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Final Rule Has Been D 92594 Federal Register / Vol. 81, No. 244 / Tuesday, December 20, 2016 / Rules and Regulations of § 201.3(a) should be captured by all November 22, 2010) with specific found to violate sections 202(a) and/or livestock producers, swine production opportunities in Rapid City, South (b) of the Act without a finding of harm contract growers, and poultry growers. Dakota, on October 28, 2010, and or likely harm to competition. Based on the above analyses regarding Oklahoma City, Oklahoma on November (b) Effective dates. *** § 201.3(a), GIPSA certifies that this rule 3, 2010. All tribal headquarters were Larry Mitchell, is not expected to have a significant invited to participate in these venues for economic impact on a substantial consultation. GIPSA has received no Administrator, Grain Inspection, Packers and Stockyards Administration. number of small business entities as specific indication that the rule will defined in the Regulatory Flexibility Act have tribal implications and has [FR Doc. 2016–30424 Filed 12–19–16; 8:45 am] (5 U.S.C. 601 et seq.). While confident received no further requests for BILLING CODE 3410–KD–P in this certification, GIPSA consultation as of the date of this acknowledges that individual publication. If a Tribe requests businesses may have relevant data to consultation, GIPSA will work with the DEPARTMENT OF THE TREASURY supplement our analysis. We would Office of Tribal Relations to ensure Office of the Comptroller of the encourage small stakeholders to submit meaningful consultation is provided Currency any relevant data during the comment where changes, additions, and period. modifications herein are not expressly 12 CFR Part 51 B. Executive Order 12988 mandated by Congress. [Docket ID OCC–2016–0017] This interim final rule has been D. Paperwork Reduction Act reviewed under Executive Order 12988, This interim final rule does not RIN 1557–AE07 Civil Justice Reform. These actions are contain new or amended information not intended to have retroactive effect, Receiverships for Uninsured National collection requirements subject to the Banks although in some instances they merely Paperwork Reduction Act of 1995 (44 reiterate GIPSA’s previous U.S.C. 3501 et seq.). It does not involve AGENCY: Office of the Comptroller of the interpretation of the P&S Act. This collection of new or additional Currency, Treasury. interim final rule will not pre-empt state information by the federal government. ACTION: Final rule. or local laws, regulations, or policies, E. E-Government Act Compliance unless they present an irreconcilable SUMMARY: The Office of the Comptroller conflict with this rule. There are no GIPSA is committed to compliance of the Currency (OCC) is adopting a administrative procedures that must be with the E-Government Act, to promote final rule addressing the conduct of exhausted prior to any judicial the use of the Internet and other receiverships for national banks that are challenge to the provisions of this rule. information technologies to provide not insured by the Federal Deposit Nothing in this interim final rule is increased opportunities for citizen Insurance Corporation (FDIC) intended to interfere with a person’s access to Government information and (uninsured banks) and for which the right to enforce liability against any services, and for other purposes. FDIC would not be appointed as person subject to the P&S Act under List of Subjects in 9 CFR Part 201 receiver. The final rule implements the authority granted in section 308 of the provisions of the National Bank Act P&S Act. Contracts, Livestock, Poultry, Trade (NBA) that provide the legal framework practices. C. Executive Order 13175 for receiverships of such institutions. For the reasons set forth in the The final rule adopts the rule as This rule has been reviewed in preamble, we amend 9 CFR part 201 as proposed without change. accordance with the requirements of follows: DATES: Executive Order 13175, ‘‘Consultation This final rule is effective on and Coordination with Indian Tribal PART 201—REGULATIONS UNDER January 19, 2017. Governments.’’ Executive Order 13175 THE PACKERS AND STOCKYARDS FOR FURTHER INFORMATION CONTACT: requires Federal agencies to consult and ACT Mitchell Plave, Special Counsel, coordinate with tribes on a government- Legislative and Regulatory Activities to-government basis on policies that ■ 1. The authority citation for part 201 Division, (202) 649–5490, or for persons have tribal implications, including continues to read as follows: who are deaf or hard of hearing, TTY, regulations, legislative comments or Authority: 7 U.S.C. 181–229c. (202) 649–5597, or Richard Cleva, Senior Counsel, Bank Activities and proposed legislation, and other policy ■ 2. Section 201.3 is amended by statements or actions that have Structure Division, (202) 649–5500, redesignating the existing text as Office of the Comptroller of the substantial direct effects on one or more paragraph (b), adding new paragraph (a), Indian tribes, on the relationship Currency, 400 7th Street SW., and adding a heading to paragraph (b) Washington, DC 20219. between the Federal Government and to read as follows: Indian tribes or the distribution of SUPPLEMENTARY INFORMATION: § 201.3 Applicability of regulations in this power and responsibilities between the I. Introduction Federal Government and Indian tribes. part. Although GIPSA has assessed the (a) Scope of sections 202(a) and (b) of On September 13, 2016, the OCC impact of this rule on Indian tribes and the Act. The appropriate application of published a proposed rule to implement determined that this rule does not, to sections 202(a) and (b) of the Act the provisions of the NBA that provide our knowledge, have tribal implications depends on the nature and the legal framework for receiverships for that require tribal consultation under circumstances of the challenged uninsured banks,1 12 U.S.C. 191—200, Executive Order 13175, GIPSA offered conduct or action. A finding that the opportunities to meet with challenged conduct or action adversely 1 All Federal savings associations (FSAs), including trust-only FSAs, are required to be representatives from Tribal affects or is likely to adversely affect insured. For this reason, this final rule does not Governments during the comment competition is not necessary in all apply to FSAs, given that receiverships for FSAs period for the proposed rule (June 22 to cases. Certain conduct or action can be would be conducted by the FDIC. VerDate Sep<11>2014 19:50 Dec 19, 2016 Jkt 241001 PO 00000 Frm 00046 Fmt 4700 Sfmt 4700 E:\FR\FM\20DER1.SGM 20DER1 mstockstill on DSK3G9T082PROD with RULES Federal Register / Vol. 81, No. 244 / Tuesday, December 20, 2016 / Rules and Regulations 92595 with comments due by November 14, institutional customers with global savings associations. These risks 2016.2 The OCC received 11 comments settlement and safekeeping of the include operational, compliance, concerning the proposal. For the reasons customer’s securities. strategic, and reputational risks without discussed in section III of the Many of the uninsured national trust the credit and liquidity risks that SUPPLEMENTARY INFORMATION, the OCC is banks are subsidiaries or affiliates of a additionally affect the solvency of adopting the rule as proposed, without full-service insured national bank or are commercial and consumer banks. While change. affiliates of an insured state bank. Other any of these risks can result in the uninsured national trust banks are not II. Background precipitous failure of a bank or savings affiliated with an insured depository association, from a historical As of December 2, 2016, the OCC institution, but are affiliated with an perspective, trust banks have been more supervised 52 uninsured banks, all of investment management firm or other likely to decline into a weakened which are national trust banks.3 financial services firm. Still other condition, allowing the OCC and the Uninsured national trust banks have uninsured national trust banks have no institution the time needed to find other fundamentally different business affiliation with a larger parent solutions for rehabilitating the models compared to commercial and company.4 institution or to successfully resolve the consumer banks and savings The OCC appoints and oversees institution without the need to appoint associations and therefore face very receivers for uninsured banks under the a receiver. different types of risks. National trust provisions of the NBA 5 and the The OCC believes it would banks typically have few assets on the substantial body of case law applying nevertheless be beneficial to financial balance sheet, usually composed of cash the statutory provisions and common market participants and the broader on deposit with an insured depository law receivership principles to national community of regulators for the OCC to institution, investment securities, bank receiverships.6 The FDIC is the clarify the receivership framework for premises and equipment, and intangible required receiver only for an insured uninsured banks. Although the OCC assets. These banks exercise fiduciary national (or state) bank.7 Based on the conducted 2,762 receiverships pursuant and custody powers, do not make loans, statutory history of the NBA and to this framework in the years prior to do not rely on deposit funding, and FIRREA, it is likely that the Federal the creation of the FDIC,8 and the consequently have simple liquidity Deposit Insurance Act (FDIA) would not associated legal issues are the subject of management programs. In view of these apply to an OCC receivership of an a robust body of published judicial differences, the OCC typically requires uninsured bank conducted by the OCC, precedents, the details have not been these banks to hold capital in a specific and that such a receivership would be widely articulated in recent minimum amount; as a result they hold governed exclusively by the NBA, the jurisprudence or legal commentary. This capital in amounts that exceed common law of receivers, and cases final rule may also facilitate synergies substantially the ‘‘well capitalized’’ applying the statutes and common law with the ongoing efforts of U.S.
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