Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Rules and Regulations 38753 

privacy; reveal a sensitive investigative or 

intelligence technique; or constitute a 

potential danger to the health or safety of law 

enforcement personnel, confidential 

informants, and witnesses. Amendment of 

these records would interfere with ongoing 

counterterrorism, law enforcement, or 

intelligence investigations and analysis 

activities and impose an impossible 

administrative burden by requiring 

investigations, analyses, and reports to be 

continuously reinvestigated and revised. 

(d) From subsection (e)(1) because it is not 

always possible for DHS or other agencies to 

know in advance what information is 

relevant and necessary for it to complete an 

identity comparison between the individual 

seeking redress and a known or suspected 

terrorist. Also, because DHS and other 

agencies may not always know what 

information about an encounter with a 

known or suspected terrorist will be relevant 

to law enforcement for the purpose of 

conducting an operational response. 

(e) From subsection (e)(2) because 

application of this provision could present a 

serious impediment to counterterrorism, law 

enforcement, or intelligence efforts in that it 

would put the subject of an investigation, 

study, or analysis on notice of that fact, 

thereby permitting the subject to engage in 

conduct designed to frustrate or impede that 

activity. The nature of counterterrorism, law 

enforcement, or intelligence investigations is 

such that vital information about an 

individual frequently can be obtained only 

from other persons who are familiar with 

such individual and his/her activities. In 

such investigations it is not feasible to rely 

upon information furnished by the 

individual concerning his own activities. 

(f) From subsection (e)(3), to the extent that 

this subsection is interpreted to require DHS 

to provide notice to an individual if DHS or 

another agency receives or collects 

information about that individual during an 

investigation or from a third party. Should 

the subsection be so interpreted, exemption 

from this provision is necessary to avoid 

impeding counterterrorism, law enforcement, 

or intelligence efforts by putting the subject 

of an investigation, study, or analysis on 

notice of that fact, thereby permitting the 

subject to engage in conduct intended to 

frustrate or impede that activity. 

(g) From subsections (e)(4)(G), (H) and (I) 

(Agency Requirements) because portions of 

this system are exempt from the access and 

amendment provisions of subsection (d). 

(h) From subsection (e)(5) because many of 

the records in this system coming from other 

system of records are derived from other 

domestic and foreign agency record systems 

and therefore it is not possible for DHS to 

vouch for their compliance with this 

provision; however, the DHS has 

implemented internal quality assurance 

procedures to ensure that data used in the 

redress process is as thorough, accurate, and 

current as possible. In addition, in the 

collection of information for law 

enforcement, counterterrorism, and 

intelligence purposes, it is impossible to 

determine in advance what information is 

accurate, relevant, timely, and complete. 

With the passage of time, seemingly 

irrelevant or untimely information may 

acquire new significance as further 

investigation brings new details to light. The 

restrictions imposed by (e)(5) would limit the 

ability of those agencies’ trained investigators 

and intelligence analysts to exercise their 

judgment in conducting investigations and 

impede the development of intelligence 

necessary for effective law enforcement and 

counterterrorism efforts. The DHS has, 

however, implemented internal quality 

assurance procedures to ensure that the data 

used in the redress process is as thorough, 

accurate, and current as possible. 

(i) From subsection (e)(8) because to 

require individual notice of disclosure of 

information due to compulsory legal process 

would pose an impossible administrative 

burden on DHS and other agencies and could 

alert the subjects of counterterrorism, law 

enforcement, or intelligence investigations to 

the fact of those investigations when not 

previously known. 

(j) From subsection (f) (Agency Rules) 

because portions of this system are exempt 

from the access and amendment provisions 

of subsection (d). 

(k) From subsection (g) to the extent that 

the system is exempt from other specific 

subsections of the Privacy Act. 

Dated: July 5, 2007. 

Hugo Teufel III, 

Chief Privacy Officer. 

[FR Doc. E7–13564 Filed 7–13–07; 8:45 am] 

BILLING CODE 4410–10–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Part 26 

[Docket ID OCC–2007–0006] 

RIN 1557–AD01 

FEDERAL RESERVE SYSTEM 

12 CFR Part 212 

[Regulation L; Docket No. R–1272] 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

12 CFR Part 348 

RIN 3064–AD13 

DEPARTMENT OF THE TREASURY 

Office of Thrift Supervision 

12 CFR Part 563f 

[Docket ID OTS–2007–0013] 

RIN 1550–AC09 

Management Official Interlocks 

AGENCIES: Office of the Comptroller of 

the Currency, Treasury; Board of 

Governors of the Federal Reserve 

System; Federal Deposit Insurance 

Corporation; and Office of Thrift 

Supervision, Treasury. 

ACTION: Final rule. 

SUMMARY: The Office of the Comptroller 

of the Currency (OCC), the Board of 

Governors of the Federal Reserve 

System (Board), the Federal Deposit 

Insurance Corporation (FDIC), and the 

Office of Thrift Supervision (OTS) 

(collectively, the Agencies) are 

amending their rules regarding 

management interlocks to implement 

section 610 of the Financial Services 

Regulatory Relief Act of 2006 (FSRRA) 

and to correct inaccurate crossreferences. 

DATES: Effective on July 16, 2007, the 

interim rule as published on January 11, 

2007, (72 FR 1274) is adopted as a final 

rule without change. 

FOR FURTHER INFORMATION CONTACT: 

OCC: Heidi M. Thomas, Special 

Counsel, Legislative and Regulatory 

Activities Division, (202) 874–4688; Sue 

Auerbach, Counsel, Bank Activities and 

Structure Division, (202) 874–5300; or 

Jan Kalmus, Senior Licensing Analyst, 

Licensing Activities Division, (202) 

874–4608, Office of the Comptroller of 

the Currency, 250 E Street, SW., 

Washington, DC 20219. 

Board: Andrew S. Baer, Counsel, 

(202) 452–2246, or Jennifer L. Sutton, 

Attorney, (202) 452–3564, Legal 

Division, Board of Governors of the 

Federal Reserve System, 20th Street and 

Constitution Avenue, NW., Washington, 

DC 20551. For users of 

Telecommunication Device for the Deaf 

(TDD) only, contact (202) 263–4869. 

FDIC: Patricia A. Colohan, Senior 

Examination Specialist, Division of 

Supervision and Consumer Protection, 

(202) 898–7283, or Mark Mellon, 

Counsel, Legal Division, (202) 898–

3884. 

OTS: David J. Bristol, Senior 

Attorney, (202) 906–6461, Business 

Transactions Division, Office of Thrift 

Supervision, or Donald W. Dwyer, 

Director of Applications, Examinations 

and Supervision—Operations, (202) 

906–6414, 1700 G Street NW., 

Washington, DC 20552. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Depository Institution 

Management Interlocks Act (12 U.S.C. 

3201 et seq.) (Interlocks Act or Act) 

prohibits individuals from 

simultaneously serving as a 


ycherry on PRODPC74 with RULES
38754 Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Rules and Regulations 

1Each of the Agencies’ regulations generally 

define ‘‘management official’’ to include a director, 

an advisory or honorary director of a depository 

institution with total assets of $100 million or more, 

a senior executive officer, a branch manager, a 

trustee of a depository organization under the 

control of trustees, and any person who has a 

representative or nominee serving in such capacity. 

See 12 CFR 26.2(j) (OCC); 12 CFR 212.2(j) (Board); 

12 CFR 348.2(j) (FDIC); and 12 CFR 563f.2(j) (OTS). 

2Pub. L. 109–351, section 610, 120 Stat. 1966 

(Oct. 13, 2006). 

3See 72 FR 1274, Jan. 11, 2007. 

management official 1 at two unaffiliated 

depository institutions or their holding 

companies (collectively, depository 

organizations) under certain 

circumstances. For example, section 

203(1) of the Act (12 U.S.C. 3202(1)) 

prohibits interlocks between 

unaffiliated depository organizations if 

each depository organization (or a 

depository institution affiliate thereof) 

has an office in the same relevant 

metropolitan statistical area (RMSA) 

(RMSA prohibition), unless one of the 

depository organizations involved has 

total assets below a specified threshold 

(small institution exception). Prior to 

enactment of the FSRRA, the total asset 

threshold for this small institution 

exception was $20 million. However, 

section 610 of the FSRRA amended 

section 203(1) of the Interlocks Act by 

raising this asset threshold to $50 

million, effective as of October 13, 

2006.2

II. Summary of Interim Rule 

In January 2007, the Agencies adopted 

on an interim basis, and requested 

public comment on, amendments to 

their rules in order to implement section 

610 of the FSRRA.3 Specifically, the 

interim rules modified the regulatory 

RMSA prohibition to conform to revised 

section 203(1) of the Act by allowing a 

management official of one depository 

organization to serve as a management 

official of an unaffiliated depository 

organization if the depository 

organizations (or their depository 

institution affiliates) have offices in the 

same RMSA and one of the depository 

organizations in question has total 

assets of less than $50 million. 

The interim rule also made technical 

changes to correct inaccurate crossreferences in the definition of 

management official in each of the 

Agencies’ rules. 

III. Explanation of Final Rule 

The Agencies received two comments 

on the interim rule, both of which were 

filed by trade associations representing 

banking organizations. Both 

commenters supported the interim rule, 

stating that the rule will afford small 

banking organizations greater access to 

qualified individuals who may serve as 

management officials. Both commenters 

also urged the Agencies to consider 

further raising the asset threshold for 

the small institution exception to the 

RMSA prohibition. As noted in the 

interim rule, FSRRA raised the asset 

threshold, and neither FSRRA nor the 

Act gives the Agencies discretion to 

modify the asset-size threshold for the 

small institution exception. After 

carefully considering the comments 

received, the Agencies have adopted a 

final rule that is identical to the interim 

rule. 

IV. Regulatory Analysis 

Plain Language 

Section 722 of the Gramm-LeachBliley Act (12 U.S.C. 4809) requires the 

Agencies to use ‘‘plain language’’ in all 

rules published in the Federal Register 

after January 1, 2000. The Agencies 

believe the final rule is presented in a 

simple and straightforward manner. 

Administrative Procedure Act 

The final rule takes effect upon 

publication in the Federal Register. As 

noted in the interim rule, the changes 

adopted in the rule implement a 

statutory change that took effect upon 

enactment on October 13, 2006, and the 

technical corrections of cross-references 

effected by the rule are not substantive. 

The new statutory provision itself gives 

the Agencies no discretion to modify the 

asset-size threshold for the small 

institution exception. Accordingly, 

pursuant to 5 U.S.C. 553(d), the agencies 

conclude that there is good cause for 

making this rule effective immediately 

upon publication in the Federal 

Register. 

Regulatory Flexibility Act 

Pursuant to section 605(b) of the 

Regulatory Flexibility Act (RFA) (5 

U.S.C. 605(b)), the regulatory flexibility 

analysis otherwise required under 

section 603 of the RFA (5 U.S.C. 603) is 

not required if the head of the agency 

certifies that the rule will not have a 

significant economic impact on a 

substantial number of small entities and 

the agency publishes such certification 

and a statement explaining the factual 

basis for such certification in the 

Federal Register along with its rule. 

Pursuant to section 605(b) of the RFA, 

each of the Agencies certifies that this 

final rule will not have a significant 

economic impact on a substantial 

number of small entities. The Agencies 

expect that this rule will not create any 

additional burden on small entities. The 

final rule relaxes the criteria for 

obtaining an exemption from the RMSA 

prohibition, and specifically addresses 

the needs of small entities by allowing 

greater numbers of small organizations 

to qualify for the small institution 

exception from the RMSA prohibition. 

Accordingly, a regulatory flexibility 

analysis is not required. 

Paperwork Reduction Act 

In accordance with the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3506; 

5 CFR 1320 Appendix A.1), the 

Agencies have determined that no 

collections of information pursuant to 

the Paperwork Reduction Act are 

contained in the final rule. 

OCC and OTS Executive Order 12866 

Statement 

The OCC and OTS each have 

independently determined that the final 

rule is not a ‘‘significant regulatory 

action’’ as defined in Executive Order 

12866. Accordingly, a regulatory 

assessment is not required. 

OCC and OTS Unfunded Mandates Act 

of 1995 Statement 

Section 202 of the Unfunded 

Mandates Reform Act of 1995 (2 U.S.C. 

1532), requires the OCC and OTS to 

prepare a budgetary impact statement 

before promulgating a rule that includes 

a federal mandate that may result in the 

expenditure by state, local, and tribal 

governments, in the aggregate, or by the 

private sector, of $100 million or more 

in any one year. However, this 

requirement does not apply to 

regulations that incorporate 

requirements specifically set forth in 

law. Because this final rule implements 

section 610 of the FSRRA, the OTS and 

OCC have not conducted an Unfunded 

Mandates Analysis for this rulemaking. 

List of Subjects 

12 CFR Part 26 

Antitrust, Holding companies, 

National banks. 

12 CFR Part 212 

Antitrust, Banks, Banking, Holding 

companies. 

12 CFR Part 348 

Antitrust, Banks, Banking, Holding 

companies. 

12 CFR Part 563f 

Antitrust, Holding companies, 

Reporting and recordkeeping 

requirements, Savings associations. 


ycherry on PRODPC74 with RULES
Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Rules and Regulations 38755 

Office of the Comptroller of the 

Currency 

12 CFR Chapter I 

PART 26—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ Accordingly, the interim rule 

amending 12 CFR Part 26 which was 

published at 72 FR 1276 on January 11, 

2007, is adopted as a final rule without 

change. 

Federal Reserve System 

12 CFR Chapter II 

PART 212—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ Accordingly, the interim rule 

amending 12 CFR Part 212 which was 

published at 72 FR 1276 on January 11, 

2007, is adopted as a final rule without 

change. 

Federal Deposit Insurance Corporation 

12 CFR Chapter III 

PART 348—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ Accordingly, the interim rule 

amending 12 CFR Part 348 which was 

published at 72 FR 1276 on January 11, 

2007, is adopted as a final rule without 

change. 

Office of Thrift Supervision 

12 CFR Chapter V 

PART 563f—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ Accordingly, the interim rule 

amending 12 CFR Part 563f which was 

published at 72 FR 1276 on January 11, 

2007, is adopted as a final rule without 

change. 

Dated: May 11, 2007. 

John C. Dugan, 

Comptroller of the Currency. 

By order of the Board of Governors of the 

Federal Reserve System, July 10, 2007. 

Jennifer J. Johnson, 

Secretary of the Board. 

Dated at Washington, DC, this 19th day of 

June, 2007. 

By order of the Board of Directors. 

Federal Deposit Insurance Corporation. 

Valerie J. Best, 

Assistant Executive Secretary. 

By the Office of Thrift Supervision, May 8, 

2007. 

John M. Reich, 

Director. 

[FR Doc. 07–3441 Filed 7–13–07; 8:45 am] 

BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P; 

6720–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 97 

[Docket No. 30558 Amdt. No. 3225] 

Standard Instrument Approach 

Procedures, Weather Takeoff 

Minimums; Miscellaneous 

Amendments 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This amendment establishes, 

amends, suspends, or revokes Standard 

Instrument Approach Procedures 

(SIAPs) and/or Weather Takeoff 

Minimums for operations at certain 

airports. These regulatory actions are 

needed because of the adoption of new 

or revised criteria, or because of changes 

occurring in the National Airspace 

System, such as the commissioning of 

new navigational facilities, addition of 

new obstacles, or changes in air traffic 

requirements. These changes are 

designed to provide safe and efficient 

use of the navigable airspace and to 

promote safe flight operations under 

instrument flight rules at the affected 

airports. 

DATES: This rule is effective July 16, 

2007. The compliance date for each 

SIAP and/or Weather Takeoff 

Minimums is specified in the 

amendatory provisions. 

The incorporation by reference of 

certain publications listed in the 

regulations is approved by the Director 

of the Federal Register as of July 16, 

2007. 

ADDRESSES: Availability of matters 

incorporated by reference in the 

amendment is as follows: 

For Examination—

1. FAA Rules Docket, FAA 

Headquarters Building, 800 

Independence Avenue, SW., 

Washington, DC 20591; 

2. The FAA Regional Office of the 

region in which the affected airport is 

located; 

3. The National Flight Procedures 

Office, 6500 South MacArthur Blvd., 

Oklahoma City, OK 73169 or, 

4. The National Archives and Records 

Administration (NARA). For 

information on the availability of this 

material at NARA, call 202–741–6030, 

or go to: http://www.archives.gov/ 

federal_register/ 

code_of_federal_regulations/ 

ibr_locations.html. 

For Purchase—Individual SIAP and 

Weather Takeoff Minimums copies may 

be obtained from: 

1. FAA Public Inquiry Center (APA–

200), FAA Headquarters Building, 800 

Independence Avenue, SW., 

Washington, DC 20591; or 

2. The FAA Regional Office of the 

region in which the affected airport is 

located. 

By Subscription—Copies of all SIAPs 

and Weather Takeoff Minimums mailed 

once every 2 weeks, are for sale by the 

Superintendent of Documents, U.S. 

Government Printing Office, 

Washington, DC 20402. 

FOR FURTHER INFORMATION CONTACT: 

Donald P. Pate, Flight Procedure 

Standards Branch (AFS–420), Flight 

Technologies and Programs Division, 

Flight Standards Service, Federal 

Aviation Administration, Mike 

Monroney Aeronautical Center, 6500 

South MacArthur Blvd. Oklahoma City, 

OK 73169 (Mail Address: P.O. Box 

25082 Oklahoma City, OK. 73125) 

telephone: (405) 954–4164. 

SUPPLEMENTARY INFORMATION: This 

amendment to Title 14 of the Code of 

Federal Regulations, Part 97 (14 CFR 

part 97), establishes, amends, suspends, 

or revokes SIAPs and/or Weather 

Takeoff Minimums. The complete 

regulatory description of each SIAP 

and/or Weather Takeoff Minimums is 

contained in official FAA form 

documents which are incorporated by 

reference in this amendment under 5 

U.S.C. 552(a), 1 CFR part 51, and 14 

CFR part 97.20. The applicable FAA 

Forms are identified as FAA Forms 

8260–3, 8260–4, 8260–5 and 8260–15A. 

Materials incorporated by reference are 

available for examination or purchase as 

stated above. 

The large number of SIAPs and/or 

Weather Takeoff Minimums, their 

complex nature, and the need for a 

special format make their verbatim 

publication in the Federal Register 

expensive and impractical. Further, 

airmen do not use the regulatory text of 

the SIAPs and/or Weather Takeoff 

Minimums but refer to their depiction 

on charts printed by publishers of 

aeronautical materials. Thus, the 

advantages of incorporation by reference 

are realized and publication of the 

complete description of each SIAP and/ 

or Weather Takeoff Minimums 

contained in FAA form documents is 

unnecessary. The provisions of this 

amendment state the affected CFR 

sections, with the types and effective 

dates of the SIAPs and/or Weather 

Takeoff Minimums. This amendment 

also identifies the airport, its location, 

the procedure identification and the 

amendment number. 


ycherry on PRODPC74 with RULES