Unknown. Interim rule with request for comments

4,414 words·~20 min read·/register/2001/03/15/01-6399

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

--- schema: federal-register doc_type: fedreg source_file: FR-2001-03-15.xml --- 66 51 Thursday, March 15, 2001 Contents Agriculture Agriculture Department See Commodity Credit Corporation See Forest Service See Natural Resources Conservation Service Air Force Air Force Department NOTICES Patent licenses; non-exclusive, exclusive, or partially exclusive: Allcomp Inc., 15105 01-6384 Broadcasting Broadcasting Board of Governors NOTICES Meetings; Sunshine Act, 01-6518 15073 01-6547 Centers Centers for Disease Control and Prevention NOTICES Agency information collection activities:

Proposed collection; comment request, 15121-15122 01-6388 Commerce Commerce Department See Export Administration Bureau See International Trade Administration See National Oceanic and Atmospheric Administration NOTICES Agency information collection activities: Submission for OMB review; comment request, 15073-15074 01-6474 01-6475 CITA Committee for the Implementation of Textile Agreements NOTICES Cotton, wool, and man-made textiles: Dominican Republic, 15088 01-6412 Commodity Commodity Credit Corporation RULES Loan and purchase programs:

Dairy and cranberry market loss assistance program, 15171-15185 01-6428 PROPOSED RULES Conservation Reserve Program: Good faith reliance and excessive rainfall, 15048-15049 01-6450 Consumer Consumer Product Safety Commission NOTICES Agency information collection activities: Submission for OMB review; comment request, 15088-15089 01-6382 Corporation Corporation for National and Community Service NOTICES Grants and cooperative agreements; availability, etc.: National providers of training and technical assistance to agency programs, 15090-15100 01-6396 National service web-based reporting system; training and technical assistance, 15100-15105 01-6394 Customs Customs Service NOTICES Agency information collection activities:

Proposed collection; comment request, 01-6438 15165-15167 01-6439 01-6440 01-6441 01-6442 Defense Defense Department See Air Force Department See Navy Department Education Education Department NOTICES Committees; establishment, renewal, termination, etc.: National Educational Research Policy and Priorities Board, 15106 01-6501 Employment Employment and Training Administration NOTICES Adjustment assistance: Hercules Inc., 15138-15139 01-6447 Moltech Power Systems, 15139 01-6446 Motorola Ceramic Products, 15139 01-6443 Motorola Energy Systems et al., 15139-15140 01-6445 OEM/Erie Westland LLC et al., 15140-15141 01-6444 Sweetheart Cup Co., 15141 01-6448 Energy Energy Department See Federal Energy Regulatory Commission See Southeastern Power Administration See Western Area Power Administration NOTICES Meetings:

Environmental Management Site-Specific Advisory Board— Hanford Site, WA, 15107 01-6413 Los Alamos National Laboratory, NM, 15108 01-6415 Pantex Plant, TX, 15107-15108 01-6414 EPA Environmental Protection Agency NOTICES Meetings: Centralized waste treatment industry; effluent limitations guidelines, pretreatment standards, and new source performance standards, 15117-15118 01-6467 State FIFRA Issues Research and Evaluation Group, 15118-15119 01-6468 Export Export Administration Bureau NOTICES Agency information collection activities:

Proposed collection; comment request, 15074-15075 01-6476 FAA Federal Aviation Administration RULES Airworthiness directives: Dowty Aerospace Propellers, 15022-15024 01-5735 Pratt & Whitney, 15024-15026 01-6300 Airworthiness standards: Special conditions— Learjet Model 55 and 55B series airplanes, 15020-15022 01-6372 Class E airspace, 15027-15028 01-6373 01-6374 PROPOSED RULES Airworthiness directives: Sikorsky, 15062-15063 01-6389 NOTICES Environmental statements; availability, etc.:

Indianapolis International Airport, IN, 15159 01-6375 Exemption petitions; summary and disposition, 15159-15161 01-6379 01-6380 01-6381 Passenger facility charges; applications, etc.: Juneau International Airport, AK, 15161-15162 01-6378 Reports and guidance documents; availability, etc.: Fire prevention requirements and fuel system leakage evaluation; policy statement, 15162 01-6377 Ignition systems on turbine powered aircraft engines; airworthiness certification standards compliance; policy statement, 15162-15163 01-6376 FCC Federal Communications Commission RULES Common carrier services:

Paging services; competitive bidding; clarification, 15041-15044 01-6386 Radio stations; table of assignments: Iowa and Nebraska, 15044 01-6407 PROPOSED RULES Common carrier services: Computer III further remand proceedings; Bell Operating Co. enhanced services provision; record update and refresh, 15064-15065 01-6411 Radio stations; table of assignments: Iowa, 15065 01-6409 Oregon and New York, 15065-15066 01-6408 NOTICES Meetings; Sunshine Act, 15119-15120 01-6548 Federal Election Federal Election Commission NOTICES Meetings;

Sunshine Act, 15120 01-6620 Federal Emergency Federal Emergency Management Agency NOTICES Agency information collection activities: Proposed collection; comment request, 15120 01-6132 Federal Energy Federal Energy Regulatory Commission NOTICES Electric rate and corporate regulation filings: Perryville Energy Partners, L.L.C., et al., 15111-15114 01-6395 Environmental statements; notice of intent: Springville City, UT, 15114 01-6424 Hydroelectric applications, 15114-15115 01-6425 01-6426 Practice and procedure:

Off-the-record communications, 15115-15116 01-6427 *Applications, hearings, determinations, etc.:* Boston Edison Co., 15108 01-6419 KeySpan-Ravenswood, Inc., 15108-15109 01-6418 National Fuel Gas Supply Corp., 01-6421 15109-15110 01-6423 San Diego Gas & Electric Co., 15110 01-6420 Western Gas Resources, Inc., 15110-15111 01-6422 Federal Transit Federal Transit Administration NOTICES Environmental statements; notice of intent: Jacksonville, FL; North/Southeast Corridor Project, 15163-15165 01-6371 Fish Fish and Wildlife Service NOTICES Environmental statements; availability, etc.:

Lake Champlain, VT and NY; sea lamprey control, 15135-15136 01-6437 National Wildlife Refuge System: Mission, goals, and purposes; appropriate refuge uses; wildlife-dependent recreational uses; and wilderness stewardship; policies, 15136-15137 01-6404 Forest Forest Service NOTICES Agency information collection activities: Proposed collection; comment request, 15067-15069 01-6451 Environmental statements; notice of intent: Daniel Boone National Forest, KY, 15069-15072 01-6383 Health Health and Human Services Department See Centers for Disease Control and Prevention See Health Care Financing Administration See National Institutes of Health See Substance Abuse and Mental Health Services Administration PROPOSED RULES Medical care and examinations:

Indian health— Joint Tribal and Federal Self-Governance Negotiated Rulemaking Committee; establishment, 15063-15064 01-6549 Health Health Care Financing Administration NOTICES Agency information collection activities: Proposed collection; comment request, 15122 01-6385 Submission for OMB review; comment request, 01-6435 15122-15123 01-6436 Indian Indian Affairs Bureau RULES Human services: Financial Assistance and Social Services Programs; technical amendments, 15029-15031 01-6485 Interior Interior Department See Fish and Wildlife Service See Indian Affairs Bureau See Land Management Bureau IRS Internal Revenue Service NOTICES Agency information collection activities:

Proposed collection; comment request, 15167-15170 01-6480 01-6481 01-6482 01-6483 01-6484 International International Trade Administration NOTICES Antidumping: Corrosion-resistant carbon steel flat products from— Japan, 15075-15076 01-6471 Manganese metal from— China, 15076-15078 01-6469 Silicon metal from— Brazil, 15078 01-6473 Stainless steel butt-weld fittings from— Taiwan, 15078 01-6472 Tappered roller bearings and parts, finished and unfinished, etc., from— Japan, 15078-15080 01-6470 Labor Labor Department See Employment and Training Administration See Mine Safety and Health Administration Land Land Management Bureau NOTICES Opening of public lands:

Wyoming, 15137 01-6458 Realty actions; sales, leases, etc.: Utah, 15137 01-6457 Withdrawal and reservation of lands: Alaska, 15137-15138 01-6455 01-6456 Mine Mine Safety and Health Administration RULES Coal mine safety and health: Underground mines— Diesel particulate matter exposure of miners; effective dates delay, 15033 01-6430 Metal and nonmetal mine safety and health: Underground mines— Diesel particulate matter exposure of miners; effective dates delay, 15032-15033 01-6429 Morris Morris K.

Udall Scholarship and Excellence in National Environmental Policy Foundation RULES Freedom of Information and Privacy Acts; implementation, 15033-15041 01-6299 NASA National Aeronautics and Space Administration NOTICES Reports and guidance documents; availability, etc.: National origin discrimination as it affects limited English proficient persons; prohibition; policy guidance to Federal financial assistance recipients, 15141-15146 01-6500 National Credit National Credit Union Administration PROPOSED RULES Credit unions:

Regulatory Flexibility Program, 15055-15061 01-6326 NIH National Institutes of Health NOTICES Meetings: National Cancer Institute, 15123 01-6498 National Heart, Lung, and Blood Institute, 15123 01-6488 National Human Genome Research Institute, 15124 01-6499 National Institute of Arthritis and Musculoskeletal and Skin Diseases, 01-6493 01-6494 15125-15126 01-6495 National Institute of Diabetes and Digestive and Kidney Diseases, 15124 01-6489 National Institute of Mental Health, 15126 01-6497 National Institute on Alcohol Abuse and Alcoholism, 15126 01-6496 National Institute on Deafness and Other Communication Disorders, 15124 01-6490 National Institute on Drug Abuse, 15124-15125 01-6491 Scientific Review Center, 15126-15128 01-6492 NOAA National Oceanic and Atmospheric Administration RULES Endangered and threatened species:

Sea turtle conservation; shrimp trawling requirements— Leatherback sea turtles incidentally captured in gillnets being fished for sharks, 15045-15047 01-6369 NOTICES Environmental statements; availability, etc.: Incidental take permits— Jackson and Josephine Counties, OR; Southern Oregon/Northern California coho salmon and Klamath Mountain Province steelhead, 15080-15081 01-6454 Marine mammals: Stock assessment reports and guidelines; availability, 15081-15087 01-6452 Permits:

Marine mammals, 15087-15088 01-6453 National Science National Science Foundation NOTICES Agency information collection activities: Submission for OMB review; comment request, 15146-15147 01-6397 NRCS Natural Resources Conservation Service NOTICES Environmental statements; availability, etc.: Lower Silver Creek Watershed, CA, 15072-15073 01-6465 Field office technical guides; changes: Virginia, 15073 01-6292 Navy Navy Department NOTICES Meetings: Planning and Steering Advisory Committee, 15105-15106 01-6434 Nuclear Nuclear Regulatory Commission NOTICES Environmental statements; availability, etc.:

Pennsylvania Power Co. et al., 15147-15149 01-6405 Pension Pension Benefit Guaranty Corporation RULES Single employer plans: Allocation of assets— Interest assumptions for valuing and paying benefits, 15031-15032 01-6486 NOTICES Multiemployer plans: Interest rates and assumptions, 15149 01-6487 Personnel Personnel Management Office NOTICES Agency information collection activities: Proposed collection; comment request, 15150 01-6387 Public Public Health Service See Centers for Disease Control and Prevention See National Institutes of Health See Substance Abuse and Mental Health Services Administration SEC Securities and Exchange Commission RULES Securities:

Order routing and execution practices; disclosure; compliance date extended, 15028-15029 01-6431 NOTICES Consolidated Tape Association and Quotation Plans; amendments, 15151 01-6393 Investment Company Act of 1940: Exemption applications— Bear Creek Inc., 15150-15151 01-6432 Meetings; Sunshine Act, 15151-15152 01-6557 Self-regulatory organizations; proposed rule changes: Chicago Board Options Exchange, Inc., 15152-15157 01-6390 01-6392 National Association of Securities Dealers, Inc., 15157-15159 01-6391 Southeastern Southeastern Power Administration NOTICES Power rates:

Kerr-Philpott System, 15116-15117 01-6417 Substance Substance Abuse and Mental Health Services Administration NOTICES Grants and cooperative agreements; availability, etc.: Border center for preventive technologies application, 15128-15130 01-6503 High risk youth; effective mentoring and family strengthening programs; dissemination, 15130-15131 01-6502 Mental Health Services Center— Build Mentally Healthy Communities, 15131-15133 01-6433 Substance abuse treatment and HIV/AIDS services targeted capacity expansion program, 15133-15135 01-6504 Textile Textile Agreements Implementation Committee See Committee for the Implementation of Textile Agreements Thrift Thrift Supervision Office RULES Federal savings association bylaws; integrity of directors, 15017-15020 01-6400 Liquidity;

CFR part removed and conforming amendments, 15015-15017 01-6399 PROPOSED RULES Capital; qualifying mortgage loan, interest rate risk component, and miscellaneous changes, 15049-15055 01-6401 Transportation Transportation Department See Federal Aviation Administration See Federal Transit Administration Treasury Treasury Department See Customs Service See Internal Revenue Service See Thrift Supervision Office Western Western Area Power Administration NOTICES Environmental statements; availability, etc.:

Sacramento Area Voltage Support Project, CA; public workshop, 15117 01-6416 Separate Parts In This Issue Part II Department of Agriculture, Commodity Credit Corporation, 15171-15185 01-6428 Reader Aids Consult the Reader Aids section at the end of this issue for phone numbers, online resources, finding aids, reminders, and notice of recently enacted public laws. 66 51 Thursday, March 15, 2001 Rules and Regulations DEPARTMENT OF THE TREASURY Office of Thrift Supervision 12 CFR Parts 506, 560, 563, 566, and 584 [No. 2001-13] RIN 1550-AB42 Liquidity AGENCY:

Office of Thrift Supervision, Treasury. ACTION: Interim rule with request for comments. SUMMARY: The Office of Thrift Supervision

(OTS)is revising its regulations to implement the recent repeal of a statutory liquidity requirement. Today's rule removes the existing regulation that requires savings associations to maintain an average daily balance of liquid assets of at least four percent of its liquidity base. This rule also makes necessary conforming changes. DATES: This interim rule is effective March 15, 2001. Written comments must be received by May 14, 2001. ADDRESSES: *Mail:* Send comments to Manager, Dissemination Branch, Information Management and Services Division, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, Attention Docket No. 2001-13. *Delivery:* Hand deliver comments to the Guard's Desk, East Lobby Entrance, 1700 G Street, NW., from 9 a.m. to 4 p.m. on business days, Attention Docket No. 2001-13. *Facsimile:* Send facsimile transmissions, Attention Docket No. 2001-13, to FAX Number

(202)906-7755; or to FAX Number

(202)906-6956 (if comments are over 25 pages). *E-mail:* Send e-mail to public.info@ots.treas.gov, Attention Docket No. 2001-13, and include your name and telephone number. *Public Inspection:* You may inspect comments at the Public Reference Room, 1700 G Street, NW., from 10 a.m. until 4 p.m. on Tuesdays and Thursdays. For a copy of comments and/or an index of comments by facsimile, telephone the Public Reference Room at

(202)906-5900 from 9 a.m. until 5 p.m. on business days. Comments and the related index also will be posted on the OTS Internet Site at www.ots.treas.gov. FOR FURTHER INFORMATION CONTACT: Joe Casey, Program Analyst, Office of Supervision Policy,

(202)906-5741; Sally Warner Watts, Counsel (Banking and Finance), Regulations and Legislation Division, Office of Chief Counsel,

(202)906-7380; Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. Persons wishing to access any of these telephone numbers by text telephone

(TTY)may call the toll-free Federal Information Relay Service at 1-800-877-8339. SUPPLEMENTARY INFORMATION: I. Changes Made by This Rule A. Liquidity Requirement Before its recent amendment, section 6 of the Home Owners' Loan Act

(HOLA)required each savings association to maintain a minimum amount of liquid assets. 12 U.S.C. 1465 (1994). Section 6 required the Director of OTS to set this minimum amount at not less than four and not more than ten percent of each institution's liquidity base. OTS implemented this liquidity requirement at 12 CFR part 566, which establishes the percentage as “at least four percent.” *See* existing § 566.2(b). Part 566 also imposes a general requirement that each savings association must maintain sufficient liquidity to ensure safe and sound operations (§ 566.2(a)), establishes related recordkeeping requirements (§ 566.4), and defines necessary terms (§ 566.1). 1. Statutory Liquidity Requirement The original purpose of section 6 was “to provide a means for creating effective and flexible liquidity in savings associations which can be increased when mortgage money is plentiful, maintained in easily liquidated instruments, and reduced to add to the flow of funds to the mortgage market in periods of credit stringency.” 12 U.S.C. 1465(a) (1994). Over the years, the secondary market has developed to provide an adequate flow of funds to the mortgage market. Accordingly, section 1201 of the Financial Regulatory Relief and Economic Efficiency Act of 2000 (Pub. L. 106-569, 114 Stat. 2944 (2000)) (FRREEA) repealed the statutory liquidity requirement for savings associations as unnecessary. 1 In light of this statutory repeal, OTS is removing part 566, except as discussed below. 1 146 Cong. Rec. H 11,991 (daily ed. Dec. 5, 2000). 2. Safety and Soundness Liquidity Requirement As noted above, § 566.2(a) requires each savings association to maintain sufficient liquidity to assure its safe and sound operation. OTS imposed this requirement in 1997 to reflect OTS's position that the statutory liquidity requirement was not necessarily indicative of a safe level of liquidity, and to highlight that OTS determines the adequacy of an institution's liquidity on a case-by-case basis. 2 2 62 FR 62509-62513 62513 (Nov. 24, 1997). OTS proposes to retain this regulatory liquidity requirement at § 563.161, Management and Financial Policies. This rule simplifies the language of current § 563.161(a), and adds a new paragraph codifying existing requirements that each savings association and service corporation maintain sufficient liquidity to ensure its safe and sound operation. The appropriate levels of liquidity will vary depending upon the types of activities in which the company engages. We invite comment on whether OTS should provide further guidance on this safety and soundness requirement. For example, should the regulation describe or list the types of investments or activities that OTS will consider in determining whether a savings association or service corporation is maintaining sufficient liquidity for safe and sound operation? B. Definition of Liquid Assets Part 566 includes a definition of liquid assets and related definitions at § 566.1. The definition of liquid assets includes cash, deposits in insured banks, government issued or guaranteed obligations, banker's acceptances, shares in open-ended management investment companies, corporate debt and commercial paper, mortgage-related securities, and residential mortgage loans. Since that definition is not needed for purposes of the repealed statutory liquidity requirement, OTS considered whether the definitions in § 566.1 are needed for purposes of various other statutory and regulatory cross-references. 1. Federal Savings Association Investment Authority Section 1201 of FRREEA made a conforming change to section 5(c)(1)(M) of the HOLA, which authorizes investments for federal savings associations. 12 U.S.C. 146 4(c)(1)(M). Before FRREEA, section 5 provided that investments that satisfy the liquidity requirement of section 6 of the HOLA are authorized investments for a federal savings association. OTS implemented section 5 of the HOLA by listing the categories of statutory investment authority in a chart in 12 CFR 560.30. The entry for liquidity investments in that chart refers, in a footnote, to assets that qualify under the definition of liquid assets in § 566.1(g). Section 1201 of FRREEA revised this investment authority provision to permit federal savings associations to invest in “[i]nvestments (other than equity investments), identified by the Director, for liquidity purposes, including cash, funds on deposit at a Federal reserve bank or a Federal home loan bank, or bankers' acceptances.” OTS believes that the statutory investment authority under section 5 of the HOLA, referenced in part 560, including the revised statutory definition of liquidity investments, covers all categories of investments that are covered in the definition of liquid assets in § 566.1(g). Therefore, it is not necessary, at this time, to identify additional types of authorized liquidity investments to ensure that the investment authority still covers the categories listed in § 566.1(g). We specifically invite public comments, however, on whether the Director should exercise her authority under section 5(c)(1)(M) of the HOLA to identify other authorized investments for federal savings associations for liquidity purposes. Because the statutory listing of authorized investments is complete, the rule implementing the investment authority provision does not need to refer to § 566.1(g). Accordingly, this interim rule removes the reference to § 566.1(g) from the footnote for liquidity investments in § 560.30(a). 2. QTL Requirement Section 10(m) of the HOLA contains the qualified thrift lender

(QTL)requirement for savings associations. 12 U.S.C. 1467a(m). This section provides that a savings association may fulfill the qualified thrift lender test by having at least 65 percent of its portfolio assets in qualified thrift investments. Before FRREEA, the statutory definition of “portfolio assets” referred to the value of liquid assets of the type that satisfy the statutory liquidity requirement. Section 1201 of FRREEA revised the definition of portfolio assets in section 10(m)(4)(B)(iii) of the HOLA to refer to assets that satisfy the liquidity requirement as in effect the day before enactment of FRREEA. OTS construes this statutory change to apply the regulatory definition of liquid assets—as it existed before repeal of the liquidity requirement—to the portfolio asset element of the QTL test. While OTS regulations do not contain any provisions implementing the QTL test, OTS will make appropriate changes in guidance to incorporate this interpretation. OTS invites comment on this statutory interpretation. 3. Savings and Loan Holding Company Investment Authority OTS regulations at § 584.2-1(a) address authorized investments for savings and loan holding companies (SLHCs). Specifically, this rule states that an SLHC, and any subsidiary that is not a savings association, may invest in “the types of securities specified in § 566.1.” The predecessor to this provision was added in 1974 in response to a request from commenters that the agency clarify that an SLHC and any non-insured subsidiary other than a service corporation could invest in various types of government securities. 3 3 39 FR 22943 (June 25, 1974). The types of securities listed in § 566.1 are authorized investments for SLHCs under section 10(c)(2)(F)(ii) of the HOLA because multiple SLHCs were permitted by regulation to hold such investments as of March 5, 1987. 12 U.S.C. 1467a(c)(2)(F)(ii). Therefore, we believe the cross-reference to § 566.1 in § 584.2-1(a) is unnecessary and can be removed. OTS has made an additional conforming change to ensure that these investment activities will not be subject to a notice requirement under § 584.2-1(c). The definitions of liquid assets and associated terms currently found in § 566.1 are not needed in the regulations for the percentage liquidity requirement, the investment authority of savings associations, the QTL test, or the investment authority of SLHCs. Consequently, this interim rule removes § 566.1. C. Plain Language Section 722 of the Gramm-Leach-Bliley Act requires federal banking agencies to use “plain language” in all proposed and final rules published after January 1, 2000. 12 U.S.C. 4809. All of the changes made in this rule, except for the revision of § 563.161, remove language or add a simple phrase. We invite comment on whether the changes in this rule make OTS regulations easier to understand. II. Justification for Interim Rule A. Notice and Comment Requirement Section 553 of the Administrative Procedure Act

(APA)permits an agency to issue rules without prior notice and comment if the agency finds good cause and explains its finding when it publishes the rule. 5 U.S.C. 553(b)(B). A finding that notice and comment are impracticable, unnecessary, or contrary to the public interest constitutes good cause. As discussed more fully above, OTS has examined the need for the liquidity regulation and has determined that the regulation is no longer necessary. The safety and soundness liquidity requirement currently found in part 566, however, is preserved in part 563. Elimination of the rule implementing the statutory liquidity requirement decreases burden on the industry and permits savings associations more flexibility in responding to the marketplace for financial services. Accordingly, OTS concludes that it is unnecessary and contrary to the public interest to solicit public notice and comment on these changes before making the rule effective. Nonetheless, OTS invites comments on this interim rule during the 60-day period following publication. In developing a final rule, OTS will consider all public comments it receives within that period. B. Effective Date Requirement Section 302 of the Riegle Community Development and Regulatory Improvement Act of 1994 (CDRIA) requires that new OTS regulations and amendments to existing regulations take effect on the first day of a calendar quarter that begins on or after the date of publication of the rule. 12 U.S.C. 4802. The delayed effective date provision applies only if the rule imposes additional reporting, disclosure, or other new requirements on insured depository institutions. As a related matter, section 553 of the APA states that a rule must not be made effective before 30 days after its publication. 5 U.S.C. 553(b)(B). This APA provision does not apply, however, if the rule grants or recognizes an exemption or relieves a restriction. OTS concludes that neither CDRIA nor the APA precludes the publication of this rule with an immediate effective date. This rule makes only burden reducing, clarifying, and technical conforming amendments to OTS rules. III. Findings and Certifications A. Executive Order 12866 The Director of OTS has determined that this interim rule does not constitute a significant regulatory action for the purposes of Executive Order 12866. B. Regulatory Flexibility Act The Regulatory Flexibility Act

(RFA)requires the OTS to prepare an Initial Regulatory Flexibility Analysis when the agency must publish a general notice of proposed rulemaking. 5 U.S.C. 603. As noted previously, OTS has determined that it is not necessary to publish a notice of proposed rulemaking for this interim final rule. Accordingly, the RFA does not require an initial regulatory flexibility analysis. Nonetheless, OTS has considered the likely impact of the rule on small entities and believes that the rule will not have a significant impact on a substantial number of small entities. This interim rule imposes no new requirements, and makes only burden reducing, clarifying, and technical conforming amendments to OTS current regulations. C. Unfunded Mandates Act of 1995 Section 202 of the Unfunded Mandates Reform Act of 1995

(UMA)applies only when an agency is required to issue a general notice of proposed rulemaking or when it publishes a final rule for which a general notice of proposed rulemaking was published. 2 U.S.C. 1532. As noted above, OTS has determined, for good cause, that publication of a proposed rule is not necessary. Accordingly, OTS has concluded that the UMA does not require OTS to conduct an unfunded mandates analysis of this interim rule. Moreover, OTS finds that this interim rule will not result in expenditure by state, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year. Rather, the rule imposes no new requirements and makes only burden reducing, clarifying, and technical conforming amendments to current OTS regulations. Accordingly, OTS has not prepared a budgetary impact statement for this rule or specifically addressed the regulatory alternatives considered. List of Subjects 12 CFR Part 506 Reporting and recordkeeping requirements. 12 CFR Part 560 Consumer protection, Investments, Manufactured homes, Mortgages, Reporting and recordkeeping requirements, Savings associations, Securities. 12 CFR Part 563 Accounting, Advertising, Crime, Currency, Investments, Reporting and recordkeeping requirements, Savings associations, Securities, Surety bonds. 12 CFR Part 566 Liquidity, Reporting and recordkeeping requirements, Savings associations. 12 CFR Part 584 Administrative practice and procedure, Holding companies, Reporting and recordkeeping requirements, Savings associations, Securities. Accordingly, the Office of Thrift Supervision amends parts 506, 560, 563, 566, and 584 in Title 12, Chapter V, Code of Federal Regulations, as set forth below: PART 506—INFORMATION COLLECTION REQUIREMENTS UNDER THE PAPERWORK REDUCTION ACT 1. The authority citation for part 506 continues to read as follows: Authority: 44 U.S.C. 3501 *et seq.* § 506.1 [Amended] 2. Amend § 506.1(b) by removing the entry for 566.4. PART 560—LENDING AND INVESTMENT 3. The authority citation for part 560 continues to read as follows: Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1701j-3, 1828, 3803, 3806; 42 U.S.C. 4106. § 560.30 [Amended] 4. Amend the table in § 560.30 by removing footnote 10 and by redesignating footnotes 11 through 20 as footnotes 10 through 19, respectively. PART 563—OPERATIONS 5. The authority citation for part 563 continues to read as follows: Authority: 12 U.S.C. 375b, 1462, 1462a, 1463, 1464, 1467a, 1468, 1817, 1820, 1828, 1831o, 3806; 42 U.S.C. 4106. 6. In § 563.161, revise paragraph

(a)to read as follows: § 563.161 Management and financial policies.

(1)For the protection of depositors and other savings associations, each savings association and each service corporation must be well managed and operate safely and soundly. Each also must pursue financial policies that are safe and consistent with economical home financing and the purposes of savings associations. In implementing this section, OTS will consider that service corporations may be authorized to engage in activities that involve a higher degree of risk than activities permitted to savings associations.

(2)As part of meeting its requirements under paragraph (a)(1) of this section, each savings association and service corporation must maintain sufficient liquidity to ensure its safe and sound operation. PART 566—[REMOVED] 7. Remove part 566. PART 584—REGULATED ACTIVITIES 8. The authority citation for part 584 continues to read as follows: Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1468. § 584.2-1 [Amended] 9. Amend § 584.2-1 by removing the last sentence of paragraph (a); and by adding to paragraph (c)(1), the phrase “(other than purchase or sale of a government debt security)” after the phrase “this section”. Dated: March 2, 2001. By the Office of Thrift Supervision. Ellen Seidman, Director. [FR Doc. 01-6399 Filed 3-14-01; 8:45 am]

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