Source: https://www.federalregister.gov/documents/2006/04/18/06-3720/technical-amendments-to-reflect-bif-and-saif-merger
Timestamp: 2017-10-23 06:25:57
Document Index: 790547189

Matched Legal Cases: ['art 528', 'art 546', 'arts 552', 'art 561', 'art 583', 'ART 528', 'ART 546', 'ART 552', 'ART 561', 'art 570', 'ART 583', 'art 528', '§\u2009528', '§\u2009528', 'art 546', '§\u2009546', '§\u2009546', 'art 552', '§\u2009552', '§\u2009563', 'art.\n7', 'art 561', '§\u2009561', '§\u2009561', '§\u2009561', '§\u2009561', '§\u2009561', '§\u2009561', 'art 563', '§\u2009563', '§\u2009516', '§\u2009563', 'art 563', '§\u2009563', '§\u2009563', '§\u2009563', '§\u2009563', '§\u2009563', '§\u2009563', '§\u2009563', '§\u2009563', '§\u2009563', 'art 570', 'art 574', '§\u2009574', '§\u2009574', '§\u2009574', '§\u2009574', 'art 575', '§\u2009575', 'art 583', '§\u2009583', '§\u2009583', '§\u2009583', '§\u2009583', '§\u2009583', '§\u2009583']

Federal Register :: Technical Amendments To Reflect BIF and SAIF Merger
Technical Amendments To Reflect BIF and SAIF Merger
A Rule by the Thrift Supervision Office on 04/18/2006
71 FR 19810
19810-19812 (3 pages)
12 CFR 528
12 CFR 546
12 CFR 561
No. 2006-15
1550-AC05
12 CFR Part 528
12 CFR Part 546
12 CFR Parts 552 and 563b
12 CFR Part 561
12 CFR Part 583
PART 528—NONDISCRIMINATION REQUIREMENTS
PART 546—FEDERAL MUTUAL SAVINGS ASSOCIATIONS—MERGER, DISSOLUTION, REORGANIZATION, AND CONVERSION
PART 552—FEDERAL STOCK ASSOCIATIONS—INCORPORATION, ORGANIZATION, AND CONVERSION
PART 561—DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS ASSOCIATIONS
Appendix A to Part 570 [Amended]
PART 583—DEFINITIONS FOR REGULATIONS AFFECTING SAVINGS AND LOAN HOLDING COMPANIES
https://www.federalregister.gov/d/06-3720 https://www.federalregister.gov/d/06-3720
The Office of Thrift Supervision (OTS) is amending its regulations to incorporate numerous technical and conforming amendments necessary to reflect the recent merger of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF).
Effective Date: April 18, 2006.
Sandra E. Evans, Legal Information Assistant (Regulations), (202) 906-6076; or Richard Bennett, Counsel, (202) 906-7409, Regulations and Legislation Division, Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.
OTS is amending its regulations to incorporate numerous technical and conforming amendments necessary to reflect the recent merger of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF). The Deposit Insurance Reform Act of 2005, which was enacted as part of the Deficit Reduction Act of 2005, Public Law 109-171, brought about this merger, creating one Deposit Insurance Fund (DIF). The President signed that act into law on February 8, 2006.
The Act provides that the merger would take effect no later than July 1, 2006. The Federal Deposit Insurance Corporation made the merger effective March 31, 2006.
Accordingly, OTS is making technical and conforming amendments to its regulations. These include deleting references to SAIF and BIF, substituting references to DIF where applicable, and other related changes to simplify definitions and provisions consistent with the Deposit Insurance Reform Act of 2005.
OTS finds that there is good cause to dispense with prior notice and comment on this final rule and with the 30-day delay of effective date mandated by the Administrative Procedure Act. 5 U.S.C. 553. OTS believes that these procedures are unnecessary and contrary to public interest because the rule merely makes technical and conforming amendments to existing provisions necessitated by the merger of BIF and SAIF under the Deposit Insurance Reform Act of 2005. That merger took effect March 31, 2006.
Section 302 of the Riegle Community Development and Regulatory Improvement Act of 1994 provides that regulations that impose additional reporting, disclosure, or other new requirements may not take effect before the first day of the quarter following publication. Public Law 103-325, 12 U.S.C. 4802. This section does not apply because this final rule imposes no additional requirements and makes only technical and conforming changes to existing regulations.
Pursuant to section 605(b) of the Regulatory Flexibility Act, Public Law 96-354, 5 U.S.C. 601, the OTS Director certifies that this regulation will not have a significant economic impact on a substantial number of small entities.
and 563b
Accordingly, the Office of Thrift Supervision amends title 12, chapter V of the Code of Federal Regulations, as set forth below.
1. The authority citation for part 528 continues to read as follows:
Authority: 12 U.S.C. 1464, 2810 et seq., 2901 et seq.; 15 U.S.C. 1691; 42 U.S.C. 1981, 1982, 3601-3619.
2. Revise § 528.1(b) to read as follows:
§ 528.1
(b) Savings association. The term “savings association” means any savings association as defined in 12 U.S.C. 1813(b).
3. The authority citation for part 546 continues to read as follows:
4. Revise § 546.2(a)(3) to read as follows:
§ 546.2
Procedure; effective date.
(3) Any resulting Federal savings association conforms within the time prescribed by the OTS to the requirements of sections 5(c) and 10(m) of the Home Owners' Loan Act; and
5. The authority citation for part 552 continues to read as follows:
6. Revise § 552.13(a) and (c)(3) to read as follows:
Combinations involving Federal stock associations.
(a) Scope and authority. Federal stock associations may enter into combinations only in accordance with the provisions of this section, section 18(c) of the Federal Deposit Insurance Act, sections 5(d)(3)(A) and 10(s) of the Home Owners' Loan Act, and § 563.22 of this part.
7. The authority citation for part 561 continues to read as follows:
§ 561.3
8. Amend § 561.3 by removing “SAIF” and adding in its place “Deposit Insurance Fund”.
§ 561.7
9. Remove and reserve § 561.7.
§ 561.41
10. Remove and reserve § 561.41.
11. The authority citation for part 563 continues to read as follows:
Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468, 1817, 1820, 1828, 1831o, 3806; 31 U.S.C. 5318; 42 U.S.C. 4106.
12. Amend § 563.22 as follows:
a. Revise paragraph (d)(4);
b. Remove “the Savings Association Insurance Fund, the Bank Insurance Fund,” and add in its place “the Deposit Insurance Fund” in paragraph (e)(2)(i);
c. Remove “, except as provided in paragraph (h)(2)(iii) of this section” in paragraph (h)(2)(ii); and
d. Remove paragraph (h)(2)(iii), to read as follows:
(4) Applications filed under paragraph (a) of this section must be processed in accordance with the time frames set forth in §§ 516.210 through 516.290 of this chapter, provided that the period for review may be extended only if the Office determines that the applicant has failed to furnish all requested information or that the information submitted is substantially inaccurate, in which case the review period may be extended for up to 30 days.
13. Amend § 563.81 as follows:
a. Remove “the Savings Association Insurance Fund or the Bank Insurance Fund, as the case may be,” and add in its place “the Deposit Insurance Fund” in paragraph (b)(3);
b. Remove “the Savings Association Insurance Fund or the Bank Insurance Fund, as the case may be,” and add in its place “the Deposit Insurance Fund” in paragraph (f);
c. Remove “whose accounts are insured by the Savings Association Insurance Fund,” in paragraph (k)(3)(ii); and
d. Remove “the Savings Association Insurance Fund or the Bank Insurance Fund, as appropriate” and add in its place “the Deposit Insurance Fund” in paragraph (k)(5)(i).
14. The authority citation for part 563b continues to read as follows:
§ 563b.625
15. Amend § 563b.625 by removing “the federal deposit insurance funds” and adding in its place “the Deposit Insurance Fund” in paragraphs (b)(3) and (4).
§ 563b.630
16. Revise the section heading of § 563b.630 to read as follows:
When is a state-chartered savings bank eligible for a voluntary supervisory conversion?
17. Amend the introductory text of § 563b.630 by removing “BIF-insured”.
Start Printed Page 19812
§ 563b.670
18. Amend § 563b.670 by removing “the federal deposit insurance funds” and adding in its place “the Deposit Insurance Fund” in paragraph (b).
§ 563b.675
19. Amend § 563b.675 by removing “the federal deposit insurance funds” and adding in its place “the Deposit Insurance Fund” in paragraph (b)(1).
20. The authority citation for part 570 continues to read as follows:
21. Amend paragraph I(vi) of Appendix A by removing “the deposit insurance funds” and adding in its place “the Deposit Insurance Fund”.
22. The authority citation for part 574 continues to read as follows:
§ 574.2
23. Remove and reserve § 574.2, paragraphs (e) and (o).
§ 574.7
24. Amend § 574.7 as follows:
a. Remove “the SAIF or BIF; or” and add in its place “the Deposit Insurance Fund; or” in paragraph (c)(1)(i);
b. Remove “the SAIF or the BIF” and add in its place “the Deposit Insurance Fund” in paragraph (d)(6).
25. The authority citation for part 575 continues to read as follows:
26. Amend § 575.7 by removing “the relevant Federal deposit insurance fund,” and adding in its place “the Deposit Insurance Fund,” in paragraph (d)(6)(ii).
27. The authority citation for part 583 continues to read as follows:
28. Revise § 583.3 to read as follows:
§ 583.3
The term bank means any national bank, state bank, state-chartered savings bank, cooperative bank, or industrial bank, the deposits of which are insured by the Deposit Insurance Fund.
§ 583.5
29. Remove and reserve § 583.5.
§ 583.19
30. Remove and reserve § 583.19.
[FR Doc. 06-3720 Filed 4-17-06; 8:45 am]