FEDERAL RESERVE SYSTEM
12 CFR Part 263
[Docket No. R–1018]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 364
RIN 3064–AC18
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 570
[Docket No. 99–50]
RIN 1550–AB27
Safety and Soundness Standards
AGENCIES: Office of the Comptroller of
the Currency, Treasury; Board of
Governors of the Federal Reserve
System; Federal Deposit Insurance
Corporation; and Office of Thrift
Supervision, Treasury.
ACTION: Joint final rule.
SUMMARY: The Office of the Comptroller
of the Currency (OCC), the Board of
Governors of the Federal Reserve
System (Board), the Federal Deposit
Insurance Corporation (FDIC), and the
Office of Thrift Supervision (OTS)
(collectively, the Agencies) are issuing
this joint final rule to update their
procedural rules pertaining to safety and
soundness standards issued under
section 39 of the Federal Deposit
Insurance Act (FDI Act). This joint final
rule adopts, with only one technical
change, the Agencies’ interim rules.
This final rule is intended only to
incorporate appropriate references to
the Interagency Guidelines Establishing
Year 2000 Standards for Safety and
Soundness published elsewhere in this
issue of the Federal Register.
EFFECTIVE DATE: This joint final rule is
effective on November 29, 1999.
FOR FURTHER INFORMATION CONTACT:
OCC: Karl Betz, Attorney, Legislative
and Regulatory Activities (202) 874–
5090; or Brian McCormally, Assistant
Director, Enforcement and Compliance
(202) 874–4800, Office of the
Comptroller of the Currency, 250 E
Street, SW, Washington, DC 20219.
Board: Stephanie Martin, Managing
Senior Counsel, Legal Division (202)
452–3198. For the hearing impaired
only, Telecommunication Device for
Deaf (TDD), Diane Jenkins (202) 452–
3544, Board of Governors of the Federal
Reserve System, 20th and C Streets,
NW, Washington, DC 20551.
FDIC: Sandy Comenetz, Year 2000
Project Manager, Legal Division (202)
898–3582; Richard Bogue, Counsel,
Legal Division (202) 898–3726; or Nancy
Chase Burton, Counsel, Legal Division
(202) 898–6533, Federal Deposit
Insurance Corporation, 550 17th Street,
NW, Washington, DC 20429.
OTS: Dorothy Van Cleave, National
Year 2000 Coordinator (202) 906–7380;
Stephen E. Hart, Assistant Chief
Counsel, Office of Enforcement, Office
of Chief Counsel (202) 906–7204; or
Timothy P. Leary, Counsel (Banking &
Finance), Regulations and Legislation
Division, Office of Chief Counsel (202)
906–7170, Office of Thrift Supervision,
1700 G Street, NW, Washington, DC
20552.
SUPPLEMENTARY INFORMATION:
Background and Discussion of Final
Rule
In 1995, the Agencies jointly adopted
Guidelines Establishing Standards for
Safety and Soundness pursuant to
section 39 of the FDI Act. 12 U.S.C.
1831p–1. At the same time, each Agency
adopted rules establishing procedures
for requiring submission of a
compliance plan and issuing an
enforceable order for violation of safety
and soundness standards pursuant to
section 39. The Guidelines Establishing
Standards for Safety and Soundness are
set forth in an appendix to each
Agency’s procedural rules. 60 FR 35674
(July 10, 1995).
On October 15, 1998, the Agencies
adopted interim Interagency Guidelines
Establishing Year 2000 Standards for
Safety and Soundness (Year 2000
Guidelines) under section 39 of the FDI
Act. 63 FR 55480. Elsewhere in this
issue of the Federal Register, the
Agencies are publishing final Year 2000
Guidelines. These Year 2000 Guidelines
VerDate 29-OCT-99 14:38 Nov 26, 1999 Jkt 190000 PO 00000 Frm 00008 Fmt 4701 Sfmt 4700 E:\FR\FM\29NOR2.XXX pfrm04 PsN: 29NOR2
66707Federal Register / Vol. 64, No. 228 / Monday, November 29, 1999 / Rules and Regulations
will appear as a second appendix to the
Agencies’ respective procedural rules.
On October 15, 1998, the Agencies
also published interim rules that made
minor conforming amendments to their
procedural rules to incorporate
appropriate references to the Year 2000
Guidelines. 63 FR 55486. The Agencies
received one comment on the interim
rule. The commenter, a banking trade
association, supported the interim rule.
The Agencies are now adopting the
interim rule as published with two
exceptions.
First, the OTS is making a minor,
technical change to a reference in its
rule.
Second, the OCC’s current rules of
procedure, set forth at §§ 30.1 through
30.6, differ slightly from those in the
interim rule dated October 15, 1998 (63
FR 55486). On September 30, 1999, the
OCC published its Guidelines
Establishing Year 2000 Standards for
Safety and Soundness for National Bank
Transfer Agents and Broker-Dealers (64
FR 52638) (Supplemental Guidelines).
The Supplemental Guidelines added a
new appendix C to part 30 and made
conforming changes to §§ 30.2 and
30.3(a) to incorporate appropriate
references to appendix C to part 30.
After adoption of this final rule, §§ 30.2
and 30.3(a) will continue to read as
amended by the Supplemental
Guidelines (that is, these sections will
contain references to appendix C to part
30). Otherwise, the OCC adopts the
interim rule as it was published.
Effective Date
The Agencies find good cause for
issuing this final rule to be effective
immediately. Cf. 5 U.S.C. 553(d) (good
cause exception to the requirement in
the Administrative Procedure Act for a
30 day delayed effective date for a final
rule); 12 U.S.C. 4802(b)(1) (good cause
exception to the requirement in the
Riegle Community Development and
Regulatory Improvement Act that the
Federal banking agencies make rules
effective on the first day of a calender
quarter which begins on or after the date
on which the regulations are published
in final form). The Agencies are
finalizing, with one technical change,
already effective interim rules. The
interim rule made only conforming
amendments to the Agencies’ current
rules of procedure to refer to the Year
2000 Guidelines. This final rule imposes
no new substantive requirements on
insured depository institutions.
Therefore, each of the Agencies finds
good cause to dispense with the delayed
effective date requirements.
Regulatory Flexibility Act Analysis
The Regulatory Flexibility Act (RFA)
does not apply to a rule for which an
agency is not required to publish a
notice of proposed rulemaking. 5 U.S.C.
603. In issuing the interim rule, the
Agencies concluded, for good cause,
that they are not required to publish a
notice of proposed rulemaking.
Accordingly, they issued the interim
rule without prior notice and comment
to be effective immediately. Since the
RFA does not apply to a rule for which
an agency is not required to publish a
notice of proposed rulemaking, the
Agencies also conclude that the RFA
does not require a regulatory flexibility
analysis of this final rule.
Nevertheless, since the final rule
imposes no new requirements on
insured depository institutions and
makes only conforming amendments to
the Agencies’ current rules of
procedure, the Agencies find that the
final rule does not have a significant
effect on a substantial number of small
entities or create any additional burden
on small entities under the RFA.
Paperwork Reduction Act
The Agencies have determined that
the final rule does not involve a
collection of information pursuant to
the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.).
Executive Order 12866
The OCC and OTS have determined
that the final rule is not a significant
regulatory action under Executive Order
12866.
OCC and OTS: Unfunded Mandates
Reform Act Analysis
The Unfunded Mandates Reform Act
of 1995 (UMA), Public Law 104–4, does
not apply to a rule for which an agency
is not required to publish a notice of
proposed rulemaking. 2 U.S.C. 1532. In
issuing the interim rule, the Agencies
concluded, for good cause, that they are
not required to publish a notice of
proposed rulemaking. Accordingly, the
OCC and OTS conclude that the UMA
does not require an unfunded mandates
analysis of this final rule.
Nevertheless, since this final rule
imposes no new requirements on
insured depository institutions and
makes only conforming amendments to
the Agencies’ current rules of
procedure, the OCC and OTS find that
this final rule will not result in
expenditure by State, local, and tribal
governments, or by the private sector, of
more than $100 million in any one year.
Accordingly, neither the OCC nor the
OTS has prepared a budgetary impact
statement or specifically addressed the
regulatory alternatives considered.
List of Subjects
12 CFR Part 30
Administrative practice and
procedure, National banks, Reporting
and recordkeeping requirements, Safety
and soundness.
12 CFR Part 263
Administrative practice and
procedure, Claims, Crime, Equal access
to justice, Federal Reserve System,
Lawyers, Penalties.
12 CFR Part 364
Administrative practice and
procedure, Bank deposit insurance,
Banks, banking, Reporting and
recordkeeping requirements, Safety and
soundness.
12 CFR Part 570
Accounting, Administrative practice
and procedure, Bank deposit insurance,
Holding companies, Reporting and
recordkeeping requirements, Savings
associations, Safety and soundness.
Office of the Comptroller of the
Currency
12 CFR CHAPTER I
Authority and Issuance
For the reasons set out in the joint
preamble, the OCC amends part 30 of
chapter I of title 12 of the Code of
Federal Regulations as follows:
PART 30—SAFETY AND SOUNDNESS
STANDARDS
Accordingly, the interim rule
amending 12 CFR part 30, which was
published at 63 FR 55486 on October
15, 1998, was superseded by an interim
rule published at 64 FR 52638 on
September 30, 1999.
Dated: October 12, 1999.
John D. Hawke, Jr.,
Comptroller of the Currency.
Federal Reserve System
12 CFR CHAPTER II
For the reasons set out in the joint
preamble, the Board amends part 263 of
chapter II of title 12 of the Code of
Federal Regulations as follows:
PART 263—RULES OF PRACTICE FOR
HEARINGS
Accordingly, the interim rule
amending 12 CFR part 263, which was
published at 63 FR 55486 on October
15, 1998, is adopted as a final rule
without change.
By Order of the Board of Governors of the
Federal Reserve System.
VerDate 29-OCT-99 14:49 Nov 26, 1999 Jkt 190000 PO 00000 Frm 00009 Fmt 4701 Sfmt 4700 E:\FR\FM\29NOR2.XXX pfrm04 PsN: 29NOR2
will appear as a second appendix to the
Agencies’ respective procedural rules.
On October 15, 1998, the Agencies
also published interim rules that made
minor conforming amendments to their
procedural rules to incorporate
appropriate references to the Year 2000
Guidelines. 63 FR 55486. The Agencies
received one comment on the interim
rule. The commenter, a banking trade
association, supported the interim rule.
The Agencies are now adopting the
interim rule as published with two
exceptions.
First, the OTS is making a minor,
technical change to a reference in its
rule.
Second, the OCC’s current rules of
procedure, set forth at §§ 30.1 through
30.6, differ slightly from those in the
interim rule dated October 15, 1998 (63
FR 55486). On September 30, 1999, the
OCC published its Guidelines
Establishing Year 2000 Standards for
Safety and Soundness for National Bank
Transfer Agents and Broker-Dealers (64
FR 52638) (Supplemental Guidelines).
The Supplemental Guidelines added a
new appendix C to part 30 and made
conforming changes to §§ 30.2 and
30.3(a) to incorporate appropriate
references to appendix C to part 30.
After adoption of this final rule, §§ 30.2
and 30.3(a) will continue to read as
amended by the Supplemental
Guidelines (that is, these sections will
contain references to appendix C to part
30). Otherwise, the OCC adopts the
interim rule as it was published.
Effective Date
The Agencies find good cause for
issuing this final rule to be effective
immediately. Cf. 5 U.S.C. 553(d) (good
cause exception to the requirement in
the Administrative Procedure Act for a
30 day delayed effective date for a final
rule); 12 U.S.C. 4802(b)(1) (good cause
exception to the requirement in the
Riegle Community Development and
Regulatory Improvement Act that the
Federal banking agencies make rules
effective on the first day of a calender
quarter which begins on or after the date
on which the regulations are published
in final form). The Agencies are
finalizing, with one technical change,
already effective interim rules. The
interim rule made only conforming
amendments to the Agencies’ current
rules of procedure to refer to the Year
2000 Guidelines. This final rule imposes
no new substantive requirements on
insured depository institutions.
Therefore, each of the Agencies finds
good cause to dispense with the delayed
effective date requirements.
Regulatory Flexibility Act Analysis
The Regulatory Flexibility Act (RFA)
does not apply to a rule for which an
agency is not required to publish a
notice of proposed rulemaking. 5 U.S.C.
603. In issuing the interim rule, the
Agencies concluded, for good cause,
that they are not required to publish a
notice of proposed rulemaking.
Accordingly, they issued the interim
rule without prior notice and comment
to be effective immediately. Since the
RFA does not apply to a rule for which
an agency is not required to publish a
notice of proposed rulemaking, the
Agencies also conclude that the RFA
does not require a regulatory flexibility
analysis of this final rule.
Nevertheless, since the final rule
imposes no new requirements on
insured depository institutions and
makes only conforming amendments to
the Agencies’ current rules of
procedure, the Agencies find that the
final rule does not have a significant
effect on a substantial number of small
entities or create any additional burden
on small entities under the RFA.
Paperwork Reduction Act
The Agencies have determined that
the final rule does not involve a
collection of information pursuant to
the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.).
Executive Order 12866
The OCC and OTS have determined
that the final rule is not a significant
regulatory action under Executive Order
12866.
OCC and OTS: Unfunded Mandates
Reform Act Analysis
The Unfunded Mandates Reform Act
of 1995 (UMA), Public Law 104–4, does
not apply to a rule for which an agency
is not required to publish a notice of
proposed rulemaking. 2 U.S.C. 1532. In
issuing the interim rule, the Agencies
concluded, for good cause, that they are
not required to publish a notice of
proposed rulemaking. Accordingly, the
OCC and OTS conclude that the UMA
does not require an unfunded mandates
analysis of this final rule.
Nevertheless, since this final rule
imposes no new requirements on
insured depository institutions and
makes only conforming amendments to
the Agencies’ current rules of
procedure, the OCC and OTS find that
this final rule will not result in
expenditure by State, local, and tribal
governments, or by the private sector, of
more than $100 million in any one year.
Accordingly, neither the OCC nor the
OTS has prepared a budgetary impact
statement or specifically addressed the
regulatory alternatives considered.
List of Subjects
12 CFR Part 30
Administrative practice and
procedure, National banks, Reporting
and recordkeeping requirements, Safety
and soundness.
12 CFR Part 263
Administrative practice and
procedure, Claims, Crime, Equal access
to justice, Federal Reserve System,
Lawyers, Penalties.
12 CFR Part 364
Administrative practice and
procedure, Bank deposit insurance,
Banks, banking, Reporting and
recordkeeping requirements, Safety and
soundness.
12 CFR Part 570
Accounting, Administrative practice
and procedure, Bank deposit insurance,
Holding companies, Reporting and
recordkeeping requirements, Savings
associations, Safety and soundness.
Office of the Comptroller of the
Currency
12 CFR CHAPTER I
Authority and Issuance
For the reasons set out in the joint
preamble, the OCC amends part 30 of
chapter I of title 12 of the Code of
Federal Regulations as follows:
PART 30—SAFETY AND SOUNDNESS
STANDARDS
Accordingly, the interim rule
amending 12 CFR part 30, which was
published at 63 FR 55486 on October
15, 1998, was superseded by an interim
rule published at 64 FR 52638 on
September 30, 1999.
Dated: October 12, 1999.
John D. Hawke, Jr.,
Comptroller of the Currency.
Federal Reserve System
12 CFR CHAPTER II
For the reasons set out in the joint
preamble, the Board amends part 263 of
chapter II of title 12 of the Code of
Federal Regulations as follows:
PART 263—RULES OF PRACTICE FOR
HEARINGS
Accordingly, the interim rule
amending 12 CFR part 263, which was
published at 63 FR 55486 on October
15, 1998, is adopted as a final rule
without change.
By Order of the Board of Governors of the
Federal Reserve System.
VerDate 29-OCT-99 14:49 Nov 26, 1999 Jkt 190000 PO 00000 Frm 00009 Fmt 4701 Sfmt 4700 E:\FR\FM\29NOR2.XXX pfrm04 PsN: 29NOR2