JOINT FINAL RULE--AMENDMENTS TO SAFETY AND SOUNDNESS STANDARDS.The Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ), the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. (Board), the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ), and the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. (OTS See Office of Thrift Supervision. ) (collectively, the Agencies) are updating their procedural rules pertaining to safety and soundness standards issued under section 39 of the Federal Deposit Insurance Act (FDI Act). This joint final rule adopts, with only one technical change, the Agencies' interim rules. Effective November 29, 1999, 12 C.F.R. Parts 30, 263, 364, and 570 are amended as follows: Part 30-Safety and Soundness Standards Accordingly, the interim rule amending 12 C.F.R. Part 30, which was published at 63 Federal Register 55,486 on October 15, 1998, was superseded by an interim rule published at 64 Federal Register 52,638 on September 30, 1999. Part 263-Rules of Practice for Hearings Accordingly, the interim rule amending 12 C.F.R. Part 263, which was published at 63 Federal Register 55,486 on October 15, 1998, is adopted as a final rule without change. Part 364-Standards for Safety and Soundness Accordingly, the interim rule amending 12 C.F.R. Part 364, which was published at 63 Federal Register 55,486 on October 15, 1998, is adopted as a final rule without change. Part 570-Submission and Review of Safety and Soundness Compliance Plans and Issuance of Orders to Correct Safety and Soundness Deficiencies 1. The authority citation for Part 570 continues to read as follows: Authority: 12 U.S.C. 1831p-1. 2. Section 570.1(c) is revised to read as follows: Section 570.1-Authority, purpose, scope and preservation of existing authority. (c) Scope. This part and the Interagency Guidelines Establishing Safety and Soundness Standards as set forth at Appendix A to this part and the Interagency Guidelines Establishing Year 2000 Standards for Safety and Soundness as set forth at Appendix B to this part implement the provisions of section 39 of the FDI Act as they apply to savings associations. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion