Other Real Estate Owned and Technical Amendments; Correction
| Published date | 30 December 2019 |
| Citation | 84 FR 71735 |
| Record Number | 2019-28054 |
| Section | Rules and Regulations |
| Court | Treasury Department |
Federal Register, Volume 84 Issue 249 (Monday, December 30, 2019)
[Federal Register Volume 84, Number 249 (Monday, December 30, 2019)]
[Rules and Regulations]
[Page 71735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28054]
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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. 249 / Monday, December 30, 2019 /
Rules and Regulations
[[Page 71735]]
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; Correction
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Final rule; 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
the other real estate owned rule and make related technical amendments.
The final rule had an effective date of December 1, 2019. On November
21, 2019, the OCC published a correction to that final rule in the
Federal Register amending the final rule's effective date to January 1,
2020. This document corrects and supplements the November 21, 2019,
final rule.
DATES: Effective 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
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\ On November 21, 2019, the OCC published a correction to
the OREO final rule in the Federal Register amending the OREO final
rule's effective date to January 1, 2020 (the November 21, 2019, final
rule).\2\ This document corrects and supplements the November 21, 2019,
final rule with the additional regulatory analyses below.
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\1\ 84 FR 56369 (Oct. 22, 2019).
\2\ 84 FR 64193 (Nov. 21, 2019).
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II. Additional Regulatory Analyses
Good Cause To Dispense With Notice and Public Procedure
The OCC ordinarily publishes a notice of proposed rulemaking in the
Federal Register to provide for notice and public procedure before the
provisions of a rule take effect in accordance with section 553(b) of
the Administrative Procedure Act (5 U.S.C. 553(b)). Nevertheless, an
agency can dispense with this notice and public procedure if it finds,
for good cause, that the notice and public procedure thereon are
impracticable, unnecessary, or contrary to the public interest and
incorporates a statement of its findings and reasons in the final rule.
The OCC finds that that there is good cause to dispense with notice
and public procedure requirements in this final rule and the November
21, 2019, final rule because they are unnecessary. The November 21,
2019, final rule merely delayed the effective date of the OREO final
rule to January 1, 2020, that was previously subjected to notice and
public procedure. The delayed effective date avoids confusion about
adopting different effective dates for national banks and Federal
savings associations. This final rule merely supplements the regulatory
analyses for the November 21, 2019, final rule. Therefore, the OCC
finds it unnecessary to undertake further notice and public procedure
with respect to this final rule and the November 21, 2019, final rule.
Congressional Review Act
Pursuant to the Congressional Review Act, the Office of Management
and Budget will determine if this final rule and the November 21,2019,
final rule are not ``major rules,'' as defined at 5 U.S.C. 804(2). As
required by the Congressional Review Act, the OCC will submit the final
rules and other appropriate reports to Congress and the Government
Accountability Office for review.
Dated: December 20, 2019.
Morris R. Morgan,
First Deputy Comptroller, Comptroller of the Currency.
[FR Doc. 2019-28054 Filed 12-27-19; 8:45 am]
BILLING CODE 4810-33-P
