Federal Register / Vol. 80, No. 20 / Friday, January 30, 2015 / Rules and Regulations 5015 

1Public Law 111–203, 12 U.S.C. 5301, et seq. 

(2010). 

2 12 U.S.C. 5411. 

3 12 U.S.C. 5414(b). 

4 12 U.S.C. 5414(c). 

5 76 FR 39247 (July 6, 2011). 

6 12 U.S.C. 5412(b)(2)(B)(i)(II). 

7 12 U.S.C. 1811, et seq. 

8 12 U.S.C. 1813(q). 

9 76 FR 47652 (August 5, 2011). 

10Such policies and procedures include the FDIC 

Division of Resolution and Receivership’s Failed 

Financial Institution Closing Manual. 

11 12 U.S.C. 5414(b). 

Subpart E—[Removed and reserved] 

■ 20. Remove and reserve part 390, 

subpart E consisting of §§ 390.90 

through 390.97. 

Dated at Washington, DC, this 21st day of 

January, 2015. 

By order of the Board of Directors. 

Federal Deposit Insurance Corporation. 

Robert E. Feldman, 

Executive Secretary. 

[FR Doc. 2015–01327 Filed 1–29–15; 8:45 am] 

BILLING CODE 6714–01–P 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

12 CFR Part 390 

RIN 3064–AE17 

Transferred OTS Regulations 

Regarding Possession by 

Conservators and Receivers for 

Federal and State Savings 

Associations 

AGENCY: Federal Deposit Insurance 

Corporation. 

ACTION: Final rule. 

SUMMARY: The Federal Deposit 

Insurance Corporation (FDIC) is 

rescinding and removing the former 

OTS regulation entitled ‘‘Possession by 

Conservators and Receivers for Federal 

and State Savings Associations’’ from 

the Code of Federal Regulations because 

it is not necessary. This rule was 

included in the regulations that were 

transferred to the FDIC from the Office 

of Thrift Supervision (OTS) on July 21, 

2011, in connection with the 

implementation of Title III of the DoddFrank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act). 

DATES: Effective March 2, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Frank C. Campagna, Associate Director, 

Receivership Operations, Division of 

Resolutions and Receiverships (972) 

761–8025 or FrCampagna@FDIC.gov; or 

Shane Kiernan, Counsel, Legal Division 

(703) 562–2632 or skiernan@fdic.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Dodd-Frank Act 

The Dodd-Frank Act,1 signed into law 

on July 21, 2010, provided for a 

substantial reorganization of the 

regulation of State and Federal savings 

associations and their holding 

companies. Beginning July 21, 2011, the 

transfer date established by section 311 

of the Dodd-Frank Act,2 the powers, 

duties, and functions formerly 

performed by the OTS were divided 

among the FDIC as to State savings 

associations, the Office of Comptroller 

of the Currency (OCC) as to Federal 

savings associations, and the Board of 

Governors of the Federal Reserve 

System (FRB) as to savings and loan 

holding companies. Section 316(b) of 

the Dodd-Frank Act 3 provides the 

manner of treatment for all orders, 

resolutions, determinations, regulations, 

and other advisory materials that were 

issued, made, prescribed, or allowed to 

become effective by the OTS. The 

section provides that if such advisory 

materials were in effect on the day 

before the transfer date, they continue in 

effect and are enforceable by or against 

the appropriate successor agency until 

they are modified, terminated, set aside, 

or superseded in accordance with 

applicable law by such successor 

agency, by any court of competent 

jurisdiction, or by operation of law. 

Section 316(c) of the Dodd-Frank 

Act 4 further directed the FDIC and the 

OCC to consult with one another and to 

publish a list of the continued OTS 

regulations that would be enforced by 

the FDIC and the OCC respectively. On 

June 14, 2011, the FDIC’s Board of 

Directors approved a ‘‘List of OTS 

Regulations to be Enforced by the OCC 

and the FDIC Pursuant to the DoddFrank Wall Street Reform and Consumer 

Protection Act.’’ This list was published 

by the FDIC and the OCC as a Joint 

Notice in the Federal Register on July 

6, 2011.5

FDIC’s Authority 

Although section 312(b)(2)(B)(i)(II) of 

the Dodd-Frank Act 6 granted the OCC 

rulemaking authority relating to both 

State and Federal savings associations, 

nothing in the Dodd-Frank Act affected 

the FDIC’s existing authority to issue 

regulations under the Federal Deposit 

Insurance Act (the FDI Act) 7 and other 

laws as the ‘‘appropriate Federal 

banking agency.’’ Section 312(c) of the 

Dodd-Frank Act amended section 3(q) of 

the FDI Act 8 and designated the FDIC 

as the ‘‘appropriate Federal banking 

agency’’ for State savings associations. 

As a result, when the FDIC acts as the 

designated ‘‘appropriate Federal 

banking agency’’ for State savings 

associations, as it does here, the FDIC is 

authorized to issue, modify and rescind 

regulations involving such associations. 

As noted, on June 14, 2011, the FDIC’s 

Board of Directors reissued and 

redesignated certain regulations 

promulgated by the former OTS. These 

transferred OTS regulations were 

published as FDIC interim rules in the 

Federal Register on August 5, 2011.9

When it republished the transferred 

OTS regulations as new FDIC 

regulations, the FDIC specifically noted 

that its staff would evaluate the 

transferred OTS rules and might later 

recommend incorporating the 

transferred OTS regulations into other 

FDIC rules, amending them, or 

rescinding them, as appropriate. 

One of the regulations transferred to 

the FDIC set forth procedures to be 

followed by conservators and receivers 

for Federal and State savings 

associations upon taking possession of 

said entities and for providing notice of 

appointment. This OTS regulation, 

formerly found at 12 CFR part 558, was 

transferred to the FDIC with only 

nominal changes and is now subpart N 

in 12 CFR part 390. 

The FDIC’s authority to act as 

conservator or receiver and its powers 

and duties in those roles are set forth in 

the FDI Act and in regulations found in 

12 CFR part 360. The Board has 

delegated authority to staff to establish 

policies and procedures for carrying out 

receivership operations. The FDI Act 

and the policies and procedures 

implemented and followed by FDIC staff 

subsume the responsibilities set forth in 

subpart N.10

II. Final Rule 

Section 316(b) of the Dodd-Frank Act 

provides that the former OTS’s 

regulations will continue in effect until 

they are modified, terminated, set aside, 

or superseded in accordance with 

applicable law.11 After careful review of 

subpart N, the FDIC has determined that 

it should be rescinded and removed 

because it is unnecessary, or because it 

prescribes actions that are duplicative of 

actions taken by the OCC or state 

chartering authority. The provisions of 

the FDI Act and the FDIC’s existing 

policies and procedures sufficiently 

address the provision of notice of 

appointment and the authority to take 

possession of, and exercise control over, 

the assets of a failed institution, 

including insured Federal and State 

savings associations. The FDIC issued a 


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5016 Federal Register / Vol. 80, No. 20 / Friday, January 30, 2015 / Rules and Regulations 

12 79 FR 45380, August 5, 2014. 

13 12 U.S.C. 1821(d)(2)(A). 

14 12 CFR 390.241(a)(1). 

15 12 CFR 390.241(a)(2)(i). 

16 12 CFR 390.241(a)(2)(ii). 

17 12 CFR 390.241(a)(3). 

notice of proposed rulemaking to 

rescind and remove subpart N in the 

Federal Register and received no 

comments on its proposal.12

12 CFR 390.240—Procedure Upon 

Taking Possession 

The FDIC interim rule found at 12 

CFR 390.240 (section 390.240) is the 

redesignation of the OTS regulation 

outlining procedures to be followed by 

conservators and receivers for Federal 

and State savings associations for taking 

possession of said entities upon 

appointment. The FDIC is rescinding 

and removing section 390.240 because it 

is unnecessary. Paragraph (a) requires 

the conservator or receiver to take 

possession of the failed institution’s 

principal office in accordance with the 

terms of the appointment. The FDIC’s 

procedure already provides that it takes 

coordinated simultaneous possession of 

all locations from which a failed 

institution operates. Moreover, the 

FDIC’s powers and duties as conservator 

or receiver are set forth in the FDI Act, 

not pursuant to the ‘‘terms of the . . . 

appointment.’’ 

Paragraphs (b)(1) and (b)(5), 

respectively, provide that the 

conservator or receiver shall 

immediately take possession of the 

institution’s books, records, and assets, 

and shall succeed to rights, titles, 

powers and privileges of the savings 

association and its stockholders, 

members, account holders, depositors, 

officers, and directors. These provisions 

are redundant of the FDI Act, which 

provides that the FDIC succeeds to ‘‘all 

rights, titles, powers, and privileges of 

the insured depository institution, and 

of any stockholder, member, 

accountholder, depositor, officer, or 

director of such institution with respect 

to the institution and the assets of the 

institution’’ when acting as conservator 

or receiver.13

Paragraphs (b)(2), (3), and (4), 

respectively, instruct the conservator or 

receiver to ‘‘notify in writing, served 

personally or by registered mail or 

telegraph’’ all parties known to be 

holding or in possession of assets of the 

failed institution that the conservator or 

receiver has succeeded to all rights, 

powers and privileges of the failed 

institution; file a statement with the 

Executive Secretary that the conservator 

or receiver took possession of the failed 

institution; and post a notice on the 

door of the principal and other offices 

of the failed institution in the form, if 

any, prescribed by the OCC or state bank 

supervisor. For three reasons, these 

provisions are unnecessary given 

existing FDIC policies and procedures. 

First, the FDIC’s practice is to demand 

the return of assets of the failed 

institution in whatever manner and 

form that is appropriate under the 

circumstances. Second, the Executive 

Secretary is provided with a copy of all 

closing documents by FDIC staff. Third, 

the OCC or state bank supervisor itself 

posts its order closing the institution on 

the door of the principal office. 

12 CFR 390.241—Notice of 

Appointment 

The FDIC interim rule found at 12 

CFR 390.241 (section 390.241) is the 

redesignation of the OTS regulation 

outlining procedures for giving notice of 

the appointment of a conservator or 

receiver for a Federal or State savings 

association. The FDIC is rescinding and 

removing section 390.241 because it is 

unnecessary. Specifically, paragraph (a) 

requires the FDIC to designate the 

persons or entities who are to: (1) Give 

notice of the appointment ‘‘to any 

officer or employee who is present in 

and appears to be in charge at the 

principal office of the savings 

association;’’ 14 (2) serve a copy of the 

order of appointment by (i) ‘‘leaving a 

certified copy of the order of 

appointment at the principal office of 

the savings association,’’ 15 or (ii) 

‘‘handing a certified copy of the order of 

appointment to the previous conservator 

. . . or the officer or employee of the 

savings association . . . who is present 

in and appears to be in charge at the 

principal office of the savings 

association;’’ 16 and (3) file with the 

Executive Secretary of the FDIC a 

statement that includes the date and 

time that notice of the appointment was 

given and service of the order of 

appointment was made.’’ 17 It is not 

necessary to include these provisions 

among the FDIC’s regulations because 

the OCC or state chartering authority is 

responsible for providing or serving 

notice of the appointment of the FDIC 

as conservator or receiver on a Federal 

or State savings association. Further, the 

FDIC’s Executive Secretary maintains 

records of the appointment of the FDIC 

as conservator or receiver. Paragraph (b), 

which instructs the FDIC to cause a 

notice of the appointment of the 

conservator or receiver to be published 

in the Federal Register, is unnecessary 

because the FDIC causes such a 

publication regarding any institution for 

which it is appointed as conservator or 

receiver in accordance with its policy 

and procedures. 

For the reasons stated above, the FDIC 

is rescinding and removing subpart N. 

Doing so will serve to streamline the 

FDIC’s rules, prevent confusion and 

eliminate unnecessary regulations. 

III. Regulatory Analysis 

A. The Paperwork Reduction Act 

In accordance with the requirements 

of the Paperwork Reduction Act (44 

U.S.C. 3501, et seq.) (PRA), the FDIC 

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. Rescinding and removing 

subpart N will not revise any existing 

information collections pursuant to the 

PRA. Consequently, the FDIC has not 

submitted any information collection 

request to the OMB for review. 

B. The Regulatory Flexibility Act 

The Regulatory Flexibility Act, 5 

U.S.C. 601, et seq. (RFA), requires that 

each federal agency either (1) certify 

that a proposed rule would not, if 

adopted in final form, have a significant 

economic impact on a substantial 

number of small entities or (2) prepare 

an initial regulatory flexibility analysis 

of the rule and publish the analysis for 

comment. Rescinding and removing 

subpart N will leave the FDI Act as the 

sole source of the FDIC’s authority to act 

as conservator or receiver for an insured 

depository institution and does not 

impose any obligations or restrictions 

on banking organizations, including 

small banking organizations. On this 

basis, the FDIC certifies that the removal 

of subpart N would not have a 

significant impact on a substantial 

number of small entities within the 

meaning of those terms as used in the 

RFA. 

C. Small Business Regulatory 

Enforcement Fairness Act 

No notice of a final rule is being 

provided to Congress regarding this 

amendment under the Small Business 

Regulatory Enforcement Fairness Act of 

1996, 5 U.S.C. 801, et seq., (SBREFA). 

SBREFA provides generally for agencies 

to report rules to Congress and for major 

rules not to take effect for a certain 

period after the notice has been 

received. However, section 251 of 

SBREFA provides that rules of agency 

practice and procedure that do not 

substantially affect the rights or 

obligations of non-agency parties are not 

subject to the reporting requirement and 

may be made effective in accordance 


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Federal Register / Vol. 80, No. 20 / Friday, January 30, 2015 / Rules and Regulations 5017 

with the Administrative Procedure Act, 

5 U.S.C. 701 et seq., and any other 

applicable law. The Office of 

Management and Budget has 

determined that the Final Rule is not a 

‘‘major rule’’ within the meaning of 

SBREFA. 

D. The Economic Growth and 

Regulatory Paperwork Reduction Act 

Under section 2222 of the Economic 

Growth and Regulatory Paperwork 

Reduction Act of 1996 (‘‘EGRPRA’’), the 

FDIC is required to review all of its 

regulations, at least once every 10 years, 

in order to identify any outdated or 

otherwise unnecessary regulations 

imposed on insured institutions. The 

FDIC completed the last comprehensive 

review of its regulations under EGRPRA 

in 2006 and has commenced the next 

decennial review. The action taken on 

this rule will be included as part of the 

EGRPRA review that is currently under 

way. 

E. Plain Language 

Section 722 of the Gramm-LeachBliley Act, Public Law 106–102, 113 

Stat. 1338, 1471, 12 U.S.C. 4809, 

requires each Federal banking agency to 

use plain language in all of its proposed 

and final rules published after January 

1, 2000. As a federal banking agency 

subject to the provisions of this section, 

the FDIC has sought to present the final 

rule to rescind and remove subpart N in 

a simple and straightforward manner. 

The FDIC’s proposal to rescind and 

remove subpart N invited comments on 

whether the proposal was clearly stated 

and effectively organized, and how the 

FDIC might make the proposal easier to 

understand. No comments were 

received. 

List of Subjects in Part 390 

Banks and banking, Savings 

associations. 

Authority and Issuance 

For the reasons stated in the preamble 

and under the authority of 12 U.S.C. 

5412, the Board of Directors of the 

Federal Deposit Insurance Corporation 

amends 12 CFR part 390 as follows: 

PART 390—REGULATIONS 

TRANSFERRED FROM THE OFFICE OF 

THRIFT SUPERVISION 

■ 1. The authority citation for part 390 

is revised to read as follows: 

Authority: 12 U.S.C. 1819. 

Subpart F also issued under 5 U.S.C. 552; 

559; 12 U.S.C. 2901 et seq. 

Subpart G also issued under 12 U.S.C. 2810 

et seq., 2901 et seq.; 15 U.S.C. 1691; 42 U.S.C. 

1981, 1982, 3601–3619. 

Subpart I also issued under 12 U.S.C. 

1831x. 

Subpart J also issued under 12 U.S.C. 

1831p–1. 

Subpart L also issued under 12 U.S.C. 

1831p–1. 

Subpart M also issued under 12 U.S.C. 

1818. 

Subpart O also issued under 12 U.S.C. 

1828. 

Subpart P also issued under 12 U.S.C. 

1470; 1831e; 1831n; 1831p–1; 3339. 

Subpart Q also issued under 12 U.S.C. 

1462; 1462a; 1463; 1464. 

Subpart R also issued under 12 U.S.C. 

1463; 1464; 1831m; 1831n; 1831p–1. 

Subpart S also issued under 12 U.S.C. 

1462; 1462a; 1463; 1464; 1468a; 1817; 1820; 

1828; 1831e; 1831o; 1831p–1; 1881–1884; 

3207; 3339; 15 U.S.C. 78b; 78 l; 78m; 78n; 

78p; 78q; 78w; 31 U.S.C. 5318; 42 U.S.C. 

4106. 

Subpart T also issued under 12 U.S.C. 

1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m; 

78n; 78w. 

Subpart V also issued under 12 U.S.C. 

3201–3208. 

Subpart W also issued under 12 U.S.C. 

1462a; 1463; 1464; 15 U.S.C. 78c; 78 l; 78m; 

78n; 78p; 78w. 

Subpart X also issued under 12 U.S.C. 

1462; 1462a; 1463; 1464; 1828; 3331 et seq. 

Subpart Y also issued under 12 

U.S.C.1831o. 

Subpart Z also issued under 12 U.S.C. 

1462; 1462a; 1463; 1464; 1828 (note). 

Subpart N—[Removed and Reserved] 

■ 2. Remove and reserve subpart N 

consisting of §§ 390.240 through 

390.241. 

Dated at Washington, DC, this 21st day of 

January, 2015. 

By order of the Board of Directors. 

Federal Deposit Insurance Corporation. 

Robert E. Feldman. 

Executive Secretary. 

[FR Doc. 2015–01326 Filed 1–29–15; 8:45 am] 

BILLING CODE 6714–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2014–0231; Directorate 

Identifier 2013–NM–163–AD; Amendment 

39–18073; AD 2015–02–06] 

RIN 2120–AA64 

Airworthiness Directives; Bombardier, 

Inc. Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), Department of 

Transportation (DOT). 

ACTION: Final rule. 

SUMMARY: We are adopting a new 

airworthiness directive (AD) for certain 

Bombardier, Inc. Model CL–600–2B16 

(CL–604 Variant) airplanes. This AD 

was prompted by reports of loose, 

broken, or backed-out spur gear bolts on 

the horizontal stabilizer trim actuator 

(HSTA). This AD requires a revision to 

the airplane flight manual, a revision to 

the maintenance or inspection program, 

as applicable, and replacement of 

HSTAs having certain part numbers. We 

are issuing this AD to detect and correct 

loose spur gear bolts on the HSTA, 

which, if combined with the failure of 

the primary load path, could lead to 

failure of the HSTA and subsequent loss 

of the airplane. 

DATES: This AD becomes effective 

March 6, 2015. 

The Director of the Federal Register 

approved the incorporation by reference 

of certain publications listed in this AD 

as of March 6, 2015. 

ADDRESSES: You may examine the AD 

docket on the Internet at http://

www.regulations.gov/

#!docketDetail;D=FAA-2014-0231; or in 

person at the Docket Management 

Facility, U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue SE., 

Washington, DC. 

For service information identified in 

this AD, contact Bombardier, Inc., 400 

Coˆte Vertu Road West, Dorval, Que ́bec 

H4S 1Y9, Canada; telephone 514–855– 

5000; fax 514–855–7401; email thd.crj@

aero.bombardier.com; Internet http://

www.bombardier.com. You may view 

this referenced service information at 

the FAA, Transport Airplane 

Directorate, 1601 Lind Avenue SW., 

Renton, WA. For information on the 

availability of this material at the FAA, 

call 425–227–1221. 

FOR FURTHER INFORMATION CONTACT: 

Ricardo Garcia, Aerospace Engineer, 

Airframe and Propulsion Branch, ANE– 

171, FAA, New York Aircraft 

Certification Office, 1600 Stewart 

Avenue, Suite 410, Westbury, NY 

11590; telephone 516–28–7331; fax 

516–794–5531. 

SUPPLEMENTARY INFORMATION: 

Discussion 

We issued a notice of proposed 

rulemaking (NPRM) to amend 14 CFR 

part 39 by adding an AD that would 

apply to certain Bombardier, Inc. Model 

CL–600–2B16 (CL–604 Variant) 

airplanes. The NPRM published in the 

Federal Register on April 15, 2014 (79 

FR 21158). Transport Canada Civil 

Aviation (TCCA), which is the aviation 

authority for Canada, has issued 

Canadian Airworthiness Directive CF– 

2013–18, dated July 16, 2013 (referred to 


rljohnson on DSK4SPTVN1PROD with RULES