[Federal Register Volume 79, Number 55 (Friday, March 21, 2014)]
[Rules and Regulations]
[Pages 15639-15641]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-05826]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Parts 4, 5, 7, 10, 11, 16, 19, 24, 34, and 40

[Docket ID OCC-2014-0005]
RIN 1557-AD76


Technical Amendments: Removal of Rules Transferred to the 
Consumer Financial Protection Bureau; OCC Address Change

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Final rule.

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SUMMARY: The Office of the Comptroller of the Currency (OCC) is 
removing regulations concerning registration of mortgage loan 
originators, and regulations relating to privacy of consumer financial 
information. Rulemaking authority for these rules transferred to the 
Consumer Financial Protection Bureau on July 21, 2011 pursuant to Title 
X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and 
these OCC rules are therefore no longer operative. The OCC also is 
amending its regulations to update its address to reflect its move to a 
new headquarters building, to update the address of its Freedom of 
Information Act web portal, and to update its Web site address.

DATES: Effective March 21, 2014.

FOR FURTHER INFORMATION CONTACT: For additional information, contact 
Heidi Thomas, Special Counsel, or Stuart Feldstein, Director, 
Legislative and Regulatory Activities Division, 202-649-5490; Office of 
the Comptroller of the Currency, Washington, DC 20219.

SUPPLEMENTARY INFORMATION:

I. Description of Rule

    This final rule makes a number of technical amendments to the OCC's 
rules, as described below.

Transfer of Rules to the Consumer Financial Protection Bureau

    The Dodd-Frank Wall Street Reform and Consumer Protection Act \1\ 
(Dodd-Frank Act) transferred to the Consumer Financial Protection 
Bureau (CFPB) Federal rulemaking authority for the Secure and Fair 
Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) \2\ and the 
financial information privacy provisions in Title V of the Gramm-Leach-
Bliley Act (GLBA).\3\ The Office of the Comptroller of the Currency 
previously issued rules implementing these laws for national banks, 
Federal branches and agencies of foreign banks, and their operating 
subsidiaries (collectively, national banks) at 12 CFR part 34, subpart 
F (rules for national banks governing the registration of residential 
mortgage loan originators) and 12 CFR part 40 (privacy of customer 
financial information), respectively. This transfer of rulemaking 
authority to the CFPB occurred on July 21, 2011, and the CFPB has since 
reissued these rules as CFPB rules.\4\ National banks now must comply 
with these rules as reissued by the CFPB and not as previously 
promulgated and published by the OCC, rendering part 34, subpart F, and 
part 40 no longer operative. Accordingly, the OCC is removing these 
rules from the Code of Federal Regulations.\5\
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    \1\ Public Law 111-203, 124 Stat. 1376 (2010).
    \2\ 12 U.S.C. 5101 et seq. See Dodd-Frank Act, sections 
1002(12)(N) and 1022 (12 U.S.C. 5481(12)(N) and 5512).
    \3\ In general, sections 502 through 509 of GLBA (15 U.S.C. 6802 
through 6809). See Dodd-Frank Act sections 1002(12)(J) and 1022 (12 
U.S.C. 5481(12)(J) and 5512).
    \4\  See 12 CFR parts 1007 and 1016.
    \5\ We note that the Dodd-Frank Act also transferred rulemaking 
authority for certain provisions of the Fair Credit Reporting Act to 
the CFPB. The OCC is addressing this transfer through a separate 
rulemaking.
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OCC Headquarters Address Change

    In May 2013, the OCC completed its move to a new headquarters 
building in

[[Page 15640]]

Washington, DC. As a result, the address for the OCC included in 12 CFR 
parts 4, 5, 7, 10, 11, 16, and 19 is now out-of-date. This final rule 
amends these rules to replace the OCC's former address with its current 
address, 400 7th Street SW., Washington, DC 20219.

OCC Web site

    Current 12 CFR parts 5 and 24 include the original Web site address 
for the OCC, http://www.occ.treas.gov. Since we published these rules, 
the OCC has simplified the Web site address to www.occ.gov. This final 
rule amends these rules to reflect this change.

OCC Freedom of Information Office

    Twelve CFR 4.15(b)(1), 4.18(a)(1), and 4.18(b) contain an OCC 
Freedom of Information Act (FOIA) Web portal address, through which the 
public may submit FOIA requests, appeal an OCC FOIA decision, and track 
the status of a FOIA request. This final rule updates this address to 
https://foia-pal.occ.gov/palMain.aspx. In addition, the final rule 
amends 12 CFR 4.15(g) to clarify the name of the OCC office that 
receives FOIA requests.

II. Notice and Comment

    Pursuant to the Administrative Procedure Act (APA), notice and 
comment are not required prior to the issuance of a final rule if an 
agency, for good cause, finds that ``notice and public procedure 
thereon are impracticable, unnecessary, or contrary to the public 
interest.'' \6\
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    \6\ 5 U.S.C. 553(b).
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    The OCC finds that public notice and comment on this final rule are 
unnecessary. Because the Dodd-Frank Act transferred all Federal 
rulemaking for the SAFE Act and the financial information privacy 
provisions in Title V of GLBA to the CFPB as of July 21, 2011, the 
existing OCC rules implementing these laws for national banks are no 
longer operative. The removal of these rules from the Code of Federal 
Regulations is clerical in nature, and will reduce any possible 
confusion that may result from having two sets of rules addressing 
these laws.
    In addition, the final rule's update of the OCC's physical and Web 
site addresses, FOIA web portal address, and FOIA division name is 
purely a technical change to our rules and provides our regulated 
institutions, interested parties, and the public with the OCC's current 
and most accurate contact information.
    For these reasons, the OCC has good cause to conclude that advance 
notice and comment under the APA for this rulemaking are unnecessary.

III. Effective Date

    This final rule is effective on March 21, 2014. Pursuant to the 
APA, a final rule may be effective without 30 days advance publication 
in the Federal Register if an agency finds good cause and publishes 
such with the final rule.\7\ The purpose of a delayed effective date is 
to allow regulated entities to adjust their behavior before the final 
rule takes effect. As described above, the final rule removes from the 
Code of Federal Regulations rules that are no longer valid and updates 
the OCC's physical and Web site addresses, the OCC's FOIA web portal 
address, and the OCC's FOIA division name. These amendments do not 
require national banks to adjust their behavior in a substantive 
manner. Therefore, the OCC finds good cause to dispense with a delayed 
effective date.
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    \7\ 5 U.S.C. 553(d)(3).
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    Section 302 of the Riegle Community Development and Regulatory 
Improvement Act of 1994 \8\ (RCDRIA) requires, subject to certain 
exceptions, that regulations imposing additional reporting, disclosure, 
or other requirements on insured depository institutions take effect on 
the first day of the calendar quarter after publication of the final 
rule. This final rule does not impose additional reporting, disclosure, 
or other requirements and therefore section 302 of the RCDRIA does not 
apply.
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    \8\ 12 U.S.C. 4802.
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IV. Regulatory Analysis

Regulatory Flexibility Act

    Pursuant to the Regulatory Flexibility Act (RFA),\9\ an agency must 
prepare a regulatory flexibility analysis for all proposed and final 
rules that describes the impact of the rule on small entities, unless 
the head of an agency certifies that the rule will not have ``a 
significant economic impact on a substantial number of small 
entities.'' However, the RFA applies only to rules for which an agency 
publishes a general notice of proposed rulemaking pursuant to the 
APA.\10\ As discussed above, the OCC has determined for good cause that 
the APA does not require notice and public comment on this rule and, 
therefore, we are not publishing a general notice of proposed 
rulemaking. Thus, the RFA does not apply to this final rule.
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    \9\ 5 U.S.C. 603.
    \10\ 5 U.S.C. 603(a), 604(a).
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Unfunded Mandates Reform Act of 1995

    Section 202 of the Unfunded Mandates Reform Act of 1995 (UMRA) \11\ 
requires that an agency prepare a budgetary impact statement before 
promulgating a rule that includes a Federal mandate that may result in 
the expenditure by state, local, and tribal governments, in the 
aggregate, or by the private sector of $100 million or more in any one 
year. If a budgetary impact statement is required, section 205 of UMRA 
\12\ also requires an agency to identify and consider a reasonable 
number of regulatory alternatives before promulgating a rule. However, 
the UMRA applies only to rules for which an agency publishes a general 
notice of proposed rulemaking pursuant to the APA.\13\ As discussed 
above, the OCC has determined for good cause that the APA does not 
require general notice and public comment on this rule and, therefore, 
we are not publishing a general notice of proposed rulemaking. Thus, 
the UMRA does not apply to this final rule. Accordingly, the OCC has 
not prepared a budgetary impact statement or specifically addressed the 
regulatory alternatives considered.
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    \11\ 2 U.S.C. 1532.
    \12\ 2 U.S.C. 1535.
    \13\ 2 U.S.C. 1532(a).
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Paperwork Reduction Act

    This final rule removes several regulatory provisions that have 
currently approved collections of information under the Paperwork 
Reduction Act (PRA) (44 U.S.C. 3501-3520).\14\ Non-substantive changes 
have previously been made to these collections to reflect the transfer 
of the rules to the CFPB.
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    \14\ OMB Control Nos. 1557-0216 and1557-0243.
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List of Subjects

12 CFR Part 4

    Administrative practice and procedure, Freedom of information, 
Individuals with disabilities, Minority businesses, Organization and 
functions (Government agencies), Reporting and recordkeeping 
requirements, Women.

12 CFR Part 5

    Administrative practice and procedure, National banks, Reporting 
and recordkeeping requirements, Securities.

12 CFR Part 7

    Computer technology, Credit, Insurance, Investments, National 
banks, Reporting and recordkeeping requirements, Securities, Surety 
bonds.

12 CFR Part 10

    National banks, Reporting and recordkeeping requirements, 
Securities.

[[Page 15641]]

12 CFR Part 11

    Confidential business information, National banks, Reporting and 
recordkeeping requirements, Securities.

12 CFR Part 16

    National banks, Reporting and recordkeeping requirements, 
Securities.

12 CFR Part 19

    Administrative practice and procedure, Crime, Equal access to 
justice, Investigations, National banks, Penalties, Securities.

12 CFR Part 24

    Community development, Credit, Investments, Low and moderate income 
housing, National banks, Reporting and recordkeeping requirements, 
Rural areas, Small businesses.

12 CFR Part 34

    Mortgages, National banks, Reporting and recordkeeping 
requirements.

12 CFR Part 40

    Banks, Banking, Consumer protection, National banks, Privacy, 
Reporting and recordkeeping requirements.

    For the reasons set forth in the preamble, and under the authority 
of 12 U.S.C. 93a, chapter I of title 12 of the Code of Federal 
Regulations is amended as follows:

PART 4 [AMENDED]

0
1. Part 4 is amended as follows:
0
a. Remove the phrase ``250 E Street, SW.,'' wherever it appears and add 
``400 7th Street SW.,'' in its place in Sec. Sec.  4.4, 4.14(c), and 
4.17(c);
0
b. Remove the phrase ``250 E Street, SW.,'' and add ``400 7th Street, 
SW.,'' in its place in Sec. Sec.  4.15(b)(1), 4.15(e)(2), and 4.34(a);
0
c. Remove the web address ``https://appsec.occ.gov/publicaccesslink/palMain.aspx'' and add the web address ``https://foia-pal.occ.gov/palMain.aspx'' in its place in Sec. Sec.  4.15(b)(1), 4.18(a)(1), and 
4.18(b); and
0
d. Remove the phrase ``OCC Communications Division'' and add in its 
place ``Disclosure Services, Communications Division'' in Sec.  
4.15(g).

PART 5 [AMENDED]

0
2. Part 5 is amended as follows:
0
a. Remove the phrase ``250 E Street SW., Washington, DC 20219-0001'' 
and add ``400 7th Street SW., Washington, DC 20219'' in its place in 
Sec.  5.2(c);
0
b. Remove the web address ``http://www.occ.treas.gov'' and add 
``www.occ.gov'' in its place in Sec.  5.2(c); and
0
c. Remove the web address ``www.occ.treas.gov'' and add ``www.occ.gov'' 
in its place in footnote 1 in Sec.  5.34(e)(5)(v)(R).

PART 7 [AMENDED]

0
3. Part 7 is amended by removing the phrase ``250 E Street SW.,'' and 
adding ``400 7th Street SW.,'' in its place in footnote 2 in Sec.  
7.2000(c).

PART 10 [AMENDED]

0
4. Part 10 is amended by removing the phrase ``250 E Street SW.,'' and 
adding ``400 7th Street SW.,'' in its place in Sec.  10.2(c).

PART 11 [AMENDED]

0
5. Part 11 is amended by removing the phrase ``250 E Street SW.,'' and 
adding ``400 7th Street SW.,'' in its place in Sec.  11.3(a)(1).

PART 16 [AMENDED]

0
6. Part 16 is amended by removing the phrase ``250 E Street SW.,'' and 
adding ``400 7th Street SW.,'' in its place in Sec.  16.17(a).

PART 19 [AMENDED]

0
7. Part 19 is amended by removing the phrase ``250 E Street SW.,'' and 
adding ``400 7th Street SW.,'' in its place in Sec.  19.100.

PART 24 [AMENDED]

0
8. Part 24 is amended by removing the web address ``http://www.occ.treas.gov'' and adding ``www.occ.gov'' in its place in Sec.  
24.5(a)(2) and (b)(1).

PART 34--REAL ESTATE LENDING AND APPRAISALS

0
9. Revise the authority citation for part 34 to read as follows:

    Authority:  12 U.S.C. 1 et seq., 25b, 29, 93a, 371, 1465, 1701j-
3, 1828(o), and 5412(b)(2)(B).

Subpart F [Removed]

0
10. Remove subpart F, consisting of Sec. Sec.  34.101 through Appendix 
A to Subpart F of Part 34.

PART 40 [REMOVED]

0
11. Remove part 40.

    Dated: March 10, 2014.
Thomas J. Curry,
Comptroller of the Currency.
[FR Doc. 2014-05826 Filed 3-20-14; 8:45 am]
BILLING CODE 4810-01-P