Removal of Transferred OTS Regulation Regarding Deposits, 52834-52835 [2019-21323]

Download as PDF 52834 Federal Register / Vol. 84, No. 192 / Thursday, October 3, 2019 / Proposed Rules (EGRPRA Report) discussing how the review was conducted, what has been done to date to address regulatory burden, and further measures that will be taken to address issues that were identified. As noted in the EGRPRA Report, the FDIC is continuing to streamline and clarify its regulations through the OTS rule integration process. By removing outdated or unnecessary regulations, such as part 390, subpart T, this proposal complements other actions the FDIC has taken, separately and with the other federal banking agencies, to further the EGRPRA mandate. List of Subjects in 12 CFR Part 390 Administrative practice and procedure, Advertising, Aged, Civil rights, Conflict of interests, Credit, Crime, Equal employment opportunity, Fair housing, Government employees, Individuals with disabilities, Reporting and recordkeeping requirements, Savings associations. Authority and Issuance For the reasons stated in the preamble, the Federal Deposit Insurance Corporation proposes to amend 12 CFR 390 as follows: PART 390—REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION 1. The authority citation for part 390 is revised to read as follows: ■ Authority: 12 U.S.C. 1819. Subpart F also issued under 5 U.S.C. 552; 559; 12 U.S.C. 2901 et seq. Subpart G also issued under 12 U.S.C. 2810 et seq., 2901 et seq.; 15 U.S.C. 1691; 42 U.S.C. 1981, 1982, 3601–3619. Subpart M also issued under 12 U.S.C. 1818. Subpart O also issued under 12 U.S.C. 1828. Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464. Subpart R also issued under 12 U.S.C. 1463. Subpart S also issued under 12 U.S.C. 1462; 1462a; 1463; 1464; 1468a; 1817; 1820; 1828; 1831e; 1831o; 1831p–1; 1881–1884; 3207; 3339; 15 U.S.C. 78b; 78l; 78m; 78n; 78p; 78q; 78w; 31 U.S.C. 5318; 42 U.S.C. 4106. Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m; 78n; 78p; 78w. Subpart Y also issued under 12 U.S.C.1831o. Subpart T—[Removed and Reserved] 2. Remove and reserve subpart T, consisting of §§ 390.380 through 390.384. ■ Federal Deposit Insurance Corporation. By order of the Board of Directors. VerDate Sep<11>2014 17:07 Oct 02, 2019 Jkt 250001 Dated at Washington, DC, on September 17, 2019. Robert E. Feldman, Executive Secretary. [FR Doc. 2019–20770 Filed 10–2–19; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 390 RIN 3064–AF07 Removal of Transferred OTS Regulation Regarding Deposits Federal Deposit Insurance Corporation (FDIC). ACTION: Notice of proposed rulemaking; supplemental notice. AGENCY: On August 26, 2019, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments on proposed revisions to its regulations relating to deposits that apply to State savings associations. The FDIC is supplementing that notice of proposed rulemaking with an updated regulatory flexibility analysis to reflect changes to the Small Business Administration’s monetary-based size standards, which were adjusted for inflation as of August 19, 2019. DATES: Comments on the updated regulatory flexibility analysis must be received on or before November 4, 2019. ADDRESSES: You may submit comments by any of the following methods: • FDIC Website: https:// www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency website. • Email: Comments@fdic.gov. Include RIN 3064–AF07on 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 to FDIC: Comments may be hand-delivered to the 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. • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. Please include your name, affiliation, address, email address, and telephone number(s) in your comment. All statements received, including attachments and other supporting materials, are part of the public record and are subject to public disclosure. You should submit only information SUMMARY: PO 00000 Frm 00026 Fmt 4702 Sfmt 4702 that you wish to make publicly available. Public Inspection: All comments received will be posted generally without change to https://www.fdic.gov/ regulations/laws/federal/, including any personal information provided. FOR FURTHER INFORMATION CONTACT: Ryan T. Singer, Chief, Regulatory Analysis Section, Division of Insurance and Research, (202) 898–7352, rsinger@ fdic.gov; Laura J. McNulty, Counsel, Legal Division, (202–898–3817), lmcnulty@fdic.gov; Jennifer M. Jones, Counsel, Legal Division, (202) 898– 6768, jennjones@fdic.gov. SUPPLEMENTARY INFORMATION: On August 26, 2019, the FDIC issued a notice of proposed rulemaking with request for comments on proposed revisions to its regulations relating to deposits that apply to State savings associations. (See 84 FR 44558 (August 26, 2019).) The FDIC is supplementing that notice of proposed rulemaking with an updated regulatory flexibility analysis to reflect changes to the Small Business Administration’s monetary-based size standards, which were adjusted for inflation as of August 19, 2019. (See 84 FR 34261 (July 18, 2019).) Updated Regulatory Flexibility Act The Regulatory Flexibility Act (RFA) requires that, in connection with a notice of proposed rulemaking, an agency prepare and make available for public comment an initial regulatory flexibility analysis that describes the impact of the proposed rule on small entities.1 However, a regulatory flexibility analysis is not required if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities, and publishes its certification and a short explanatory statement in the Federal Register, together with the rule. The Small Business Administration (SBA) has defined ‘‘small entities’’ to include banking organizations with total assets of less than or equal to $600 million.2 Generally, the FDIC considers a significant effect to be a quantified 15 U.S.C. 601, et seq. SBA defines a small banking organization as having $600 million or less in assets, where ‘‘a financial institution’s assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year.’’ See 13 CFR 121.201 (as amended by 84 FR 34261, effective August 19, 2019). ‘‘SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates.’’ See 13 CFR 121.103. Following these regulations, the FDIC uses a covered entity’s affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the FDIC-supervised institution is ‘‘small’’ for purposes of the RFA. 2 The E:\FR\FM\03OCP1.SGM 03OCP1 Federal Register / Vol. 84, No. 192 / Thursday, October 3, 2019 / Proposed Rules effect in excess of 5 percent of total annual salaries and benefits per institution, or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of these thresholds typically represent significant effects for FDIC-supervised institutions. For the reasons provided below, the FDIC certifies that the proposed rule, if adopted in final form, would not have a significant economic impact on a substantial number of small banking organizations. Accordingly, a regulatory flexibility analysis is not required. As of March 31, 2019, the FDIC supervised 3,465 insured depository institutions, of which 2,705 are considered small banking organizations for purposes of the RFA. The proposed rule primarily affects regulations that govern State savings associations. There are 36 State savings associations considered to be small banking organizations for purposes of the RFA.3 The proposed rule would remove §§ 390.230 and 390.231, part 390, subpart M, because these sections are unnecessary, redundant of, or otherwise duplicative of other statutes and regulations, including safety and soundness standards. Therefore, rescinding subpart M would not have any substantive effects on small FDICsupervised institutions. Based on the information above, the FDIC certifies that the proposed rule would not have a significant economic impact on a substantial number of small entities. The FDIC invites comments on all aspects of the supporting information provided in this RFA section. In particular, would this rule have any significant effects on small entities that the FDIC has not identified? Federal Deposit Insurance Corporation. Dated at Washington, DC, on September 26, 2019. Robert E. Feldman, Executive Secretary. [FR Doc. 2019–21323 Filed 10–2–19; 8:45 am] BILLING CODE 6714–01–P 3 Based on data from the March 31, 2019, Call Report and Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks. VerDate Sep<11>2014 17:07 Oct 02, 2019 Jkt 250001 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–105474–18] RIN 1545–BO59, 1545–BM69 Guidance on Passive Foreign Investment Companies; Hearing Internal Revenue Service (IRS), Treasury. ACTION: Proposed rule; notice of hearing. AGENCY: This document provides a notice of public hearing on proposed regulations under sections 1291, 1297, and 1298 of the Internal Revenue Code (‘‘Code’’) regarding the determination of ownership in a passive foreign investment company within the meaning of section 1297(a) (‘‘PFIC’’) and the treatment of certain income received or accrued by a foreign corporation and assets held by a foreign corporation for purposes of section 1297. DATES: The public hearing is being held on Monday, December 9, 2019, at 10:00 a.m. The IRS must receive speakers’ outlines of the topics to be discussed at the public hearing by Friday, November 22, 2019. If no outlines are received by November 22, 2019, the public hearing will be cancelled. ADDRESSES: The public hearing is being held in the IRS Auditorium, Internal Revenue Service Building, 1111 Constitution Avenue NW, Washington, DC 20224. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present a valid photo identification to enter the building. Send Submissions to CC:PA:LPD:PR (REG–105474–18), Room 5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday to CC:PA:LPD:PR (REG–105474– 18), Couriers Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224 or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG–105474– 18). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Josephine Firehock at (202) 317–4932 (for the PFIC Insurance Exception) or Jorge M. Oben at (202) 317–6934 (for general rules, including indirect ownership and look-through rules); concerning submissions of comments, the hearing and/or to be placed on the building access list to attend the SUMMARY: PO 00000 Frm 00027 Fmt 4702 Sfmt 4702 52835 hearing, Regina Johnson at (202) 317– 6901 (not toll-free numbers), fdms.database@irscounsel.treas.gov. SUPPLEMENTARY INFORMATION: The subject of the public hearing is the notice of proposed rulemaking (REG– 105474–18) that was published in the Federal Register on Thursday, July 11, 2019 (84 FR 33120). The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing that submitted written comments by September 9, 2019, must submit an outline of the topics to be addressed and the amount of time to be devoted to each topic by Friday, November 22, 2019. A period of 10 minutes is allotted to each person for presenting oral comments. After the deadline for receiving outlines has passed, the IRS will prepare an agenda containing the schedule of speakers. Copies of the agenda will be made available, free of charge, at the hearing or by contacting the Publications and Regulations Branch at (202) 317–6901(not a toll-free number). Because of access restrictions, the IRS will not admit visitors beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing, see the FOR FURTHER INFORMATION CONTACT section of this document. Crystal Pemberton, Senior Federal Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2019–21476 Filed 10–2–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2016–1067] RIN 1625–AA00 Safety Zone; Hurricanes, Tropical Storms and Other Disasters in South Florida Coast Guard, DHS. Supplemental notice of proposed rulemaking. AGENCY: ACTION: On June 5, 2017, the Coast Guard published a notice of proposed rulemaking (NPRM) to establish a SUMMARY: E:\FR\FM\03OCP1.SGM 03OCP1

Agencies

[Federal Register Volume 84, Number 192 (Thursday, October 3, 2019)]
[Proposed Rules]
[Pages 52834-52835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21323]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 390

RIN 3064-AF07


Removal of Transferred OTS Regulation Regarding Deposits

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of proposed rulemaking; supplemental notice.

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

SUMMARY: On August 26, 2019, the Federal Deposit Insurance Corporation 
(FDIC) issued a notice of proposed rulemaking with request for comments 
on proposed revisions to its regulations relating to deposits that 
apply to State savings associations. The FDIC is supplementing that 
notice of proposed rulemaking with an updated regulatory flexibility 
analysis to reflect changes to the Small Business Administration's 
monetary-based size standards, which were adjusted for inflation as of 
August 19, 2019.

DATES: Comments on the updated regulatory flexibility analysis must be 
received on or before November 4, 2019.

ADDRESSES: You may submit comments by any of the following methods:
     FDIC Website: https://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the agency 
website.
     Email: [email protected]. Include RIN 3064-AF07on 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 to FDIC: Comments may be hand-delivered to 
the 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.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
    Please include your name, affiliation, address, email address, and 
telephone number(s) in your comment. All statements received, including 
attachments and other supporting materials, are part of the public 
record and are subject to public disclosure. You should submit only 
information that you wish to make publicly available.
    Public Inspection: All comments received will be posted generally 
without change to https://www.fdic.gov/regulations/laws/federal/, 
including any personal information provided.

FOR FURTHER INFORMATION CONTACT: Ryan T. Singer, Chief, Regulatory 
Analysis Section, Division of Insurance and Research, (202) 898-7352, 
[email protected]; Laura J. McNulty, Counsel, Legal Division, (202-898-
3817), [email protected]; Jennifer M. Jones, Counsel, Legal Division, 
(202) 898-6768, [email protected].

SUPPLEMENTARY INFORMATION: On August 26, 2019, the FDIC issued a notice 
of proposed rulemaking with request for comments on proposed revisions 
to its regulations relating to deposits that apply to State savings 
associations. (See 84 FR 44558 (August 26, 2019).) The FDIC is 
supplementing that notice of proposed rulemaking with an updated 
regulatory flexibility analysis to reflect changes to the Small 
Business Administration's monetary-based size standards, which were 
adjusted for inflation as of August 19, 2019. (See 84 FR 34261 (July 
18, 2019).)

Updated Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) requires that, in connection 
with a notice of proposed rulemaking, an agency prepare and make 
available for public comment an initial regulatory flexibility analysis 
that describes the impact of the proposed rule on small entities.\1\ 
However, a regulatory flexibility analysis is not required if the 
agency certifies that the rule will not have a significant economic 
impact on a substantial number of small entities, and publishes its 
certification and a short explanatory statement in the Federal 
Register, together with the rule. The Small Business Administration 
(SBA) has defined ``small entities'' to include banking organizations 
with total assets of less than or equal to $600 million.\2\ Generally, 
the FDIC considers a significant effect to be a quantified

[[Page 52835]]

effect in excess of 5 percent of total annual salaries and benefits per 
institution, or 2.5 percent of total noninterest expenses. The FDIC 
believes that effects in excess of these thresholds typically represent 
significant effects for FDIC-supervised institutions. For the reasons 
provided below, the FDIC certifies that the proposed rule, if adopted 
in final form, would not have a significant economic impact on a 
substantial number of small banking organizations. Accordingly, a 
regulatory flexibility analysis is not required.
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    \1\ 5 U.S.C. 601, et seq.
    \2\ The SBA defines a small banking organization as having $600 
million or less in assets, where ``a financial institution's assets 
are determined by averaging the assets reported on its four 
quarterly financial statements for the preceding year.'' See 13 CFR 
121.201 (as amended by 84 FR 34261, effective August 19, 2019). 
``SBA counts the receipts, employees, or other measure of size of 
the concern whose size is at issue and all of its domestic and 
foreign affiliates.'' See 13 CFR 121.103. Following these 
regulations, the FDIC uses a covered entity's affiliated and 
acquired assets, averaged over the preceding four quarters, to 
determine whether the FDIC-supervised institution is ``small'' for 
purposes of the RFA.
---------------------------------------------------------------------------

    As of March 31, 2019, the FDIC supervised 3,465 insured depository 
institutions, of which 2,705 are considered small banking organizations 
for purposes of the RFA. The proposed rule primarily affects 
regulations that govern State savings associations. There are 36 State 
savings associations considered to be small banking organizations for 
purposes of the RFA.\3\
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    \3\ Based on data from the March 31, 2019, Call Report and 
Report of Assets and Liabilities of U.S. Branches and Agencies of 
Foreign Banks.
---------------------------------------------------------------------------

    The proposed rule would remove Sec. Sec.  390.230 and 390.231, part 
390, subpart M, because these sections are unnecessary, redundant of, 
or otherwise duplicative of other statutes and regulations, including 
safety and soundness standards. Therefore, rescinding subpart M would 
not have any substantive effects on small FDIC-supervised institutions.
    Based on the information above, the FDIC certifies that the 
proposed rule would not have a significant economic impact on a 
substantial number of small entities. The FDIC invites comments on all 
aspects of the supporting information provided in this RFA section. In 
particular, would this rule have any significant effects on small 
entities that the FDIC has not identified?

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on September 26, 2019.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2019-21323 Filed 10-2-19; 8:45 am]
 BILLING CODE 6714-01-P
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