Federal Register / Vol. 62, No. 177 / Friday, September 12, 1997 / Proposed Rules 48025

processing in the interim in accordance

with paragraph (d)(2). This period will

normally be 30 days, subject to

extension for an additional 15 days

upon written notice to the bank. If the

appropriate regional director requests

additional information, the written

acknowledgment will be provided to the

savings association once complete

information has been received.

(2) Removal from expedited

processing. Upon prompt written notice

to the insured savings association, the

appropriate regional director may

remove the notice from expedited

processing because:

(i) The notice presents a significant

supervisory concern, policy issue, or

legal issue; or

(ii) Other good cause exists for

removal.

(b) Standard processing for

applications, and notices removed from

expedited processing. Where subpart C

and D permit an insured savings

association, service corporation, or

subsidiary to commence or continue an

activity after application to the FDIC, or

for notices which are not processed

pursuant to the expedited processing

procedures, the FDIC will provide the

insured savings association with written

notification of the final action taken.

The FDIC will normally review and act

on such applications within 60 days

after receipt of a completed application,

subject to extension for an additional 30

days upon written notice to the bank.

Failure of the FDIC to act on an

application prior to the expiration of

these periods does not constitute

approval of the application.

(c) Notices of activities in excess of an

amount permissible for a federal savings

association; subsidiary notices. For

notices required by § 362.10(b)(3) or

§ 362.14, the appropriate regional

director will provide written

acknowledgement that the FDIC has

received the notice. The notice will be

reviewed at the appropriate regional

office, which will take such action as it

deems necessary and appropriate.

§ 362.24 Delegations of authority.

The authority to review and act upon

applications and notices filed pursuant

to this subpart F and to take any other

action authorized by this subpart F or

subparts C and D is delegated to the

Director, the Deputy Director, and,

where confirmed in writing by the

Director, to an associate director, and to

the appropriate regional director and

deputy regional director.

Dated at Washington, D.C. this 26th day of

August, 1997.

By order of the Board of Directors.

Federal Deposit Insurance Corporation

Valerie J. Best,

Assistant Executive Secretary.

[FR Doc. 97–23881 Filed 9–11–97; 8:45 am]

BILLING CODE 6714–01–p

FEDERAL DEPOSIT INSURANCE

CORPORATION

12 CFR Part 362

RIN 3064–AB75

Activities and Investments of Insured

State Banks

AGENCY: Federal Deposit Insurance

Corporation (FDIC).

ACTION: Proposed rule; withdrawal.

SUMMARY: As part of the FDIC’s

systematic review of its regulations and

written policies under section 303(a) of

the Riegle Community Development and

Regulatory Improvement Act of 1994

(CDRI), the FDIC is withdrawing its

proposed rule published August 23,

1996, in the Federal Register at 61 FR

43486 to amend its regulations

governing the activities and investments

of insured state banks. The FDIC has

decided to withdraw this proposal to

amend the regulation and to propose a

comprehensive restructuring of the

regulation. The new proposal is

published elsewhere in today’s Federal

Register.

DATES: Proposed amendment to part 362

is withdrawn on September 12, 1997.

FOR FURTHER INFORMATION CONTACT:

Curtis Vaughn, Examination Specialist,

(202) 898–6759 or John Jilovec,

Examination Specialist (202) 898–8958,

Division of Supervision, FDIC 550 17th

Street, N.W., Washington, D.C. 20429;

Linda L. Stamp, Counsel, (202) 898–

7310, or Jamey Basham, Counsel, (202)

898–7265, Legal Division, FDIC, 550

17th Street, N.W., Washington, D.C.

20429.

SUPPLEMENTARY INFORMATION:

Background

On August 23, 1996, the FDIC

published for comment a proposal (61

FR 43486) to amend part 362 (12 CFR

part 362) of its regulations governing the

activities and investments of insured

banks. In general, subject to certain

exceptions, insured state banks are

prohibited from making equity

investments of a type that are not

permissible for national banks or

engaging as principal in activities of a

type not permissible for national banks.

The proposed amendment substituted a

notice for an application in the case of

particular real estate, life insurance and

annuity investment activities if banks

met specified requirements. If the FDIC

did not object during the notice period,

the bank would have been allowed to

proceed with the planned investment

activities.

Proposed Rule Part 362

The FDIC is conducting a systematic

review of its regulations and written

policies. Section 303(a) of the CDRI (12

U.S.C. 4803(a)) requires the FDIC to

streamline and modify its regulations

and written policies in order to improve

efficiency, reduce unnecessary costs,

and eliminate unwarranted constraints

on credit availability. Section 303(a)

also requires the FDIC to remove

inconsistencies and outmoded and

duplicative requirements from its

regulations and written policies.

As part of this review, and concurrent

with the FDIC’s withdrawal of its

proposed rule amending its regulations

governing the activities and investments

of insured state banks, the FDIC is

proposing a new rule that completely

revises part 362, combining the

regulations now found in §§ 303.13 and

337.4 of the FDIC’s regulations (12 CFR

303.13 and 337.4 ) into part 362 and

moving the application and notice

procedures to part 303. The issues dealt

with in the August, 1996 proposed

amendment are addressed in the

proposed overall revision to part 362.

Withdrawal of the Proposed Rule

In light of the FDIC’s complete

revision of the regulatory text of part

362, the FDIC withdraws its proposal

published in the Federal Register on

August 23, 1996 at 61 FR 43486.

Dated at Washington, D.C., this 26th day of

August, 1997.

By Order of the Board of Directors.

Federal Deposit Insurance Corporation.

Valerie J. Best,

Assistant Executive Secretary.

[FR Doc. 97–23880 Filed 9–11–97; 8:45 am]

BILLING CODE 6714–01–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Airspace Docket No. 97–ASO–13]

Proposed Establishment of Class E

Airspace; Guntersville, AL

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: This notice proposes to

establish Class E airspace at