Office of Thrift Supervision December 2009 – Federal Register Recent Federal Regulation Documents

The Office of Thrift Supervision (OTS) is amending its regulations to incorporate technical and conforming amendments.

In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3507), OTS may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. On August 19, 2009, OTS requested public comment for 60 days (74 FR 41981) on a proposal to extend, with revisions, the Thrift Financial Report (TFR), which is currently an approved collection of information. The notice described regulatory reporting revisions proposed for the TFR, Schedule SCConsolidated Statement of Condition, Schedule CCConsolidated Commitments and Contingencies, Schedule DIConsolidated Deposit Information, Schedule SB Consolidated Small Business Loans, and a proposed new schedule, Schedule RMAnnual Supplemental Consolidated Data on Reverse Mortgages. The changes are proposed to become effective in March 2010 except for the proposed new schedule RM which would become effective in December 2010.

The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the ``Agencies'') are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm- Leach-Bliley Act (``GLB Act''). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 (``Regulatory Relief Act'' or ``Act''), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010.