Definitions for Regulations Affecting All Savings Associations; Money Market Deposit Accounts, 33501-33502 [2010-14243]

Download as PDF Federal Register / Vol. 75, No. 113 / Monday, June 14, 2010 / Rules and Regulations of Federal Regulations, sections 3430.31 through 3430.37. (b) Additional Considerations. Special consideration will be given to applications that— (1) Involve a consortium of experts from multiple institutions; (2) Encourage the integration of disciplines and application of the best technical resources; and (3) Increase the geographic diversity of demonstration projects. § 3430.709 Signed at Washington, DC, on June 4, 2010. Roger Beachy, Director, National Institute of Food and Agriculture. [FR Doc. 2010–14159 Filed 6–11–10; 8:45 am] [FR Doc. 2010–14160 Filed 6–11–10; 8:45 am] BILLING CODE 3410–XY–P Rural Business-Cooperative Service 7 CFR Part 4280 Rural Microentrepreneur Assistance Program AGENCY: Rural Business-Cooperative Service, USDA. ACTION: Interim rule; correction. SUMMARY: The Agency published a document in the Federal Register of May 28, 2010, establishing a technical and financial assistance program for qualified microenterprise development organizations to support microentrepreneurs in the development and ongoing success of rural microenterprises. This document corrects the Office of Management and Budget (OMB) control number assigned to the collection of information approved by OMB for the interim rule. DATES: Effective on June 28, 2010. FOR FURTHER INFORMATION CONTACT: Lori Washington, (202) 720–9815. SUPPLEMENTARY INFORMATION: As published, the interim rule references the OMB control number assigned for the collection of information as 0570– XXXX under the Paperwork Reduction Act section and in § 4280.400. The correct reference should read: 0570– 0062. In the Federal Register of May 28, 2010 (75 FR 30114), in FR Doc. 2010– 11931, make the correction in the following places: Jkt 220001 Office of Thrift Supervision 12 CFR Part 561 [Docket ID OTS–2010–0011] RIN 1550–AC40 AGENCY: Office of Thrift Supervision, Treasury. ACTION: Final rule. DEPARTMENT OF AGRICULTURE 14:20 Jun 11, 2010 DEPARTMENT OF THE TREASURY Definitions for Regulations Affecting All Savings Associations; Money Market Deposit Accounts BILLING CODE 3410–22–P wwoods2 on DSK1DXX6B1PROD with RULES_PART 1 Judith A. Canales, Administrator, Rural Business-Cooperative Service. Duration of awards. The term of a Federal assistance award made for a BRDI project shall not exceed 5 years. No-cost extensions of time beyond the maximum award terms will not be considered or granted. VerDate Mar<15>2010 1. On page 30115, column 1, under the heading ‘‘Paperwork Reduction Act,’’ lines 8 and 21, revise the reference ‘‘0570–XXXX’’ to read ‘‘0570–0062’’; and 2. On page 30158, column 3, line 6, under ‘‘§ 4280.400,’’ revise the reference ‘‘0570–XXXX’’ to read ‘‘0570–0062’’. SUMMARY: The Office of Thrift Supervision is amending its regulations to eliminate restrictions on certain kinds of transfers from money market deposit accounts for savings associations. The Board of Governors of the Federal Reserve System (the FRB) has already amended its regulations (‘‘Regulation D’’) to eliminate these restrictions for member banks. Because this change is ministerial, the OTS has determined for good cause that public notice and comment is unnecessary under the Administrative Procedure Act (APA) and is implementing this change by means of a final rule without notice and comment. DATES: Effective Date: The rule is effective June 14, 2010. FOR FURTHER INFORMATION CONTACT: Suzanne McQueen, Consumer Regulation Analyst, Compliance and Consumer Protection (202) 906–6451, Marvin L. Shaw, Senior Attorney, Regulations and Legislation Division, Office of the Chief Counsel, (202) 906– 6639, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. SUPPLEMENTARY INFORMATION I. Background A. Federal Reserve Board Amendments to Regulation D On May 29, 2009, the Board of Governors of the Federal Reserve System (FRB) issued final amendments PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 33501 to 12 CFR part 204, ‘‘Reserve Requirements of Depository Institutions (Regulation D).’’ 1 Among other changes, the amendments eliminate restrictions on certain types of transfers that consumers can make from savings deposits. The changes became effective on July 2, 2009. In the definition for savings deposit, Regulation D lists several types of savings deposit accounts, including Money Market Deposit Accounts. Prior to the FRB amendments, Regulation D limited the number of ‘‘convenient’’ transfers and withdrawals from savings deposits to not more than six per month. Within this overall limit of six, not more than three transfers or withdrawals could be made by check, debit card, or similar order by the depositor and payable to third parties (the three transfer sublimit). Under the FRB final amendments to Regulation D, the permissible monthly number of transfers or withdrawals from savings deposits by check, debit card, or similar order payable to third parties has been increased from three to six. In other words, while the FRB has decided to retain the overall six-transfer limit for savings deposits, it has eliminated the three transfer sublimit within the overall limit that applied to transfers or withdrawals from savings deposits by check, debit card, or similar order payable to third parties. The FRB decided to eliminate the three transfer sublimit because distinctions between such transfers and other types of preauthorized or automatic transfers subject to the six-per-month limit were no longer logical in light of technological advances. B. OTS Regulations Addressing Savings Accounts Pursuant to its authority under the Home Owners’ Loan Act (HOLA),2 OTS issued regulations addressing limits on certain types of savings accounts known as Money Market Deposit Accounts (MMDAs) at 12 CFR 561.28. A second provision—12 CFR 557.10—which addresses OTS’s authority under HOLA to raise funds through accounts, further specifies that ‘‘12 CFR parts 204 [Regulation D] and 230 apply to your deposit accounts.’’ OTS has received inquiries from savings associations about whether the agency is planning to amend its definition of MMDA to make it consistent with the FRB and FDIC 3 regulations. The savings associations stated that without such an amendment 1 74 FR 25629. U.S.C. 1462, 1463, 1464. 3 74 FR 47050 (September 15, 2009). 2 12 E:\FR\FM\14JNR1.SGM 14JNR1 33502 Federal Register / Vol. 75, No. 113 / Monday, June 14, 2010 / Rules and Regulations they would be at a competitive disadvantage. C. Amendment to Definition of Money Market Deposit Accounts In accord with the FRB amendment to Regulation D and the FDIC’s amendment to its definition of ‘‘demand deposit,’’ OTS is amending its definition of Money Market Deposit Accounts in section 561.28 to eliminate the three transfer sublimit. This will be done by eliminating the proviso in subsection 561.28(a)(2)(i), which currently reads as follows: ‘‘Provided, that no more than three of the six transfers provided for in this paragraph (a)(2)(i) may be by check, draft, debit card, or similar order made by the depositor and payable to a third parties.’’ wwoods2 on DSK1DXX6B1PROD with RULES_PART 1 II. Exemption From Public Notice and Comment To issue a final rule without public notice and comment, an agency must find good cause that notice and comment are impracticable, unnecessary, or contrary to the public interest. 5 U.S.C. 553(b) Similarly, to issue a rule that is immediately effective, the agency must find good cause for dispensing with the 30-day delay required by the Administrative Procedure Act (APA). OTS regulations require that the FRB’s Regulation D apply to OTS’s definition of various savings accounts. To achieve consistency among the agencies and to further the intent of OTS’s regulation at 12 CFR 557.10, OTS has decided to eliminate the three transfer sublimit for savings associations in the same way that the FRB has done for member banks and that the FDIC has done for banks under its jurisdiction. For this reason, OTS has determined for good cause that public notice and comment is unnecessary under the APA, and that the rule should be published in the Federal Register as a final rule. III. Effective Date For the same reasons OTS has determined that public notice and comment is unnecessary for good cause, OTS also finds good cause to adopt an effective date that would be less than 30 days after the publication in the Federal Register pursuant to the APA. 5 U.S.C. 553(d) Accordingly, the amendment to section 561.28 will be effective as of the date of publication in the Federal Register. IV. Regulatory Flexibility Act An initial regulatory flexibility analysis under the Regulatory Flexibility Act (RFA) is required only VerDate Mar<15>2010 14:20 Jun 11, 2010 Jkt 220001 when an agency must publish a general notice of proposed rulemaking. 5 U.S.C. 603. As already noted, OTS has determined that publication of a notice of proposed rulemaking is not necessary for this final rule. Accordingly, the RFA does not require an initial regulatory flexibility analysis. Nevertheless, OTS has considered the likely impact of the rule on small entities and believes that the rule will not have a significant impact on a substantial number of small entities. V. Executive Order 12866 OTS has determined that this final rule does not constitute a ‘‘significant regulatory action’’ for purposes of Executive Order 12866. VI. Unfunded Mandates Act of 1995 Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a. 2. Section 561.28 is amended by revising paragraph (a)(2)(i) to read as follows: § 561.28 Money Market Deposit Accounts. (a) * * * ■ (2)(i) The depositor is authorized by the savings association to make no more than six transfers per calendar month or statement cycle (or similar period) of at least four weeks by means of preauthorized, automatic, telephonic, or data transmission agreement, order, or instruction to another account of the depositor at the same savings association to the savings association itself, or to a third party. * * * * * Section 202 of the Unfunded Mandates Reform Act of 1995, Public Law 104–4 (UMRA) requires that an agency 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 (adjusted annually for inflation) in any one year. If a budgetary impact statement is required, section 205 of the UMRA also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. The OTS has determined that the rule will not result in expenditures by state, local, and tribal governments, or by the private sector, of $100 million or more. Accordingly, OTS has not prepared a budgetary impact statement or specifically addressed the regulatory alternatives considered. Dated: June 3, 2010. By the Office of Thrift Supervision. John E. Bowman, Acting Director. VII. Paperwork Reduction Act ACTION: No collection of information pursuant to section 3504(h) of the Paperwork Reduction Act of 1980 (44 U.S.C. 3501 et seq.) is contained in this final rule. Consequently, no information has been submitted to the Office of Management and Budget for review. SUMMARY: The Coast Guard temporarily changes the enforcement period of special local regulations for a recurring marine event in the Fifth Coast Guard District. These regulations apply to only one recurring marine event that establishes two spectator vessel anchorage areas and restricts vessel traffic. Special local regulations are necessary to provide for the safety of life on navigable waters during the event. This action is intended to restrict vessel traffic in portions of the Hampton River, Hampton, VA, and Sunset Creek, Hampton, VA during the event. DATES: This rule is effective from 11:30 a.m. on July 10, 2010, to 1:30 p.m. on July 11, 2010. This rule will be enforced from 11:30 a.m. to 2:30 p.m. and 9 p.m. to 10 p.m. on July 10, 2010, and from 12:30 p.m. to 1:30 p.m. on July 11, 2010. List of Subjects in 12 CFR Part 561 Administrative practice and procedure, Savings associations. Accordingly, OTS amends chapter V, title 12, Code of Federal Regulations as set forth below. ■ PART 561—DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS ASSOCIATIONS 1. The authority citation for part 509 continues to read as follows: ■ PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 [FR Doc. 2010–14243 Filed 6–11–10; 8:45 am] BILLING CODE 6720–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 100 [Docket No. USCG–2010–0180] RIN 1625–AA08 Special Local Regulation for Marine Events; Temporary Change of Dates for Recurring Marine Events in the Fifth Coast Guard District Coast Guard, DHS. Temporary final rule. AGENCY: E:\FR\FM\14JNR1.SGM 14JNR1

Agencies

[Federal Register Volume 75, Number 113 (Monday, June 14, 2010)]
[Rules and Regulations]
[Pages 33501-33502]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-14243]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Part 561

[Docket ID OTS-2010-0011]
RIN 1550-AC40


Definitions for Regulations Affecting All Savings Associations; 
Money Market Deposit Accounts

AGENCY: Office of Thrift Supervision, Treasury.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Office of Thrift Supervision is amending its regulations 
to eliminate restrictions on certain kinds of transfers from money 
market deposit accounts for savings associations. The Board of 
Governors of the Federal Reserve System (the FRB) has already amended 
its regulations (``Regulation D'') to eliminate these restrictions for 
member banks. Because this change is ministerial, the OTS has 
determined for good cause that public notice and comment is unnecessary 
under the Administrative Procedure Act (APA) and is implementing this 
change by means of a final rule without notice and comment.

DATES: Effective Date: The rule is effective June 14, 2010.

FOR FURTHER INFORMATION CONTACT: Suzanne McQueen, Consumer Regulation 
Analyst, Compliance and Consumer Protection (202) 906-6451, Marvin L. 
Shaw, Senior Attorney, Regulations and Legislation Division, Office of 
the Chief Counsel, (202) 906-6639, Office of Thrift Supervision, 1700 G 
Street, NW., Washington, DC 20552.

SUPPLEMENTARY INFORMATION

I. Background

A. Federal Reserve Board Amendments to Regulation D

    On May 29, 2009, the Board of Governors of the Federal Reserve 
System (FRB) issued final amendments to 12 CFR part 204, ``Reserve 
Requirements of Depository Institutions (Regulation D).'' \1\ Among 
other changes, the amendments eliminate restrictions on certain types 
of transfers that consumers can make from savings deposits. The changes 
became effective on July 2, 2009. In the definition for savings 
deposit, Regulation D lists several types of savings deposit accounts, 
including Money Market Deposit Accounts.
---------------------------------------------------------------------------

    \1\ 74 FR 25629.
---------------------------------------------------------------------------

    Prior to the FRB amendments, Regulation D limited the number of 
``convenient'' transfers and withdrawals from savings deposits to not 
more than six per month. Within this overall limit of six, not more 
than three transfers or withdrawals could be made by check, debit card, 
or similar order by the depositor and payable to third parties (the 
three transfer sublimit). Under the FRB final amendments to Regulation 
D, the permissible monthly number of transfers or withdrawals from 
savings deposits by check, debit card, or similar order payable to 
third parties has been increased from three to six. In other words, 
while the FRB has decided to retain the overall six-transfer limit for 
savings deposits, it has eliminated the three transfer sublimit within 
the overall limit that applied to transfers or withdrawals from savings 
deposits by check, debit card, or similar order payable to third 
parties. The FRB decided to eliminate the three transfer sublimit 
because distinctions between such transfers and other types of pre-
authorized or automatic transfers subject to the six-per-month limit 
were no longer logical in light of technological advances.

B. OTS Regulations Addressing Savings Accounts

    Pursuant to its authority under the Home Owners' Loan Act 
(HOLA),\2\ OTS issued regulations addressing limits on certain types of 
savings accounts known as Money Market Deposit Accounts (MMDAs) at 12 
CFR 561.28. A second provision--12 CFR 557.10--which addresses OTS's 
authority under HOLA to raise funds through accounts, further specifies 
that ``12 CFR parts 204 [Regulation D] and 230 apply to your deposit 
accounts.''
---------------------------------------------------------------------------

    \2\ 12 U.S.C. 1462, 1463, 1464.
---------------------------------------------------------------------------

    OTS has received inquiries from savings associations about whether 
the agency is planning to amend its definition of MMDA to make it 
consistent with the FRB and FDIC \3\ regulations. The savings 
associations stated that without such an amendment

[[Page 33502]]

they would be at a competitive disadvantage.
---------------------------------------------------------------------------

    \3\ 74 FR 47050 (September 15, 2009).
---------------------------------------------------------------------------

C. Amendment to Definition of Money Market Deposit Accounts

    In accord with the FRB amendment to Regulation D and the FDIC's 
amendment to its definition of ``demand deposit,'' OTS is amending its 
definition of Money Market Deposit Accounts in section 561.28 to 
eliminate the three transfer sublimit. This will be done by eliminating 
the proviso in subsection 561.28(a)(2)(i), which currently reads as 
follows: ``Provided, that no more than three of the six transfers 
provided for in this paragraph (a)(2)(i) may be by check, draft, debit 
card, or similar order made by the depositor and payable to a third 
parties.''

II. Exemption From Public Notice and Comment

    To issue a final rule without public notice and comment, an agency 
must find good cause that notice and comment are impracticable, 
unnecessary, or contrary to the public interest. 5 U.S.C. 553(b) 
Similarly, to issue a rule that is immediately effective, the agency 
must find good cause for dispensing with the 30-day delay required by 
the Administrative Procedure Act (APA).
    OTS regulations require that the FRB's Regulation D apply to OTS's 
definition of various savings accounts. To achieve consistency among 
the agencies and to further the intent of OTS's regulation at 12 CFR 
557.10, OTS has decided to eliminate the three transfer sublimit for 
savings associations in the same way that the FRB has done for member 
banks and that the FDIC has done for banks under its jurisdiction. For 
this reason, OTS has determined for good cause that public notice and 
comment is unnecessary under the APA, and that the rule should be 
published in the Federal Register as a final rule.

III. Effective Date

    For the same reasons OTS has determined that public notice and 
comment is unnecessary for good cause, OTS also finds good cause to 
adopt an effective date that would be less than 30 days after the 
publication in the Federal Register pursuant to the APA. 5 U.S.C. 
553(d) Accordingly, the amendment to section 561.28 will be effective 
as of the date of publication in the Federal Register.

IV. Regulatory Flexibility Act

    An initial regulatory flexibility analysis under the Regulatory 
Flexibility Act (RFA) is required only when an agency must publish a 
general notice of proposed rulemaking. 5 U.S.C. 603. As already noted, 
OTS has determined that publication of a notice of proposed rulemaking 
is not necessary for this final rule. Accordingly, the RFA does not 
require an initial regulatory flexibility analysis. Nevertheless, OTS 
has considered the likely impact of the rule on small entities and 
believes that the rule will not have a significant impact on a 
substantial number of small entities.

V. Executive Order 12866

    OTS has determined that this final rule does not constitute a 
``significant regulatory action'' for purposes of Executive Order 
12866.

VI. Unfunded Mandates Act of 1995

    Section 202 of the Unfunded Mandates Reform Act of 1995, Public Law 
104-4 (UMRA) requires that an agency 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 (adjusted annually for inflation) in any one year. If a 
budgetary impact statement is required, section 205 of the UMRA also 
requires an agency to identify and consider a reasonable number of 
regulatory alternatives before promulgating a rule. The OTS has 
determined that the rule will not result in expenditures by state, 
local, and tribal governments, or by the private sector, of $100 
million or more. Accordingly, OTS has not prepared a budgetary impact 
statement or specifically addressed the regulatory alternatives 
considered.

VII. Paperwork Reduction Act

    No collection of information pursuant to section 3504(h) of the 
Paperwork Reduction Act of 1980 (44 U.S.C. 3501 et seq.) is contained 
in this final rule. Consequently, no information has been submitted to 
the Office of Management and Budget for review.

List of Subjects in 12 CFR Part 561

    Administrative practice and procedure, Savings associations.

0
Accordingly, OTS amends chapter V, title 12, Code of Federal 
Regulations as set forth below.

PART 561--DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS 
ASSOCIATIONS

0
1. The authority citation for part 509 continues to read as follows:

    Authority:  12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.

    2. Section 561.28 is amended by revising paragraph (a)(2)(i) to 
read as follows:


Sec.  561.28  Money Market Deposit Accounts.

    (a) * * *

0
(2)(i) The depositor is authorized by the savings association to make 
no more than six transfers per calendar month or statement cycle (or 
similar period) of at least four weeks by means of preauthorized, 
automatic, telephonic, or data transmission agreement, order, or 
instruction to another account of the depositor at the same savings 
association to the savings association itself, or to a third party.
* * * * *

    Dated: June 3, 2010.

    By the Office of Thrift Supervision.
John E. Bowman,
Acting Director.
[FR Doc. 2010-14243 Filed 6-11-10; 8:45 am]
BILLING CODE 6720-01-P