FRB: Press Release -- Joint request for comment on expanding the examination frequency cycle -- January 24, 1997 Federal Reserve Board eagle logo links to home page

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

12 CFR Part 4

[Docket No. 97-02]
RIN 1557-AB56

FEDERAL RESERVE SYSTEM

12 CFR Part 208

[Regulation H; Docket No. R-0957]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 337

RIN 3064-AB90

DEPARTMENT OF THE TREASURY
Office of Thrift Supervision

12 CFR Part 563

[Docket No. 96-114]
RIN 1550-AB02

Expanded Examination Cycle For Certain Small Insured Institutions

AGENCIES: Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

ACTION: Interim rule with request for comment.

SUMMARY: The Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are issuing this joint interim rule with request for comment to implement section 306 of the Riegle Community Development and Regulatory Improvement Act of 1994 (CDRI), and section 2221 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). CDRI section 306 and EGRPRA section 2221 authorize the Agencies to increase the asset size of certain financial institutions that may be examined once in every 18-month period, rather than once in every 12-month period, from the current limit of $100 million to a revised limit of $250 million. This interim rule makes certain institutions that have $250 million or less in assets eligible for the 18-month examination schedule.

Furthermore, section 2214 of EGRPRA amends the International Banking Act of 1978 and requires that each Federal branch or agency, and each State branch or agency, of a foreign bank be subject to on-site examination by an appropriate Federal banking agency or State banking supervisor as frequently as would a national or a state bank, respectively, by the appropriate Federal banking agency. Certain issues are raised regarding the manner in which the criteria established by CDRI and EGRPRA for a national or state bank should be made applicable to U.S. branches and agencies of foreign banking organizations. The method(s) by which the criteria will be applied to such entities is currently being developed.

DATES: This interim rule is effective on January 30, 1997. Comments must be received by March 31, 1997.

ADDRESSES: Comments should be directed to:

OCC: Communications Division, Office of the Comptroller of the Currency, 250 E Street S.W., Washington, D.C. 20219, Attention: Docket No. 97-02. Comments will be available for public inspection and photocopying at the same location. Comments may also be sent by facsimile transmission to (202)874-5274 or by electronic mail to Regs.comments@occ.treas.gov.

Board: William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 20551, and refer to Docket No. R-0957. Comments addressed to Mr. Wiles may also be delivered to the Board's mail room between 8:45 a.m. and 5:15 p.m., and to the security control room outside of those hours. Both the mail room and the security control room are accessible from the courtyard entrance on 20th Street between Constitution Avenue and C Street, N.W. Comments may be inspected in room MP-500 between 9:00a.m. and 5:00p.m., except as provided in Section 261.8 of the Board's Rules Regarding the Availability of Information, 12 CFR 261.8.

FDIC: Jerry L. Langley, Executive Secretary, Federal Deposit Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20429. Comments may be hand delivered to room F-402, 1776 F Street, N.W., Washington, D.C. on business days between 8:30 a.m. and 5:00 p.m. Comments may be sent through facsimile to (202) 898-3838 or by Internet to comments@fdic.gov. Comments will be available for inspection at the FDIC Public Information Center, Room 100, 801 17th Street, N.W., Washington, D.C. on business days between 9:00 a.m. and 4:30 p.m.

OTS: Manager, Dissemination Branch, Records Management and Information Policy, Office of Thrift Supervision, 1700 G Street, N.W., Washington, D.C. 20552, Attention Docket No. 96-114. These submissions may be hand-delivered to 1700 G Street, N.W., from 9:00 a.m. to 5:00 p.m. on business days; they may be sent by facsimile transmission to FAX Number (202) 906-7755. Comments will be available for inspection at 1700 G Street, N.W., from 9:00 a.m. until 4:00 p.m. on business days.

FOR FURTHER INFORMATION CONTACT:

OCC: Lawrence W. Morris, National Bank Examiner, Examination Process (202) 874-4915; Ronald Schneck, Director, Special Supervision, (202) 874-4450; or Mark Tenhundfeld, Assistant Director, Legislative and Regulatory Activities, (202) 874-5090; Timothy M. Sullivan, Director, International Banking and Finance, (202) 874-4730.

Board: Jack P. Jennings, II, Assistant Director, (202) 452-3053, William H. Tiernay, Senior Financial Analyst, (202) 872-7579, Betsy Cross, Manager, Division of Banking Supervision and Regulation, or Greg Baer, Managing Senior Counsel, (202) 452-3236, Legal Division.

FDIC: Mark A. Mellon, Counsel, Regulation and Legislation section (202) 898-3854, Legal Division, or Robert W. Walsh, Manager, Planning and Program Development section (202) 898-6911, Division of Supervision, or international contact: Karen M. Walter, Review Examiner (202) 898-3540, Division of Supervision, Federal Deposit Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20429.

OTS: Scott M. Albinson, Special Assistant to the Executive Director, Supervision, (202) 906-7984; or Ellen J. Sazzman, Counsel (Banking and Finance), Regulations and Legislation Division, Office of the Chief Counsel, (202) 906-7133.

Summary, interim rule and proposal (35 KB PDF)


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