75742 Federal Register / Vol. 79, No. 244 / Friday, December 19, 2014 / Rules and Regulations
1 Public Law 111–203, 124 Stat. 1376 (2010)
(codified at 12 U.S.C. 5301 et seq.). 2 76 FR 39247 (July 6, 2011).
PART 140—FINANCIAL PROTECTION
REQUIREMENTS AND INDEMNITY
AGREEMENTS
■ 49. The authority citation for part 140
continues to read as follows:
Authority: Atomic Energy Act secs. 161,
170, 223, 234 (42 U.S.C. 2201, 2210, 2273,
2282); Energy Reorganization Act secs. 201,
as amended, 202 (42 U.S.C. 5841, 5842);
Government Paperwork Elimination Act sec.
1704 (44 U.S.C. 3504 note); Energy Policy Act
of 2005 Pub. L. 109–58, 119 Stat. 594 (2005).
■ 50. In part 140, wherever it may occur,
remove the phrase ‘‘Director, Office of
Federal and State Materials and
Environmental Management Programs,’’.
PART 150—EXEMPTIONS AND
CONTINUED REGULATORY
AUTHORITY IN AGREEMENT STATES
AND IN OFFSHORE WATERS UNDER
SECTION 274
■ 51. The authority citation for part 150
continues to read as follows:
Authority: Atomic Energy Act sec. 161,
181, 223, 234 (42 U.S.C. 2201, 2021, 2231,
2273, 2282); Energy Reorganization Act sec.
201 (42 U.S.C. 5841); Government Paperwork
Elimination Act sec. 1704 (44 U.S.C. 3504
note); Energy Policy Act of 2005, Pub. L.
109–58, 119 Stat. 594 (2005).
Sections 150.3, 150.15, 150.15a, 150.31,
150.32 also issued under Atomic Energy Act
secs. 11e(2), 81, 83, 84 (42 U.S.C. 2014e(2),
2111, 2113, 2114).
Section 150.14 also issued under Atomic
Energy Act sec. 53 (42 U.S.C. 2073).
Section 150.15 also issued under Nuclear
Waste Policy Act secs. 135 (42 U.S.C. 10155).
Section 150.17a also issued under Atomic
Energy Act sec. 122 (42 U.S.C. 2152).
Section 150.30 also issued under Atomic
Energy Act sec. 234 (42 U.S.C. 2282).
■ 52. In part 150, wherever it may occur,
the phrase in the left column in the
following table is removed and the
phrase in the right column is added in
its place.
Remove Add
Office of Federal and State Materials and Environmental Management
Programs.
Office of Nuclear Material Safety and Safeguards.
Division of Fuel Cycle Safety and Safeguards ........................................ Division of Fuel Cycle Safety, Safeguards, and Environmental Review.
Dated at Rockville, Maryland, this 9th day
of December, 2014.
For the Nuclear Regulatory Commission.
Roy P. Zimmerman,
Acting Executive Director for Operations.
[FR Doc. 2014–29664 Filed 12–18–14; 8:45 am]
BILLING CODE 7590–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 339 and 391
RIN 3064–AE03
Loans in Areas Having Special Flood
Hazards
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (‘‘FDIC’’) is
adopting a final rule to rescind and
remove regulations entitled ‘‘Loans in
Areas Having Flood Hazards’’ and to
amend regulations entitled ‘‘Loans in
Areas Having Flood Hazards.’’ The final
rule will integrate the flood insurance
regulations for State nonmember banks
and State savings associations in
accordance with the requirements of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the ‘‘Dodd-
Frank Act’’). The integration of the
regulations was originally proposed as
part of an interagency joint notice of
proposed rulemaking issued in October
2013 pursuant to the Biggert-Waters
Flood Insurance Reform Act of 2012 (the
BW Act). The FDIC has decided to
integrate the flood insurance regulations
by means of an individual final rule.
DATES: The final rule is effective on
January 20, 2015.
FOR FURTHER INFORMATION CONTACT:
Mark Mellon, Counsel, Consumer
Compliance Section (202) 898–3884,
Legal Division; or John Jackwood,
Senior Policy Analyst (202) 898–3991,
Division of Depositor and Consumer
Protection, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
I. Background
A. The Dodd-Frank Act
The Dodd-Frank Act 1 provided for a
substantial reorganization of the
regulation of State and Federal savings
associations and their holding
companies. Beginning July 21, 2011, the
transfer date established by section 311
of the Dodd-Frank Act, codified at 12
U.S.C. 5411, (‘‘Transfer Date’’), the
powers, duties, and functions formerly
performed by the OTS were respectively
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, codified
at 12 U.S.C. 5414(b), 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. The
section provides that if such materials
were in effect on the day before the
Transfer Date, they continue to be 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.
Section 316(c) of the Dodd-Frank Act,
codified at 12 U.S.C. 5414(c), further
directed the FDIC and the OCC to
consult with one another and to publish
a list of the continued OTS regulations
which would be enforced by the FDIC
and the OCC, respectively. On June 14,
2011, the FDIC’s Board of Directors
approved a ‘‘List of OTS Regulations to
be Enforced by the OCC and the FDIC
Pursuant to the Dodd-Frank Wall Street
Reform and Consumer Protection Act.’’
This list was published by the FDIC and
the OCC as a Joint Notice in the Federal
Register on July 6, 2011.2
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act, codified at 12
U.S.C. 5412(b)(2)(B)(i)(II), granted the
OCC rulemaking authority relating to
both State and Federal savings
associations, the Dodd-Frank Act did
not affect the FDIC’s existing authority
to issue regulations under the Federal
Deposit Insurance Act (‘‘FDI Act’’) and
other laws as the ‘‘appropriate Federal
banking agency’’ or under similar
statutory terminology. Section 312(c) of
the Dodd-Frank Act amended the
definition of ‘‘appropriate Federal
banking agency’’ contained in section
3(q) of the FDI Act, 12 U.S.C. 1813(q),
to add State savings associations to the
list of entities for which the FDIC is
designated as the ‘‘appropriate Federal
VerDate Sep<11>2014 16:17 Dec 18, 2014 Jkt 235001 PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 E:\FR\FM\19DER1.SGM 19DER1
tkelley on DSK3SPTVN1PROD with RULES
1 Public Law 111–203, 124 Stat. 1376 (2010)
(codified at 12 U.S.C. 5301 et seq.). 2 76 FR 39247 (July 6, 2011).
PART 140—FINANCIAL PROTECTION
REQUIREMENTS AND INDEMNITY
AGREEMENTS
■ 49. The authority citation for part 140
continues to read as follows:
Authority: Atomic Energy Act secs. 161,
170, 223, 234 (42 U.S.C. 2201, 2210, 2273,
2282); Energy Reorganization Act secs. 201,
as amended, 202 (42 U.S.C. 5841, 5842);
Government Paperwork Elimination Act sec.
1704 (44 U.S.C. 3504 note); Energy Policy Act
of 2005 Pub. L. 109–58, 119 Stat. 594 (2005).
■ 50. In part 140, wherever it may occur,
remove the phrase ‘‘Director, Office of
Federal and State Materials and
Environmental Management Programs,’’.
PART 150—EXEMPTIONS AND
CONTINUED REGULATORY
AUTHORITY IN AGREEMENT STATES
AND IN OFFSHORE WATERS UNDER
SECTION 274
■ 51. The authority citation for part 150
continues to read as follows:
Authority: Atomic Energy Act sec. 161,
181, 223, 234 (42 U.S.C. 2201, 2021, 2231,
2273, 2282); Energy Reorganization Act sec.
201 (42 U.S.C. 5841); Government Paperwork
Elimination Act sec. 1704 (44 U.S.C. 3504
note); Energy Policy Act of 2005, Pub. L.
109–58, 119 Stat. 594 (2005).
Sections 150.3, 150.15, 150.15a, 150.31,
150.32 also issued under Atomic Energy Act
secs. 11e(2), 81, 83, 84 (42 U.S.C. 2014e(2),
2111, 2113, 2114).
Section 150.14 also issued under Atomic
Energy Act sec. 53 (42 U.S.C. 2073).
Section 150.15 also issued under Nuclear
Waste Policy Act secs. 135 (42 U.S.C. 10155).
Section 150.17a also issued under Atomic
Energy Act sec. 122 (42 U.S.C. 2152).
Section 150.30 also issued under Atomic
Energy Act sec. 234 (42 U.S.C. 2282).
■ 52. In part 150, wherever it may occur,
the phrase in the left column in the
following table is removed and the
phrase in the right column is added in
its place.
Remove Add
Office of Federal and State Materials and Environmental Management
Programs.
Office of Nuclear Material Safety and Safeguards.
Division of Fuel Cycle Safety and Safeguards ........................................ Division of Fuel Cycle Safety, Safeguards, and Environmental Review.
Dated at Rockville, Maryland, this 9th day
of December, 2014.
For the Nuclear Regulatory Commission.
Roy P. Zimmerman,
Acting Executive Director for Operations.
[FR Doc. 2014–29664 Filed 12–18–14; 8:45 am]
BILLING CODE 7590–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 339 and 391
RIN 3064–AE03
Loans in Areas Having Special Flood
Hazards
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (‘‘FDIC’’) is
adopting a final rule to rescind and
remove regulations entitled ‘‘Loans in
Areas Having Flood Hazards’’ and to
amend regulations entitled ‘‘Loans in
Areas Having Flood Hazards.’’ The final
rule will integrate the flood insurance
regulations for State nonmember banks
and State savings associations in
accordance with the requirements of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the ‘‘Dodd-
Frank Act’’). The integration of the
regulations was originally proposed as
part of an interagency joint notice of
proposed rulemaking issued in October
2013 pursuant to the Biggert-Waters
Flood Insurance Reform Act of 2012 (the
BW Act). The FDIC has decided to
integrate the flood insurance regulations
by means of an individual final rule.
DATES: The final rule is effective on
January 20, 2015.
FOR FURTHER INFORMATION CONTACT:
Mark Mellon, Counsel, Consumer
Compliance Section (202) 898–3884,
Legal Division; or John Jackwood,
Senior Policy Analyst (202) 898–3991,
Division of Depositor and Consumer
Protection, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
I. Background
A. The Dodd-Frank Act
The Dodd-Frank Act 1 provided for a
substantial reorganization of the
regulation of State and Federal savings
associations and their holding
companies. Beginning July 21, 2011, the
transfer date established by section 311
of the Dodd-Frank Act, codified at 12
U.S.C. 5411, (‘‘Transfer Date’’), the
powers, duties, and functions formerly
performed by the OTS were respectively
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, codified
at 12 U.S.C. 5414(b), 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. The
section provides that if such materials
were in effect on the day before the
Transfer Date, they continue to be 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.
Section 316(c) of the Dodd-Frank Act,
codified at 12 U.S.C. 5414(c), further
directed the FDIC and the OCC to
consult with one another and to publish
a list of the continued OTS regulations
which would be enforced by the FDIC
and the OCC, respectively. On June 14,
2011, the FDIC’s Board of Directors
approved a ‘‘List of OTS Regulations to
be Enforced by the OCC and the FDIC
Pursuant to the Dodd-Frank Wall Street
Reform and Consumer Protection Act.’’
This list was published by the FDIC and
the OCC as a Joint Notice in the Federal
Register on July 6, 2011.2
Although section 312(b)(2)(B)(i)(II) of
the Dodd-Frank Act, codified at 12
U.S.C. 5412(b)(2)(B)(i)(II), granted the
OCC rulemaking authority relating to
both State and Federal savings
associations, the Dodd-Frank Act did
not affect the FDIC’s existing authority
to issue regulations under the Federal
Deposit Insurance Act (‘‘FDI Act’’) and
other laws as the ‘‘appropriate Federal
banking agency’’ or under similar
statutory terminology. Section 312(c) of
the Dodd-Frank Act amended the
definition of ‘‘appropriate Federal
banking agency’’ contained in section
3(q) of the FDI Act, 12 U.S.C. 1813(q),
to add State savings associations to the
list of entities for which the FDIC is
designated as the ‘‘appropriate Federal
VerDate Sep<11>2014 16:17 Dec 18, 2014 Jkt 235001 PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 E:\FR\FM\19DER1.SGM 19DER1
tkelley on DSK3SPTVN1PROD with RULES
75743Federal Register / Vol. 79, No. 244 / Friday, December 19, 2014 / Rules and Regulations
3 76 FR 47652 (Aug. 5, 2011).
4 Public Law 112–141, 126 Stat. 916 (2012).
5 78 FR 65108. 6 Pub. L. 104–208, 110 Stat. 3009 (Sept. 30, 1996).
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, as well as for State
nonmember banks and insured branches
of foreign banks.
Pursuant to this authority, the FDIC’s
Board of Directors reissued and re-
designated certain transferring
regulations of the former OTS on June
14, 2011, as noted earlier. These
transferred OTS regulations were
published as new FDIC regulations in
the Federal Register on August 5, 2011.3
When it republished the transferred
OTS regulations as new FDIC
regulations, the FDIC specifically noted
that its staff would evaluate the
transferred OTS rules and might later
recommend incorporating the
transferred OTS regulations into other
FDIC rules, amending them, or
rescinding them, as appropriate.
B. The BW Act
The BW Act,4 signed into law by the
President on July 6, 2012, significantly
revised Federal flood insurance statutes.
Pursuant to the BW Act, the FDIC along
with the OCC, the FRB, the Farm Credit
Administration, and the National Credit
Union Administration published a
Notice of Proposed Rulemaking on
October 30, 2013 (the ‘‘NPR’’).5 Among
other topics, the NPR discussed the OCC
and FDIC’s proposals to integrate their
flood insurance regulations for national
banks and Federal savings associations
and for State non-member banks and
State savings associations, respectively,
pursuant to the previously discussed
requirements of the Dodd-Frank Act.
Specifically, the OCC proposed to add
language to its flood insurance
regulation for national banks, 12 CFR
part 22, to make it applicable to both
national banks and Federal savings
associations, and to remove its flood
insurance regulation for Federal savings
associations, 12 CFR part 172. Similarly,
the FDIC proposed to add language to 12
CFR part 339, its flood regulation for
State nonmember banks, to make it
applicable to both State nonmember
banks and State savings associations
and to remove its flood insurance
regulation for State savings associations,
12 CFR part 391 subpart D. The NPR
noted that Parts 22, 172, 339, and 391
subpart D, are nearly identical and
contain no substantive differences, as
they were originally adopted through an
interagency rulemaking process.
II. Comments
The NPR had a sixty-day comment
period, which closed on December 29,
2013. No comments were received on
the FDIC’s proposed integration of its
flood insurance rules. Consequently this
final rule pertaining solely to the
integration of FDIC and OTS flood
insurance rules is adopted basically as
proposed in the interagency NPR.
III. Explanation of the Final Rule
As discussed in the NPR, part 391,
subpart D is almost identical to part 339,
and the designation of part 339 as the
single regulation for depository
institutions supervised by the FDIC will
serve to streamline the FDIC’s rules and
eliminate unnecessary regulations. To
that effect, the final rule removes and
rescinds 12 CFR part 391, subpart D in
its entirety.
Consistent with the NPR, the final
rule also amends part 339 by deleting
the definition of ‘‘bank,’’ inserting a
definition of ‘‘FDIC-supervised
institution’’ that includes both non-
member banks and State savings
associations, and replacing the term
‘‘bank’’ with the term ‘‘FDIC-supervised
institution’’ throughout the rule. The
amendments make it plain that the rule
applies to both non-member banks and
State savings associations.
IV. Administrative Law Matters
A. Paperwork Reduction Act
Pursuant to the NPR, the FDIC will
rescind and remove from its regulations
12 CFR part 391, subpart D. This rule
was transferred with only nominal
changes to the FDIC from the OTS when
the OTS was abolished by Title III of the
Dodd-Frank Act. Part 391, subpart D is
redundant and duplicative of the FDIC’s
rule at part 339 regarding loans in areas
having special flood hazards. Removing
part 391, subpart D and adding a
definition of FDIC-supervised institution
to part 339 will not involve any new
collections of information pursuant to
the Paperwork Reduction Act (44 U.S.C.
3501 et seq.). Consequently, no
information collection has been
submitted to the Office of Management
and Budget for review.
B. The Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601, et seq. (RFA), requires that
each federal agency either (1) certify
that a proposed rule would not, if
adopted in final form, have a significant
economic impact on a substantial
number of small entities, or (2) prepare
an initial regulatory flexibility analysis
of the rule and publish the analysis for
comment. The proposal to integrate the
FDIC’s flood insurance regulations
makes no substantive changes to the
requirements set forth pursuant to that
rule. It instead would only merge two
nearly identical regulations, thus
reducing redundancy and the potential
for confusion as to which regulation
applies. On this basis, the FDIC certifies
that the present rule revision will not
have a significant impact on a
substantial number of small entities,
within the meaning of those terms as
used in the RFA.
C. The Economic Growth and
Regulatory Paperwork Reduction Act
Under section 2222 of the Economic
Growth and Regulatory Paperwork
Reduction Act of 1996 (‘‘EGRPRA’’), the
FDIC is required to review all of its
regulations, at least once every 10 years,
in order to identify any outdated or
otherwise unnecessary regulations
imposed on insured depository
institutions.6 The FDIC completed the
last comprehensive review of its
regulations under EGRPRA in 2006 and
is commencing the next decennial
review, which is expected to be
completed by 2016. The NPR solicited
comments on the proposed rescission of
part 391, subpart D and amendments to
part 339. No comments on this issue
were received. Upon review, the FDIC
does not believe that part 339, as
amended by the Final Rule, imposes any
outdated or unnecessary regulatory
requirements on any insured depository
institutions.
D. Plain Language
Section 722 of the Gramm-Leach-
Bliley Act, 12 U.S.C. 4809, requires each
Federal banking agency to use plain
language in all of its proposed and final
rules published after January 1, 2000.
Although the FDIC did not receive any
comments, the FDIC sought to present
the final rule in a simple and
straightforward manner.
List of Subjects
12 CFR Part 339
Flood insurance, Reporting and
recordkeeping requirements, Savings
associations.
12 CFR Part 391
Savings associations.
Authority and Issuance
For the reasons set forth in the
Supplementary Information, the Federal
Deposit Insurance Corporation amends
Parts 339 and 391 of Chapter III of Title
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tkelley on DSK3SPTVN1PROD with RULES
3 76 FR 47652 (Aug. 5, 2011).
4 Public Law 112–141, 126 Stat. 916 (2012).
5 78 FR 65108. 6 Pub. L. 104–208, 110 Stat. 3009 (Sept. 30, 1996).
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, as well as for State
nonmember banks and insured branches
of foreign banks.
Pursuant to this authority, the FDIC’s
Board of Directors reissued and re-
designated certain transferring
regulations of the former OTS on June
14, 2011, as noted earlier. These
transferred OTS regulations were
published as new FDIC regulations in
the Federal Register on August 5, 2011.3
When it republished the transferred
OTS regulations as new FDIC
regulations, the FDIC specifically noted
that its staff would evaluate the
transferred OTS rules and might later
recommend incorporating the
transferred OTS regulations into other
FDIC rules, amending them, or
rescinding them, as appropriate.
B. The BW Act
The BW Act,4 signed into law by the
President on July 6, 2012, significantly
revised Federal flood insurance statutes.
Pursuant to the BW Act, the FDIC along
with the OCC, the FRB, the Farm Credit
Administration, and the National Credit
Union Administration published a
Notice of Proposed Rulemaking on
October 30, 2013 (the ‘‘NPR’’).5 Among
other topics, the NPR discussed the OCC
and FDIC’s proposals to integrate their
flood insurance regulations for national
banks and Federal savings associations
and for State non-member banks and
State savings associations, respectively,
pursuant to the previously discussed
requirements of the Dodd-Frank Act.
Specifically, the OCC proposed to add
language to its flood insurance
regulation for national banks, 12 CFR
part 22, to make it applicable to both
national banks and Federal savings
associations, and to remove its flood
insurance regulation for Federal savings
associations, 12 CFR part 172. Similarly,
the FDIC proposed to add language to 12
CFR part 339, its flood regulation for
State nonmember banks, to make it
applicable to both State nonmember
banks and State savings associations
and to remove its flood insurance
regulation for State savings associations,
12 CFR part 391 subpart D. The NPR
noted that Parts 22, 172, 339, and 391
subpart D, are nearly identical and
contain no substantive differences, as
they were originally adopted through an
interagency rulemaking process.
II. Comments
The NPR had a sixty-day comment
period, which closed on December 29,
2013. No comments were received on
the FDIC’s proposed integration of its
flood insurance rules. Consequently this
final rule pertaining solely to the
integration of FDIC and OTS flood
insurance rules is adopted basically as
proposed in the interagency NPR.
III. Explanation of the Final Rule
As discussed in the NPR, part 391,
subpart D is almost identical to part 339,
and the designation of part 339 as the
single regulation for depository
institutions supervised by the FDIC will
serve to streamline the FDIC’s rules and
eliminate unnecessary regulations. To
that effect, the final rule removes and
rescinds 12 CFR part 391, subpart D in
its entirety.
Consistent with the NPR, the final
rule also amends part 339 by deleting
the definition of ‘‘bank,’’ inserting a
definition of ‘‘FDIC-supervised
institution’’ that includes both non-
member banks and State savings
associations, and replacing the term
‘‘bank’’ with the term ‘‘FDIC-supervised
institution’’ throughout the rule. The
amendments make it plain that the rule
applies to both non-member banks and
State savings associations.
IV. Administrative Law Matters
A. Paperwork Reduction Act
Pursuant to the NPR, the FDIC will
rescind and remove from its regulations
12 CFR part 391, subpart D. This rule
was transferred with only nominal
changes to the FDIC from the OTS when
the OTS was abolished by Title III of the
Dodd-Frank Act. Part 391, subpart D is
redundant and duplicative of the FDIC’s
rule at part 339 regarding loans in areas
having special flood hazards. Removing
part 391, subpart D and adding a
definition of FDIC-supervised institution
to part 339 will not involve any new
collections of information pursuant to
the Paperwork Reduction Act (44 U.S.C.
3501 et seq.). Consequently, no
information collection has been
submitted to the Office of Management
and Budget for review.
B. The Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601, et seq. (RFA), requires that
each federal agency either (1) certify
that a proposed rule would not, if
adopted in final form, have a significant
economic impact on a substantial
number of small entities, or (2) prepare
an initial regulatory flexibility analysis
of the rule and publish the analysis for
comment. The proposal to integrate the
FDIC’s flood insurance regulations
makes no substantive changes to the
requirements set forth pursuant to that
rule. It instead would only merge two
nearly identical regulations, thus
reducing redundancy and the potential
for confusion as to which regulation
applies. On this basis, the FDIC certifies
that the present rule revision will not
have a significant impact on a
substantial number of small entities,
within the meaning of those terms as
used in the RFA.
C. The Economic Growth and
Regulatory Paperwork Reduction Act
Under section 2222 of the Economic
Growth and Regulatory Paperwork
Reduction Act of 1996 (‘‘EGRPRA’’), the
FDIC is required to review all of its
regulations, at least once every 10 years,
in order to identify any outdated or
otherwise unnecessary regulations
imposed on insured depository
institutions.6 The FDIC completed the
last comprehensive review of its
regulations under EGRPRA in 2006 and
is commencing the next decennial
review, which is expected to be
completed by 2016. The NPR solicited
comments on the proposed rescission of
part 391, subpart D and amendments to
part 339. No comments on this issue
were received. Upon review, the FDIC
does not believe that part 339, as
amended by the Final Rule, imposes any
outdated or unnecessary regulatory
requirements on any insured depository
institutions.
D. Plain Language
Section 722 of the Gramm-Leach-
Bliley Act, 12 U.S.C. 4809, requires each
Federal banking agency to use plain
language in all of its proposed and final
rules published after January 1, 2000.
Although the FDIC did not receive any
comments, the FDIC sought to present
the final rule in a simple and
straightforward manner.
List of Subjects
12 CFR Part 339
Flood insurance, Reporting and
recordkeeping requirements, Savings
associations.
12 CFR Part 391
Savings associations.
Authority and Issuance
For the reasons set forth in the
Supplementary Information, the Federal
Deposit Insurance Corporation amends
Parts 339 and 391 of Chapter III of Title
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