[Federal Register Volume 60, Number 248 (Wednesday, December 27, 1995)]
[Rules and Regulations]
[Pages 66866-66870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31121]



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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Parts 500, 504, 510, 515, 529, 533, 543, 545, 552, 556, 562, 
563, 563d, 563g, 571, 583, and 584

[No. 95-201]
RIN 1550-AA85


Regulatory Review

AGENCY: Office of Thrift Supervision, Treasury.

ACTION: Final rule.

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SUMMARY: The Office of Thrift Supervision (OTS or Office) is today 
issuing a final rule eliminating duplicative, unduly burdensome, and 
unnecessary regulations. These amendments result from a review of OTS 
regulations pursuant to section 303(a) of the Community Development and 
Regulatory Improvement Act of 1994 (CDRIA) and the Regulatory 
Reinvention Initiative of the Vice President's National Performance 
Review.

EFFECTIVE DATE: December 27, 1995.

FOR FURTHER INFORMATION CONTACT: Francis E. Raue, Policy Analyst, 
Supervision Policy, (202) 906-5750; or Valerie J. Lithotomos, Counsel 
(Banking and Finance), Regulations and Legislation Division, Chief 
Counsel's Office, (202) 906-6439, Office of Thrift Supervision, 1700 G 
Street NW., Washington, D.C. 20552.

SUPPLEMENTARY INFORMATION:

I. Background

    The OTS conducted a comprehensive review of its regulations in the 
spring of 1995 pursuant to section 303 of CDRIA and the 
Administration's Reinvention Initiative. Staff in both the Washington 
and Regional Offices reviewed the regulations and policy statements 
contained in Chapter V of Title 12 of the Code of Federal Regulations 
(CFR) to: ``streamline and modify those regulations and policies in 
order to improve efficiency, reduce unnecessary costs, * * * eliminate 
unwarranted constraints on credit availability [and] remove 
inconsistencies and outmoded and duplicative requirements.'' <SUP>1 The 
OTS sought industry input through town meetings and industry roundtable 
meetings held by the Acting Director and Regional Directors.

    \1\ Section 303 of CDRIA, 12 U.S.C. 4803(a)(1)(A), (B).
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    As a result of this effort, the OTS identified a number of ways in 
which its regulations could be improved and, on August 28, 1995, issued 
a notice of proposed rulemaking.<SUP>2 The preamble to the proposed 
rulemaking described a multi-step process that the agency intends to 
follow to implement the results of its regulatory review.

    \2\ See 60 FR 44442 (August 28, 1995).
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    The first step in that process is to eliminate regulations that are 
clearly outdated, duplicative, or otherwise unnecessary. Today's final 
rule draws this first step to a close.
    The second step is to conduct focused, intensive reviews of key 
areas of OTS's regulations in an effort to find additional ways to 
streamline and reduce burden. This effort is already underway. Over the 
next several months, OTS expects to issue proposals that will reduce 
the burden imposed by its regulations governing lending, subsidiaries, 
corporate governance, and preemption.
    A third step in the review process is to determine whether the 
OTS's regulations should be reorganized to make them more user-
friendly. In the August 28 preamble, the agency posed five questions 
regarding the overall structure and content of its regulations.<SUP>3 
The OTS appreciates the comments received in response to these 
questions and will take them into consideration in future rulemakings 
that specifically address the organizational issues raised by the 
comments.

    \3\ The specific questions in the preamble were:
    1. Should OTS consolidate common definitions of general 
applicability now in parts 541, 561, 563, and 583 in a new part 501?
    2. Should OTS consolidate the remaining safety and soundness 
regulations in part 545 into part 563?
    3. Should OTS delete regulations that only repeat statutory 
authority or list an implied power?
    4. Should policy statements in parts 556 and 571 be deleted and 
either recast as regulations or placed as guidance in the 
appropriate regulatory handbook?
    5. What is the best method of communicating different types of 
information, guidance, policies, restrictions, and requirements?
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II. Summary of Comments

    The August 28, 1995, notice of proposed rulemaking targeted 
approximately eight percent of OTS's regulations for immediate repeal. 
The public comment period on the August 28 proposal closed on October 
27, 1995. Two federal savings banks, one savings and loan holding 
company, and one national trade association submitted comments. In 
addition to its comment letter, the national trade association, 
America's Community Bankers (ACB), included the results of a survey 
which ACB sent to a number of OTS-supervised institutions.<SUP>4

    \4\ ACB is a trade association representing 2,000 savings 
associations and community financial institutions and related 
business firms. ACB's survey was sent to 94 OTS-supervised 
institutions; 43 institutions completed the survey. As reported by 
ACB, 86 percent of the respondents deem simplification of OTS rules 
to be worth the time and attention of the OTS and the industry.
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    Generally all of the commenters supported the OTS initiative to 
streamline and eliminate unnecessary and burdensome rules in the 
proposal. They indicated that the deletions and modifications, with a 
few exceptions, would be helpful.
    However, one commenter recommended that paragraphs (a) and (c) of 
Sec. 545.15 not be deleted. Paragraph (a) provides generally that a 
Federal savings association shall require at least seven days advance 
notice of withdrawals from savings accounts that do not have fixed or 
minimum terms of at least seven days. The commenter asked that this 
paragraph be retained because it believes that the elimination of the 
seven-day withdrawal notice on savings accounts may conflict with 

[[Page 66867]]
section 5(b)(1)(C) of the Home Owners' Loan Act (HOLA).<SUP>5 We 
disagree. Section 5(b)(1)(C) of the HOLA provides that a ``Federal 
savings association may require not less than 14 days notice * * * if 
the charter of the savings association or the regulations of the 
Director so provide.'' By its terms, this statutory provision applies 
only to withdrawal notice requirements that equal or exceed 14 days. 
The provision does not affect the ability of savings associations to 
impose notice requirements of shorter duration.

    \5\ 12 U.S.C. 1464(b)(1)(C).
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    Moreover, the seven-day notice requirement that currently appears 
in OTS's regulations is unrelated to, and does not implement, section 
5(b)(1)(C) of the HOLA. Section 545.15(a) was meant to mirror the 
requirements under the Federal Reserve Board's Regulation D for savings 
accounts.<SUP>6 Regulation D defines a savings deposit for reserve 
purposes as a deposit or account where a depository institution may 
require at least seven days advance notice of withdrawal.<SUP>7 The OTS 
is removing section 545.15(a) because it is duplicative of Regulation 
D. Savings associations will, of course, still be required to comply 
with Regulation D.

    \6\ See 12 CFR Part 204.
    \7\ 12 CFR 204.2(d)(1).
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    Because section 545.15(a) does not implement HOLA section 
5(b)(1)(C), its removal will not adversely affect the ability of 
savings associations to impose notice requirements of 14 days or more. 
Associations that wish to do so may continue, as under current law, to 
include an authorizing provision in their charters and appropriate 
terms in their savings account contracts.
    The same commenter requested that OTS retain paragraph (c) of 
section 545.15. That paragraph states that, when computing earnings due 
on deposit accounts at the end of a business period, a Federal savings 
association may elect to disregard amounts withdrawn from accounts in 
the last three days of any business period--thereby effectively paying 
depositors slightly more interest than they might be entitled to under 
the terms of their deposit contracts. The commenter stated that the 
three-day grace period should be retained because it may have 
operational significance for small institutions without adequate 
technology to make computations on all of their accounts on one day at 
the end of the period. Removal of paragraph (c) will not adversely 
affect the flexibility of savings associations in computing interest on 
their deposit accounts. Institutions that wish to compute interest 
without reference to withdrawals made during the last three days of a 
business period may continue to do so. A regulation is not needed to 
authorize this practice.
    The same commenter asked that section 556.15 be retained because it 
delineates the specific services that may and may not be performed at 
drive-in and pedestrian facilities. Under Sec. 545.92(g), Federal 
savings associations are authorized to establish such facilities 
without prior OTS approval, subject to certain restrictions. The 
services provided at such facilities are limited to those ``ordinary 
functions'' provided at teller windows at branch offices. Section 
556.15 defines what constitutes services ``ordinarily'' provided at 
teller windows. This definition is outdated and unduly restrictive. 
Elimination of Sec. 556.15 will allow more flexibility in defining the 
scope of services that can be offered from drive-in and pedestrian 
facilities.
    One commenter stated that it would prefer that Sec. 545.31(a) 
(Election regarding classification of loans or investments) not be 
removed unless it would be included in its entirety in the regulatory 
handbook. The OTS notes that the proposal did not suggest the deletion 
of that section and that it is not anticipated that OTS's regulatory 
review of its lending regulations will propose deleting that section.
    One commenter requested that the OTS review the documentation and 
recordkeeping requirements in Secs. 563.41 (Loans and other 
transactions with affiliates and subsidiaries) and 563.42 (Additional 
standards applicable to transactions with affiliates and subsidiaries) 
because they are too cumbersome. The commenter also requested that 
certain clarifications be made to these regulations. On the same 
subject, another commenter requested that the term ``affiliated 
person'' in the OTS's regulations be replaced by the term ``insider'' 
as defined in the regulations of the other Federal banking agencies. 
The OTS will address these comments in a subsequent notice of proposed 
rulemaking, during the phase of regulatory review dealing with OTS's 
regulations on subsidiaries and related entities.
    Finally, one commenter suggested that the OTS consider reviewing 
its manufactured home financing regulation at section 545.45 so that 
savings associations may more fairly compete with other lenders in the 
market. The OTS will address this comment in the phase of regulatory 
review addressing the OTS's lending regulations.

III. Description of Final Rule

    The final rule issued today implements all of the proposed 
revisions and modifications contained in the August 28, 1995 proposal, 
except for the proposed revision to Sec. 567.1's definition of an OECD-
based country, which will be addressed in a later final rule.
    The following parts and sections are being removed:

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         Part or section No.                         Title              
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Part 504.............................  National security information.   
Sec.  510.1..........................  Ex parte communications.         
Sec.  510.3..........................  Coordination of subchapters.     
Part 515.............................  Use of penalty mail in the       
                                        location and recovery of missing
                                        children.                       
Part 529.............................  Nondiscrimination in federally   
                                        assisted programs.              
Part 533.............................  Electronic funds transfers.      
Sec.  543.12.........................  Bank Insurance Fund-insured      
                                        Federal savings banks.          
Sec.  543.13.........................  Notice to FDIC.                  
Sec.  545.15.........................  Withdrawal requests.             
Sec.  545.18.........................  Issuance of mutual capital       
                                        certificates.                   
Sec.  545.19.........................  Issuance of net worth            
                                        certificates.                   
Sec.  545.20.........................  Borrowing, issuing obligations   
                                        and giving security.            
Sec.  545.44.........................  Mortgage transactions with the   
                                        Federal Home Loan Mortgage      
                                        Corporation.                    
Sec.  545.122........................  Employment contracts.            
Sec.  545.136........................  Financial futures transactions.  
Sec.  545.137........................  Financial options transactions.  
Sec.  552.2-4........................  Limitation on transaction of     
                                        business.                       
Sec.  556.4..........................  Insurance.                       
Sec.  556.6..........................  Savings accounts.                
Sec.  556.8..........................  Suretyship.                      
Sec.  556.9..........................  Imposition of late charges and   
                                        due on sale clauses.            
Sec.  556.11.........................  Prepayment penalty on mortgage   
                                        loans.                          
Sec.  556.14.........................  Chief executive officer of a     
                                        branch office.                  
Sec.  556.15.........................  Drive-in and pedestrian          
                                        facilities.                     
Sec.  562.3..........................  Statements of Condition.         
Sec.  563.8..........................  Negotiable order of withdrawal   
                                        accounts authorized.            
Sec.  563.49.........................  Membership in a Federal Home Loan
                                        Bank.                           
Sec.  563.72.........................  Form, return, and maturity of    
                                        securities.                     
Sec.  563d.200-30....................  Delegation of authority to the   
                                        Chief Counsel.                  
Sec.  563g.22........................  Delegation of authority to the   
                                        Chief Counsel.                  
Sec.  584.3..........................  Transactions with affiliates.    
Sec.  584.6..........................  Penalty for loss of QTL status.  
Sec.  584.11.........................  Hearings.                        
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[[Page 66868]]

    The OTS is also amending the following parts or sections to remove 
unnecessary burdens, as proposed.

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         Part or section No.                Description of amendment    
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Part 500.............................  Simplification of organizational 
                                        structure.\1\                   
Sec.  563.41(b)(11)..................  Addition of definition of        
                                        ``unimpaired capital and        
                                        unimpaired surplus'' for        
                                        purposes of transactions with   
                                        affiliates limitations.         
Sec.  563.41(d)(1)...................  Removal of expired limitation on 
                                        sister bank provision for       
                                        transactions with affiliates.   
Sec.  563.42(d)(1)...................  Removal of expired limitation on 
                                        sister bank provision for       
                                        transactions with affiliates.   
Sec.  563.43(f)......................  Addition of definition of        
                                        ``unimpaired capital and        
                                        unimpaired surplus'' for        
                                        purposes of loans to insiders   
                                        limitations.                    
Sec.  563g.5.........................  Reduction in the number of copies
                                        required for securities filings.
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\1\ OTS's current organizational structure will be reflected in a notice
  to be published in the Federal Register at a later date.              

    The preamble to the August 28 proposal contains a full section-by-
section discussion of the reasons why these sections are being amended 
or removed. Today's final rule also adopts the proposed modifications 
to cross-references in other OTS regulations to conform to the changes 
being made today.

IV. Administrative Procedure Act

    Section 553(d)\8\ of the APA permits the waiver of its 30-day 
delayed effective date requirement for good cause, or where a rule 
relieves a restriction. Also, Section 302 of the CDRIA\9\ requires that 
a federal banking agency regulation that imposes new requirements take 
effect on the first day of the quarter following publication of the 
final rule. That section provides, however, that an agency may 
determine that the rule should take effect earlier upon a finding of 
good cause.

    \8\ 5 U.S.C. 553(d).
    \9\ 12 U.S.C. 4802.
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    The OTS believes that the final rule will relieve regulatory burden 
by eliminating obsolete, redundant and unnecessary requirements. The 
final rule eliminates inefficient and unduly costly regulatory 
requirements and better focuses thrifts on the substantive and relevant 
requirements. For these reasons, the OTS believes there is good cause 
pursuant to both the APA and CDRIA section 302 provisions to make the 
final rule effective immediately upon publication in the Federal 
Register.

V. Executive Order 12866

    The Director of the OTS has determined that this final rule does 
not constitute a ``significant regulatory action'' for the purposes of 
Executive Order 12866.

VI. Regulatory Flexibility Act Analysis

    Pursuant to section 605(b) of the Regulatory Flexibility Act, the 
OTS certifies that this final rule will not have a significant economic 
impact on a substantial number of small entities. The final rule does 
not impose any additional burdens or requirements upon small entities 
and lowers several paperwork and other burdens on all savings 
associations.

VII. Unfunded Mandates Reform Act of 1995

    The OTS has determined that the requirements of this final rule 
will not result in expenditures by State, local, and tribal 
governments, or by the private sector, of more than $100 million in any 
one year. Accordingly, a budgetary impact statement is not required 
under section 202 of the Unfunded Mandates Reform Act of 1995.

List of Subjects

12 CFR Part 500

    Organization and functions (Government agencies).

12 CFR Part 504

    Classified information.

12 CFR Part 510

    Administrative practice and procedure.

12 CFR Part 515

    Infants and children, Postal service.

12 CFR Part 529

    Administrative practice and procedure, Civil rights.

12 CFR Part 533

    Consumer protection, Electronic funds transfers, Savings 
associations.

12 CFR Part 543

    Reporting and recordkeeping requirements, Savings associations.

12 CFR Part 545

    Accounting, Consumer protection, Credit, Electronic funds 
transfers, Investments, Manufactured homes, Mortgages, Reporting and 
recordkeeping requirements, Savings associations.

12 CFR Part 552

    Reporting and recordkeeping requirements, Savings associations, 
Securities.

12 CFR Part 556

    Savings associations.

12 CFR Part 562

    Accounting, Reporting and recordkeeping requirements, Savings 
associations.

12 CFR Part 563

    Accounting, Advertising, Crime, Currency, Flood insurance, 
Investments, Mortgages, Reporting and recordkeeping requirements, 
Savings associations, Securities, Surety bonds.

12 CFR Part 563d

    Authority delegations (Government agencies), Reporting and 
recordkeeping requirements, Savings associations, Securities.

12 CFR Parts 563g

    Reporting and recordkeeping requirements, Savings associations, 
Securities.

12 CFR Part 571

    Accounting, Conflicts of interest, Investments, Reporting and 
recordkeeping requirements, Savings associations.

12 CFR Part 583

    Holding companies, Savings associations.

12 CFR Part 584

    Administrative practice and procedure, Holding companies, Reporting 
and recordkeeping requirements, Savings associations, Securities.
    Accordingly, and under the authority of 12 U.S.C. 1462a, the Office 
of Thrift Supervision amends chapter V, title 12, Code of Federal 
Regulations, as set forth below.

PART 500--ORGANIZATION AND CHANNELLING OF FUNCTIONS

    1. The authority citation for part 500 continues to read as 
follows:

    Authority: 12 U.S.C. 1462a, 1463, 1464.


Sec. 500.1  [Amended]


Secs. 500.3--500.5  [Removed]

    2. The existing text of Sec. 500.1 is designated as paragraph (a), 
the existing texts of Secs. 500.3, 500.4, and 500.5 are redesignated as 
paragraphs (b), (c) and (d), respectively, of Sec. 500.1, and 
Secs. 500.3, 500.4, and 500.5 are removed. 

[[Page 66869]]

    3. Section 500.10 is amended by adding two new sentences at the end 
of the section to read as follows:


Sec. 500.10  The OTS or The Office.

    * * * The Director directs and carries out the mission of the OTS 
with the assistance of offices reporting directly to him. One of these 
offices oversees the direct examination and supervision of savings 
associations by regulatory staff to ensure the safety and soundness of 
the industry.


Secs. 500.11-500.17  [Removed]

    4. Sections 500.11 through 500.17 are removed.

PART 504--[REMOVED]

    5. Part 504 is removed.

PART 510--MISCELLANEOUS ORGANIZATIONAL REGULATIONS

    6. The authority citation for part 510 continues to read as 
follows:

    Authority: 5 U.S.C. 301; 12 U.S.C. 1462a, 1463, 1464.


Sec. 510.1  [Removed]

    7. Section 510.1 is removed.


Sec. 510.3  [Removed]

    8. Section 510.3 is removed.

PART 515--[REMOVED]

    9. Part 515 is removed.

PART 529--[REMOVED]

    10. Part 529 is removed.

PART 533--[REMOVED]

    11. Part 533 is removed.

PART 543--INCORPORATION, ORGANIZATION, AND CONVERSION OF FEDERAL 
MUTUAL ASSOCIATIONS

    12. The authority citation for part 543 continues to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 2901 et 
seq.


Secs. 543.12-543.13  [Removed]

    13. Sections 543.12 and 543.13 are removed.

PART 545--OPERATIONS

    14. The authority citation for part 545 continues to read as 
follows:
    Authority: 12 U.S.C. 1462a, 1463, 1464, 1828.


Secs. 545.15, 545.18-545.20, 545.44, 545.122, 545.136-
545.137  [Removed]

    15. Sections 545.15, 545.18 through 545.20, 545.44, 545.122, 
545.136 and 545.137 are removed.

PART 552--INCORPORATION, ORGANIZATION, AND CONVERSION OF FEDERAL 
STOCK ASSOCIATIONS

    16. The authority citation for part 552 continues to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a.


Sec. 552.2-4  [Removed]

    17. Section 552.2-4 is removed.


Sec. 552.6-2  [Amended]

    18. Section 552.6-2 is amended by removing the phrase 
``Sec. 545.122 of this chapter'' in paragraph (b), and by adding in 
lieu thereof the phrase ``Sec. 563.39 of this chapter''.

PART 556--STATEMENTS OF POLICY

    19. The authority citation for part 556 continues to read as 
follows: 

    Authority: 5 U.S.C. 552, 559; 12 U.S.C. 1464, 1701j-3; 15 U.S.C. 
1693-1693r.


Secs. 556.4, 556.6, 556.8-556.9, 556.11, 556.14-556.15  [Removed]

    20. Sections 556.4, 556.6, 556.8 through 556.9, 556.11, and 556.14 
through 556.15 are removed.

PART 562--REGULATORY REPORTING STANDARDS

    21. The authority citation for part 562 continues to read as 
follows:

    Authority: 12 U.S.C. 1463.


Sec. 562.3  [Removed]

    22. Section 562.3 is removed.

PART 563--OPERATIONS

    23. The authority citation for part 563 continues to read as 
follows:

    Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468, 
1817, 1828, 3806; 42 U.S.C. 4106.


Secs. 563.8, 563.49, 563.72  [Removed]

    24. Sections 563.8, 563.49 and 563.72 are removed.
    25. Section 563.41 is amended by removing the period at the end of 
paragraph (b)(10)(iv) and adding a semicolon in its place, by adding 
paragraph (b)(11), by removing paragraph (d)(1), by redesignating 
paragraphs (d)(2) through (d)(7) as paragraphs (d)(1) through (d)(6), 
respectively, and by removing the phrase ``After January 1, 1995, any'' 
in the introductory text of newly designated paragraph (d)(1) and 
adding the word ``Any'' in its place, to read as follows:


Sec. 563.41  Loans and other transactions with affiliates and 
subsidiaries.

* * * * *
    (b) * * *
    (11) The term capital stock and surplus of the savings association 
means ``unimpaired capital and unimpaired surplus'' as defined at 
Sec. 563.93(b)(11) of this part.
* * * * *


Sec. 563.42  [Amended]

    26. Section 563.42 is amended, in paragraph (d)(1), by removing the 
phrase ``Sec. 563.41, any bank, any savings association in a structure 
qualifying under Sec. 563.41(d)(1) of this part or, after January 1, 
1995,'', and by adding in lieu thereof the phrase ``Sec. 563.41 of this 
part, any bank, or''.


Sec. 563.45  [Amended]

    27. Section 563.43 is amended by adding paragraph (f) to read as 
follows:


Sec. 563.43  Loans by savings associations to their executive officers, 
directors and principal shareholders.

* * * * *
    (f) References to the term ``unimpaired capital and unimpaired 
surplus'' shall be deemed to refer to ``unimpaired capital and 
unimpaired surplus'' as defined at Sec. 563.93(b)(11) of this part.


Sec. 563.52  [Amended]

    28. Section 563.52 is amended by removing the phrase ``Sec. 584.6 
of this chapter'' in paragraph (b), and by adding in lieu thereof the 
phrase ``12 U.S.C. 1467a(m)''.

PART 563d--SECURITIES OF SAVINGS ASSOCIATIONS

    29. The authority citation for part 563d continues to read as 
follows:

    Authority: 12 U.S.C. 1462a, 1463, 1464; 15 U.S.C. 78c(b), 78l, 
78m, 78n, 78w, 78d-1.


Sec. 563d.200-30  [Removed]

    30. Section 563d.200-30 is removed.

PART 563g--SECURITIES OFFERINGS

    31. The authority citation for part 563g continues to read as 
follows:

    Authority: 12 U.S.C. 1462a, 1463, 1464; 15 U.S.C. 78c(b), 78l, 
78m, 78n, 78p, 78w.

    32. Section 563g.5 is amended by revising paragraphs (b)(1) and 
(b)(2) to read as follows:


Sec. 563g.5  Filing and signature requirements.

* * * * *
    (b) Number of copies. (1) Unless otherwise required, any filing 
under this part shall include nine copies of the document to be filed 
with the OTS, as follows:
    (i) Seven copies, which shall include one manually signed copy with 
exhibits, 

[[Page 66870]]
three conformed copies with exhibits, and three conformed copies 
without exhibits, to the Dissemination Branch, Records Management and 
Information Policy; and
    (ii) Two copies, which shall include one manually signed copy with 
exhibits and one conformed copy, without exhibits, to the Regional 
Director.
    (2) Within five days after the effective date of an offering 
circular or the commencement of a public offering after the effective 
date, whichever occurs later, nine copies of the offering circular used 
shall be filed with the OTS, as follows: seven copies to the 
Dissemination Branch, Records Management and Information Policy, and 
two copies to the Regional Director.
* * * * *


Sec. 563g.22  [Removed]

    33. Section 563g.22 is removed.

PART 571--STATEMENTS OF POLICY

    34. The authority citation for part 571 continues to read as 
follows:

    Authority: 5 U.S.C. 552, 559; 12 U.S.C. 1462a, 1463, 1464.


Sec. 571.24  [Amended]

    35. Section 571.24 is amended by removing the phrase ``parts 528 
and 529'' in paragraph (a), and by adding in lieu thereof the phrase 
``part 528''.

PART 583--DEFINITIONS

    36. The authority citation for part 583 is revised to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1468.


Sec. 583.17  [Amended]

    37. Section 583.17 is amended by removing the phrase ``Sec. 584.6 
of this chapter'', and by adding in lieu thereof the phrase ``12 U.S.C. 
1467a(m)''.

PART 584--REGULATED ACTIVITIES

    38. The authority citation for part 584 continues to read as 
follows:

    Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1468.


Sec. 584.2a  [Amended]

    39. Section 584.2a is amended by removing the phrase ``Sec. 584.6 
of this chapter'' in paragraph (a)(2), and by adding in lieu thereof 
the phrase ``12 U.S.C. 1467a(m)''.


Sec. 584.2-1  [Amended]

    40. Section 584.2-1 is amended by removing the phrase ``Sec. 584.3 
of this part'' where it appears in paragraphs (b)(2) and (b)(3) 
introductory text, and by adding in lieu thereof the phrase ``12 U.S.C. 
1468''.


Secs. 584.3, 584.6, 584.11  [Removed]

    41. Sections 584.3, 584.6 and 584.11 are removed.

    Dated: December 8, 1995.

    By the Office of Thrift Supervision.
Jonathan L. Fiechter,
Acting Director.
[FR Doc. 95-31121 Filed 12-26-95; 8:45 am]
BILLING CODE 6720-01-P