Office of the Comptroller of the Currency 12 CFR Parts 4
[Docket No. 98-11]
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12 CFR Part 211 [Regulation K; Docket No. R-1012]
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12 CFR Part 347 RIN 3064-AC15
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Extended Examination Cycle for U.S. Branches and Agencies of Foreign Banks
AGENCIES:: Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; and the Federal Deposit Insurance Corporation.
ACTION: 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), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) are issuing this joint interim rule with request for comment to implement the provisions related to an extended examination cycle for U.S. branches and agencies of foreign banks set out in section 2214 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). United States branches and agencies of foreign banks with total assets of $250 million or less are eligible to be considered for the 18-month examination cycle if they meet the qualifying criteria set out in this interim rule.
DATES: This interim rule is effective August 28, 1998. Comments must be received by October 27, 1998.
ADDRESSES:
OCC: Communications Division, Office of the Comptroller of the Currency, 250 E Street S.W., Washington, D.C. 20219, Attention: Docket No.98-11. 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: Jennifer J. Johnson, 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-1012. Comments addressed to Ms. Johnson 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 9:00 a.m. and 5:00 p.m., except as provided in Section 261.14 of the Board's Rules Regarding the Availability of Information.
FDIC: Robert E. Feldman, Executive Secretary, Attention: Comments/OES, Federal Deposit Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20429. Comments may be hand delivered to the guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7:00 a.m. and 5:00 p.m. (Fax number (202) 898-3838; Internet address: comments@fdic.gov) Comments may be inspected and photocopied in the FDIC Public Information Center, Room 100, 801 17th Street, N.W., Washington, D.C. between 9:00 a.m. and 4:30 p.m. on business days.
FOR FURTHER INFORMATION CONTACT:
OCC: Martha Clarke, Senior Attorney, International Activities (202/874-0680); or Howard Blacker, Senior International Advisor, International Banking & Finance (202/874-4730).
Board: Norah M. Barger, Assistant Director (202/452-2402), or Joseph J. Sciortino, Supervisory Financial Analyst (202/452-2294), Division of Banking Supervision and Regulation; or Sandra Richardson, Managing Senior Counsel (202/452-6406) or Jonathan D. Stoloff, Senior Attorney (202/ 452-3269), Legal Division.
FDIC: Karen Walter, Chief, International, Division of Supervision (202/898-3540); or Mark Mellon, Counsel, Regulation and Legislation Section, Legal Division (202/898-3854).
1998 Banking and consumer regulatory policy