35963Federal Register / Vol. 76, No. 119 / Tuesday, June 21, 2011 / Rules and Regulations
3907, 3909, and 5371; 15 U.S.C. 1681s,
1681w, 6801 and 6805.
■ 2. Appendix A to part 225 is amended
by revising section II.A.1.a.iv.,
paragraph (5), to read as follows:
Appendix A to Part 225—Capital
Adequacy Guidelines for Bank Holding
Companies: Risk-Based Measure
* * * * *
II. * * *
A. * * *
1. * * *
a. * * *
iv. * * *
(5) Subordinated debentures issued prior to
October 4, 2010, to the Treasury under the
TARP (TARP Subordinated Securities)
established by the EESA by a bank holding
company that has made a valid election to be
taxed under Subchapter S of Chapter 1 of the
U.S. Internal Revenue Code (S-Corp BHC) or
by a bank holding company organized in
mutual form (Mutual BHC).
* * * * *
■ 3. In appendix C to part 225, revise
paragraph 3 in footnote 3 to section 2 to
read as follows:
Appendix C to Part 225—Small Bank
Holding Company Policy Statement
* * * * *
2. Ongoing Requirements
3 * * *
In addition, notwithstanding any other
provision of this policy statement and for
purposes of compliance with paragraphs 2.C.,
3.A., 4.A.i, and 4.B.i. of this policy statement,
both a bank holding company that is
organized in mutual form and a bank holding
company that has made a valid election to be
taxed under Subchapter S of Chapter 1 of the
U.S. Internal Revenue Code may exclude
from debt subordinated debentures issued to
the United States Department of the Treasury
under (i) the Troubled Asset Relief Program
established by the Emergency Economic
Stabilization Act of 2008, Division A of
Public Law 110–343, 122 Stat. 3765 (2008),
and (ii) the Small Business Lending Fund
established by the Small Business Jobs Act of
2010, Title IV of Public Law 111–240, 124
Stat. 2504 (2010).
* * * * *
By order of the Board of Governors of the
Federal Reserve System, June 13, 2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011–14983 Filed 6–20–11; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 309 and 310
RIN 3064–AD83
Disclosure of Information; Privacy Act
Regulations; Notice and Amendments
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Interim rule with request for
comments.
SUMMARY: The Dodd-Frank Wall Street
Reform and Consumer Protection Act
(Act), abolished the Office of Thrift
Supervision (OTS) and redistributed, as
of July 21, 2011, the statutorily
prescribed transfer date (Transfer Date),
the functions and regulations of the OTS
relating to savings and loan holding
companies, Federal savings
associations, and State savings
associations to the Board of Governors
of the Federal Reserve System (FRB), the
Office of the Comptroller of the
Currency (OCC), and the FDIC,
respectively. The Board of Directors has
determined that, effective on the
Transfer Date, the OTS Freedom of
Information Act (FOIA) and Privacy Act
(PA) regulations will not be enforced by
the FDIC and that, instead, all FOIA and
PA issues will be addressed under the
FDIC’s regulations involving disclosure
of information and the PA, as amended.
In taking this action the FDIC’s goal is
to avoid potential confusion and
uncertainty that may arise regarding
information concerning State savings
associations after the Transfer Date.
DATES: The effective date of the Interim
Rule is July 21, 2011. Written comments
must be received by the FDIC no later
than August 22, 2011.
ADDRESSES: You may submit comments
by any of the following methods:
Agency Web Site: http://
www.fdic.gov/regulations/laws/federal.
Follow instructions for submitting
comments on the Agency Web Site.
E-mail: Comments@FDIC.gov. Include
RIN 3064–AD83 in the subject line of
the message.
Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
Hand Delivery/Courier: Guard station
at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
(EST).
Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
Public Inspection: All comments
received will be posted without change
to http://www.fdic.gov/regulations/laws/
federal including any personal
information provided. Paper copies of
public comments may be ordered from
the Public Information Center by
telephone at 1–(877) 275–3342 or
1–(703) 562–2200.
FOR FURTHER INFORMATION CONTACT: A.
Ann Johnson, Counsel, Legal Division,
(202) 898–3573 or aajohnson@fdic.gov;
Rodney D. Ray, Counsel, Legal Division,
(202) 898–3556 or rray@fdic.gov; or
Martin P. Thompson, Senior Review
Examiner, Division of Risk Management
Supervision, (202) 898–6767 or
marthompson@fdic.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Act, signed into law on July 21,
2010, provides for a substantial
reorganization of the regulation of
savings associations and their holding
companies. Beginning July 21, 2011, the
Transfer Date established in Dodd-
Frank, functions formerly performed by
the OTS will be divided among the FRB,
OCC, and FDIC. Section 316(b) of the
Act provides that all orders, resolutions,
determinations, and regulations issued,
made, prescribed, or allowed to become
effective by the OTS that were in effect
on the day before the Transfer Date
continue in effect and are enforceable by
the appropriate successor Federal
banking agency until 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. Section 323(b) also provides for
the transfer on the Transfer Date of OTS
property, including books, accounts,
records, reports, files, memoranda,
paper, reports of examination, work
papers, and correspondence relating to
such reports, to the respective agencies,
that were used by the OTS on the day
before the Transfer Date to support OTS
functions.
Section 316(c) of the Act further
provides for the identification of OTS
regulations relating to the supervision of
State savings associations to be
transferred to the FDIC. The FDIC does
not intend to continue or enforce
existing OTS regulations regarding the
Freedom of Information Act or Privacy
Act.
II. The Interim Rule
The OTS regulations governing
Freedom of Information Act and Privacy
Act issues are contained in 12 CFR parts
503 and 505. Because the OTS, unlike
the FDIC, is a component part of the
Department of the Treasury (Treasury),
the OTS rules supplement Treasury’s
VerDate Mar<15>2010 13:46 Jun 20, 2011 Jkt 223001 PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 E:\FR\FM\21JNR1.SGM 21JNR1
wwoods2 on DSK1DXX6B1PROD with RULES_PART 1
3907, 3909, and 5371; 15 U.S.C. 1681s,
1681w, 6801 and 6805.
■ 2. Appendix A to part 225 is amended
by revising section II.A.1.a.iv.,
paragraph (5), to read as follows:
Appendix A to Part 225—Capital
Adequacy Guidelines for Bank Holding
Companies: Risk-Based Measure
* * * * *
II. * * *
A. * * *
1. * * *
a. * * *
iv. * * *
(5) Subordinated debentures issued prior to
October 4, 2010, to the Treasury under the
TARP (TARP Subordinated Securities)
established by the EESA by a bank holding
company that has made a valid election to be
taxed under Subchapter S of Chapter 1 of the
U.S. Internal Revenue Code (S-Corp BHC) or
by a bank holding company organized in
mutual form (Mutual BHC).
* * * * *
■ 3. In appendix C to part 225, revise
paragraph 3 in footnote 3 to section 2 to
read as follows:
Appendix C to Part 225—Small Bank
Holding Company Policy Statement
* * * * *
2. Ongoing Requirements
3 * * *
In addition, notwithstanding any other
provision of this policy statement and for
purposes of compliance with paragraphs 2.C.,
3.A., 4.A.i, and 4.B.i. of this policy statement,
both a bank holding company that is
organized in mutual form and a bank holding
company that has made a valid election to be
taxed under Subchapter S of Chapter 1 of the
U.S. Internal Revenue Code may exclude
from debt subordinated debentures issued to
the United States Department of the Treasury
under (i) the Troubled Asset Relief Program
established by the Emergency Economic
Stabilization Act of 2008, Division A of
Public Law 110–343, 122 Stat. 3765 (2008),
and (ii) the Small Business Lending Fund
established by the Small Business Jobs Act of
2010, Title IV of Public Law 111–240, 124
Stat. 2504 (2010).
* * * * *
By order of the Board of Governors of the
Federal Reserve System, June 13, 2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011–14983 Filed 6–20–11; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 309 and 310
RIN 3064–AD83
Disclosure of Information; Privacy Act
Regulations; Notice and Amendments
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Interim rule with request for
comments.
SUMMARY: The Dodd-Frank Wall Street
Reform and Consumer Protection Act
(Act), abolished the Office of Thrift
Supervision (OTS) and redistributed, as
of July 21, 2011, the statutorily
prescribed transfer date (Transfer Date),
the functions and regulations of the OTS
relating to savings and loan holding
companies, Federal savings
associations, and State savings
associations to the Board of Governors
of the Federal Reserve System (FRB), the
Office of the Comptroller of the
Currency (OCC), and the FDIC,
respectively. The Board of Directors has
determined that, effective on the
Transfer Date, the OTS Freedom of
Information Act (FOIA) and Privacy Act
(PA) regulations will not be enforced by
the FDIC and that, instead, all FOIA and
PA issues will be addressed under the
FDIC’s regulations involving disclosure
of information and the PA, as amended.
In taking this action the FDIC’s goal is
to avoid potential confusion and
uncertainty that may arise regarding
information concerning State savings
associations after the Transfer Date.
DATES: The effective date of the Interim
Rule is July 21, 2011. Written comments
must be received by the FDIC no later
than August 22, 2011.
ADDRESSES: You may submit comments
by any of the following methods:
Agency Web Site: http://
www.fdic.gov/regulations/laws/federal.
Follow instructions for submitting
comments on the Agency Web Site.
E-mail: Comments@FDIC.gov. Include
RIN 3064–AD83 in the subject line of
the message.
Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
Hand Delivery/Courier: Guard station
at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
(EST).
Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
Public Inspection: All comments
received will be posted without change
to http://www.fdic.gov/regulations/laws/
federal including any personal
information provided. Paper copies of
public comments may be ordered from
the Public Information Center by
telephone at 1–(877) 275–3342 or
1–(703) 562–2200.
FOR FURTHER INFORMATION CONTACT: A.
Ann Johnson, Counsel, Legal Division,
(202) 898–3573 or aajohnson@fdic.gov;
Rodney D. Ray, Counsel, Legal Division,
(202) 898–3556 or rray@fdic.gov; or
Martin P. Thompson, Senior Review
Examiner, Division of Risk Management
Supervision, (202) 898–6767 or
marthompson@fdic.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Act, signed into law on July 21,
2010, provides for a substantial
reorganization of the regulation of
savings associations and their holding
companies. Beginning July 21, 2011, the
Transfer Date established in Dodd-
Frank, functions formerly performed by
the OTS will be divided among the FRB,
OCC, and FDIC. Section 316(b) of the
Act provides that all orders, resolutions,
determinations, and regulations issued,
made, prescribed, or allowed to become
effective by the OTS that were in effect
on the day before the Transfer Date
continue in effect and are enforceable by
the appropriate successor Federal
banking agency until 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. Section 323(b) also provides for
the transfer on the Transfer Date of OTS
property, including books, accounts,
records, reports, files, memoranda,
paper, reports of examination, work
papers, and correspondence relating to
such reports, to the respective agencies,
that were used by the OTS on the day
before the Transfer Date to support OTS
functions.
Section 316(c) of the Act further
provides for the identification of OTS
regulations relating to the supervision of
State savings associations to be
transferred to the FDIC. The FDIC does
not intend to continue or enforce
existing OTS regulations regarding the
Freedom of Information Act or Privacy
Act.
II. The Interim Rule
The OTS regulations governing
Freedom of Information Act and Privacy
Act issues are contained in 12 CFR parts
503 and 505. Because the OTS, unlike
the FDIC, is a component part of the
Department of the Treasury (Treasury),
the OTS rules supplement Treasury’s
VerDate Mar<15>2010 13:46 Jun 20, 2011 Jkt 223001 PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 E:\FR\FM\21JNR1.SGM 21JNR1
wwoods2 on DSK1DXX6B1PROD with RULES_PART 1
35964 Federal Register / Vol. 76, No. 119 / Tuesday, June 21, 2011 / Rules and Regulations
1 5 U.S.C. 553.
FOIA and PA regulations. 12 CFR parts
309 and 310 of the FDIC’s regulations
also implement the relevant provisions
of the FOIA and PA, but do not rely on
Treasury’s regulations. Both the OTS
and FDIC rules describe the agency
processes and procedures regarding
FOIA and PA issues.
The Act provides for a 90 day ‘‘wind
down’’ period for the OTS beginning on
the Transfer date and it will cease
operating as a Federal banking agency
on July 21, 2011. Because the OTS’
functions and property relating to State
savings associations will transfer to the
FDIC on the Transfer Date, the FDIC
believes that the existence of two sets of
regulations addressing the same subject
areas would lead to confusion
concerning which rules and procedures
govern FOIA and PA issues applicable
to State savings associations. Therefore,
the FDIC is providing the public with
notice that the FDIC intends to apply
the FDIC’s existing FOIA and PA
regulations to all records or other
matters transferred from the OTS to the
FDIC, as well as FDIC matters, as of the
Transfer Date. In addition, the FDIC is
making certain technical amendments to
the FDIC’s existing regulations to correct
addresses and other matters that have
changed since the FDIC’s rules
involving disclosure of information and
the PA were last revised. Finally, the
FDIC is substituting the Bureau of
Consumer Financial Protection for the
OTS in section 309.06(b)(3) as a Federal
financial institution supervisory agency,
for purposes of section 309.6, to whom
exempt records may be disclosed.
III. Section-By-Section Description of
the Interim Rule
The Interim Rule revises parts 309
and 310 of the FDIC’s regulations as
follows:
Part 309—Disclosure of Information
Section 309.1 Purpose and scope.
Section 309.1 is revised to indicate that
the FDIC’s disclosure regulations apply
to the disclosure of information
transferred to the FDIC from the OTS
pursuant to sections 312 and 323 of the
Act.
Section 309.4 Publicly available
records. Section 309.4(b) is revised to
change the address of the FDIC’s Public
Information Center.
Section 309.5 Procedures for
requesting records. Section 309.5(b)(ii)
is revised to change the facsimile
number for the FDIC FOIA/PA Group.
Section 309.5(b)(iii), (f)(4)(ii), and (h)(1)
are revised to make changes to the FDIC
FOIA/PA Group address.
Section 309.6 Disclosure of exempt
records. Section 309.6(b)(3) is revised to
substitute the Bureau of Consumer
Financial Protection and the Financial
Stability Oversight Council for the OTS
and section 309.6(b)(5) to replace the
reference to ‘‘bank’’ with ‘‘depository
institution’’ and make other non-
substantive conforming changes.
Part 310—Privacy Act Regulations
Section 310.1 Purpose and scope.
Section 310.1 is revised to indicate that
the FDIC’s disclosure regulations apply
to the disclosure of information
transferred to the FDIC from the OTS
pursuant to sections 312 and 323 of the
Act.
Section 310.3 Procedures for
requests pertaining to individual records
in a system of records. Section 310.3(b)
is revised to make changes to the FDIC
FOIA/PA Group address.
Section 310.4 Times, places, and
requirements for identification of
individuals making requests. Section
310.4(a) is revised to make changes to
the FDIC FOIA/PA Group address.
Section 310.7 Request for
amendment of record. Section 310.7 is
revised to make changes to the FDIC
FOIA/PA Group address.
Section 310.8 Agency review of
request for amendment of record.
Section 310.8(a) is revised to delete the
‘‘Senior Attorney’’ references.
Section 310.9 Appeal of adverse
initial agency determination on access
or amendment. 310.9(a) is revised to
make changes to the FDIC FOIA/PA
Group address.
IV. Effective Date of the Interim Rule
The Interim Rule will apply to all
existing and future FOIA and PA issues
involving State savings associations as
of the Transfer Date. In this regard, the
FDIC invokes the good cause exception
to the requirements in the
Administrative Procedure Act (‘‘APA’’)
that, before a rulemaking can be
finalized, it must first be issued for
public comment and, once finalized,
must have a delayed effective date of 30
days from the publication date.1
The FDIC believes good cause exists
for making the Interim Rule effective
immediately on the Transfer Date. Since
the OTS will continue to function as a
Federal banking agency until the
Transfer Date and is a component part
of the Department of Treasury, its
existing rules will need to remain in
place until the Transfer Date. On the
Transfer Date, however, the OTS will
cease functioning as a Federal banking
agency and its responsibility for FOIA
and PA issues relating to State savings
associations will transfer to the FDIC.
As indicated above, the FDIC believes
that the existence of essentially
duplicate FOIA and PA regulations on
the Transfer Date creates the possibility
of public confusion. Therefore, the FDIC
is providing this Interim Rule before the
Transfer Date to provide clarity on this
issue to the public and to facilitate a
smooth transition of covered matters
from the OTS to the FDIC.
For these reasons, in accordance with
section 553(b)(B) of the Administrative
Procedure Act (APA), the FDIC has
determined that good cause exists to
waive the general notice and
opportunity for pubic comment
requirements of the APA. Similarly, the
FDIC has determined that good cause
exists to make this Interim Rule
effective as of the Transfer Date.
V. Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601, et seq., (RFA) applies only
to rules for which an agency publishes
a general notice of proposed rulemaking
pursuant to 5 U.S.C. 553(b). As
discussed above, consistent with section
553(b)(B) of the APA, the FDIC has
determined that good cause exists in
this case to waive the general notice and
opportunity for public comment
requirements of the APA; therefore,
pursuant to 5 U.S.C. 601(2), the RFA
does not apply.
VI. Small Business Regulatory
Enforcement Fairness Act
The Office of Management and Budget
has determined that the Interim Rule is
not a ‘‘major rule’’ within the meaning
of the relevant sections of the Small
Business Regulatory Enforcement Act of
l996 (‘‘SBREFA’’) (5 U.S.C. 801 et seq.).
As required by SBREFA, the FDIC will
file the appropriate reports with
Congress and the General Accounting
Office so that the Interim Rule may be
reviewed.
List of Subjects in 12 CFR Parts 309 and
310
Banks, Banking, Freedom of
Information, Privacy, Savings
associations.
For the Reasons stated above, the
Board of Directors of the Federal
Deposit Insurance Corporation amends
parts 309 and 310 of chapter III of title
12 of the Code of Federal Regulations as
follows:
PART 309—DISCLOSURE OF
INFORMATION
■ 1. The authority citation for part 309
continues to read as follows:
Authority: 5 U.S.C. 552; 12 U.S.C. 1819
‘‘Seventh’’ and ‘‘Tenth.’’
VerDate Mar<15>2010 13:46 Jun 20, 2011 Jkt 223001 PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 E:\FR\FM\21JNR1.SGM 21JNR1
wwoods2 on DSK1DXX6B1PROD with RULES_PART 1
1 5 U.S.C. 553.
FOIA and PA regulations. 12 CFR parts
309 and 310 of the FDIC’s regulations
also implement the relevant provisions
of the FOIA and PA, but do not rely on
Treasury’s regulations. Both the OTS
and FDIC rules describe the agency
processes and procedures regarding
FOIA and PA issues.
The Act provides for a 90 day ‘‘wind
down’’ period for the OTS beginning on
the Transfer date and it will cease
operating as a Federal banking agency
on July 21, 2011. Because the OTS’
functions and property relating to State
savings associations will transfer to the
FDIC on the Transfer Date, the FDIC
believes that the existence of two sets of
regulations addressing the same subject
areas would lead to confusion
concerning which rules and procedures
govern FOIA and PA issues applicable
to State savings associations. Therefore,
the FDIC is providing the public with
notice that the FDIC intends to apply
the FDIC’s existing FOIA and PA
regulations to all records or other
matters transferred from the OTS to the
FDIC, as well as FDIC matters, as of the
Transfer Date. In addition, the FDIC is
making certain technical amendments to
the FDIC’s existing regulations to correct
addresses and other matters that have
changed since the FDIC’s rules
involving disclosure of information and
the PA were last revised. Finally, the
FDIC is substituting the Bureau of
Consumer Financial Protection for the
OTS in section 309.06(b)(3) as a Federal
financial institution supervisory agency,
for purposes of section 309.6, to whom
exempt records may be disclosed.
III. Section-By-Section Description of
the Interim Rule
The Interim Rule revises parts 309
and 310 of the FDIC’s regulations as
follows:
Part 309—Disclosure of Information
Section 309.1 Purpose and scope.
Section 309.1 is revised to indicate that
the FDIC’s disclosure regulations apply
to the disclosure of information
transferred to the FDIC from the OTS
pursuant to sections 312 and 323 of the
Act.
Section 309.4 Publicly available
records. Section 309.4(b) is revised to
change the address of the FDIC’s Public
Information Center.
Section 309.5 Procedures for
requesting records. Section 309.5(b)(ii)
is revised to change the facsimile
number for the FDIC FOIA/PA Group.
Section 309.5(b)(iii), (f)(4)(ii), and (h)(1)
are revised to make changes to the FDIC
FOIA/PA Group address.
Section 309.6 Disclosure of exempt
records. Section 309.6(b)(3) is revised to
substitute the Bureau of Consumer
Financial Protection and the Financial
Stability Oversight Council for the OTS
and section 309.6(b)(5) to replace the
reference to ‘‘bank’’ with ‘‘depository
institution’’ and make other non-
substantive conforming changes.
Part 310—Privacy Act Regulations
Section 310.1 Purpose and scope.
Section 310.1 is revised to indicate that
the FDIC’s disclosure regulations apply
to the disclosure of information
transferred to the FDIC from the OTS
pursuant to sections 312 and 323 of the
Act.
Section 310.3 Procedures for
requests pertaining to individual records
in a system of records. Section 310.3(b)
is revised to make changes to the FDIC
FOIA/PA Group address.
Section 310.4 Times, places, and
requirements for identification of
individuals making requests. Section
310.4(a) is revised to make changes to
the FDIC FOIA/PA Group address.
Section 310.7 Request for
amendment of record. Section 310.7 is
revised to make changes to the FDIC
FOIA/PA Group address.
Section 310.8 Agency review of
request for amendment of record.
Section 310.8(a) is revised to delete the
‘‘Senior Attorney’’ references.
Section 310.9 Appeal of adverse
initial agency determination on access
or amendment. 310.9(a) is revised to
make changes to the FDIC FOIA/PA
Group address.
IV. Effective Date of the Interim Rule
The Interim Rule will apply to all
existing and future FOIA and PA issues
involving State savings associations as
of the Transfer Date. In this regard, the
FDIC invokes the good cause exception
to the requirements in the
Administrative Procedure Act (‘‘APA’’)
that, before a rulemaking can be
finalized, it must first be issued for
public comment and, once finalized,
must have a delayed effective date of 30
days from the publication date.1
The FDIC believes good cause exists
for making the Interim Rule effective
immediately on the Transfer Date. Since
the OTS will continue to function as a
Federal banking agency until the
Transfer Date and is a component part
of the Department of Treasury, its
existing rules will need to remain in
place until the Transfer Date. On the
Transfer Date, however, the OTS will
cease functioning as a Federal banking
agency and its responsibility for FOIA
and PA issues relating to State savings
associations will transfer to the FDIC.
As indicated above, the FDIC believes
that the existence of essentially
duplicate FOIA and PA regulations on
the Transfer Date creates the possibility
of public confusion. Therefore, the FDIC
is providing this Interim Rule before the
Transfer Date to provide clarity on this
issue to the public and to facilitate a
smooth transition of covered matters
from the OTS to the FDIC.
For these reasons, in accordance with
section 553(b)(B) of the Administrative
Procedure Act (APA), the FDIC has
determined that good cause exists to
waive the general notice and
opportunity for pubic comment
requirements of the APA. Similarly, the
FDIC has determined that good cause
exists to make this Interim Rule
effective as of the Transfer Date.
V. Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601, et seq., (RFA) applies only
to rules for which an agency publishes
a general notice of proposed rulemaking
pursuant to 5 U.S.C. 553(b). As
discussed above, consistent with section
553(b)(B) of the APA, the FDIC has
determined that good cause exists in
this case to waive the general notice and
opportunity for public comment
requirements of the APA; therefore,
pursuant to 5 U.S.C. 601(2), the RFA
does not apply.
VI. Small Business Regulatory
Enforcement Fairness Act
The Office of Management and Budget
has determined that the Interim Rule is
not a ‘‘major rule’’ within the meaning
of the relevant sections of the Small
Business Regulatory Enforcement Act of
l996 (‘‘SBREFA’’) (5 U.S.C. 801 et seq.).
As required by SBREFA, the FDIC will
file the appropriate reports with
Congress and the General Accounting
Office so that the Interim Rule may be
reviewed.
List of Subjects in 12 CFR Parts 309 and
310
Banks, Banking, Freedom of
Information, Privacy, Savings
associations.
For the Reasons stated above, the
Board of Directors of the Federal
Deposit Insurance Corporation amends
parts 309 and 310 of chapter III of title
12 of the Code of Federal Regulations as
follows:
PART 309—DISCLOSURE OF
INFORMATION
■ 1. The authority citation for part 309
continues to read as follows:
Authority: 5 U.S.C. 552; 12 U.S.C. 1819
‘‘Seventh’’ and ‘‘Tenth.’’
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wwoods2 on DSK1DXX6B1PROD with RULES_PART 1