Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, 32172-32191 [2014-12741]
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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to identify outdated, unnecessary, or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believe are outdated, unnecessary, or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
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SUMMARY:
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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, https://
egrpra.ffiec.gov. On this site, click
‘‘Submit a Comment’’ and follow the
instructions. Alternatively, go to https://
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
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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: https://
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
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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: https://
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
https://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.
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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.
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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
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required by the Administrative
Procedure Act (‘‘APA’’).
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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’’).
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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
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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 https://www.occ.gov/news-issuances/bulletins/
2014/bulletin-2014-22a.pdf.
9 76 FR 47652, 47653 (Aug. 5, 2011).
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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
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10 12
CFR parts 238 and 239.
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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,
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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
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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.
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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: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• NCUA Web site: https://
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 https://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.
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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
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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, https://egrpra.ffiec.gov. On this site, click
``Submit a Comment'' and follow the instructions. Alternatively, go to
https://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: https://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: https://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 https://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\ https://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.
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\9\ 76 FR 47652, 47653 (Aug. 5, 2011).
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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.
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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.
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\10\ 12 CFR parts 238 and 239.
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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
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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