1274 Federal Register / Vol. 72, No. 7 / Thursday, January 11, 2007 / Rules and Regulations 

(i) Shall not be capable of operating 

with lamps that total more than 190 

watts; and 

(ii) Shall be packaged to include the 

lamps described in clause (i) with the 

ceiling fan light kits. 

* * * * * 

[FR Doc. E7–230 Filed 1–10–07; 8:45 am] 

BILLING CODE 6450–01–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Part 26 

[Docket No. 2006–16] 

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 No. 2006–47] 

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: Joint interim rule with request 

for comment. 

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: This interim rule is effective on 

January 11, 2007. Comments on the rule 

must be received by February 12, 2007. 

ADDRESSES: Comments should be 

directed to: 

OCC: You should include OCC and 

Docket Number 2006–16 in your 

comment. You may submit comments 

by any of the following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• OCC Web Site: http:// 

www.occ.treas.gov. Click on ‘‘Contact 

the OCC,’’ scroll down and click on 

‘‘Comments on Proposed Regulations.’’

• E-mail address: 

regs.comments@occ.treas.gov. 

• Fax: (202) 874–4448. 

• Mail: Office of the Comptroller of 

the Currency, 250 E Street, SW., Mail 

Stop 1–5, Washington, DC 20219. 

• Hand Delivery/Courier: 250 E 

Street, SW., Attn: Public Information 

Room, Mail Stop 1–5, Washington, DC 

20219. 

Instructions: All submissions received 

must include the agency name (OCC) 

and docket number or Regulatory 

Information Number (RIN) for this 

interim rule. In general, the OCC will 

enter all comments received into the 

docket without change, including any 

business or personal information that 

you provide. You may review comments 

and other related materials by any of the 

following methods: 

Viewing Comments Personally: You 

may personally inspect and photocopy 

comments at the OCC’s Public 

Information Room, 250 E Street, SW., 

Washington, DC. You can make an 

appointment to inspect comments by 

calling (202) 874–5043. 

Board: You may submit comments, 

identified by Docket No. R–1272, by any 

of the following methods: 

• Agency Web site: http:// 

www.federalreserve.gov. Follow the 

instructions for submitting comments at 

http://www.federalreserve.gov/. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• E-mail: 

regs.comments@federalreserve.gov. 

Include docket number in the subject 

line of the message. 

• FAX: 202/452–3819 or 202/452–

3102. 

• Mail: Jennifer J. Johnson, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue, NW., Washington, 

DC 20551. 

All public comments are available 

from the Board’s Web site at http:// 

www.federalreserve.gov/generalinfo/ 

foia/ProposedRegs.cfm as submitted, 

unless modified for technical reasons. 

Accordingly, your comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper in Room MP–500 of the Board’s 

Martin Building (20th and C Streets, 

NW.) between 9 a.m. and 5 p.m. on 

weekdays. 

FDIC: You may submit comments, 

identified by RIN number, by any of the 

following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Agency Web Site: http:// 

www.fdic.gov/regulations/laws/federal/ 

propose.html. 

• Mail: Robert E. Feldman, Executive 

Secretary, Attention: Comments, Federal 

Deposit Insurance Corporation, 550 17th 

Street, NW., Washington, DC 20429. 

• Hand Delivery/Courier: Guard 

station at rear of the 550 17th Street 

Building (located on F Street) on 

business days between 7 a.m. and 5 p.m. 

• E-mail: Comments@FDIC.gov. 

• Public Inspection: Comments may 

be inspected at the FDIC Public 

Information Center, Room E–1002, 3502 

Fairfax Drive, Arlington, VA 22226, 

between 9 a.m. and 5 p.m. on business 

days. 

Instructions: Submissions received 

must include the agency name and RIN 

for this rulemaking. Comments received 

will be posted without change to 

http://www.fdic.gov/regulations/laws/ 

federal/propose.html including any 

personal information provided. 

OTS: You may submit comments, 

identified by No. 2006–47, by any of the 

following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• E-mail address: 

regs.comments@ots.treas.gov. Please 

include No. 2006–47 in the subject line 

of the message and include your name 

and telephone number in the message. 

• Fax: (202) 906–6518. 

• Mail: Regulation Comments, Chief 

Counsel’s Office, Office of Thrift 

Supervision, 1700 G Street, NW., 

Washington, DC 20552, Attention: No. 

2006–47. 

• Hand Delivery/Courier: Guard’s 

Desk, East Lobby Entrance, 1700 G 

Street, NW., from 9 a.m. to 4 p.m. on 

business days, Attention: Regulation 

Comments, Chief Counsel’s Office, 

Attention: No. 2006–33. 

Instructions: All submissions received 

must include the agency name and 

docket number or Regulatory 

Information Number (RIN) for this 

rulemaking. All comments received will 

be posted without change to the OTS 

Internet Site at http://www.ots.treas.gov/ 

pagehtml.cfm?catNumber=67&an=1, 


cprice-sewell on PROD1PC66 with RULES
Federal Register / Vol. 72, No. 7 / Thursday, January 11, 2007 / Rules and Regulations 1275 

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, § 610, 120 Stat.l(Oct. 13, 

2006). 

including any personal information 

provided. Docket: For access to the docket to 

read background documents or 

comments received, go to http:// 

www.ots.treas.gov/ 

pagehtml.cfm?catNumber=67&an=1. In addition, you may inspect 

comments at the Public Reading Room, 

1700 G Street, NW., by appointment. To 

make an appointment for access, call 

(202) 906–5922, send an e-mail to 

public.info@ots.treas.gov, or send a 

facsimile transmission to (202) 906–

7755. (Prior notice identifying the 

materials you will be requesting will 

assist us in serving you.) We schedule 

appointments on business days between 

10 a.m. and 4 p.m. In most cases, 

appointments will be available the next 

business day following the date we 

receive a request. 

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 

Cheryl A. Martin, Senior Licensing 

Analyst, Licensing Activities Division, 

(202) 874–4614, 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. 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 Leneta G. Gregorie, 

Counsel, Legal Division, (202) 898–

3719. 

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 

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 each of the 

depository organizations involved has 

total assets below a specified threshold 

(small institution exception). Prior to 

enactment of the FSRRA, this asset 

threshold was $20 million. However, 

section 610 of the FSRRA amended the 

Interlocks Act by raising this asset 

threshold to $50 million, effective as of 

October 13, 2006.2

II. Interim Rule 

The Agencies are amending their 

rules in order to implement section 610 

of the FSRRA. Specifically, the interim 

rules modify the RMSA prohibition to 

allow a management official of one 

depository organization to serve as a 

management official of an unaffiliated 

depository organization that has an 

office in the same RMSA as the first 

organization if each of the depository 

organizations in question (or a 

depository institution affiliate thereof) 

has total assets of less than $50 million. 

This interim rule also makes technical 

changes to correct inaccurate crossreferences in the definition of 

management official in each of the 

Agencies’ rules. 

III. 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 interim rules are presented 

in a simple and straightforward manner. 

Administrative Procedure Act 

The interim rule takes effect upon 

publication in the Federal Register. The 

interim rule implements a statutory 

change that took effect upon enactment 

on October 13, 2006. The new statutory 

provision itself gives the Agencies no 

discretion to modify the asset-size 

threshold for the small institution 

exception. The technical corrections of 

cross-references effected by the interim 

rule have no substantive effect. For the 

foregoing reasons, notice and public 

procedure are unnecessary. 

Accordingly, pursuant to 5 U.S.C. 

553(b), the Agencies find good cause for 

making the rule effective as of January 

11, 2007 without first seeking and 

reviewing public comment. However, 

the Agencies nonetheless invite public 

comment on the interim rule and will 

amend the rules if appropriate after 

reviewing public comments. 

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 

interim 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 

interim 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 part 1320 Appendix A.1), the 

Agencies have determined that no 

collections of information pursuant to 

the Paperwork Reduction Act are 

contained in the interim rule. 

OCC and OTS Executive Order 12866 

Statement 

The OCC and OTS each have 

independently determined that the 

interim 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 


cprice-sewell on PROD1PC66 with RULES
1276 Federal Register / Vol. 72, No. 7 / Thursday, January 11, 2007 / Rules and Regulations 

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 interim 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. 

Office of the Comptroller of the 

Currency 

12 CFR Chapter I 

Authority and Issuance 

■ For the reasons set out in the joint 

preamble, part 26 of chapter I of title 12 

of the Code of Federal Regulations is 

amended as follows: 

PART 26—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ 1. The authority citation for part 26 

continues to read as follows: 

Authority: 12 U.S.C. 93a and 3201–3208. 

§ 26.2 [Amended] 

■ 2. Amend § 26.2(k)(1)(vi) by removing 

‘‘(m)(1)’’ and adding in its place 

‘‘(k)(1)’’. 

§ 26.3 [Amended] 

■ 3. Amend § 26.3(b) by removing ‘‘$20’’

and adding in its place ‘‘$50’’. 

Federal Reserve System 

12 CFR Chapter II 

Authority and Issuance 

■ For the reasons set out in the joint 

preamble, part 212 of chapter II of title 

12 of the Code of Federal Regulations is 

amended as follows: 

PART 212—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ 1. The authority citation for part 212 

continues to read as follows: 

Authority: 12 U.S.C. 3201–3208; 15 U.S.C. 

19. 

§ 212.2 [Amended] 

■ 2. Amend § 212.2(j)(1)(iii) by 

removing ‘‘12 CFR 225.71(a)’’ and 

adding in its place ‘‘12 CFR 225.71(c)’’. 

■ 3. Amend § 212.2(j)(1)(vi), by 

removing ‘‘(p)’’ and adding in its place 

‘‘(n)’’ and by removing ‘‘(l)(1)’’ and 

adding in its place ‘‘(j)(1)’’. 

§ 212.3 [Amended] 

■ 4. Amend § 212.3(b) by removing 

‘‘$20’’ and adding in its place ‘‘$50’’. 

Federal Deposit Insurance Corporation 

12 CFR Chapter III 

Authority and Issuance 

■ For the reasons set forth in the joint 

preamble, part 348 of chapter III of title 

12 of the Code of Federal Regulations is 

amended as follows: 

PART 348—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ 1. The authority citation for part 348 

continues to read as follows: 

Authority: 12 U.S.C. 1823(k), 3207. 

§ 348.2 [Amended] 

■ 2. Amend § 348.2(j)(1)(vi), by 

removing ‘‘(l)(1)’’ and adding in its 

place ‘‘(j)(1)’’. 

§ 348.3 [Amended] 

3. Amend § 348.3(b) by removing 

‘‘$20’’ and adding in its place ‘‘$50’’. 

Office of Thrift Supervision 

12 CFR Chapter V 

Authority and Issuance 

■ For the reasons set out in the joint 

preamble, part 563f of chapter V of title 

12 of the Code of Federal Regulations is 

amended as follows: 

PART 563f—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ 1. The authority citation for part 563f 

continues to read as follows: 

Authority: 12 U.S.C. 3201–3208. 

§ 563f.2 [Amended] 

■ 2. Amend § 563f.2(j)(1)(vi) by 

removing ‘‘(l)(1)’’ and adding in its 

place ‘‘(j)(1)’’. 

§ 563f.3 [Amended] 

■ 3. Amend § 563f.3(b) by removing 

‘‘$20’’ and adding in its place ‘‘$50’’. 

Dated: December 6, 2006. 

John C. Dugan, 

Comptroller of the Currency. 

By order of the Board of Governors of the 

Federal Reserve System, January 8, 2007. 

Jennifer J. Johnson, 

Secretary of the Board. 

By order of the Board of Directors. 

Dated at Washington, DC, this 22nd day of 

December, 2006. 

Robert E. Feldman, 

Executive Secretary, Federal Deposit 

Insurance Corporation. 

Dated: December 4, 2006. 

By the Office of Thrift Supervision. 

John J. Reich, 

Director. 

[FR Doc. 07–79 Filed 1–10–07; 8:45 am] 

BILLING CODE 4810–33–P; 6210–01–P; 6717–01–P; 

6720–01–P 

FARM CREDIT ADMINISTRATION 

12 CFR Part 611 

RIN 3052–AC29 

Organization; Termination of System 

Institution Status; Effective Date 

AGENCY: Farm Credit Administration. 

ACTION: Notice of effective date. 

SUMMARY: The Farm Credit 

Administration (FCA) published a final 

rule under part 611 on August 4, 2006 

(71 FR 44410). This final rule updates 

the termination procedures for Farm 

Credit System banks and associations 

under sections 7.9, 7.10 and 7.11 of the 

Farm Credit Act of 1971, as amended, 

ensures that interested parties have 

sufficient time and opportunities to be 

fully informed about a termination 

proposal, and ensures that a significant 

proportion of equity holders are engaged 

in the termination process. In 

accordance with 12 U.S.C. 2252, the 

effective date of the final rule is 30 days 

from the date of publication in the 

Federal Register during which either or 

both Houses of Congress are in session. 

Based on the records of the sessions of 

Congress, the effective date of the 

regulations is January 4, 2007. 

EFFECTIVE DATE: The regulation 

amending 12 CFR part 611, published 

on August 4, 2006 (71 FR 44410) is 

effective January 4, 2007. 

FOR FURTHER INFORMATION CONTACT:

Thomas Dalton, Senior Staff 

Accountant, Office of Policy and 

Analysis, Farm Credit Administration, 

McLean, VA 22102–5090, (703) 883–

4498, TTY (703) 883–4434; 

or 

Rebecca S. Orlich, Senior Counsel, 

Office of General Counsel, Farm 


cprice-sewell on PROD1PC66 with RULES