[Federal Register Volume 62, Number 60 (Friday, March 28, 1997)]
[Rules and Regulations]
[Pages 14792-14793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-7910]
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FEDERAL RESERVE SYSTEM
12 CFR Part 265
[Docket No. R-0968]
Rules Regarding Delegation of Authority
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is delegating to an individual member the Board's authority to approve
extensions of the 180-day period for final Board action on applications
to establish certain foreign bank offices in the United States. This
delegation of authority is intended to aid in the efficient processing
of such foreign bank office applications.
EFFECTIVE DATE: March 22, 1997.
FOR FURTHER INFORMATION CONTACT: Paul A. Vogel, Senior Attorney (202/
452-3428), Sara M. Craig, Attorney (202/452-2263), Legal Division,
Board of Governors of the Federal Reserve System. For the hearing
impaired only, Telecommunications Device for the Deaf (TDD), contact
Dorthea Thompson (202/452-3544), Board of Governors of the Federal
Reserve System, 20th and C Streets, NW, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: Section 7(d) of the International Banking
Act of 1978 (IBA), as amended by the Economic Growth and Regulatory
Paperwork Reduction Act of 1996 (Pub. L. No. 104-208, 110 Stat. 26),
permits the Board to extend the 180-day period within which the Board
must take final action on an application by a foreign bank to establish
a U.S. branch or agency or to acquire ownership or control of a
commercial lending company in the United States. The Board may extend
this period an additional 180 days after providing notice of, and the
reasons for, the extension to the applicant foreign bank and to the
State bank supervisor or the Comptroller of the Currency, as
appropriate (12 U.S.C. 3105(d)(7)(A)).
The Board has delegated to an individual Board member the authority
to approve such extensions pursuant to section 7(d) of the IBA. Section
11(k) of the Federal Reserve Act provides that the Board is authorized
and empowered to delegate any of its functions, other than those
relating to rulemaking or pertaining principally to monetary and credit
policies, to one or more administrative law judges, members or
employees of the Board, or Federal Reserve banks. 12 U.S.C. 248(k).
This delegation of authority is consistent with previous Board
practices with respect to extensions of time periods mandated by
Regulation K.
The provisions of the Administrative Procedure Act (APA)(5 U.S.C.
553) relating to notice, public participation, and deferred effective
date have not been followed in connection with the adoption of this
amendment because the change to be effected is procedural in nature and
does not constitute a substantive rule subject to the requirements of
that section. The APA grants a specific exemption from its requirements
relating to notice and public participation in this instance (12 U.S.C.
553(b)(3)(A)), and good cause exists to find that the nature of this
amendment makes a notice and public comment procedure unnecessary.
Regulatory Flexibility Act Analysis
Pursuant to the Regulatory Flexibility Act (5 U.S.C. 601-612), the
Board hereby certifies that this rule will not have a significant
economic impact on a substantial number of small entities.
Paperwork Reduction Act of 1995
In accordance with section 3506 of the Paperwork Reduction Act of
1995 (44 U.S.C. Ch. 35; 5 CFR part 1320 Appendix A.1), the Board
reviewed the rule under the authority delegated to the Board by the
Office of Management and Budget. No collections of information pursuant
to the Paperwork Reduction Act are contained in the rule.
List of Subjects in 12 CFR Part 265
Authority delegations (Government agencies), Banks, banking,
Federal Reserve System.
For the reasons set forth in the preamble, the Board amends 12 CFR
part 265 as set forth below:
PART 265--RULES REGARDING DELEGATION OF AUTHORITY
1. The authority citation for Part 265 continues to read as
follows:
Authority: 12 U.S.C. 248 (i) and (k).
2. Section 265.4 is amended by adding paragraph (a)(4) to read as
follows:
Sec. 265.4 Functions delegated to Board members.
(a) * * *
[[Page 14793]]
(4) Extension of time period for final Board action. To extend for
an additional 180 days the 180-day period within which final Board
action is required on an application pursuant to section 7(d) of the
International Banking Act.
* * * * *
By order of the Board of Governors of the Federal Reserve
System, March 24, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-7910 Filed 3-27-97; 8:45 am]
BILLING CODE 6210-01-P