Other Real Estate Owned and Technical Amendments; Amendment of Effective Date and Correction, 64193 [2019-25279]

Agencies

• Department of Treasury
• Office of the Comptroller of the Currency

[Federal Register Volume 84, Number 225 (Thursday, November 21, 2019)]
[Rules and Regulations]
[Page 64193]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25279]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

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


Federal Register / Vol. 84, No. 225 / Thursday, November 21, 2019 / 
Rules and Regulations

[[Page 64193]]



DEPARTMENT OF TREASURY

Office of the Comptroller of the Currency

12 CFR Parts 3, 6, 34, 46, 160, 161, 163, and 167

[Docket ID OCC-2019-0004]
RIN 1557-AE50


Other Real Estate Owned and Technical Amendments; Amendment of 
Effective Date and Correction

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Final rule; amendment of effective date and correction.

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

SUMMARY: On October 22, 2019, the Office of the Comptroller of the 
Currency (OCC) published in the Federal Register a final rule to revise 
provisions on other real estate owned and make related technical 
amendments. The final rule had an effective date of December 1, 2019. 
The OCC has determined that an amendment of the effective date to 
January 1, 2020, is appropriate.

DATES: The correction in this document is effective January 1, 2020. 
The effective date of the final rule published on October 22, 2019 (84 
FR 56369), is changed from December 1, 2019 to January 1, 2020.

FOR FURTHER INFORMATION CONTACT: Kevin Korzeniewski, Counsel, or J. 
William Binkley, Attorney, Chief Counsel's Office, (202) 649-5490; or 
for persons who are hearing impaired, TTY, (202) 649-5597.

SUPPLEMENTARY INFORMATION:

I. Background and Revised Effective Date

    On October 22, 2019, the OCC published in the Federal Register a 
final rule to revise its rule on other real estate owned (OREO) at 12 
CFR part 34, subpart E, and make related technical amendments (OREO 
final rule).\1\
---------------------------------------------------------------------------

    \1\ 84 FR 56369 (Oct. 22, 2019).
---------------------------------------------------------------------------

    The OREO final rule was published with an effective date of 
December 1, 2019. However, the OCC has determined that an amendment of 
the effective date of the OREO final rule to January 1, 2020, is 
necessary to satisfy the requirements of the Riegle Community 
Development and Regulatory Improvement Act (RCDRIA).\2\ Under section 
302(b) of RCDRIA, new regulations and amendments to regulations that 
impose new requirements on insured depository institutions generally 
must take effect on the first day of a calendar quarter on or after the 
date the final regulations are published. Since the OREO final rule 
establishes new requirements for OREO held by Federal savings 
associations, RCDRIA requires that the OREO final rule be effective for 
these institutions no earlier than on January 1, 2020. In connection 
with this revision, the OCC is amending the RCDRIA statement in the 
final rule.
---------------------------------------------------------------------------

    \2\ 12 U.S.C. 4802(b).
---------------------------------------------------------------------------

    While the final rule primarily establishes new requirements for 
Federal savings associations, the OCC is delaying the effective date of 
the entire rule to avoid confusion about adopting different effective 
dates for national banks and Federal savings associations. Any national 
bank or Federal savings association subject to the final rule may 
choose to comply with it prior to January 1, 2020.

II. Corrected RCDRIA Statement

    In connection with the revised effective date, the OCC is amending 
the RCDRIA statement in the SUPPLEMENTARY INFORMATION section of the 
OREO final rule.
    1. On page 56374, the second full paragraph in the first column, 
under the heading ``D. Riegle Community Development and Regulatory 
Improvement Act of 1994'' is revised to read as follows:
    ``The OCC received no comments addressing administrative burden of 
the regulation pursuant to section 302(a) of the Riegle Community 
Development and Regulatory Improvement Act of 1994 (RCDRIA). Under 
section 302(b) of RCDRIA, new regulations and amendments to regulations 
that impose new requirements on insured depository institutions 
generally shall take effect on the first day of a calendar quarter on 
or after the date the final regulations are published. Since the final 
rule establishes new requirements for OREO held by Federal savings 
associations, RCDRIA requires that the final rule be effective for 
these institutions no earlier than on January 1, 2020. While the 
revisions generally do not create new requirements for national banks, 
the OCC is delaying the effective date for the entire rule to avoid 
confusion between different types of OCC-regulated institutions.''

III. Rule Text Revision

    Through this final rule, the OCC is revising the effective date 
incorporated into the rule text at 12 CFR 34.82(b)(5) to January 1, 
2020, to permit Federal savings associations to have a full 5-year 
initial holding period for OREO held prior to the revised effective 
date. As this revision is being made to implement the effective date 
required under RCDRIA, the OCC does not believe this change is subject 
to the notice and comment or delayed effective date requirements under 
the Administrative Procedure Act (5 U.S.C. 553).
    In FR Doc. 2019-22823 appearing on page 56369 in the Federal 
Register of Tuesday, October 22, 2019, the following correction is 
made:


Sec.  34.82  [Corrected]

0
2. On page 56375, in the first column, Sec.  34.82 is corrected in 
paragraph (b)(5) by removing ``December 1, 2019'' and adding ``January 
1, 2020'' in its place.

    Dated: November 18, 2019.
Morris R. Morgan,
First Deputy Comptroller, Comptroller of the Currency.
[FR Doc. 2019-25279 Filed 11-20-19; 8:45 am]
BILLING CODE 4810-33-P