Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, 32172-32191 [2014-12741]

Download as PDF 32172 Proposed Rules Federal Register Vol. 79, No. 107 Wednesday, June 4, 2014 This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Chapter I [Docket ID FFIEC–2014–0001] BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 12 CFR Chapter II [Docket No. OP–1491] FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Chapter III Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 Office of the Comptroller of the Currency (‘‘OCC’’), Treasury; Board of Governors of the Federal Reserve System (‘‘Board’’); and Federal Deposit Insurance Corporation (‘‘FDIC’’). ACTION: Notice of regulatory review; request for comments. AGENCIES: The OCC, Board, and FDIC (‘‘we’’ or ‘‘Agencies’’) are conducting a review of the regulations we have issued to identify outdated, unnecessary, or unduly burdensome regulations for insured depository institutions. This review is required by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (‘‘EGRPRA’’). To facilitate this review, the Agencies have divided these regulations into 12 subject-matter categories and identified the regulations within each category. At regular intervals over the next two years, the Agencies will publish four Federal Register requests for comment. Each will address one or more categories. We will invite the public to identify the regulations in each category that they believe are outdated, unnecessary, or unduly burdensome for insured ehiers on DSK2VPTVN1PROD with PROPOSALS SUMMARY: VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 depository institutions and their regulated holding companies. This is the first of the four Federal Register requests for comment. In it, we are seeking comment on the regulations in the following three categories: Applications and Reporting, Powers and Activities, and International Operations. We will address the remaining nine categories in the three subsequent requests for comment. To aid the public, we also are publishing a chart that sets forth the rules addressed in this document, as well as those that we will address in the remaining three. DATES: Written comments must be received no later than September 2, 2014. ADDRESSES: Comments may be submitted through the Federal eRulemaking Portal: ‘‘Regulations.gov.’’ You can reach this portal through the Agencies’ EGRPRA Web site, http:// egrpra.ffiec.gov. On this site, click ‘‘Submit a Comment’’ and follow the instructions. Alternatively, go to http:// www.regulations.gov, enter ‘‘FFIEC– 2014–0001’’ in the Search Box, click ‘‘Search,’’ and click ‘‘Comment Now.’’ Those who wish to submit their comments by an alternate means may do so as indicated below. OCC We encourage commenters to submit comments through the Federal eRulemaking Portal, Regulations.gov, in accordance with the previous paragraph. Alternatively, comments may be emailed to regs.comments@ occ.treas.gov or sent by mail to Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Mail Stop 9W–11, 400 7th Street SW., Washington, DC 20219. Comments also may be faxed to (571) 465–4326 or hand delivered or sent by courier to 400 7th Street SW., Washington, DC 20219. For comments submitted by any means other than Regulations.gov, you must include ‘‘OCC’’ as the agency name and ‘‘Docket ID FFIEC–2014–0001’’ in your comment. In general, the OCC will enter all comments received into the docket and publish them without change on Regulations.gov. Comments received, including attachments and other supporting materials, as well as any business or personal information you provide, such as your name and PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 address, email address, or phone number, are part of the public record and subject to public disclosure. Therefore, please do not include any information with your comment or supporting materials that you consider confidential or inappropriate for public disclosure. You may inspect and photocopy in person all comments received by the OCC at 400 7th Street SW., Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect or photocopy comments. You may make an appointment by calling (202) 649–6700. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to a security screening. Board We encourage commenters to submit comments regarding the Board’s regulations by any of the following methods: • Agency Web site: http:// www.federalreserve.gov/apps/foia/ proposedregs.aspx. Follow the instructions for submitting comments on the Agency Web site. • Federal eRulemaking Portal, in accordance with the directions above. • Email: regs.comments@ federalreserve.gov. Include ‘‘EGRPRA’’ and Docket No. OP–1491 in the subject line of the message. • FAX: (202) 452–3819. • Mail: Robert deV. Frierson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW., Washington, DC 20551. In general, the Board will enter all comments received into the docket and publish them without change on Regulations.gov. Comments received, including attachments and other supporting materials, as well as any business or personal information you provide, such as your name and address, email address, or phone number, are part of the public record and subject to public disclosure. Therefore, please do not enclose any information with your comment or supporting materials that you consider confidential or inappropriate for public disclosure. You may inspect and photocopy in person all comments received by the Board at 20th and Constitution Avenue NW., Washington, DC 20551. For E:\FR\FM\04JNP1.SGM 04JNP1 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules ehiers on DSK2VPTVN1PROD with PROPOSALS security reasons, the Board requires that visitors make an appointment to inspect comments. You may make an appointment by calling (202) 452–3000. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to a security screening. FDIC We encourage commenters to submit comments through the Federal eRulemaking Portal, ‘‘Regulations.gov,’’ in accordance with the directions above. Alternatively, you may submit comments by any of the following methods: • Agency Web site: http:// www.fdic.gov/regulations/laws/federal. Follow instructions for submitting comments on the Agency Web site. • Email: Comments@FDIC.gov. Include ’’EGRPRA’’ in the subject line of the message. • Mail: Robert E. Feldman, Executive Secretary, Attention: Comments, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. • Hand Delivery/Courier: Guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7 a.m. and 5 p.m. (EST). We will post all comments received to http://www.fdic.gov/regulations/laws/ federal without change, including any personal information provided. Comments may be inspected and photocopied in the FDIC Public Information Center, 3501 North Fairfax Drive, Room E–1002, Arlington, VA 22226, between 9 a.m. and 5 p.m. (EST) on business days. Paper copies of public comments may be ordered from the Public Information Center by calling (877) 275–3342. FOR FURTHER INFORMATION CONTACT: OCC: Karen McSweeney, Counsel (202) 649–6295; for persons who are deaf or hard of hearing, TTY (202) 649– 5597. Board: Walter McEwen, Senior Counsel (202) 452–3321; Claudia Von Pervieux, Counsel (202) 452–2552; Matthew Bornfreund, Attorney (202) 452–3818. FDIC: Michelle M. Borzillo, Senior Counsel (703) 562–6083; Claude A. Rollin, Counsel (703) 562–6327; Ann Taylor, Counsel (202) 898–3573. SUPPLEMENTARY INFORMATION: I. Introduction Congress enacted section 2222 of EGRPRA 1 to minimize unnecessary government regulation consistent with 1 Public Law 104–208 (1996), codified at 12 U.S.C. 3311. VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 safety and soundness, to promote consistency between the Agencies’ regulations, and to support consumer protection. The statute requires that not less frequently than once every 10 years, the Federal Financial Institutions Examination Council (‘‘FFIEC’’),2 along with the Agencies,3 conduct a review of their regulations to identify outdated, unnecessary, or unduly burdensome requirements imposed on insured depository institutions. In conducting this review, the FFIEC or Agencies shall (a) categorize their regulations by type and (b) at regular intervals, provide notice and solicit public comment on categories of regulations, requesting commenters to identify areas of regulations that are outdated, unnecessary, or unduly burdensome.4 EGRPRA also requires the FFIEC or the Agencies to publish in the Federal Register a summary of the comments received, identifying significant issues raised and commenting on these issues. It also directs the Agencies to eliminate unnecessary regulations to the extent that such action is appropriate. Finally, the statute requires the FFIEC to submit to Congress a report that summarizes any significant issues raised in the public comments and the relative merits of such issues. The report also must include an analysis of whether the Agencies are able to address the regulatory burdens associated with such issues or whether these burdens must be addressed by legislative action. 2 The FFIEC is an interagency body empowered to prescribe uniform principles, standards, and report forms for the Federal examination of financial institutions and to make recommendations to promote uniformity in the supervision of financial institutions. The FFIEC does not issue regulations that impose burden on financial institutions and, therefore, we have not separately captioned the FFIEC in this notice. 3 The FFIEC is comprised of the OCC, Board, FDIC, National Credit Union Administration (‘‘NCUA’’), Consumer Financial Protection Bureau (‘‘CFPB’’), and State Liaison Committee. Of these, only the OCC, Board, and FDIC are statutorily required to undertake the EGRPRA review. The NCUA elected to participate in the first EGRPRA review ten years ago, and the NCUA Board again has elected to participate in this review process. Consistent with its approach during the first EGRPRA review, NCUA will separately issue notices and requests for comment on its rules. The CFPB is required to review its significant rules and publish a report of its review no later than five years after they take effect. See 12 U.S.C. 5512(d). This process is separate from the EGRPRA process. 4 Insured depository institutions also are subject to regulations that are not required to be reviewed under the EGRPRA process. Examples include rules for which rulemaking authority has transferred to the CFPB and anti-money laundering regulations issued by the Department of the Treasury’s Financial Crimes Enforcement Network, among others. If, during the EGRPRA process, the Agencies receive a comment about a regulation that is not subject to the EGRPRA review, we will forward that comment to the appropriate agency. PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 32173 II. The EGRPRA Review’s Targeted Focus The EGRPRA regulatory review provides an opportunity for the public and the Agencies to look at groups of related regulations and to identify opportunities for burden reduction. For example, the EGRPRA review may facilitate the identification of statutes and regulations that share similar goals or complementary methods where one or more Agencies could eliminate overlapping requirements. Alternatively, commenters may identify regulations or statutes that impose requirements that are no longer consistent with the way that business is conducted and that, therefore, the Agencies might eliminate. The EGRPRA review also provides the Agencies and the public with an opportunity to consider how to reduce burden on community banks and other small, insured depository institutions or holding companies. We are keenly aware of the role that these institutions play in providing consumers and businesses across the nation with essential financial services and access to credit, and we are concerned about the impact of regulatory burden on these smaller institutions. We understand that when an Agency issues a new regulation or amends a current regulation, smaller institutions may have to devote considerable resources to determine if and how the regulation will affect them. Through the public comment process, the EGRPRA review can help the Agencies identify and target regulatory changes to reduce burden on these smaller institutions. Burden reduction must, however, be compatible with the safety and soundness of insured depository institutions, their affiliates, and the financial system as a whole. It also must be consistent with the Agencies’ statutory mandates, many of which require the issuance of regulations. EGRPRA recognizes that effective burden reduction may require legislative change. Accordingly, as part of this review, we specifically ask the public to comment on the relationship among burden reduction, regulatory requirements, and statutory mandates. In addition, we note that the Agencies also consider regulatory burden each time we propose, adopt, or amend a rule. For example, under the Paperwork Reduction Act of 1995 and the Regulatory Flexibility Act, the Agencies assess each rulemaking with respect to the burdens the rule might impose. Furthermore, we invite the public to comment on every rule we propose, as E:\FR\FM\04JNP1.SGM 04JNP1 32174 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules required by the Administrative Procedure Act (‘‘APA’’). ehiers on DSK2VPTVN1PROD with PROPOSALS III. The EGRPRA Review Process Taken together for purposes of EGRPRA, the Agencies’ regulations covering insured depository institutions encompass more than 100 subjects.5 Consistent with the EGRPRA statute, the Agencies have grouped these regulations into the following 12 regulatory categories: Applications and Reporting; Banking Operations; Capital; Community Reinvestment Act; Consumer Protection; 6 Directors, Officers and Employees; International Operations; Money Laundering; Powers and Activities; Rules of Procedure; Safety and Soundness; and Securities. To determine these categories, we divided the regulations by type and sought to have no category be too large or broad. Over the next two years, the Agencies plan to publish four Federal Register notices, each addressing one or more categories of rules. Each Federal Register notice will have a 90-day comment period. Today, we are publishing the first of these four notices, addressing the following three categories of regulations: Applications and Reporting, Powers and Activities, and International Operations. We invite the public to identify outdated, unnecessary, or unduly burdensome regulatory requirements imposed on insured depository institutions and their holding companies in these three categories. To assist the public’s understanding of how we have organized the EGRPRA review, the Agencies have prepared a chart that lists the three categories of regulations for which we are currently requesting comments, as well as the remaining nine categories on which we will seek comment in the future. On the chart, the left column divides the categories into specific subject-matter areas. The headings at the top of the 5 Consistent with EGRPRA’s focus on reducing burden on insured depository institutions, the Agencies have not included their internal, organizational or operational regulations in this review. These regulations impose minimal, if any, burden on insured depository institutions. Furthermore, we have not included in this review those rules that will go into effect during the EGRPRA review, new regulations that have only recently gone into effect, or rules that we have yet to fully implement. As previously noted, the Agencies were required to take burden into account in adopting these regulations. 6 The Agencies are seeking comment only on those consumer protection regulations for which they retain rulemaking authority for insured depository institutions, and regulated holding companies following passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 1376 (2010) (‘‘DoddFrank Act’’). VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 chart identify the types of institutions affected by the regulations. After comments have been received, the Agencies will review the comments and decide whether further action is appropriate with respect to the regulations. The Agencies will make this decision jointly in the case of rules that we have issued on an interagency basis. Similarly, we will undertake any rulemaking to amend or repeal those rules on an interagency basis. For rules issued by a single agency, the issuing agency will review the comments received and independently determine whether amendments to or repeal of its rules are appropriate. If so, that Agency will initiate a rulemaking to effect such change. In all cases, the Agencies will provide the public with an opportunity to comment on any proposed amendment to or repeal of a regulation, as required by the APA. IV. Request for Burden Reduction Comments on the First Three Categories of Regulations: Applications and Reporting, Powers and Activities, and International Operations As noted previously, the Agencies are asking the public to comment on regulations in three specific categories to identify outdated, unnecessary, or unduly burdensome requirements imposed on insured depository institutions and their regulated holding companies. Where possible, we ask commenters to cite to specific regulatory language or provisions. We also welcome suggested alternative provisions or language in support of a comment, where appropriate. Where implementation of a suggestion would require modification of a statute, we ask the commenter to identify the statute and the needed change, where possible. Comments on Application and Reporting rules for Federal savings associations. The Dodd-Frank Act transferred the rulewriting authority for Federal consumer financial laws to the CFPB (with some exceptions) and the rulewriting authority for all other Federal and state savings association and savings and loan holding company rules to the relevant Agency. Following this transfer, each Agency made its own decision about how to incorporate these former Office of Thrift Supervision (‘‘OTS’’) rules into its regulations. The OCC republished the former OTS rules at 12 CFR parts 100 through 197. As a result, in most cases, the OCC has one set of rules applicable to national banks and another set of rules applicable to Federal savings associations or, where appropriate, to all savings associations. However, the OCC has decided to propose integrating its Application and PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 Reporting rules (also referred to as Licensing rules) 7—to the extent appropriate and consistent with statutory charter differences—for national banks and Federal savings associations, in order to streamline its applications processing and to facilitate improvements in its electronic filing systems. Accordingly, on May 21, 2014, the OCC issued a Notice of Proposed Rulemaking (‘‘NPR’’) (a) to integrate its national bank and savings association Application and Reporting rules, and (b) to revise some of these rules with the goal of eliminating unnecessary requirements consistent with safety and soundness.8 The OCC recognizes that the timing and substance of this NPR and the EGRPRA review of the Application and Reporting rules overlap. In an effort to provide the fullest opportunity for public comment, the OCC invites comment on its current Application and Reporting rules pursuant to this notice, on its proposed revisions to the Application and Reporting rules set forth in the NPR, or on both. The OCC will consider all comments it receives when it finalizes its integrated Application and Reporting rules. Comments on rules transferred from the OTS to the FDIC that involve state savings associations. Pursuant to section 316(b) of the Dodd-Frank Act, rules transferred from the OTS to the FDIC and other successor agencies remain in effect ‘‘until modified, terminated, set aside, or superseded in accordance with applicable law’’ by the relevant successor agency, by a court of competent jurisdiction, or by operation of law. When the FDIC republished the transferred OTS regulations as new FDIC regulations applicable to state savings associations, the FDIC stated in its Federal Register notice that its staff would evaluate the transferred OTS rules and might later recommend incorporating the transferred OTS regulations into other FDIC rules, amending them, or rescinding them.9 This process began in 2013 and continues, involving publication in the Federal Register of a series of NPRs and rulemakings. The FDIC will consider public comments submitted either through the EGRPRA review process or through any notice and comment rulemaking related to the FDIC’s determinations regarding the transferred OTS regulations. 7 These rules are set forth on pages 1–2 of the chart. 8 http://www.occ.gov/news-issuances/bulletins/ 2014/bulletin-2014-22a.pdf. 9 76 FR 47652, 47653 (Aug. 5, 2011). E:\FR\FM\04JNP1.SGM 04JNP1 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules Comments on rules transferred from the OTS to the Board on savings and loan holding companies. In August 2011, the Board adopted interim final rules for savings and loan holding companies as Regulations LL and MM.10 In connection with the action, the Board requested comments on the rules. Any comments received during the EGRPRA process will be taken into account in connection with the adoption of the final rules or in connection with any subsequent requests for comment on additional changes to these regulations. Specific issues for commenters to consider. The Agencies specifically invite comment on the following issues as they pertain to the Agencies’ Applications and Reporting, Powers and Activities, and International Operations rules addressed in this notice. We will ask these same questions for each notice we issue in connection with the EGRPRA process. • Need for statutory change. Do the statutes underlying the regulations in these categories impose outdated, unnecessary, or unduly burdensome requirements on insured depository institutions or their regulated holding companies? If so, how should the statutes be amended? • Need and purpose of the regulations. Have there been changes in the financial services industry, consumer behavior, or other circumstances that cause any regulations in these categories to be outdated, unnecessary, or unduly ehiers on DSK2VPTVN1PROD with PROPOSALS 10 12 CFR parts 238 and 239. VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 burdensome? If so, how should these regulations be amended? Do any of these regulations impose burdens not required by their underlying statutes? If so, what regulatory changes do you recommend? • Overarching approaches/flexibility. With respect to the regulations and underlying statutes in these categories, could an Agency use a different regulatory approach to impose less regulatory burden on the entities it supervises, while remaining faithful to statutory intent? Are any of the regulations or underlying statutes in these categories unnecessarily inflexible? If so, which ones and how should they be amended? • Effect on competition. Do any of the regulations or underlying statutes in these categories create a competitive disadvantage for one part of the financial services industry compared to another? If so, how should they be amended? • Reporting, recordkeeping and disclosure requirements. Do any of the regulations or underlying statutes in these categories impose unnecessarily burdensome reporting, recordkeeping, or disclosure requirements on insured depository institutions and their holding companies? Could the Agencies consolidate or eliminate any of these requirements? Could a financial institution fulfill any of these requirements electronically (if they are not already permitted to do so) and experience a burden reduction? If so, PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 32175 please provide specific recommendations. • Unique characteristics of a type of institution. Do any of the regulations or underlying statutes in these categories impose requirements that are unwarranted by the unique characteristics of a particular type of insured depository institution or holding company? If so, how should these regulations be amended? • Clarity. Are the regulations and underlying statutes in these categories clear and easy to understand? Are there specific regulations or underlying statutes in need of clarification? If so, please identify the regulations and statutes. • Burden on community banks and other smaller, insured depository institutions. Are there regulations or underlying statutes in these categories that impose outdated, unnecessary, or unduly burdensome requirements on a substantial number of community banks or other smaller, insured depository institutions or holding companies? Should any of these regulations be amended or repealed in order to minimize this impact? If so, please specify the regulation(s). • Scope of rules. Is the scope of each rule in these categories consistent with the intent of the underlying statute(s)? Could we amend the scope of a rule to clarify its applicability or to reduce the burden, while remaining faithful to statutory intent? If so, specify which regulation(s) should be clarified. BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P E:\FR\FM\04JNP1.SGM 04JNP1 VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00005 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.004</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32176 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00006 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32177 EP04JN14.005</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00007 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.006</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32178 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00008 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32179 EP04JN14.007</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00009 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.008</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32180 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00010 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32181 EP04JN14.009</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00011 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.010</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32182 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00012 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32183 EP04JN14.011</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00013 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.012</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32184 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00014 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32185 EP04JN14.013</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00015 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.014</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32186 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00016 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32187 EP04JN14.015</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00017 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.016</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32188 VerDate Mar<15>2010 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00018 Fmt 4702 Sfmt 4725 E:\FR\FM\04JNP1.SGM 04JNP1 32189 EP04JN14.017</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules VerDate Mar<15>2010 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules 14:53 Jun 03, 2014 Jkt 232001 PO 00000 Frm 00019 Fmt 4702 Sfmt 9990 E:\FR\FM\04JNP1.SGM 04JNP1 EP04JN14.018</GPH> ehiers on DSK2VPTVN1PROD with PROPOSALS 32190 Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules Dated: May 26, 2014. Thomas J. Curry, Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, May 22, 2014. Robert DeV. Frierson, Secretary of the Board. Dated: May 23, 2014. By order of the Board of Directors. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2014–12741 Filed 6–3–14; 8:45 am] BILLING CODE 4810–33–C; 6210–01–C; 6714–01–C NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Chapter VII Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 National Credit Union Administration. ACTION: Notice of regulatory review; request for comments. AGENCY: The NCUA Board (Board) is beginning its second, comprehensive review of its regulations to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions, as contemplated by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). In accordance with EGRPRA, the Board has categorized its regulations for the purpose of the review and proposes to publish categories of regulations for public comment at regular intervals over the next two years. The categories, and the regulations that the Board considers to be part of those categories, are detailed below. This review presents a significant opportunity to consider the possibilities for burden reduction in groups of similar regulations. The Board welcomes comment on the categories, the order of review, and all other aspects of this initiative in order to maximize the review’s effectiveness. In 2003, the Board commenced an initial review of all its regulations pursuant to EGRPRA, a process that ended in 2006. Today, the Board initiates its second EGRPRA review by issuing the first in a series of four requests for public comment, comprising two of the categories—‘‘Applications and Reporting’’ and ‘‘Powers and Activities.’’ We will address the remaining eight categories in the next three requests for comment. ehiers on DSK2VPTVN1PROD with PROPOSALS SUMMARY: VerDate Mar<15>2010 17:17 Jun 03, 2014 Jkt 232001 Comment must be received on or before September 2, 2014. ADDRESSES: You may submit comments by any of the following methods (Please send comments by one method only): • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • NCUA Web site: http:// www.ncua.gov/ RegulationsOpinionsLaws/proposed_ regs/proposed_regs.html. Follow the instructions for submitting comments. • Email: Address to regcomments@ ncua.gov. Include ‘‘[Your name] Comments on Regulatory Review pursuant to EGRPRA’’ in the email subject line. • Fax: (703) 518–6319. Use the subject line described above for email. • Mail: Address to Gerard Poliquin, Secretary of the Board, National Credit Union Administration, 1775 Duke Street Alexandria, Virginia 22314–3428. • Hand Delivery/Courier: Same as mail address. Public Inspection: All public comments are available on the agency’s Web site at http://www.ncua.gov/Legal/ Regs/Pages/PropRegs.aspx as submitted, except as may not be possible for technical reasons. Public comments will not be edited to remove any identifying or contact information. Paper copies of comments may be inspected in NCUA’s law library at 1775 Duke Street, Alexandria, Virginia 22314, by appointment weekdays between 9:00 a.m. and 3:00 p.m. To make an appointment, call (703) 518–6546 or send an email to OGCMail@ncua.gov. FOR FURTHER INFORMATION CONTACT: Ross P. Kendall, Special Counsel to the General Counsel, at the above address, or telephone: (703) 518–6562. SUPPLEMENTARY INFORMATION: DATES: I. Introduction Congress enacted EGRPRA 1 as part of an effort to minimize unnecessary government regulation of financial institutions consistent with safety and soundness, consumer protection, and other public policy goals. Under EGRPRA, the appropriate federal banking agencies (Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation; herein Agencies 2) and the Federal Financial Institutions 1 Public Law 104–208, Div. A, Title II, section 2222, 110 Stat. 3009 (1996); codified at 12 U.S.C. 3311. 2 The Office of Thrift Supervision was still in existence at the time EGRPRA was enacted and was included in the listing of Agencies. Since that time, the OTS has been eliminated and its responsibilities have passed to the Agencies and the Consumer Financial Protection Bureau. PO 00000 Frm 00020 Fmt 4702 Sfmt 4702 32191 Examination Council (FFIEC) must review their regulations to identify outdated, unnecessary, or unduly burdensome requirements imposed on insured depository institutions. The Agencies are required, jointly or individually, to categorize regulations by type, such as ‘‘consumer regulations’’ or ‘‘safety and soundness’’ regulations. Once the categories have been established, the Agencies must provide notice and ask for public comment on one or more of these regulatory categories. NCUA is not technically required to participate in the EGRPRA review process, since NCUA is not an ‘‘appropriate Federal banking agency’’ as specified in EGRPRA. In keeping with the spirit of the law, however, the Board has once again elected to participate in the review process. Thus, NCUA has participated along with the Agencies in the planning process, but has developed its own regulatory categories that are comparable with those developed by the Agencies. Because of the unique circumstances of federally insured credit unions and their members, the Board is issuing a separate notice from the Agencies. NCUA’s notice is consistent and comparable with the Agencies’ notice, except on issues that are unique to credit unions. In accordance with the objectives of EGRPRA, the Board asks the public to identify areas of its regulations that are outdated, unnecessary, or unduly burdensome. In addition to this initial notice, the Board will issue three more notices for comment over the course of the next two years, at regular intervals. The EGRPRA review supplements and complements the reviews of regulations that NCUA conducts under other laws and its internal policies.3 In addition to the elimination of the Office of Thrift Supervision, another significant development since the first EGRPRA review is the creation of the Consumer Financial Protection Bureau (CFPB). Created with the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,4 the CFPB has assumed responsibility for the administration of several consumer protection regulations that had previously been the responsibility of the Agencies and/or NCUA, such as Regulation Z and rules governing consumer privacy. Because the CFPB is 3 Interpretive Ruling and Policy Statement (IRPS) 87–2, 52 FR 35231 (Sept. 8, 1987) as amended by IRPS 03–2, 68 FR 32127 (May 29, 2003.) (Reflecting NCUA’s commitment to ‘‘periodically update, clarify and simplify existing regulations and eliminate redundant and unnecessary provisions.’’) 4 Public Law 111–203, 124 Stat. 1376 (2010). E:\FR\FM\04JNP1.SGM 04JNP1

Agencies

[Federal Register Volume 79, Number 107 (Wednesday, June 4, 2014)]
[Proposed Rules]
[Pages 32172-32191]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-12741]


========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

========================================================================


Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / 
Proposed Rules

[[Page 32172]]



DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Chapter I

[Docket ID FFIEC-2014-0001]

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

12 CFR Chapter II

[Docket No. OP-1491]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Chapter III


Regulatory Publication and Review Under the Economic Growth and 
Regulatory Paperwork Reduction Act of 1996

AGENCIES: Office of the Comptroller of the Currency (``OCC''), 
Treasury; Board of Governors of the Federal Reserve System (``Board''); 
and Federal Deposit Insurance Corporation (``FDIC'').

ACTION: Notice of regulatory review; request for comments.

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

SUMMARY: The OCC, Board, and FDIC (``we'' or ``Agencies'') are 
conducting a review of the regulations we have issued to identify 
outdated, unnecessary, or unduly burdensome regulations for insured 
depository institutions. This review is required by section 2222 of the 
Economic Growth and Regulatory Paperwork Reduction Act of 1996 
(``EGRPRA''). To facilitate this review, the Agencies have divided 
these regulations into 12 subject-matter categories and identified the 
regulations within each category. At regular intervals over the next 
two years, the Agencies will publish four Federal Register requests for 
comment. Each will address one or more categories. We will invite the 
public to identify the regulations in each category that they believe 
are outdated, unnecessary, or unduly burdensome for insured depository 
institutions and their regulated holding companies. This is the first 
of the four Federal Register requests for comment. In it, we are 
seeking comment on the regulations in the following three categories: 
Applications and Reporting, Powers and Activities, and International 
Operations. We will address the remaining nine categories in the three 
subsequent requests for comment. To aid the public, we also are 
publishing a chart that sets forth the rules addressed in this 
document, as well as those that we will address in the remaining three.

DATES: Written comments must be received no later than September 2, 
2014.

ADDRESSES: Comments may be submitted through the Federal eRulemaking 
Portal: ``Regulations.gov.'' You can reach this portal through the 
Agencies' EGRPRA Web site, http://egrpra.ffiec.gov. On this site, click 
``Submit a Comment'' and follow the instructions. Alternatively, go to 
http://www.regulations.gov, enter ``FFIEC-2014-0001'' in the Search 
Box, click ``Search,'' and click ``Comment Now.'' Those who wish to 
submit their comments by an alternate means may do so as indicated 
below.

OCC

    We encourage commenters to submit comments through the Federal 
eRulemaking Portal, Regulations.gov, in accordance with the previous 
paragraph. Alternatively, comments may be emailed to 
regs.comments@occ.treas.gov or sent by mail to Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, Mail Stop 9W-11, 400 7th Street SW., Washington, DC 20219. 
Comments also may be faxed to (571) 465-4326 or hand delivered or sent 
by courier to 400 7th Street SW., Washington, DC 20219. For comments 
submitted by any means other than Regulations.gov, you must include 
``OCC'' as the agency name and ``Docket ID FFIEC-2014-0001'' in your 
comment.
    In general, the OCC will enter all comments received into the 
docket and publish them without change on Regulations.gov. Comments 
received, including attachments and other supporting materials, as well 
as any business or personal information you provide, such as your name 
and address, email address, or phone number, are part of the public 
record and subject to public disclosure. Therefore, please do not 
include any information with your comment or supporting materials that 
you consider confidential or inappropriate for public disclosure.
    You may inspect and photocopy in person all comments received by 
the OCC at 400 7th Street SW., Washington, DC 20219. For security 
reasons, the OCC requires that visitors make an appointment to inspect 
or photocopy comments. You may make an appointment by calling (202) 
649-6700. Upon arrival, visitors will be required to present valid 
government-issued photo identification and submit to a security 
screening.

Board

    We encourage commenters to submit comments regarding the Board's 
regulations by any of the following methods:
     Agency Web site: http://www.federalreserve.gov/apps/foia/proposedregs.aspx. Follow the instructions for submitting comments on 
the Agency Web site.
     Federal eRulemaking Portal, in accordance with the 
directions above.
     Email: regs.comments@federalreserve.gov. Include 
``EGRPRA'' and Docket No. OP-1491 in the subject line of the message.
     FAX: (202) 452-3819.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    In general, the Board will enter all comments received into the 
docket and publish them without change on Regulations.gov. Comments 
received, including attachments and other supporting materials, as well 
as any business or personal information you provide, such as your name 
and address, email address, or phone number, are part of the public 
record and subject to public disclosure. Therefore, please do not 
enclose any information with your comment or supporting materials that 
you consider confidential or inappropriate for public disclosure.
    You may inspect and photocopy in person all comments received by 
the Board at 20th and Constitution Avenue NW., Washington, DC 20551. 
For

[[Page 32173]]

security reasons, the Board requires that visitors make an appointment 
to inspect comments. You may make an appointment by calling (202) 452-
3000. Upon arrival, visitors will be required to present valid 
government-issued photo identification and submit to a security 
screening.

FDIC

    We encourage commenters to submit comments through the Federal 
eRulemaking Portal, ``Regulations.gov,'' in accordance with the 
directions above. Alternatively, you may submit comments by any of the 
following methods:
     Agency Web site: http://www.fdic.gov/regulations/laws/federal. Follow instructions for submitting comments on the Agency Web 
site.
     Email: Comments@FDIC.gov. Include ''EGRPRA'' in the 
subject line of the message.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.
     Hand Delivery/Courier: Guard station at the rear of the 
550 17th Street Building (located on F Street) on business days between 
7 a.m. and 5 p.m. (EST).
    We will post all comments received to http://www.fdic.gov/regulations/laws/federal without change, including any personal 
information provided. Comments may be inspected and photocopied in the 
FDIC Public Information Center, 3501 North Fairfax Drive, Room E-1002, 
Arlington, VA 22226, between 9 a.m. and 5 p.m. (EST) on business days. 
Paper copies of public comments may be ordered from the Public 
Information Center by calling (877) 275-3342.

FOR FURTHER INFORMATION CONTACT: 
    OCC: Karen McSweeney, Counsel (202) 649-6295; for persons who are 
deaf or hard of hearing, TTY (202) 649-5597.
    Board: Walter McEwen, Senior Counsel (202) 452-3321; Claudia Von 
Pervieux, Counsel (202) 452-2552; Matthew Bornfreund, Attorney (202) 
452-3818.
    FDIC: Michelle M. Borzillo, Senior Counsel (703) 562-6083; Claude 
A. Rollin, Counsel (703) 562-6327; Ann Taylor, Counsel (202) 898-3573.

SUPPLEMENTARY INFORMATION: 

I. Introduction

    Congress enacted section 2222 of EGRPRA \1\ to minimize unnecessary 
government regulation consistent with safety and soundness, to promote 
consistency between the Agencies' regulations, and to support consumer 
protection. The statute requires that not less frequently than once 
every 10 years, the Federal Financial Institutions Examination Council 
(``FFIEC''),\2\ along with the Agencies,\3\ conduct a review of their 
regulations to identify outdated, unnecessary, or unduly burdensome 
requirements imposed on insured depository institutions. In conducting 
this review, the FFIEC or Agencies shall (a) categorize their 
regulations by type and (b) at regular intervals, provide notice and 
solicit public comment on categories of regulations, requesting 
commenters to identify areas of regulations that are outdated, 
unnecessary, or unduly burdensome.\4\
---------------------------------------------------------------------------

    \1\ Public Law 104-208 (1996), codified at 12 U.S.C. 3311.
    \2\ The FFIEC is an interagency body empowered to prescribe 
uniform principles, standards, and report forms for the Federal 
examination of financial institutions and to make recommendations to 
promote uniformity in the supervision of financial institutions. The 
FFIEC does not issue regulations that impose burden on financial 
institutions and, therefore, we have not separately captioned the 
FFIEC in this notice.
    \3\ The FFIEC is comprised of the OCC, Board, FDIC, National 
Credit Union Administration (``NCUA''), Consumer Financial 
Protection Bureau (``CFPB''), and State Liaison Committee. Of these, 
only the OCC, Board, and FDIC are statutorily required to undertake 
the EGRPRA review. The NCUA elected to participate in the first 
EGRPRA review ten years ago, and the NCUA Board again has elected to 
participate in this review process. Consistent with its approach 
during the first EGRPRA review, NCUA will separately issue notices 
and requests for comment on its rules. The CFPB is required to 
review its significant rules and publish a report of its review no 
later than five years after they take effect. See 12 U.S.C. 5512(d). 
This process is separate from the EGRPRA process.
    \4\ Insured depository institutions also are subject to 
regulations that are not required to be reviewed under the EGRPRA 
process. Examples include rules for which rulemaking authority has 
transferred to the CFPB and anti-money laundering regulations issued 
by the Department of the Treasury's Financial Crimes Enforcement 
Network, among others. If, during the EGRPRA process, the Agencies 
receive a comment about a regulation that is not subject to the 
EGRPRA review, we will forward that comment to the appropriate 
agency.
---------------------------------------------------------------------------

    EGRPRA also requires the FFIEC or the Agencies to publish in the 
Federal Register a summary of the comments received, identifying 
significant issues raised and commenting on these issues. It also 
directs the Agencies to eliminate unnecessary regulations to the extent 
that such action is appropriate. Finally, the statute requires the 
FFIEC to submit to Congress a report that summarizes any significant 
issues raised in the public comments and the relative merits of such 
issues. The report also must include an analysis of whether the 
Agencies are able to address the regulatory burdens associated with 
such issues or whether these burdens must be addressed by legislative 
action.

II. The EGRPRA Review's Targeted Focus

    The EGRPRA regulatory review provides an opportunity for the public 
and the Agencies to look at groups of related regulations and to 
identify opportunities for burden reduction. For example, the EGRPRA 
review may facilitate the identification of statutes and regulations 
that share similar goals or complementary methods where one or more 
Agencies could eliminate overlapping requirements. Alternatively, 
commenters may identify regulations or statutes that impose 
requirements that are no longer consistent with the way that business 
is conducted and that, therefore, the Agencies might eliminate.
    The EGRPRA review also provides the Agencies and the public with an 
opportunity to consider how to reduce burden on community banks and 
other small, insured depository institutions or holding companies. We 
are keenly aware of the role that these institutions play in providing 
consumers and businesses across the nation with essential financial 
services and access to credit, and we are concerned about the impact of 
regulatory burden on these smaller institutions. We understand that 
when an Agency issues a new regulation or amends a current regulation, 
smaller institutions may have to devote considerable resources to 
determine if and how the regulation will affect them. Through the 
public comment process, the EGRPRA review can help the Agencies 
identify and target regulatory changes to reduce burden on these 
smaller institutions.
    Burden reduction must, however, be compatible with the safety and 
soundness of insured depository institutions, their affiliates, and the 
financial system as a whole. It also must be consistent with the 
Agencies' statutory mandates, many of which require the issuance of 
regulations. EGRPRA recognizes that effective burden reduction may 
require legislative change. Accordingly, as part of this review, we 
specifically ask the public to comment on the relationship among burden 
reduction, regulatory requirements, and statutory mandates.
    In addition, we note that the Agencies also consider regulatory 
burden each time we propose, adopt, or amend a rule. For example, under 
the Paperwork Reduction Act of 1995 and the Regulatory Flexibility Act, 
the Agencies assess each rulemaking with respect to the burdens the 
rule might impose. Furthermore, we invite the public to comment on 
every rule we propose, as

[[Page 32174]]

required by the Administrative Procedure Act (``APA'').

III. The EGRPRA Review Process

    Taken together for purposes of EGRPRA, the Agencies' regulations 
covering insured depository institutions encompass more than 100 
subjects.\5\ Consistent with the EGRPRA statute, the Agencies have 
grouped these regulations into the following 12 regulatory categories: 
Applications and Reporting; Banking Operations; Capital; Community 
Reinvestment Act; Consumer Protection; \6\ Directors, Officers and 
Employees; International Operations; Money Laundering; Powers and 
Activities; Rules of Procedure; Safety and Soundness; and Securities. 
To determine these categories, we divided the regulations by type and 
sought to have no category be too large or broad.
---------------------------------------------------------------------------

    \5\ Consistent with EGRPRA's focus on reducing burden on insured 
depository institutions, the Agencies have not included their 
internal, organizational or operational regulations in this review. 
These regulations impose minimal, if any, burden on insured 
depository institutions. Furthermore, we have not included in this 
review those rules that will go into effect during the EGRPRA 
review, new regulations that have only recently gone into effect, or 
rules that we have yet to fully implement. As previously noted, the 
Agencies were required to take burden into account in adopting these 
regulations.
    \6\ The Agencies are seeking comment only on those consumer 
protection regulations for which they retain rulemaking authority 
for insured depository institutions, and regulated holding companies 
following passage of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203, 124 Stat. 1376 (2010) (``Dodd-
Frank Act'').
---------------------------------------------------------------------------

    Over the next two years, the Agencies plan to publish four Federal 
Register notices, each addressing one or more categories of rules. Each 
Federal Register notice will have a 90-day comment period. Today, we 
are publishing the first of these four notices, addressing the 
following three categories of regulations: Applications and Reporting, 
Powers and Activities, and International Operations. We invite the 
public to identify outdated, unnecessary, or unduly burdensome 
regulatory requirements imposed on insured depository institutions and 
their holding companies in these three categories.
    To assist the public's understanding of how we have organized the 
EGRPRA review, the Agencies have prepared a chart that lists the three 
categories of regulations for which we are currently requesting 
comments, as well as the remaining nine categories on which we will 
seek comment in the future. On the chart, the left column divides the 
categories into specific subject-matter areas. The headings at the top 
of the chart identify the types of institutions affected by the 
regulations.
    After comments have been received, the Agencies will review the 
comments and decide whether further action is appropriate with respect 
to the regulations. The Agencies will make this decision jointly in the 
case of rules that we have issued on an interagency basis. Similarly, 
we will undertake any rulemaking to amend or repeal those rules on an 
interagency basis. For rules issued by a single agency, the issuing 
agency will review the comments received and independently determine 
whether amendments to or repeal of its rules are appropriate. If so, 
that Agency will initiate a rulemaking to effect such change. In all 
cases, the Agencies will provide the public with an opportunity to 
comment on any proposed amendment to or repeal of a regulation, as 
required by the APA.

IV. Request for Burden Reduction Comments on the First Three Categories 
of Regulations: Applications and Reporting, Powers and Activities, and 
International Operations

    As noted previously, the Agencies are asking the public to comment 
on regulations in three specific categories to identify outdated, 
unnecessary, or unduly burdensome requirements imposed on insured 
depository institutions and their regulated holding companies. Where 
possible, we ask commenters to cite to specific regulatory language or 
provisions. We also welcome suggested alternative provisions or 
language in support of a comment, where appropriate. Where 
implementation of a suggestion would require modification of a statute, 
we ask the commenter to identify the statute and the needed change, 
where possible.
    Comments on Application and Reporting rules for Federal savings 
associations. The Dodd-Frank Act transferred the rulewriting authority 
for Federal consumer financial laws to the CFPB (with some exceptions) 
and the rulewriting authority for all other Federal and state savings 
association and savings and loan holding company rules to the relevant 
Agency. Following this transfer, each Agency made its own decision 
about how to incorporate these former Office of Thrift Supervision 
(``OTS'') rules into its regulations. The OCC republished the former 
OTS rules at 12 CFR parts 100 through 197. As a result, in most cases, 
the OCC has one set of rules applicable to national banks and another 
set of rules applicable to Federal savings associations or, where 
appropriate, to all savings associations.
    However, the OCC has decided to propose integrating its Application 
and Reporting rules (also referred to as Licensing rules) \7\--to the 
extent appropriate and consistent with statutory charter differences--
for national banks and Federal savings associations, in order to 
streamline its applications processing and to facilitate improvements 
in its electronic filing systems. Accordingly, on May 21, 2014, the OCC 
issued a Notice of Proposed Rulemaking (``NPR'') (a) to integrate its 
national bank and savings association Application and Reporting rules, 
and (b) to revise some of these rules with the goal of eliminating 
unnecessary requirements consistent with safety and soundness.\8\
---------------------------------------------------------------------------

    \7\ These rules are set forth on pages 1-2 of the chart.
    \8\ http://www.occ.gov/news-issuances/bulletins/2014/bulletin-2014-22a.pdf.
---------------------------------------------------------------------------

    The OCC recognizes that the timing and substance of this NPR and 
the EGRPRA review of the Application and Reporting rules overlap. In an 
effort to provide the fullest opportunity for public comment, the OCC 
invites comment on its current Application and Reporting rules pursuant 
to this notice, on its proposed revisions to the Application and 
Reporting rules set forth in the NPR, or on both. The OCC will consider 
all comments it receives when it finalizes its integrated Application 
and Reporting rules.
    Comments on rules transferred from the OTS to the FDIC that involve 
state savings associations. Pursuant to section 316(b) of the Dodd-
Frank Act, rules transferred from the OTS to the FDIC and other 
successor agencies remain in effect ``until modified, terminated, set 
aside, or superseded in accordance with applicable law'' by the 
relevant successor agency, by a court of competent jurisdiction, or by 
operation of law. When the FDIC republished the transferred OTS 
regulations as new FDIC regulations applicable to state savings 
associations, the FDIC stated in its Federal Register notice that its 
staff would evaluate the transferred OTS rules and might later 
recommend incorporating the transferred OTS regulations into other FDIC 
rules, amending them, or rescinding them.\9\ This process began in 2013 
and continues, involving publication in the Federal Register of a 
series of NPRs and rulemakings.
---------------------------------------------------------------------------

    \9\ 76 FR 47652, 47653 (Aug. 5, 2011).
---------------------------------------------------------------------------

    The FDIC will consider public comments submitted either through the 
EGRPRA review process or through any notice and comment rulemaking 
related to the FDIC's determinations regarding the transferred OTS 
regulations.

[[Page 32175]]

    Comments on rules transferred from the OTS to the Board on savings 
and loan holding companies. In August 2011, the Board adopted interim 
final rules for savings and loan holding companies as Regulations LL 
and MM.\10\ In connection with the action, the Board requested comments 
on the rules. Any comments received during the EGRPRA process will be 
taken into account in connection with the adoption of the final rules 
or in connection with any subsequent requests for comment on additional 
changes to these regulations.
---------------------------------------------------------------------------

    \10\ 12 CFR parts 238 and 239.
---------------------------------------------------------------------------

    Specific issues for commenters to consider. The Agencies 
specifically invite comment on the following issues as they pertain to 
the Agencies' Applications and Reporting, Powers and Activities, and 
International Operations rules addressed in this notice. We will ask 
these same questions for each notice we issue in connection with the 
EGRPRA process.
     Need for statutory change. Do the statutes underlying the 
regulations in these categories impose outdated, unnecessary, or unduly 
burdensome requirements on insured depository institutions or their 
regulated holding companies? If so, how should the statutes be amended?
     Need and purpose of the regulations. Have there been 
changes in the financial services industry, consumer behavior, or other 
circumstances that cause any regulations in these categories to be 
outdated, unnecessary, or unduly burdensome? If so, how should these 
regulations be amended? Do any of these regulations impose burdens not 
required by their underlying statutes? If so, what regulatory changes 
do you recommend?
     Overarching approaches/flexibility. With respect to the 
regulations and underlying statutes in these categories, could an 
Agency use a different regulatory approach to impose less regulatory 
burden on the entities it supervises, while remaining faithful to 
statutory intent? Are any of the regulations or underlying statutes in 
these categories unnecessarily inflexible? If so, which ones and how 
should they be amended?
     Effect on competition. Do any of the regulations or 
underlying statutes in these categories create a competitive 
disadvantage for one part of the financial services industry compared 
to another? If so, how should they be amended?
     Reporting, recordkeeping and disclosure requirements. Do 
any of the regulations or underlying statutes in these categories 
impose unnecessarily burdensome reporting, recordkeeping, or disclosure 
requirements on insured depository institutions and their holding 
companies? Could the Agencies consolidate or eliminate any of these 
requirements? Could a financial institution fulfill any of these 
requirements electronically (if they are not already permitted to do 
so) and experience a burden reduction? If so, please provide specific 
recommendations.
     Unique characteristics of a type of institution. Do any of 
the regulations or underlying statutes in these categories impose 
requirements that are unwarranted by the unique characteristics of a 
particular type of insured depository institution or holding company? 
If so, how should these regulations be amended?
     Clarity. Are the regulations and underlying statutes in 
these categories clear and easy to understand? Are there specific 
regulations or underlying statutes in need of clarification? If so, 
please identify the regulations and statutes.
     Burden on community banks and other smaller, insured 
depository institutions. Are there regulations or underlying statutes 
in these categories that impose outdated, unnecessary, or unduly 
burdensome requirements on a substantial number of community banks or 
other smaller, insured depository institutions or holding companies? 
Should any of these regulations be amended or repealed in order to 
minimize this impact? If so, please specify the regulation(s).
     Scope of rules. Is the scope of each rule in these 
categories consistent with the intent of the underlying statute(s)? 
Could we amend the scope of a rule to clarify its applicability or to 
reduce the burden, while remaining faithful to statutory intent? If so, 
specify which regulation(s) should be clarified.

BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P

[[Page 32176]]

[GRAPHIC] [TIFF OMITTED] TP04JN14.004


[[Page 32177]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.005


[[Page 32178]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.006


[[Page 32179]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.007


[[Page 32180]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.008


[[Page 32181]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.009


[[Page 32182]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.010


[[Page 32183]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.011


[[Page 32184]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.012


[[Page 32185]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.013


[[Page 32186]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.014


[[Page 32187]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.015


[[Page 32188]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.016


[[Page 32189]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.017


[[Page 32190]]


[GRAPHIC] [TIFF OMITTED] TP04JN14.018



[[Page 32191]]


    Dated: May 26, 2014.
Thomas J. Curry,
Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve 
System, May 22, 2014.
Robert DeV. Frierson,
Secretary of the Board.
    Dated: May 23, 2014.

    By order of the Board of Directors.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014-12741 Filed 6-3-14; 8:45 am]
BILLING CODE 4810-33-C; 6210-01-C; 6714-01-C