Download Proposed Rules PDF

TitleProposed Rules
LanguageEnglish
File Size282.0 KB
Total Pages71
Table of Contents
                            SUPPLEMENTARY INFORMATION:
I. Background
II. OCC Regulatory Actions to Integrate OTS Functions
III. Description of the Proposal
1. Part 4
2. Dodd-Frank Act Amendments Affecting Approval of Change in Control Notices and Acceptance of Deposits by Federal Branches (Parts 5 and 28)
3. Dodd-Frank Act Provisions Affecting Preemption and Visitorial Powers (Parts 5, 7, and 34)
4. Assessments (Part 8)
IV. Request for comments
V. Regulatory Analysis
PART 4 - ORGANIZATION AND FUNCTIONS, AVAILABILITY AND RELEASE OF INFORMATION, CONTRACTING OUTREACH PROGRAM, POST-EMPLOYMENT RESTRICTIONS
PART 5—RULES, POLICIES, AND PROCEDURES FOR CORPORATE ACTIVITIES
PART 7—BANK ACTIVITIES AND OPERATIONS
PART 8—ASSESSMENT OF FEES
PART 28—INTERNATIONAL BANKING ACTIVITIES
PART 34—REAL ESTATE LENDING AND APPRAISALS
                        
Document Text Contents
Page 1

BILLING CODE: 4810-33-P

DEPARTMENT OF THE TREASURY


Office of the Comptroller of the Currency


12 CFR Parts 4, 5, 7, 8, 28, and 34


[Docket ID OCC-2011-0006]


RIN 1557-AD41


Office of Thrift Supervision Integration; Dodd-Frank Act Implementation

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Office of the Comptroller of the Currency (OCC) is proposing to amend its

regulations governing organization and functions, availability and release of information, and

post-employment restrictions for senior examiners; and assessment of fees to incorporate the

transfer of certain functions of the Office of Thrift Supervision (OTS) to the OCC pursuant to

Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The OCC also is

proposing amendments to its rules pertaining to change in control of credit card banks and trust

banks to implement section 603 of the Act; deposit-taking by uninsured Federal branches to

implement section 335 of the Act; and its preemption and visitorial powers rules, subpart D, to

implement various sections of the Act.

DATES: Comments must be received on or before [INSERT DATE THAT IS 30 DAYS

AFTER THE DATE OF PUBLICATION IN THE FEDERAL REGISTER].

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to

delay, commenters are encouraged to submit comments by the Federal eRulemaking Portal or e-

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mail, if possible. Please use the title “OTS Integration; Dodd-Frank Act Implementation” to

facilitate the organization and distribution of the comments. You may submit comments by any

of the following methods:

Federal eRulemaking Portal—"regulations.gov": Go to http://www.regulations.gov.

Select “Document Type” of "Proposed Rules," and in “Enter Keyword or ID Box,” enter

Docket ID "OCC-2011-0006" and click "Search." On “View By Relevance” tab at

bottom of screen, in the “Agency” column, locate the Notice of Proposed Rulemakings

for OCC, in the “Action” column, click on “Submit a Comment” or "Open Docket

Folder" to submit or view public comments and to view supporting and related materials

for this rulemaking action.

Click on the “Help” tab on the Regulations.gov home page to get information on using

Regulations.gov, including instructions for submitting or viewing public comments,

viewing other supporting and related materials, and viewing the docket after the close of

the comment period.

E-mail: [email protected]

Mail: Office of the Comptroller of the Currency, 250 E Street, SW., Mail Stop 2-3,

Washington, DC 20219.

Fax: (202) 874-5274.

Hand Delivery/Courier: 250 E Street, SW., Mail Stop 2-3, Washington, DC 20219.

Instructions: You must include “OCC” as the agency name and “Docket ID OCC-2011-

0006” in your comment. In general, OCC will enter all comments received into the docket and

publish them on the Regulations.gov Web site without change, including any business or

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http://www.regulations.gov
http:Regulations.gov

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that savings association. After the March 2012 assessment, all national banks and Federal

savings associations would be assessed using the OCC’s assessment structure.51 The OCC

believes that this phase-in will allow savings associations sufficient time to adjust to the OCC’s

assessment program.

The proposed rule also implements section 605(a) of the Dodd-Frank Act, which

provides the OCC (and other appropriate Federal banking agencies) with authority to conduct

examinations of depository-institution permissible activities of nondepository institution

subsidiaries of depository institution holding companies. Section 605 provides specific authority

for the OCC and other regulators to assess such nondepository institution subsidiaries for the

costs of examination. The proposed rule would implement this new statutory assessment

authority.

IV. Request for comments

The OCC encourages comment on any aspect of this proposal and especially on those

issues specifically noted in this preamble.

V. Regulatory Analysis

Regulatory Flexibility Act

Pursuant to Section 605(b) of the Regulatory Flexibility Act, 5 U.S.C. 605(b) (RFA), the

regulatory flexibility analysis otherwise required under section 604 of the RFA is not required if

the agency certifies that the rule will not have a significant economic impact on a substantial

number of small entities and publishes its certification and a short, explanatory statement in the

Federal Register along with its rule. We have concluded that the proposed rule does not have an

significant economic impact on a substantial number of small entities currently supervised by the

51 The OCC intends to implement this phase-in through an amended Notice of Comptroller of the Currency
Fees.

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OCC (i.e., national banks and Federal branches and agencies of foreign banks). In addition,

although the proposed rule will directly affect all Federal savings associations, we have

concluded that it does not have a significant economic impact on a substantial number of small

Federal savings associations. Specifically, the amendments to part 4 do not contain new

compliance requirements. Any costs that may be associated with integrating the functions of the

two agencies, and other proposed changes to part 4, will be borne by the OCC. In addition, there

are no costs directly associated with the proposed amendments to 12 CFR 5.50(f)(5) and Part 28,

implementing sections 603 and 335 of the Dodd-Frank Act, respectively, or with the

amendments necessary to apply national bank preemption standards to Federal savings

associations. Furthermore, we have determined that the amendments to the preemption and

visitorial powers provisions affecting national banks will not have a signif icant economic impact

on a substantial number of small entities. Lastly, although the amendments to part 8,

assessments, will economically impact a substantial number of small savings associations, this

impact will not be significant. Therefore, pursuant to Section 605(b) of the RFA, the OCC

hereby certifies that this proposal will not have a significant economic impact on a substantial

number of small entities. Accordingly, a regulatory flexibility analysis is not needed.

Paperwork Reduction Act

The rule contains several currently approved collections of information under the

Paperwork Reduction Act (44 U.S.C. 3501-3520).52 The amendments adopted today do not

introduce any new collections of information into the rules, nor do they amend the rules in a way

that substantively modifies the collections of information that OMB has approved. Therefore, no

52 See OMB Control numbers 1557-0014, 1557-0200 and 1557-0223.

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The revisions read as follows:

§ 34.4 Applicability of state law.

(a) A national bank may make real estate loans under 12 U.S.C. 371 and § 34.3, without

regard to state law limitations concerning:

* * * * *

(b) State laws on the following subjects are not inconsistent with the real estate lending

powers of national banks and apply to national banks to the extent consistent with the decision of

the Supreme Court in Barnett Bank of Marion County, N.A. v. Nelson, Florida Insurance

Commissioner, et al., 517 U.S. 25 (1996):

* * * * *

(9) Any other law that the OCC determines to be applicable to national banks in

accordance with the decision of the Supreme Court in Barnett Bank of Marion County, N.A. v.

Nelson, Florida Insurance Commissioner, et al., 517 U.S. 25 (1996), or that is made applicable

by Federal law.

47. Add § 34.6 to subpart A to read as follows:

§ 34.6 Applicability of state law to Federal savings associations and subsidiaries.

In accordance with section 1046 of the Dodd-Frank Wall Street Reform and Consumer

Protection Act (12 U.S.C. 25b), state laws apply to Federal savings associations and their

subsidiaries to the same extent and in the same manner that those laws apply to national banks

and their subsidiaries.

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