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Simplification of Deposit Insurance Rules

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Simplification of Deposit Insurance Rules 41766 Federal Register / Vol. 86, No. 146 / Tuesday, August 3, 2021 / Proposed Rules will make its own determination about ■ 2. Appendix I to subpart B of part 430 FEDERAL DEPOSIT INSURANCE the confidential status of the is amended by: CORPORATION information and treat it according to its ■ a. Adding an introductory note; and determination. 12 CFR Part 330 ■ b. Revising section 2.1.1; It is DOE’s policy that all comments RIN 3064–AF27 may be included in the public docket, The addition and revision read as without change and as received, follows: Simplification of Deposit Insurance including any personal information Rules provided in the comments (except Appendix I to Subpart B of Part 430— information deemed to be exempt from Uniform Test Method for Measuring the AGENCY: Federal Deposit Insurance public disclosure). Energy Consumption of Cooking Corporation. Products ACTION: Notice of proposed rulemaking. VI. Approval of the Office of the Note: Prior to [Date 180 days after Secretary SUMMARY: The Federal Deposit publication of a final rule], representations Insurance Corporation is seeking The Secretary of Energy has approved with respect to the energy use or efficiency comment on proposed amendments to publication of this supplemental notice of a microwave oven, including compliance its regulations governing deposit of proposed rulemaking. certifications, must be based on testing insurance coverage. The proposed rule List of Subjects in 10 CFR Part 430 conducted in accordance with either this appendix as it now appears or appendix I as would simplify the deposit insurance Administrative practice and it appeared at 10 CFR part 430, subpart B regulations by establishing a ‘‘trust procedure, Confidential business revised as of January 1, 2021. Beginning on accounts’’ category that would provide information, Energy conservation, [Date 180 days after publication of a final for coverage of deposits of both Household appliances, Imports, rule] representations with respect to energy revocable trusts and irrevocable trusts, Incorporation by reference, use or efficiency of a microwave oven, and provide consistent deposit Intergovernmental relations, Small including compliance certifications, must be insurance treatment for all mortgage businesses. based on testing conducted in accordance servicing account balances held to with this appendix. satisfy principal and interest obligations Signing Authority to a lender. * * * * * This document of the Department of 2.1.1 Microwave ovens, excluding any DATES: Comments will be accepted until Energy was signed on July 22, 2021, by microwave oven component of a combined October 4, 2021. Kelly Speakes-Backman, Principal cooking product. Install the microwave oven ADDRESSES: You may submit comments Deputy Assistant Secretary and Acting in accordance with the manufacturer’s on the notice of proposed rulemaking Assistant Secretary for Energy Efficiency instructions and connect to an electrical using any of the following methods: and Renewable Energy, pursuant to supply circuit with voltage as specified in • Agency Website: https:// delegated authority from the Secretary section 2.2.1 of this appendix. Install the www.fdic.gov/resources/regulations/ of Energy. That document with the microwave oven in accordance with section federal-register-publications/. Follow original signature and date is 5, paragraph 5.2 of IEC 62301 (Second the instructions for submitting maintained by DOE. For administrative Edition) (incorporated by reference; see comments on the agency website. purposes only, and in compliance with § 430.3), disregarding the provisions • Email: [email protected]. Include requirements of the Office of the Federal regarding batteries and the determination, RIN 3064–AF27 on the subject line of Register, the undersigned DOE Federal classification, and testing of relevant modes. the message. Register Liaison Officer has been If the microwave oven can communicate • Mail: James P. Sheesley, Assistant authorized to sign and submit the through a network (e.g., Bluetooth® or Executive Secretary, Attention: document in electronic format for internet connection), disable the network Comments-RIN 3064–AF27, Federal publication, as an official document of function, by means provided in the Deposit Insurance Corporation, 550 17th the Department of Energy. This manufacturer’s user manual, for the duration Street NW, Washington, DC 20429. administrative process in no way alters of testing. If the manufacturer’s user manual • Hand Delivery: Comments may be the legal effect of this document upon does not provide a means for disabling the hand delivered to the guard station at publication in the Federal Register. network function, test the microwave oven the rear of the 550 17th Street NW Signed in Washington, DC, on July 23, with the network function in the factory building (located on F Street) on 2021. default setting or in the as-shipped condition business days between 7 a.m. and 5 p.m. Treena V. Garrett, as instructed in Section 5, Paragraph 5.2 of • Public Inspection: All comments IEC 62301 (Second Edition). The clock Federal Register Liaison Officer, U.S. received, including any personal Department of Energy. display must be on, regardless of information provided, will be posted manufacturer’s instructions or default setting generally without change to https:// For the reasons stated in the or supplied setting. The clock display must preamble, DOE is proposing to amend www.fdic.gov/resources/regulations/ remain on during testing, unless the clock federal-register-publications/. part 430 of Chapter II of Title 10, Code display powers down automatically with no of Federal Regulations as set forth option for the consumer to override this FOR FURTHER INFORMATION CONTACT: below: function. Install a watt meter in the circuit James Watts, Counsel, Legal Division, that meets the requirements of section 2.6.1.1 (202) 898–6678, [email protected]; PART 430—ENERGY CONSERVATION of this appendix. Kathryn Marks, Counsel, Legal Division, PROGRAM FOR CONSUMER (202) 898–3896, [email protected]. PRODUCTS * * * * * [FR Doc. 2021–16023 Filed 8–2–21; 8:45 am] SUPPLEMENTARY INFORMATION: ■ 1. The authority citation for part 430 BILLING CODE 6450–01–P Table of Contents continues to read as follows: I. Simplification of Deposit Insurance Trust Authority: 42 U.S.C. 6291–6309; 28 U.S.C. Rules 2461 note. A. Policy Objectives VerDate Sep<11>2014 16:59 Aug 02, 2021 Jkt 253001 PO 00000 Frm 00008 Fmt 4702 Sfmt 4702 E:\FR\FM\03AUP1.SGM 03AUP1 jbell on DSKJLSW7X2PROD with PROPOSALS Federal Register / Vol. 86, No. 146 / Tuesday, August 3, 2021 / Proposed Rules 41767 B. Background accounts and establishes a depositors promptly following the 1. Deposit Insurance and the FDIC’s straightforward calculation to determine failure of an insured depository Statutory and Regulatory Authority coverage. The deposit insurance trust institution (IDI), enabling depositors to 2. Evolution of Insurance Coverage of Trust rules have evolved over time and can be Deposits meet their financial needs and 3. Current Rules for Coverage of Trust difficult to apply in some obligations. circumstances. The proposed Deposits Facilitating Resolutions 4. Part 370 and Recordkeeping at the amendments are intended to alleviate Largest IDIs some of the confusion that depositors The proposed changes will also 5. Need for Further Rulemaking and bankers may experience with facilitate the resolution of failed IDIs. C. Description of Proposed Rule respect to insurance coverage and The FDIC is routinely required to make D. Examples Demonstrating Coverage limits. Under the current regulations, deposit insurance determinations in Under Current and Proposed Rules there are distinct and separate sets of connection with IDI failures. In many of E. Alternatives Considered F. Request for Comment rules applicable to deposits of revocable these instances, however, deposit II. Amendments to Mortgage Servicing trusts and irrevocable trusts. Each set of insurance coverage for trust deposits is Account Rule rules has its own criteria for coverage based upon information that is not A. Policy Objectives and methods by which coverage is maintained in the failed IDI’s deposit B. Background and Need for Rulemaking calculated. Despite the FDIC’s efforts to account records. As a result, FDIC staff C. Proposed Rule simplify the revocable trust rules in work with depositors, trustees, and D. Request for Comment 2008,2 over the last 13 years FDIC other parties to obtain trust III. Regulatory Analysis deposit insurance specialists have documentation following an IDI’s failure A. Expected Effects responded to approximately 20,000 1. Simplification of Trust Rules in order to complete deposit insurance 2. Amendments to Mortgage Servicing complex insurance inquiries per year on determinations. The difficulties Account Rule average. More than 50 percent of associated with completing such a B. Regulatory Flexibility Act inquiries pertain to deposit insurance determination are exacerbated by the 1. Simplification of Trust Rules coverage for trust accounts (revocable or substantial growth in the use of formal 2. Amendments to Mortgage Servicing irrevocable). The consistently high trusts in recent decades. The proposed Account Rule volume of complex inquiries about trust amendments could reduce the time C. Paperwork Reduction Act accounts over an extended period of spent reviewing such information and D. Riegle Community Development and time suggests continued confusion provide greater flexibility to automate
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