Management Official Interlocks, 38753-38755 [07-3441]

Download as PDF ycherry on PRODPC74 with RULES Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Rules and Regulations privacy; reveal a sensitive investigative or intelligence technique; or constitute a potential danger to the health or safety of law enforcement personnel, confidential informants, and witnesses. Amendment of these records would interfere with ongoing counterterrorism, law enforcement, or intelligence investigations and analysis activities and impose an impossible administrative burden by requiring investigations, analyses, and reports to be continuously reinvestigated and revised. (d) From subsection (e)(1) because it is not always possible for DHS or other agencies to know in advance what information is relevant and necessary for it to complete an identity comparison between the individual seeking redress and a known or suspected terrorist. Also, because DHS and other agencies may not always know what information about an encounter with a known or suspected terrorist will be relevant to law enforcement for the purpose of conducting an operational response. (e) From subsection (e)(2) because application of this provision could present a serious impediment to counterterrorism, law enforcement, or intelligence efforts in that it would put the subject of an investigation, study, or analysis on notice of that fact, thereby permitting the subject to engage in conduct designed to frustrate or impede that activity. The nature of counterterrorism, law enforcement, or intelligence investigations is such that vital information about an individual frequently can be obtained only from other persons who are familiar with such individual and his/her activities. In such investigations it is not feasible to rely upon information furnished by the individual concerning his own activities. (f) From subsection (e)(3), to the extent that this subsection is interpreted to require DHS to provide notice to an individual if DHS or another agency receives or collects information about that individual during an investigation or from a third party. Should the subsection be so interpreted, exemption from this provision is necessary to avoid impeding counterterrorism, law enforcement, or intelligence efforts by putting the subject of an investigation, study, or analysis on notice of that fact, thereby permitting the subject to engage in conduct intended to frustrate or impede that activity. (g) From subsections (e)(4)(G), (H) and (I) (Agency Requirements) because portions of this system are exempt from the access and amendment provisions of subsection (d). (h) From subsection (e)(5) because many of the records in this system coming from other system of records are derived from other domestic and foreign agency record systems and therefore it is not possible for DHS to vouch for their compliance with this provision; however, the DHS has implemented internal quality assurance procedures to ensure that data used in the redress process is as thorough, accurate, and current as possible. In addition, in the collection of information for law enforcement, counterterrorism, and intelligence purposes, it is impossible to determine in advance what information is accurate, relevant, timely, and complete. With the passage of time, seemingly VerDate Aug<31>2005 15:14 Jul 13, 2007 Jkt 211001 irrelevant or untimely information may acquire new significance as further investigation brings new details to light. The restrictions imposed by (e)(5) would limit the ability of those agencies’ trained investigators and intelligence analysts to exercise their judgment in conducting investigations and impede the development of intelligence necessary for effective law enforcement and counterterrorism efforts. The DHS has, however, implemented internal quality assurance procedures to ensure that the data used in the redress process is as thorough, accurate, and current as possible. (i) From subsection (e)(8) because to require individual notice of disclosure of information due to compulsory legal process would pose an impossible administrative burden on DHS and other agencies and could alert the subjects of counterterrorism, law enforcement, or intelligence investigations to the fact of those investigations when not previously known. (j) From subsection (f) (Agency Rules) because portions of this system are exempt from the access and amendment provisions of subsection (d). (k) From subsection (g) to the extent that the system is exempt from other specific subsections of the Privacy Act. Dated: July 5, 2007. Hugo Teufel III, Chief Privacy Officer. [FR Doc. E7–13564 Filed 7–13–07; 8:45 am] BILLING CODE 4410–10–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 26 [Docket ID OCC–2007–0006] RIN 1557–AD01 FEDERAL RESERVE SYSTEM 12 CFR Part 212 [Regulation L; Docket No. R–1272] FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 348 RIN 3064–AD13 DEPARTMENT OF THE TREASURY Office of Thrift Supervision 38753 Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision, Treasury. ACTION: 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 amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 (FSRRA) and to correct inaccurate crossreferences. Effective on July 16, 2007, the interim rule as published on January 11, 2007, (72 FR 1274) is adopted as a final rule without change. DATES: FOR FURTHER INFORMATION CONTACT: OCC: Heidi M. Thomas, Special Counsel, Legislative and Regulatory Activities Division, (202) 874–4688; Sue Auerbach, Counsel, Bank Activities and Structure Division, (202) 874–5300; or Jan Kalmus, Senior Licensing Analyst, Licensing Activities Division, (202) 874–4608, Office of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219. Board: Andrew S. Baer, Counsel, (202) 452–2246, or Jennifer L. Sutton, Attorney, (202) 452–3564, Legal Division, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW., Washington, DC 20551. For users of Telecommunication Device for the Deaf (TDD) only, contact (202) 263–4869. FDIC: Patricia A. Colohan, Senior Examination Specialist, Division of Supervision and Consumer Protection, (202) 898–7283, or Mark Mellon, Counsel, Legal Division, (202) 898– 3884. OTS: David J. Bristol, Senior Attorney, (202) 906–6461, Business Transactions Division, Office of Thrift Supervision, or Donald W. Dwyer, Director of Applications, Examinations and Supervision—Operations, (202) 906–6414, 1700 G Street NW., Washington, DC 20552. 12 CFR Part 563f SUPPLEMENTARY INFORMATION: [Docket ID OTS–2007–0013] I. Background RIN 1550–AC09 The Depository Institution Management Interlocks Act (12 U.S.C. 3201 et seq.) (Interlocks Act or Act) prohibits individuals from simultaneously serving as a Management Official Interlocks AGENCIES: Office of the Comptroller of the Currency, Treasury; Board of PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 E:\FR\FM\16JYR1.SGM 16JYR1 38754 Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Rules and Regulations management official 1 at two unaffiliated depository institutions or their holding companies (collectively, depository organizations) under certain circumstances. For example, section 203(1) of the Act (12 U.S.C. 3202(1)) prohibits interlocks between unaffiliated depository organizations if each depository organization (or a depository institution affiliate thereof) has an office in the same relevant metropolitan statistical area (RMSA) (RMSA prohibition), unless one of the depository organizations involved has total assets below a specified threshold (small institution exception). Prior to enactment of the FSRRA, the total asset threshold for this small institution exception was $20 million. However, section 610 of the FSRRA amended section 203(1) of the Interlocks Act by raising this asset threshold to $50 million, effective as of October 13, 2006.2 II. Summary of Interim Rule In January 2007, the Agencies adopted on an interim basis, and requested public comment on, amendments to their rules in order to implement section 610 of the FSRRA.3 Specifically, the interim rules modified the regulatory RMSA prohibition to conform to revised section 203(1) of the Act by allowing a management official of one depository organization to serve as a management official of an unaffiliated depository organization if the depository organizations (or their depository institution affiliates) have offices in the same RMSA and one of the depository organizations in question has total assets of less than $50 million. The interim rule also made technical changes to correct inaccurate crossreferences in the definition of management official in each of the Agencies’ rules. ycherry on PRODPC74 with RULES III. Explanation of Final Rule The Agencies received two comments on the interim rule, both of which were filed by trade associations representing banking organizations. Both commenters supported the interim rule, stating that the rule will afford small banking organizations greater access to 1 Each of the Agencies’ regulations generally define ‘‘management official’’ to include a director, an advisory or honorary director of a depository institution with total assets of $100 million or more, a senior executive officer, a branch manager, a trustee of a depository organization under the control of trustees, and any person who has a representative or nominee serving in such capacity. See 12 CFR 26.2(j) (OCC); 12 CFR 212.2(j) (Board); 12 CFR 348.2(j) (FDIC); and 12 CFR 563f.2(j) (OTS). 2 Pub. L. 109–351, section 610, 120 Stat. 1966 (Oct. 13, 2006). 3 See 72 FR 1274, Jan. 11, 2007. VerDate Aug<31>2005 15:14 Jul 13, 2007 Jkt 211001 qualified individuals who may serve as management officials. Both commenters also urged the Agencies to consider further raising the asset threshold for the small institution exception to the RMSA prohibition. As noted in the interim rule, FSRRA raised the asset threshold, and neither FSRRA nor the Act gives the Agencies discretion to modify the asset-size threshold for the small institution exception. After carefully considering the comments received, the Agencies have adopted a final rule that is identical to the interim rule. IV. Regulatory Analysis Plain Language Section 722 of the Gramm-LeachBliley Act (12 U.S.C. 4809) requires the Agencies to use ‘‘plain language’’ in all rules published in the Federal Register after January 1, 2000. The Agencies believe the final rule is presented in a simple and straightforward manner. Administrative Procedure Act The final rule takes effect upon publication in the Federal Register. As noted in the interim rule, the changes adopted in the rule implement a statutory change that took effect upon enactment on October 13, 2006, and the technical corrections of cross-references effected by the rule are not substantive. The new statutory provision itself gives the Agencies no discretion to modify the asset-size threshold for the small institution exception. Accordingly, pursuant to 5 U.S.C. 553(d), the agencies conclude that there is good cause for making this rule effective immediately upon publication in the Federal Register. Regulatory Flexibility Act Pursuant to section 605(b) of the Regulatory Flexibility Act (RFA) (5 U.S.C. 605(b)), the regulatory flexibility analysis otherwise required under section 603 of the RFA (5 U.S.C. 603) is not required if the head of the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities and the agency publishes such certification and a statement explaining the factual basis for such certification in the Federal Register along with its rule. Pursuant to section 605(b) of the RFA, each of the Agencies certifies that this final rule will not have a significant economic impact on a substantial number of small entities. The Agencies expect that this rule will not create any additional burden on small entities. The final rule relaxes the criteria for obtaining an exemption from the RMSA PO 00000 Frm 00006 Fmt 4700 Sfmt 4700 prohibition, and specifically addresses the needs of small entities by allowing greater numbers of small organizations to qualify for the small institution exception from the RMSA prohibition. Accordingly, a regulatory flexibility analysis is not required. Paperwork Reduction Act In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Agencies have determined that no collections of information pursuant to the Paperwork Reduction Act are contained in the final rule. OCC and OTS Executive Order 12866 Statement The OCC and OTS each have independently determined that the final rule is not a ‘‘significant regulatory action’’ as defined in Executive Order 12866. Accordingly, a regulatory assessment is not required. OCC and OTS Unfunded Mandates Act of 1995 Statement Section 202 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1532), requires the OCC and OTS to prepare a budgetary impact statement before promulgating a rule that includes a federal mandate that may result in the expenditure by state, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year. However, this requirement does not apply to regulations that incorporate requirements specifically set forth in law. Because this final rule implements section 610 of the FSRRA, the OTS and OCC have not conducted an Unfunded Mandates Analysis for this rulemaking. List of Subjects 12 CFR Part 26 Antitrust, Holding companies, National banks. 12 CFR Part 212 Antitrust, Banks, Banking, Holding companies. 12 CFR Part 348 Antitrust, Banks, Banking, Holding companies. 12 CFR Part 563f Antitrust, Holding companies, Reporting and recordkeeping requirements, Savings associations. E:\FR\FM\16JYR1.SGM 16JYR1 Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Rules and Regulations Office of the Comptroller of the Currency DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 12 CFR Chapter I PART 26—MANAGEMENT OFFICIAL INTERLOCKS 14 CFR Part 97 Accordingly, the interim rule amending 12 CFR Part 26 which was published at 72 FR 1276 on January 11, 2007, is adopted as a final rule without change. Standard Instrument Approach Procedures, Weather Takeoff Minimums; Miscellaneous Amendments I Federal Reserve System 12 CFR Chapter II PART 212—MANAGEMENT OFFICIAL INTERLOCKS Accordingly, the interim rule amending 12 CFR Part 212 which was published at 72 FR 1276 on January 11, 2007, is adopted as a final rule without change. I Federal Deposit Insurance Corporation 12 CFR Chapter III PART 348—MANAGEMENT OFFICIAL INTERLOCKS Accordingly, the interim rule amending 12 CFR Part 348 which was published at 72 FR 1276 on January 11, 2007, is adopted as a final rule without change. I Office of Thrift Supervision 12 CFR Chapter V PART 563f—MANAGEMENT OFFICIAL INTERLOCKS Accordingly, the interim rule amending 12 CFR Part 563f which was published at 72 FR 1276 on January 11, 2007, is adopted as a final rule without change. ycherry on PRODPC74 with RULES I Dated: May 11, 2007. John C. Dugan, Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, July 10, 2007. Jennifer J. Johnson, Secretary of the Board. Dated at Washington, DC, this 19th day of June, 2007. By order of the Board of Directors. Federal Deposit Insurance Corporation. Valerie J. Best, Assistant Executive Secretary. By the Office of Thrift Supervision, May 8, 2007. John M. Reich, Director. [FR Doc. 07–3441 Filed 7–13–07; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P; 6720–01–P VerDate Aug<31>2005 15:14 Jul 13, 2007 Jkt 211001 [Docket No. 30558 Amdt. No. 3225] Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: This amendment establishes, amends, suspends, or revokes Standard Instrument Approach Procedures (SIAPs) and/or Weather Takeoff Minimums for operations at certain airports. These regulatory actions are needed because of the adoption of new or revised criteria, or because of changes occurring in the National Airspace System, such as the commissioning of new navigational facilities, addition of new obstacles, or changes in air traffic requirements. These changes are designed to provide safe and efficient use of the navigable airspace and to promote safe flight operations under instrument flight rules at the affected airports. DATES: This rule is effective July 16, 2007. The compliance date for each SIAP and/or Weather Takeoff Minimums is specified in the amendatory provisions. The incorporation by reference of certain publications listed in the regulations is approved by the Director of the Federal Register as of July 16, 2007. ADDRESSES: Availability of matters incorporated by reference in the amendment is as follows: For Examination— 1. FAA Rules Docket, FAA Headquarters Building, 800 Independence Avenue, SW., Washington, DC 20591; 2. The FAA Regional Office of the region in which the affected airport is located; 3. The National Flight Procedures Office, 6500 South MacArthur Blvd., Oklahoma City, OK 73169 or, 4. The National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: http://www.archives.gov/ federal_register/ code_of_federal_regulations/ ibr_locations.html. For Purchase—Individual SIAP and Weather Takeoff Minimums copies may be obtained from: SUMMARY: PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 38755 1. FAA Public Inquiry Center (APA– 200), FAA Headquarters Building, 800 Independence Avenue, SW., Washington, DC 20591; or 2. The FAA Regional Office of the region in which the affected airport is located. By Subscription—Copies of all SIAPs and Weather Takeoff Minimums mailed once every 2 weeks, are for sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. FOR FURTHER INFORMATION CONTACT: Donald P. Pate, Flight Procedure Standards Branch (AFS–420), Flight Technologies and Programs Division, Flight Standards Service, Federal Aviation Administration, Mike Monroney Aeronautical Center, 6500 South MacArthur Blvd. Oklahoma City, OK 73169 (Mail Address: P.O. Box 25082 Oklahoma City, OK. 73125) telephone: (405) 954–4164. This amendment to Title 14 of the Code of Federal Regulations, Part 97 (14 CFR part 97), establishes, amends, suspends, or revokes SIAPs and/or Weather Takeoff Minimums. The complete regulatory description of each SIAP and/or Weather Takeoff Minimums is contained in official FAA form documents which are incorporated by reference in this amendment under 5 U.S.C. 552(a), 1 CFR part 51, and 14 CFR part 97.20. The applicable FAA Forms are identified as FAA Forms 8260–3, 8260–4, 8260–5 and 8260–15A. Materials incorporated by reference are available for examination or purchase as stated above. The large number of SIAPs and/or Weather Takeoff Minimums, their complex nature, and the need for a special format make their verbatim publication in the Federal Register expensive and impractical. Further, airmen do not use the regulatory text of the SIAPs and/or Weather Takeoff Minimums but refer to their depiction on charts printed by publishers of aeronautical materials. Thus, the advantages of incorporation by reference are realized and publication of the complete description of each SIAP and/ or Weather Takeoff Minimums contained in FAA form documents is unnecessary. The provisions of this amendment state the affected CFR sections, with the types and effective dates of the SIAPs and/or Weather Takeoff Minimums. This amendment also identifies the airport, its location, the procedure identification and the amendment number. SUPPLEMENTARY INFORMATION: E:\FR\FM\16JYR1.SGM 16JYR1

Agencies

[Federal Register Volume 72, Number 135 (Monday, July 16, 2007)]
[Rules and Regulations]
[Pages 38753-38755]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-3441]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 26

[Docket ID OCC-2007-0006]
RIN 1557-AD01

FEDERAL RESERVE SYSTEM

12 CFR Part 212

[Regulation L; Docket No. R-1272]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 348

RIN 3064-AD13

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Part 563f

[Docket ID OTS-2007-0013]
RIN 1550-AC09


Management Official Interlocks

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: 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 amending their rules regarding 
management interlocks to implement section 610 of the Financial 
Services Regulatory Relief Act of 2006 (FSRRA) and to correct 
inaccurate cross-references.

DATES: Effective on July 16, 2007, the interim rule as published on 
January 11, 2007, (72 FR 1274) is adopted as a final rule without 
change.

FOR FURTHER INFORMATION CONTACT:
    OCC: Heidi M. Thomas, Special Counsel, Legislative and Regulatory 
Activities Division, (202) 874-4688; Sue Auerbach, Counsel, Bank 
Activities and Structure Division, (202) 874-5300; or Jan Kalmus, 
Senior Licensing Analyst, Licensing Activities Division, (202) 874-
4608, Office of the Comptroller of the Currency, 250 E Street, SW., 
Washington, DC 20219.
    Board: Andrew S. Baer, Counsel, (202) 452-2246, or Jennifer L. 
Sutton, Attorney, (202) 452-3564, Legal Division, Board of Governors of 
the Federal Reserve System, 20th Street and Constitution Avenue, NW., 
Washington, DC 20551. For users of Telecommunication Device for the 
Deaf (TDD) only, contact (202) 263-4869.
    FDIC: Patricia A. Colohan, Senior Examination Specialist, Division 
of Supervision and Consumer Protection, (202) 898-7283, or Mark Mellon, 
Counsel, Legal Division, (202) 898-3884.
    OTS: David J. Bristol, Senior Attorney, (202) 906-6461, Business 
Transactions Division, Office of Thrift Supervision, or Donald W. 
Dwyer, Director of Applications, Examinations and Supervision--
Operations, (202) 906-6414, 1700 G Street NW., Washington, DC 20552.

SUPPLEMENTARY INFORMATION:

I. Background

    The Depository Institution Management Interlocks Act (12 U.S.C. 
3201 et seq.) (Interlocks Act or Act) prohibits individuals from 
simultaneously serving as a

[[Page 38754]]

management official \1\ at two unaffiliated depository institutions or 
their holding companies (collectively, depository organizations) under 
certain circumstances. For example, section 203(1) of the Act (12 
U.S.C. 3202(1)) prohibits interlocks between unaffiliated depository 
organizations if each depository organization (or a depository 
institution affiliate thereof) has an office in the same relevant 
metropolitan statistical area (RMSA) (RMSA prohibition), unless one of 
the depository organizations involved has total assets below a 
specified threshold (small institution exception). Prior to enactment 
of the FSRRA, the total asset threshold for this small institution 
exception was $20 million. However, section 610 of the FSRRA amended 
section 203(1) of the Interlocks Act by raising this asset threshold to 
$50 million, effective as of October 13, 2006.\2\
---------------------------------------------------------------------------

    \1\ Each of the Agencies' regulations generally define 
``management official'' to include a director, an advisory or 
honorary director of a depository institution with total assets of 
$100 million or more, a senior executive officer, a branch manager, 
a trustee of a depository organization under the control of 
trustees, and any person who has a representative or nominee serving 
in such capacity. See 12 CFR 26.2(j) (OCC); 12 CFR 212.2(j) (Board); 
12 CFR 348.2(j) (FDIC); and 12 CFR 563f.2(j) (OTS).
    \2\ Pub. L. 109-351, section 610, 120 Stat. 1966 (Oct. 13, 
2006).
---------------------------------------------------------------------------

II. Summary of Interim Rule

    In January 2007, the Agencies adopted on an interim basis, and 
requested public comment on, amendments to their rules in order to 
implement section 610 of the FSRRA.\3\ Specifically, the interim rules 
modified the regulatory RMSA prohibition to conform to revised section 
203(1) of the Act by allowing a management official of one depository 
organization to serve as a management official of an unaffiliated 
depository organization if the depository organizations (or their 
depository institution affiliates) have offices in the same RMSA and 
one of the depository organizations in question has total assets of 
less than $50 million.
---------------------------------------------------------------------------

    \3\ See 72 FR 1274, Jan. 11, 2007.
---------------------------------------------------------------------------

    The interim rule also made technical changes to correct inaccurate 
cross-references in the definition of management official in each of 
the Agencies' rules.

III. Explanation of Final Rule

    The Agencies received two comments on the interim rule, both of 
which were filed by trade associations representing banking 
organizations. Both commenters supported the interim rule, stating that 
the rule will afford small banking organizations greater access to 
qualified individuals who may serve as management officials. Both 
commenters also urged the Agencies to consider further raising the 
asset threshold for the small institution exception to the RMSA 
prohibition. As noted in the interim rule, FSRRA raised the asset 
threshold, and neither FSRRA nor the Act gives the Agencies discretion 
to modify the asset-size threshold for the small institution exception. 
After carefully considering the comments received, the Agencies have 
adopted a final rule that is identical to the interim rule.

IV. Regulatory Analysis

Plain Language

    Section 722 of the Gramm-Leach-Bliley Act (12 U.S.C. 4809) requires 
the Agencies to use ``plain language'' in all rules published in the 
Federal Register after January 1, 2000. The Agencies believe the final 
rule is presented in a simple and straightforward manner.

Administrative Procedure Act

    The final rule takes effect upon publication in the Federal 
Register. As noted in the interim rule, the changes adopted in the rule 
implement a statutory change that took effect upon enactment on October 
13, 2006, and the technical corrections of cross-references effected by 
the rule are not substantive. The new statutory provision itself gives 
the Agencies no discretion to modify the asset-size threshold for the 
small institution exception. Accordingly, pursuant to 5 U.S.C. 553(d), 
the agencies conclude that there is good cause for making this rule 
effective immediately upon publication in the Federal Register.

Regulatory Flexibility Act

    Pursuant to section 605(b) of the Regulatory Flexibility Act (RFA) 
(5 U.S.C. 605(b)), the regulatory flexibility analysis otherwise 
required under section 603 of the RFA (5 U.S.C. 603) is not required if 
the head of the agency certifies that the rule will not have a 
significant economic impact on a substantial number of small entities 
and the agency publishes such certification and a statement explaining 
the factual basis for such certification in the Federal Register along 
with its rule.
    Pursuant to section 605(b) of the RFA, each of the Agencies 
certifies that this final rule will not have a significant economic 
impact on a substantial number of small entities. The Agencies expect 
that this rule will not create any additional burden on small entities. 
The final rule relaxes the criteria for obtaining an exemption from the 
RMSA prohibition, and specifically addresses the needs of small 
entities by allowing greater numbers of small organizations to qualify 
for the small institution exception from the RMSA prohibition. 
Accordingly, a regulatory flexibility analysis is not required.

Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506; 5 CFR 1320 Appendix A.1), the Agencies have determined that no 
collections of information pursuant to the Paperwork Reduction Act are 
contained in the final rule.

OCC and OTS Executive Order 12866 Statement

    The OCC and OTS each have independently determined that the final 
rule is not a ``significant regulatory action'' as defined in Executive 
Order 12866. Accordingly, a regulatory assessment is not required.

OCC and OTS Unfunded Mandates Act of 1995 Statement

    Section 202 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 
1532), requires the OCC and OTS to prepare a budgetary impact statement 
before promulgating a rule that includes a federal mandate that may 
result in the expenditure by state, local, and tribal governments, in 
the aggregate, or by the private sector, of $100 million or more in any 
one year. However, this requirement does not apply to regulations that 
incorporate requirements specifically set forth in law. Because this 
final rule implements section 610 of the FSRRA, the OTS and OCC have 
not conducted an Unfunded Mandates Analysis for this rulemaking.

List of Subjects

12 CFR Part 26

    Antitrust, Holding companies, National banks.

12 CFR Part 212

    Antitrust, Banks, Banking, Holding companies.

12 CFR Part 348

    Antitrust, Banks, Banking, Holding companies.

12 CFR Part 563f

    Antitrust, Holding companies, Reporting and recordkeeping 
requirements, Savings associations.

[[Page 38755]]

Office of the Comptroller of the Currency

12 CFR Chapter I

PART 26--MANAGEMENT OFFICIAL INTERLOCKS

0
Accordingly, the interim rule amending 12 CFR Part 26 which was 
published at 72 FR 1276 on January 11, 2007, is adopted as a final rule 
without change.

Federal Reserve System

12 CFR Chapter II

PART 212--MANAGEMENT OFFICIAL INTERLOCKS

0
Accordingly, the interim rule amending 12 CFR Part 212 which was 
published at 72 FR 1276 on January 11, 2007, is adopted as a final rule 
without change.

Federal Deposit Insurance Corporation

12 CFR Chapter III

PART 348--MANAGEMENT OFFICIAL INTERLOCKS

0
Accordingly, the interim rule amending 12 CFR Part 348 which was 
published at 72 FR 1276 on January 11, 2007, is adopted as a final rule 
without change.

Office of Thrift Supervision

12 CFR Chapter V

PART 563f--MANAGEMENT OFFICIAL INTERLOCKS

0
Accordingly, the interim rule amending 12 CFR Part 563f which was 
published at 72 FR 1276 on January 11, 2007, is adopted as a final rule 
without change.

    Dated: May 11, 2007.
John C. Dugan,
Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve 
System, July 10, 2007.
Jennifer J. Johnson,
Secretary of the Board.
    Dated at Washington, DC, this 19th day of June, 2007.
    By order of the Board of Directors.
    Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
    By the Office of Thrift Supervision, May 8, 2007.
John M. Reich,
Director.
[FR Doc. 07-3441 Filed 7-13-07; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P; 6720-01-P