Office of Thrift Supervision July 2006 – Federal Register Recent Federal Regulation Documents
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Proposed Agency Information Collection Activities; Comment Request-Thrift Financial Report: Schedules SC, SO, LD, CF, SI, SQ, and HC
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3507. Today, the Office of Thrift Supervision within the Department of the Treasury solicits comments on proposed changes to the Thrift Financial Report (TFR), Schedule SCConsolidated Statement of Condition, Schedule SOConsolidated Statement of Operations, Schedule LDLoan Data, Schedule CFConsolidated Cash Flow Information, Schedule SISupplemental Information, Schedule SQ Consolidated Supplemental Questions, and Schedule HCThrift Holding Company. The proposed changes are to become effective with the March 31, 2007, report. At the end of the comment period, OTS will analyze the comments and recommendations received to determine if it should modify the proposed revisions prior to giving its final approval. OTS will then submit the revisions to the Office of Management and Budget (OMB) for review and approval.
Stock Benefit Plans in Mutual-to-Stock Conversions and Mutual Holding Company Structures
The Office of Thrift Supervision (OTS) is proposing to clarify its regulations regarding stock benefit plans established after mutual- to-stock conversions or in mutual holding company structures. In addition, OTS proposes to reduce the voting requirements for the adoption of stock benefit plans in mutual holding company structures and to make several other minor changes to the regulations governing mutual-to-stock conversions and minority stock issuances.
Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003
The OCC, Board, FDIC, OTS, NCUA and FTC (the Agencies) request comment on a proposal that would implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). As required by section 114, the Agencies are jointly proposing guidelines for financial institutions and creditors identifying patterns, practices, and specific forms of activity, that indicate the possible existence of identity theft. The Agencies also are proposing joint regulations requiring each financial institution and creditor to establish reasonable policies and procedures for implementing the guidelines, including a provision requiring credit and debit card issuers to assess the validity of a request for a change of address under certain circumstances. In addition, the Agencies are proposing joint regulations under section 315 that provide guidance regarding reasonable policies and procedures that a user of consumer reports must employ when such a user receives a notice of address discrepancy from a consumer reporting agency.
Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock
A savings association must obtain OTS approval (or non- objection) before it may include subordinated debt securities or mandatorily redeemable preferred stock in supplementary (tier 2) capital. OTS rules at 12 CFR 563.81 set forth application and notice procedures, requirements that securities must meet in order to be included in supplementary capital, and conditions for OTS approval (or non-objection), and also address other matters. OTS is proposing to update this rule. The proposed rule would delete several unnecessary or outdated requirements and would conform certain provisions, such as maturity period requirements and purchaser restrictions, to the rules issued by the other federal banking agencies. In addition, the proposed rule would reconcile conflicting rules, add appropriate statutory cross-references, and rewrite the rule in plain language.
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