42183Federal Register / Vol. 79, No. 139 / Monday, July 21, 2014 / Rules and Regulations
1 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010).
12 CFR Part 390
Banks and banking, Conflicts of
interest, Government employees,
Savings associations.
Authority and Issuance
For the reasons stated in the
preamble, the Board of Directors of the
Federal Deposit Insurance Corporation
amends 12 CFR parts 336 and 390 as set
forth below:
PART 336—FDIC EMPLOYEES
Subpart B—[Amended]
■ 1. The authority citation for subpart B
continues to read as follows:
Authority: 12 U.S.C. 1819(Tenth), 1822(f).
■ 2. In § 336.3, revise paragraph (e) to
read as follows:
§ 336.3 Definitions.
* * * * *
(e) Federal banking agency means the
Office of the Comptroller of the
Currency, the Board of Governors of the
Federal Reserve System, or the Federal
Deposit Insurance Corporation, or their
predecessors or successors.
* * * * *
PART 390—REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
■ 3. The authority citation for part 390
is revised to read as follows:
Authority: 12 U.S.C. 1819.
Subpart B also issued under 12 U.S.C.
1818.
Subpart C also issued under 5 U.S.C. 504;
554–557; 12 U.S.C. 1464; 1467; 1468; 1817;
1818; 1820; 1829; 3349, 4717; 15 U.S.C. 78
l; 78o–5; 78u–2; 28 U.S.C. 2461 note; 31
U.S.C. 5321; 42 U.S.C. 4012a.
Subpart D also issued under 12 U.S.C.
1817; 1818; 1820; 15 U.S.C. 78 l.
Subpart E also issued under 12 U.S.C.
1813; 1831m; 15 U.S.C. 78.
Subpart F also issued under 5 U.S.C. 552;
559; 12 U.S.C. 2901 et seq.
Subpart G also issued under 12 U.S.C. 2810
et seq., 2901 et seq.; 15 U.S.C. 1691; 42 U.S.C.
1981, 1982, 3601–3619.
Subpart I also issued under 12 U.S.C.
1831x.
Subpart J also issued under 12 U.S.C.
1831p–1.
Subpart K also issued under 12 U.S.C.
1817; 1818; 15 U.S.C. 78c; 78 l.
Subpart L also issued under 12 U.S.C.
1831p–1.
Subpart M also issued under 12 U.S.C.
1818.
Subpart N also issued under 12 U.S.C.
1821.
Subpart O also issued under 12 U.S.C.
1828.
Subpart P also issued under 12 U.S.C.
1470; 1831e; 1831n; 1831p–1; 3339.
Subpart Q also issued under 12 U.S.C.
1462; 1462a; 1463; 1464.
Subpart R also issued under 12 U.S.C.
1463; 1464; 1831m; 1831n; 1831p–1.
Subpart S also issued under 12 U.S.C.
1462; 1462a; 1463; 1464; 1468a; 1817; 1820;
1828; 1831e; 1831o; 1831p–1; 1881–1884;
3207; 3339; 15 U.S.C. 78b; 78 l; 78m; 78n;
78p; 78q; 78w; 31 U.S.C. 5318; 42 U.S.C.
4106.
Subpart T also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m;
78n; 78w.
Subpart U also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m;
78n; 78p; 78w; 78d–1; 7241; 7242; 7243;
7244; 7261; 7264; 7265.
Subpart V also issued under 12 U.S.C.
3201–3208.
Subpart W also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m;
78n; 78p; 78w.
Subpart X also issued under 12 U.S.C.
1462; 1462a; 1463; 1464; 1828; 3331 et seq.
Subpart Y also issued under 12 U.S.C.
1831o.
Subpart Z also issued under 12 U.S.C.
1462; 1462a; 1463; 1464; 1828 (note).
Remove from the authority citation for part
390, the sentence ‘‘Subpart A also issued
under 12 U.S.C. 1820.’’
Subpart A—[Removed and Reserved]
■ 3. Remove and reserve subpart A,
consisting of §§ 390.1 through 390.5.
Dated at Washington, DC, this 15th day of
July 2014.
By order of the Board of Directors, Federal
Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014–16974 Filed 7–18–14; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 346 and 390
RIN 3064–AE09
Transferred OTS Regulations and FDIC
Regulations Regarding Disclosure and
Reporting of CRA-Related Agreements
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (‘‘FDIC’’) is
adopting a final rule (‘‘Final Rule’’) to
rescind and remove certain regulations
transferred to the FDIC from the Office
of Thrift Supervision (‘‘OTS’’) on July
21, 2011, in connection with the
implementation of applicable provisions
of Title III of the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(‘‘Dodd-Frank Act’’). The Dodd-Frank
Act provided that the former OTS rules
that were transferred to the FDIC would
be enforceable by or against the FDIC
until they were modified, terminated,
set aside, or superseded in accordance
with applicable law by the FDIC, by any
court of competent jurisdiction, or by
operation of law. The requirements for
State savings associations are
substantively similar to existing FDIC
regulations.
DATES: The Final Rule is effective on
August 20, 2014.
FOR FURTHER INFORMATION CONTACT:
Patience Singleton, Senior Policy
Analyst, Division of Depositor and
Consumer Protection, (202) 898–6859;
Jennifer Maree, Counsel, Legal Division,
(202) 898–6543; Richard M. Schwartz,
Counsel, Legal Division, (202) 898–
7424.
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, the powers, duties, and
functions formerly performed by the
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, 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
that would be enforced by the FDIC and
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tkelley on DSK3SPTVN1PROD with RULES
1 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010).
12 CFR Part 390
Banks and banking, Conflicts of
interest, Government employees,
Savings associations.
Authority and Issuance
For the reasons stated in the
preamble, the Board of Directors of the
Federal Deposit Insurance Corporation
amends 12 CFR parts 336 and 390 as set
forth below:
PART 336—FDIC EMPLOYEES
Subpart B—[Amended]
■ 1. The authority citation for subpart B
continues to read as follows:
Authority: 12 U.S.C. 1819(Tenth), 1822(f).
■ 2. In § 336.3, revise paragraph (e) to
read as follows:
§ 336.3 Definitions.
* * * * *
(e) Federal banking agency means the
Office of the Comptroller of the
Currency, the Board of Governors of the
Federal Reserve System, or the Federal
Deposit Insurance Corporation, or their
predecessors or successors.
* * * * *
PART 390—REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
■ 3. The authority citation for part 390
is revised to read as follows:
Authority: 12 U.S.C. 1819.
Subpart B also issued under 12 U.S.C.
1818.
Subpart C also issued under 5 U.S.C. 504;
554–557; 12 U.S.C. 1464; 1467; 1468; 1817;
1818; 1820; 1829; 3349, 4717; 15 U.S.C. 78
l; 78o–5; 78u–2; 28 U.S.C. 2461 note; 31
U.S.C. 5321; 42 U.S.C. 4012a.
Subpart D also issued under 12 U.S.C.
1817; 1818; 1820; 15 U.S.C. 78 l.
Subpart E also issued under 12 U.S.C.
1813; 1831m; 15 U.S.C. 78.
Subpart F also issued under 5 U.S.C. 552;
559; 12 U.S.C. 2901 et seq.
Subpart G also issued under 12 U.S.C. 2810
et seq., 2901 et seq.; 15 U.S.C. 1691; 42 U.S.C.
1981, 1982, 3601–3619.
Subpart I also issued under 12 U.S.C.
1831x.
Subpart J also issued under 12 U.S.C.
1831p–1.
Subpart K also issued under 12 U.S.C.
1817; 1818; 15 U.S.C. 78c; 78 l.
Subpart L also issued under 12 U.S.C.
1831p–1.
Subpart M also issued under 12 U.S.C.
1818.
Subpart N also issued under 12 U.S.C.
1821.
Subpart O also issued under 12 U.S.C.
1828.
Subpart P also issued under 12 U.S.C.
1470; 1831e; 1831n; 1831p–1; 3339.
Subpart Q also issued under 12 U.S.C.
1462; 1462a; 1463; 1464.
Subpart R also issued under 12 U.S.C.
1463; 1464; 1831m; 1831n; 1831p–1.
Subpart S also issued under 12 U.S.C.
1462; 1462a; 1463; 1464; 1468a; 1817; 1820;
1828; 1831e; 1831o; 1831p–1; 1881–1884;
3207; 3339; 15 U.S.C. 78b; 78 l; 78m; 78n;
78p; 78q; 78w; 31 U.S.C. 5318; 42 U.S.C.
4106.
Subpart T also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m;
78n; 78w.
Subpart U also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m;
78n; 78p; 78w; 78d–1; 7241; 7242; 7243;
7244; 7261; 7264; 7265.
Subpart V also issued under 12 U.S.C.
3201–3208.
Subpart W also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m;
78n; 78p; 78w.
Subpart X also issued under 12 U.S.C.
1462; 1462a; 1463; 1464; 1828; 3331 et seq.
Subpart Y also issued under 12 U.S.C.
1831o.
Subpart Z also issued under 12 U.S.C.
1462; 1462a; 1463; 1464; 1828 (note).
Remove from the authority citation for part
390, the sentence ‘‘Subpart A also issued
under 12 U.S.C. 1820.’’
Subpart A—[Removed and Reserved]
■ 3. Remove and reserve subpart A,
consisting of §§ 390.1 through 390.5.
Dated at Washington, DC, this 15th day of
July 2014.
By order of the Board of Directors, Federal
Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014–16974 Filed 7–18–14; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 346 and 390
RIN 3064–AE09
Transferred OTS Regulations and FDIC
Regulations Regarding Disclosure and
Reporting of CRA-Related Agreements
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (‘‘FDIC’’) is
adopting a final rule (‘‘Final Rule’’) to
rescind and remove certain regulations
transferred to the FDIC from the Office
of Thrift Supervision (‘‘OTS’’) on July
21, 2011, in connection with the
implementation of applicable provisions
of Title III of the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(‘‘Dodd-Frank Act’’). The Dodd-Frank
Act provided that the former OTS rules
that were transferred to the FDIC would
be enforceable by or against the FDIC
until they were modified, terminated,
set aside, or superseded in accordance
with applicable law by the FDIC, by any
court of competent jurisdiction, or by
operation of law. The requirements for
State savings associations are
substantively similar to existing FDIC
regulations.
DATES: The Final Rule is effective on
August 20, 2014.
FOR FURTHER INFORMATION CONTACT:
Patience Singleton, Senior Policy
Analyst, Division of Depositor and
Consumer Protection, (202) 898–6859;
Jennifer Maree, Counsel, Legal Division,
(202) 898–6543; Richard M. Schwartz,
Counsel, Legal Division, (202) 898–
7424.
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, the powers, duties, and
functions formerly performed by the
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, 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
that would be enforced by the FDIC and
VerDate Mar<15>2010 16:01 Jul 18, 2014 Jkt 232001 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 E:\FR\FM\21JYR1.SGM 21JYR1
tkelley on DSK3SPTVN1PROD with RULES
42184 Federal Register / Vol. 79, No. 139 / Monday, July 21, 2014 / Rules and Regulations
2 76 FR 39247 (July 6, 2011).
3 76 FR 47652 (Aug. 5, 2011).
4 78 FR 76768 (Dec. 19, 2013).
5 78 FR 76770.
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, nothing in the Dodd-Frank
Act affected 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
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.
As noted, on June 14, 2011, pursuant
to this authority, the FDIC’s Board of
Directors reissued and redesignated
certain transferring regulations of the
former OTS. 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.
One of the OTS rules transferred to
the FDIC governs OTS oversight of
disclosure and reporting of CRA-related
agreements in the context of State
savings associations. The OTS rule,
formerly found at 12 CFR part 533, was
transferred to the FDIC with only minor
nonsubstantive changes and is now
found in the FDIC’s rules at part 390,
subpart H, entitled ‘‘Disclosure and
Reporting of CRA-Related Agreements.’’
Before the transfer of the OTS rules and
continuing today, the FDIC’s rules
contained part 346, also entitled
‘‘Disclosure and Reporting of CRA-
Related Agreements,’’ a rule governing
FDIC oversight of disclosure and
reporting of CRA-related agreements
with respect to IDIs for which the FDIC
has been designated the appropriate
Federal banking agency. After careful
review and comparison of part 390,
subpart H and part 346, the FDIC
proposes to rescind part 390, subpart H,
because, as discussed below, it is
substantively redundant to existing part
346 and simultaneously we propose to
make technical conforming edits to our
existing rule.
II. Proposed Rule
A. Removal of Part 390, Subpart H
(Former OTS 12 CFR Part 533)
The FDIC issued a Notice of Proposed
Rulemaking (‘‘NPR’’ or ‘‘Proposed
Rule’’), which was published in the
Federal Register on December 19, 2013,
regarding the removal of part 390,
subpart H, which governs disclosure
and reporting of all CRA-related
agreements for State savings
associations.4 The former OTS rule was
transferred to the FDIC with only
nominal changes. The NPR proposed
removing part 390, subpart H from the
CFR in an effort to streamline FDIC
regulations for all FDIC-supervised
institutions. As discussed in the
Proposed Rule, the FDIC carefully
reviewed the transferred rule, part 390,
subpart H, and compared it with part
346, an FDIC regulation that existed
before the transfer of part 390, subpart
H and that continues to remain in effect
today. Like the transferred rule, part 346
governs disclosure and reporting of all
CRA-related agreements for State
nonmember insured banks and their
subsidiaries. Although the two rules
were substantively the same, minor
technical and conforming amendments
were proposed.5
B. Amendments to Part 346
The Proposed Rule proposed to
modify the scope of part 346 to include
State savings associations and their
subsidiaries to conform to and reflect
the scope of the FDIC’s current
supervisory responsibilities as the
appropriate Federal banking agency.
The Proposed Rule also proposed to add
a new subsection (m), which would
define ‘‘State savings association’’ as
having ‘‘the same meaning as in section
3(b)(3) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b)(3)).’’ In finalizing
these proposals, oversight of disclosure
and reporting of CRA-related
agreements in part 346 would apply to
all FDIC-supervised institutions,
including State savings associations,
and part 390, subpart H would be
removed because it is largely redundant
of those rules found in part 346.
Rescinding part 390, subpart H will
serve to streamline the FDIC’s rules and
eliminate unnecessary regulations.
III. Comments
The FDIC issued the NPR with a 60-
day comment period, which closed on
February 18, 2014. The FDIC received
no comments on its Proposed Rule, and
consequently the Final Rule is adopted
as proposed without any changes.
IV. Explanation of the Final Rule
As discussed in the NPR, Part 390,
Subpart H is substantively similar to
Part 346, and the designation of Part 346
as a single authority of disclosure and
reporting of CRA-related agreements for
all FDIC-supervised institutions will
serve to streamline the FDIC’s rules and
eliminate unnecessary regulations. To
that effect, the Final Rule removes and
rescinds 12 CFR Part 390, Subpart H in
its entirety.
Consistent with the Proposed Rule,
the Final Rule also amends section
346.1 to modify the scope of Part 346 to
include State savings associations and
their subsidiaries to conform to and
reflect the scope of the FDIC’s current
supervisory responsibilities as the
appropriate Federal banking agency.
The Final Rule also adds a new
subsection (m), which would define
‘‘State savings association’’ as having
‘‘the same meaning as in section 3(b)(3)
of the Federal Deposit Insurance Act (12
U.S.C. 1813(b)(3)).’’ The current
definition occupying subsection (m)
(‘‘Term of Agreement’’), will be moved
to a newly created subsection (n) within
section 346.11.
V. Administrative Law Matters
A. The Paperwork Reduction Act
In accordance with the requirements
of the Paperwork Reduction Act
(‘‘PRA’’) of 1995, 44 U.S.C. 3501–3521,
the FDIC may not conduct or sponsor,
and the respondent is not required to
respond to, an information collection
unless it displays a currently valid
Office of Management and Budget
(‘‘OMB’’) control number. The
information collections contained in
Part 346 are cleared by OMB under the
FDIC’s ‘‘CRA Sunshine’’ information
collection (OMB No. 3064–0139). The
FDIC’s burden estimates were updated
in connection with the collection’s 2012
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tkelley on DSK3SPTVN1PROD with RULES
2 76 FR 39247 (July 6, 2011).
3 76 FR 47652 (Aug. 5, 2011).
4 78 FR 76768 (Dec. 19, 2013).
5 78 FR 76770.
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, nothing in the Dodd-Frank
Act affected 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
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.
As noted, on June 14, 2011, pursuant
to this authority, the FDIC’s Board of
Directors reissued and redesignated
certain transferring regulations of the
former OTS. 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.
One of the OTS rules transferred to
the FDIC governs OTS oversight of
disclosure and reporting of CRA-related
agreements in the context of State
savings associations. The OTS rule,
formerly found at 12 CFR part 533, was
transferred to the FDIC with only minor
nonsubstantive changes and is now
found in the FDIC’s rules at part 390,
subpart H, entitled ‘‘Disclosure and
Reporting of CRA-Related Agreements.’’
Before the transfer of the OTS rules and
continuing today, the FDIC’s rules
contained part 346, also entitled
‘‘Disclosure and Reporting of CRA-
Related Agreements,’’ a rule governing
FDIC oversight of disclosure and
reporting of CRA-related agreements
with respect to IDIs for which the FDIC
has been designated the appropriate
Federal banking agency. After careful
review and comparison of part 390,
subpart H and part 346, the FDIC
proposes to rescind part 390, subpart H,
because, as discussed below, it is
substantively redundant to existing part
346 and simultaneously we propose to
make technical conforming edits to our
existing rule.
II. Proposed Rule
A. Removal of Part 390, Subpart H
(Former OTS 12 CFR Part 533)
The FDIC issued a Notice of Proposed
Rulemaking (‘‘NPR’’ or ‘‘Proposed
Rule’’), which was published in the
Federal Register on December 19, 2013,
regarding the removal of part 390,
subpart H, which governs disclosure
and reporting of all CRA-related
agreements for State savings
associations.4 The former OTS rule was
transferred to the FDIC with only
nominal changes. The NPR proposed
removing part 390, subpart H from the
CFR in an effort to streamline FDIC
regulations for all FDIC-supervised
institutions. As discussed in the
Proposed Rule, the FDIC carefully
reviewed the transferred rule, part 390,
subpart H, and compared it with part
346, an FDIC regulation that existed
before the transfer of part 390, subpart
H and that continues to remain in effect
today. Like the transferred rule, part 346
governs disclosure and reporting of all
CRA-related agreements for State
nonmember insured banks and their
subsidiaries. Although the two rules
were substantively the same, minor
technical and conforming amendments
were proposed.5
B. Amendments to Part 346
The Proposed Rule proposed to
modify the scope of part 346 to include
State savings associations and their
subsidiaries to conform to and reflect
the scope of the FDIC’s current
supervisory responsibilities as the
appropriate Federal banking agency.
The Proposed Rule also proposed to add
a new subsection (m), which would
define ‘‘State savings association’’ as
having ‘‘the same meaning as in section
3(b)(3) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b)(3)).’’ In finalizing
these proposals, oversight of disclosure
and reporting of CRA-related
agreements in part 346 would apply to
all FDIC-supervised institutions,
including State savings associations,
and part 390, subpart H would be
removed because it is largely redundant
of those rules found in part 346.
Rescinding part 390, subpart H will
serve to streamline the FDIC’s rules and
eliminate unnecessary regulations.
III. Comments
The FDIC issued the NPR with a 60-
day comment period, which closed on
February 18, 2014. The FDIC received
no comments on its Proposed Rule, and
consequently the Final Rule is adopted
as proposed without any changes.
IV. Explanation of the Final Rule
As discussed in the NPR, Part 390,
Subpart H is substantively similar to
Part 346, and the designation of Part 346
as a single authority of disclosure and
reporting of CRA-related agreements for
all FDIC-supervised institutions will
serve to streamline the FDIC’s rules and
eliminate unnecessary regulations. To
that effect, the Final Rule removes and
rescinds 12 CFR Part 390, Subpart H in
its entirety.
Consistent with the Proposed Rule,
the Final Rule also amends section
346.1 to modify the scope of Part 346 to
include State savings associations and
their subsidiaries to conform to and
reflect the scope of the FDIC’s current
supervisory responsibilities as the
appropriate Federal banking agency.
The Final Rule also adds a new
subsection (m), which would define
‘‘State savings association’’ as having
‘‘the same meaning as in section 3(b)(3)
of the Federal Deposit Insurance Act (12
U.S.C. 1813(b)(3)).’’ The current
definition occupying subsection (m)
(‘‘Term of Agreement’’), will be moved
to a newly created subsection (n) within
section 346.11.
V. Administrative Law Matters
A. The Paperwork Reduction Act
In accordance with the requirements
of the Paperwork Reduction Act
(‘‘PRA’’) of 1995, 44 U.S.C. 3501–3521,
the FDIC may not conduct or sponsor,
and the respondent is not required to
respond to, an information collection
unless it displays a currently valid
Office of Management and Budget
(‘‘OMB’’) control number. The
information collections contained in
Part 346 are cleared by OMB under the
FDIC’s ‘‘CRA Sunshine’’ information
collection (OMB No. 3064–0139). The
FDIC’s burden estimates were updated
in connection with the collection’s 2012
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