Other Real Estate Owned and Technical Amendments; Amendment of Effective Date and Correction
| Published date | 21 November 2019 |
| Citation | 84 FR 64193 |
| Record Number | 2019-25279 |
| Section | Rules and Regulations |
| Court | Treasury Department |
Federal Register, Volume 84 Issue 225 (Thursday, November 21, 2019)
[Federal Register Volume 84, Number 225 (Thursday, November 21, 2019)]
[Rules and Regulations]
[Page 64193]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25279]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 84, No. 225 / Thursday, November 21, 2019 /
Rules and Regulations
[[Page 64193]]
DEPARTMENT OF TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 3, 6, 34, 46, 160, 161, 163, and 167
[Docket ID OCC-2019-0004]
RIN 1557-AE50
Other Real Estate Owned and Technical Amendments; Amendment of
Effective Date and Correction
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Final rule; amendment of effective date and correction.
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SUMMARY: On October 22, 2019, the Office of the Comptroller of the
Currency (OCC) published in the Federal Register a final rule to revise
provisions on other real estate owned and make related technical
amendments. The final rule had an effective date of December 1, 2019.
The OCC has determined that an amendment of the effective date to
January 1, 2020, is appropriate.
DATES: The correction in this document is effective January 1, 2020.
The effective date of the final rule published on October 22, 2019 (84
FR 56369), is changed from December 1, 2019 to January 1, 2020.
FOR FURTHER INFORMATION CONTACT: Kevin Korzeniewski, Counsel, or J.
William Binkley, Attorney, Chief Counsel's Office, (202) 649-5490; or
for persons who are hearing impaired, TTY, (202) 649-5597.
SUPPLEMENTARY INFORMATION:
I. Background and Revised Effective Date
On October 22, 2019, the OCC published in the Federal Register a
final rule to revise its rule on other real estate owned (OREO) at 12
CFR part 34, subpart E, and make related technical amendments (OREO
final rule).\1\
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\1\ 84 FR 56369 (Oct. 22, 2019).
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The OREO final rule was published with an effective date of
December 1, 2019. However, the OCC has determined that an amendment of
the effective date of the OREO final rule to January 1, 2020, is
necessary to satisfy the requirements of the Riegle Community
Development and Regulatory Improvement Act (RCDRIA).\2\ Under section
302(b) of RCDRIA, new regulations and amendments to regulations that
impose new requirements on insured depository institutions generally
must take effect on the first day of a calendar quarter on or after the
date the final regulations are published. Since the OREO final rule
establishes new requirements for OREO held by Federal savings
associations, RCDRIA requires that the OREO final rule be effective for
these institutions no earlier than on January 1, 2020. In connection
with this revision, the OCC is amending the RCDRIA statement in the
final rule.
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\2\ 12 U.S.C. 4802(b).
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While the final rule primarily establishes new requirements for
Federal savings associations, the OCC is delaying the effective date of
the entire rule to avoid confusion about adopting different effective
dates for national banks and Federal savings associations. Any national
bank or Federal savings association subject to the final rule may
choose to comply with it prior to January 1, 2020.
II. Corrected RCDRIA Statement
In connection with the revised effective date, the OCC is amending
the RCDRIA statement in the SUPPLEMENTARY INFORMATION section of the
OREO final rule.
1. On page 56374, the second full paragraph in the first column,
under the heading ``D. Riegle Community Development and Regulatory
Improvement Act of 1994'' is revised to read as follows:
``The OCC received no comments addressing administrative burden of
the regulation pursuant to section 302(a) of the Riegle Community
Development and Regulatory Improvement Act of 1994 (RCDRIA). Under
section 302(b) of RCDRIA, new regulations and amendments to regulations
that impose new requirements on insured depository institutions
generally shall take effect on the first day of a calendar quarter on
or after the date the final regulations are published. Since the final
rule establishes new requirements for OREO held by Federal savings
associations, RCDRIA requires that the final rule be effective for
these institutions no earlier than on January 1, 2020. While the
revisions generally do not create new requirements for national banks,
the OCC is delaying the effective date for the entire rule to avoid
confusion between different types of OCC-regulated institutions.''
III. Rule Text Revision
Through this final rule, the OCC is revising the effective date
incorporated into the rule text at 12 CFR 34.82(b)(5) to January 1,
2020, to permit Federal savings associations to have a full 5-year
initial holding period for OREO held prior to the revised effective
date. As this revision is being made to implement the effective date
required under RCDRIA, the OCC does not believe this change is subject
to the notice and comment or delayed effective date requirements under
the Administrative Procedure Act (5 U.S.C. 553).
In FR Doc. 2019-22823 appearing on page 56369 in the Federal
Register of Tuesday, October 22, 2019, the following correction is
made:
Sec. 34.82 [Corrected]
0
2. On page 56375, in the first column, Sec. 34.82 is corrected in
paragraph (b)(5) by removing ``December 1, 2019'' and adding ``January
1, 2020'' in its place.
Dated: November 18, 2019.
Morris R. Morgan,
First Deputy Comptroller, Comptroller of the Currency.
[FR Doc. 2019-25279 Filed 11-20-19; 8:45 am]
BILLING CODE 4810-33-P
