Federal Register / Vol. 62, No. 200 / Thursday, October 16, 1997 / Proposed Rules 53769

Done in Washington, DC, this 9th day of

October 1997.

Terry L. Medley,

Administrator, Animal and Plant Health

Inspection Service.

[FR Doc. 97–27427 Filed 10–15–97; 8:45 am]

BILLING CODE 3410–34–P

NORTHEAST DAIRY COMPACT

COMMISSION

7 CFR Chapter XIII

Compact Over-Order Price Regulation

AGENCY: Northeast Dairy Compact

Commission.

ACTION: Notice of Meeting.

SUMMARY: The Compact Commission

will hold its monthly meeting to

consider whether to adopt a Final Rule

extending the current over-order price

regulation beyond its present December

31, 1997 deadline, and whether to

amend the regulation, generally. The

Commission will also review

procedures relating to ongoing studies

and consider matters of administration.

DATES: The meeting is scheduled for

October 23, 1997, 9:00 a.m. to 4:00 p.m.

ADDRESS: The meeting will be held at

the Grist Mill Restaurant, 520 South

Street in Bow, NH.

FOR FUTHER INFORMATION CONTACT:

Daniel Smith, Executive Director,

Northeast Dairy Compact Commission,

43 State Street, PO Box 1058,

Montpelier, VT 05601. Telephone (802)

229–1941.

SUPPLEMENTARY INFORMATION: Notice is

hereby given that the Compact

Commission will hold its regular

monthly meeting. The Commission will

consider whether to adopt a Final Rule

extending the current over-order price

regulation beyond its present December

31, 1997 deadline, and whether to

amend the regulation, generally. See

Proposed Rule, 62 FR 47156 (September

8, 1997). The Commission will also

review procedures for conducting a

study of regional dairy farm cost of

production and a study for assessing the

regional impact of over-order price

regulation. The Commission will also

consider certain matters relating to

administration.

Daniel Smith,

Executive Director.

(Authority: (a) Article V, Section 11 of the

Northeast Interstate Dairy Compact, and all

other applicable Articles and Sections, as

approved by Section 147, of the Federal

Agriculture Improvement and Reform Act

(FAIR ACT), Pub. L. 104–127, and as thereby

set forth in S.J. Res. 28(1)(b) of the 104th

Congress (codified at 7 U.S.C. 7256); Finding

of Compelling Public Interest by United

States Department of Agriculture Secretary

Dan Glickman, August 8, 1996 and March 20,

1997. (b) Bylaws of the Northeast Dairy

Compact Commission, adopted November 21,

1996.)

[FR Doc. 97–27572 Filed 10–15–97; 8:45 am]

BILLING CODE 1650–01–P

FEDERAL DEPOSIT INSURANCE

CORPORATION

12 CFR Part 329

RIN 3064–AC13

Interest on Deposits

AGENCY: Federal Deposit Insurance

Corporation.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Federal Deposit

Insurance Corporation (FDIC) is

proposing to amend its regulation

entitled ‘‘Interest on Deposits.’’ Section

18(g) of the Federal Deposit Insurance

Act (FDI Act) requires that the FDIC by

regulation prohibit the payment of

interest or dividends on demand

deposits in insured nonmember banks

and in insured branches of foreign

banks. This regulation implements this

prohibition. The proposed rule provides

as an exception to the prohibition, the

payment of interest or other

remuneration on any deposit which, if

held by a member bank, would be

allowable under 12 U.S.C. 371a and 461,

or by regulation of the Board of

Governors of the Federal Reserve

System (FRB). This proposal is in

accordance with the FDIC’s review of its

regulations under section 303 of the

Riegle Community Development and

Regulatory Improvement Act of 1994.

DATES: Written comments must be

received by the FDIC on or before

December 15, 1997.

ADDRESSES: Send written comments to

Robert E. Feldman, Executive Secretary,

Attention: Comments/OES, Federal

Deposit Insurance Corporation, 550 17th

Street, NW., Washington, DC 20429.

Comments may be hand delivered to the

guard station at the rear of the 17th

Street Building (located on F Street), on

business days between 7:00 a.m. and

5:00 p.m. [Fax number: (202) 898–3838;

Internet address: comments@fdic.gov].

Comments may be inspected and

photocopied in the FDIC Public

Information Center, Room 100, 801 17th

Street, NW., Washington, DC 20429,

between 9:00 a.m. and 4:30 p.m. on

business days.

FOR FURTHER INFORMATION CONTACT:

Marc Goldstrom, Counsel, Regulation

and Legislation Section, Legal Division,

(202–898–8807); Louise Kotoshirodo,

Review Examiner, Division of

Compliance and Consumer Affairs,

(202–942–3599).

SUPPLEMENTARY INFORMATION:

Background

Section 18(g) of the FDI Act provides

that the Board of Directors of the FDIC

shall by regulation prohibit the payment

of interest or dividends on demand

deposits in insured nonmember banks

and in insured branches of foreign

banks. (12 U.S.C. 1828(g)). Accordingly,

the FDIC promulgated regulations

prohibiting the payment of interest or

dividends on demand deposits at 12

CFR part 329. Section 11 of the Banking

Act of 1933 (12 U.S.C. 371a) prohibits

member banks from paying interest on

demand deposits and is implemented by

Regulation Q, (12 CFR part 217) of the

FRB.

Section 18(g) of the FDI Act also

provides that the FDIC shall make such

exceptions to this prohibition as are

prescribed with respect to demand

deposits in member banks by section 19

of the Federal Reserve Act, as amended,

or by regulation of the FRB (12 U.S.C.

1828(g)). Generally, member banks, state

nonmember banks and insured branches

of foreign banks are subject to the same

prohibition and exceptions to such

prohibition, albeit under different

statutes and regulations.

From time to time the FRB issues or

authorizes a new exception to the

prohibition applicable to member banks,

and the FDIC later issues or authorizes

a similar exception affecting state

nonmember banks and insured branches

of foreign banks. For example, the FRB

recently amended its interpretation with

respect to limitations on premiums

given on demand deposits (62 FR 26736

(May 15, 1997)) and the FDIC later

issued a similar interpretive rule

affecting state nonmember banks and

insured branches of foreign banks (62

FR 40731 (July 30, 1997)).

In the periods of time in which the

FRB has issued or authorized an

exception to the prohibition, but the

FDIC has yet to act, state nonmember

banks and insured branches of foreign

banks faced a possible competitive

disadvantage with respect to member

banks. In order to eliminate the

potential for any such competitive

disadvantage in the future and in light

of the FDIC’s statutory mandate to make

such exceptions to this prohibition as

are prescribed with respect to demand

deposits in member banks, the FDIC is

proposing to create an omnibus

exception to the prohibition on the

payment of interest on demand
53770 Federal Register / Vol. 62, No. 200 / Thursday, October 16, 1997 / Proposed Rules

deposits. The proposed rule would

allow for the payment of interest or

other remuneration on any deposit

which, if held by a member bank, would

be allowable under 12 U.S.C. 371a and

461, or by regulation of the FRB. The

effect of this proposal is that state

nonmember banks and insured branches

of foreign banks would become subject

to the same exceptions to the

prohibition that member banks are

subject to, regardless of whether the

FDIC had issued or authorized the

specific exception.

The FDIC is also proposing this rule

in response to section 303 of the Riegle

Community Development and

Regulatory Improvement Act of 1994

(CDRIA), Pub. L. 103–325, 108 Stat.

2160 (Sept. 23, 1994). This statute

requires that each federal banking

agency, consistent with the principles of

safety and soundness, statutory law and

policy, and the public interest, conduct

a review of the regulations and written

policies of that agency to, among other

things, make uniform all regulations and

guidelines implementing common

statutory or supervisory policies. The

FDIC believes that the proposal is in

accordance with section 303 of the

CDRIA in that it seeks to make uniform

a regulation implementing a common

statutory policy.

Regulatory Flexibility Act

The Board hereby certifies that the

proposed rule would not have a

significant economic impact on a

substantial number of small entities

within the meaning of the Regulatory

Flexibility Act (5 U.S.C. 601 et seq.).

The effect of this proposal is that state

nonmember banks and insured branches

of foreign banks would become subject

to the same exceptions to the

prohibition that member banks are

subject to, regardless of whether the

FDIC had issued or authorized the

specific exception.

Paperwork Reduction Act

The proposed rule would not

constitute a ‘‘collection of information’’

within the meaning of section 3502(3) of

the Paperwork Reduction Act of 1995

(44 U.S.C. 3501 et seq.). Consequently,

no material has been submitted to the

Office of Management and Budget for

review.

List of Subjects in 12 CFR Part 329

Banks, banking, Interest rates.

For the reasons set forth in the

preamble, the Board of Directors of the

FDIC proposes to amend 12 CFR part

329 as set forth below:

PART 329—INTEREST ON DEPOSITS

1. The authority citation for part 329

continues to read as follows:

Authority: 12 U.S.C. 1819, 1828(g) and

1832(a).

2. Section 329.3 is added to read as

follows:

§ 329.3 Exception to prohibition on

payment of interest.

Section 329.2 shall not apply to the

payment of interest or other

remuneration on any deposit which, if

held by a member bank, would be

allowable under 12 U.S.C.371a and 461,

or by regulation of the Board of

Governors of the Federal Reserve

System.

By order of the Board of Directors.

Dated at Washington, DC this 6th day of

October, 1997.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 97–27300 Filed 10–15–97; 8:45 am]

BILLING CODE 6714–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD05–97–072]

RIN 2115–AE47

Drawbridge Operation Regulations;

Atlantic Intracoastal Waterways, NC

AGENCY: Coast Guard, DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Coast Guard is proposing

to change the regulations governing the

operation of the Onslow Beach Bridge

across the Atlantic Intracoastal

Waterway (AICW), mile 240.7, at Camp

Lejeune, North Carolina, at the request

of the United States Marine Corps

(USMC).

The proposal would continue to

provide for openings on signal, except

that from 7 a.m. to 7 p.m., the draw

would only open on the hour and half

hour, year-round. This change in the

bridge opening schedule is intended to

reduce vehicular traffic delays while

still providing for the reasonable needs

of navigation.

DATES: Comments must be received on

or before December 15, 1997.

ADDRESSES: Comments may be mailed to

Commander (Aowb), USCG Atlantic

Area, Federal Building, 4th Floor, 431

Crawford Street, Portsmouth, Virginia

23704–5004, or may be hand-delivered

to the same address between 8 a.m. and

4:30 p.m., Monday through Friday,

except Federal holidays. The telephone

number is (757) 398–6222. Comments

will become part of this docket and will

be available for inspection and copying

at the above address.

FOR FURTHER INFORMATION CONTACT:

Ann Deaton, Bridge Administrator,

USCG Atlantic Area, (757) 398–6222.

SUPPLEMENTARY INFORMATION:

Request for Comments

The Coast Guard encourages

interested persons to participate in this

rulemaking by submitting written views,

comments, data, or arguments. Persons

submitting comments should include

their names and addresses and should

identify this rulemaking (CGD05–97–

072). Commenters should identify the

specific section of this proposed rule to

which each comment applies, and give

reasons for each comment. The Coast

Guard requests that all comments and

attachments be submitted in an

unbound format suitable for copying

and electronic filing. If that is not

practical, a second copy of any bound

material is requested. Persons wanting

acknowledgment of receipt of comments

should enclose a stamped, selfaddressed postcard or envelope. The

Coast Guard will consider all comments

received during the comment period. It

may change this proposed rule in view

of the comments.

The Coast Guard plans no public

hearing. Persons may request a public

hearing by writing to the address listed

under ADDRESSES. The request should

include reasons why a hearing would be

beneficial. If it determines that the

opportunity for oral presentations will

aid this rulemaking, the Coast Guard

will hold a public hearing at a time and

place announced by a later notice in the

Federal Register.

Background and Purpose

The Onslow Beach Bridge and

adjoining property are part of the

Marine Corps Base at Camp Lejeune

military reservation, located adjacent to

Jacksonville, North Carolina. The

current regulations require the Onslow

Beach Bridge to open on signal at all

times. This requirement is included in

the general operating regulations in 33

CFR 117.5.

The USMC has requested changes in

the regulation to require the bridge to

open on signal, except from 7 a.m. to 7

p.m., when the bridge would open on

the hour and half hour year-round.

Bridge logs from October 1993 through

July 1997 revealed on average of 38

bridge opening requests per day. During