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Proposed Rules Federal Register Vol 62835 Proposed Rules Federal Register Vol. 81, No. 177 Tuesday, September 13, 2016 This section of the FEDERAL REGISTER • Email: regs.comments@ required to present valid government- contains notices to the public of the proposed occ.treas.gov. issued photo identification and submit issuance of rules and regulations. The • Mail: Legislative and Regulatory to security screening in order to inspect purpose of these notices is to give interested Activities Division, Office of the and photocopy comments. persons an opportunity to participate in the Comptroller of the Currency, 400 7th rule making prior to the adoption of the final FOR FURTHER INFORMATION CONTACT: rules. Street SW., Suite 3E–218, mail stop 9W– Mitchell Plave, Special Counsel, 11, Washington, DC 20219. Legislative and Regulatory Activities • Hand Delivery/Courier: 400 7th Division, (202) 649–5490, or Richard DEPARTMENT OF THE TREASURY Street SW., Suite 3E–218, mail stop 9W– Cleva, Senior Counsel, Bank Activities 11, Washington, DC 20219. and Structure Division, (202) 649–5500, Office of the Comptroller of the • Fax: (571) 465–4326. or for persons who are deaf or hard of Currency Instructions: You must include hearing, TTY, (202) 649–5597, Office of ‘‘OCC’’ as the agency name and ‘‘Docket the Comptroller of the Currency, 400 7th 12 CFR Part 51 ID OCC–2016–0017’’ in your comment. Street SW., Washington, DC 20219. [Docket ID OCC–2016–0017] In general, the OCC will enter all SUPPLEMENTARY INFORMATION: comments received into the docket and RIN 1557–AE07 publish them on the Regulations.gov I. Introduction Web site without change, including any The proposed rule addresses how the Receiverships for Uninsured National business or personal information that OCC would conduct the receivership of Banks you provide such as name and address an uninsured national bank.1 The AGENCY: Office of the Comptroller of the information, email addresses, or phone proposed rule would implement the Currency, Treasury. numbers. Comments received, including provisions of the NBA that provide the ACTION: Notice of proposed rulemaking; attachments and other supporting legal framework for receiverships for request for public comment. materials, are part of the public record such institutions, 12 U.S.C. 191–200.2 and subject to public disclosure. Do not There are only a small number of SUMMARY: The Office of the Comptroller include any information in your uninsured national banks in operation of the Currency (OCC) is proposing a comment or supporting materials that today. The OCC, however, retains the rule addressing the conduct of you consider confidential or authority to grant new charters to receiverships for national banks that are inappropriate for public disclosure. entities whose business plan does not not insured by the Federal Deposit You may review comments and other call for them to obtain deposit insurance Insurance Corporation (FDIC) related materials that pertain to this if the OCC determines that the entities (uninsured banks) and for which the rulemaking action by any of the have a reasonable chance of succeeding FDIC would not be appointed as following methods: and can operate in a safe and sound receiver. The proposed rule would • Viewing Comments Electronically: manner, among other considerations. implement the provisions of the Go to www.regulations.gov. Enter Although the OCC has not placed an National Bank Act (NBA) that provide ‘‘Docket ID OCC–2016–0017’’ in the uninsured national bank into the legal framework for receiverships of Search box and click ‘‘Search.’’ Click on receivership since the Great Depression, such institutions. ‘‘Open Docket Folder’’ on the right side there are several reasons to consider DATES: Comments must be received no of the screen and then ‘‘Comments.’’ articulating a framework for such later than November 14, 2016. Comments can be filtered by clicking on receiverships now. First, since the ADDRESSES: Because paper mail in the ‘‘View All’’ and then using the filtering financial crisis of 2007–2008, regulators Washington, DC area and at the OCC is tools on the left side of the screen. have undertaken, on both a domestic subject to delay, commenters are • Click on the ‘‘Help’’ tab on the and coordinated global basis, to encouraged to submit comments Regulations.gov home page to get evaluate, discuss, and maintain through the Federal eRulemaking Portal information on using Regulations.gov. preparedness for effective governmental or email, if possible. Please use the title Supporting materials may be viewed by responses to critical financial distress. ‘‘Receiverships for Uninsured National clicking on ‘‘Open Docket Folder’’ and This focus highlights the need to Banks’’ to facilitate the organization and then clicking on ‘‘Supporting consider an appropriate resolution distribution of the comments. You may Documents.’’ The docket may be viewed framework for entities, such as submit comments by any of the after the close of the comment period in uninsured national banks, that currently following methods: the same manner as during the comment lack such a framework. Second, the Federal eRulemaking Portal— period. establishment of a framework for ‘‘Regulations.gov’’: Go to • Viewing Comments Personally: You www.regulations.gov. Enter ‘‘Docket ID may personally inspect and photocopy 1 Unlike national trust banks, all Federal savings OCC–2016–0017’’ in the Search box and comments at the OCC, 400 7th Street associations (FSAs), including FSA trust banks, are required to be insured. For this reason, this click ‘‘Search.’’ Click on ‘‘Comment SW., Washington, DC. For security proposed rule would not apply to FSAs, given that Now’’ to submit public comments. reasons, the OCC requires that visitors receiverships for FSAs would be conducted by the • Click on the ‘‘Help’’ tab on the make an appointment to inspect FDIC. Regulations.gov home page to get comments. You may do so by calling 2 The proposed rule establishes the basic receivership framework, which may be information on using Regulations.gov, (202) 649–6700 or, for persons who are supplemented over time with more detailed including instructions for submitting deaf or hard of hearing, TTY, (202) 649– guidance, for example, concerning the details of the public comments. 5597. Upon arrival, visitors will be receiver’s administration of the receivership estate. VerDate Sep<11>2014 15:25 Sep 12, 2016 Jkt 238001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\13SEP1.SGM 13SEP1 Lhorne on DSK30JT082PROD with PROPOSALS 62836 Federal Register / Vol. 81, No. 177 / Tuesday, September 13, 2016 / Proposed Rules receivership for these uninsured the mandatory receiver only for insured these institutions are trust banks. The institutions would provide clarity to depository institutions. Thus, today the OCC may charter national banks whose market participants about how they will FDIC is the required receiver only for an operations are limited to those of a trust be treated in receivership. The proposed insured national (or state) bank.8 company and related activities (national rule would set forth a framework the Congress also subsequently amended trust bank).11 The activities of national OCC can use should an uninsured the receivership appointment provisions trust banks are similar to those of trust institution weaken and fail, be it an of the NBA, 12 U.S.C. 191, to provide departments of full-service banks. But uninsured trust bank or another that the Comptroller may appoint a unlike a trust department, they are not uninsured special purpose bank. receiver for any national bank and that, part of a larger bank that also engages in if the bank is an insured bank, the II. Background commercial banking. All but a handful receiver must be the FDIC.9 Post- of the national trust banks do not engage Statutory Authority for Receiverships FIRREA and post-FDICIA, the FDIA no in the business of receiving deposits and From the beginning of the national longer expressly addresses receiverships instead hold trust funds, which are off- banking system in 1863 until the of uninsured national banks, and there balance sheet assets that are not creation of the FDIC in 1933, are no statutory limits on the considered to be deposits and are not receiverships of national banks were Comptroller’s discretion with respect to insured by the FDIC. conducted by the Comptroller and by a whom to appoint as receiver of an National trust banks typically have receiver who was appointed by, and uninsured bank. few assets on the balance sheet, usually Based on this statutory history, it worked under the direction of, the composed of cash on deposit with an appears that today, unlike in the period Comptroller.3 The Comptroller and insured depository institution, between 1933 and 1989, the FDIA receiver had the powers and investment securities, premises and would not apply to a receivership of an responsibilities set out in the equipment, and intangible assets. These uninsured bank conducted by the OCC, receivership provisions of the NBA and banks exercise fiduciary and custody and that such a receivership would be exercised the powers available at powers, do not make loans, do not rely governed exclusively by the NBA common law for receivers.4 During this on deposit funding, and consequently provisions, the common law of time, a substantial body of case law have simple liquidity management receivers, and cases applying the developed applying the statutory programs. In view of these differences, statutes and common law to national the OCC typically requires these
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