Management Official Interlocks, 38753-38755 [07-3441]
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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
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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
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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.
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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
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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.
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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
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[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: https://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:
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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:
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]]>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
