[Federal Register: December 27, 2002 (Volume 67, Number 249)]
[Proposed Rules]
[Page 79271-79275]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27de02-41]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Parts 303, 333, 347, 348, 359
RIN 3064-AC55
Filing Procedures, Corporate Powers, International Banking,
Management Official Interlocks
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of proposed rulemaking.
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SUMMARY: The FDIC is proposing to amend its regulations governing
filing procedures, international banking and management official
interlocks by making technical corrections and modifications to clarify
existing policies and procedures. In addition, the FDIC is proposing to
add a waiver provision to its regulations.
As part of its regulatory review effort, the FDIC also solicits
public comment to identify any areas of its filing procedures
regulation that are outdated, unnecessary, or unduly burdensome, and
whether the regulation should be continued without change, amended or
rescinded to minimize any significant economic impact it may have on a
substantial number of small insured institutions (i.e., those with
assets of $150 million or less).
DATES: Written comments must be received on or before February 25, 2003.
ADDRESSES: All comments should be addressed to Robert E. Feldman,
Executive Secretary, Attention: Comments/ES, Federal Deposit Insurance
Corporation, 550 17th Street, NW, Washington, DC, 20429. Comments may
be hand delivered to the guard station at the rear of the 550 17th
Street Building (located on F Street) on business days between 7 a.m.
and 5 p.m.; or sent by e-mail to the following Internet address:
comments@fdic.gov. Comments may be inspected and photocopied in the
FDIC Public Information Center, Room 100, 801 17th Street, NW
Washington, DC, 20429, between 9a.m. and 4:30 p.m. on business days,
and the FDIC may post the comments on its Internet site at
http://www.fdic.gov/regulations/laws/federal/propose.html
.
FOR FURTHER INFORMATION CONTACT: Division of Supervision and Consumer
Protection: Steven D. Fritts, Associate Director, (202) 898-3723, Mindy
West, Examination Specialist, (202) 898-7221; Legal Division:
Supervision and Legislation Branch, Robert C. Fick, Counsel, (202) 898-
8962, Susan van den Toorn, Counsel, (202) 898-8707.
SUPPLEMENTARY INFORMATION:
I. Background
Part 303 of the FDIC's regulations (part 303) generally describes
the procedures to be followed by both the FDIC and applicants with
respect to applications and notices required to be filed by statute or
regulation. Elsewhere in this issue of the Federal Register the Board
has issued in final form a revised part 303 to reflect a recent
internal reorganization at the FDIC and to remove the delegations of
authority from the regulation. The changes being proposed in this
document include revisions to Part 303 that require notice and comment
pursuant to the Administrative Procedure Act and technical corrections
to other regulations in chapter III.
II. Proposed Rule Part 303
The FDIC is proposing to amend Sec. 303.2 to clarify how the
statutory definitions in the FDI Act apply to part 303. Several
provisions in part 303 utilize terms, such as ``bank,'' ``company'' and
``depository institution holding company,'' that are defined in the FDI
Act. The FDIC proposes to clarify that unless such terms are expressly
defined differently in part 303, those terms will have the meanings
given them in the FDI Act. Therefore, the proposed Sec. 303.2
specifies that wherever a term that is defined in the FDI Act is used
in part 303, it will have the meaning given it in the FDI Act except to
the extent part 303 expressly defines that term differently.
The FDIC is proposing to amend Sec. 303.4--Computation of time, to
clarify when the general rule regarding the commencement of the various
time periods in part 303 applies. Several subparts of part 303 include
a provision that specifies when a particular time period commences.
See, for example, subpart E--Change in Bank Control. It is the FDIC's
intention that in those instances where a specific provision exists,
the specific provision prevails over the general rule set forth in
Sec. 303.4. The FDIC is proposing to modify the first sentence of
Sec. 303.4 to clarify that the general rule only applies to the extent
there is no specific provision regarding when a particular time period
commences.
The FDIC proposes to revise current Sec. 303.11(g) to provide a
time within which the FDIC has to respond to an institution or
institution-affiliated party that files a response to a notice of
intent or temporary order issued pursuant to this section. The FDIC
believes that 30 days is a reasonable time in which to review any
response submitted by an institution or institution-affiliated party.
Additionally, the FDIC is proposing to place the last sentence of
current Sec. 303. 11(g)(3)(ii) into a separate paragraph to clarify
that it applies to Sec. 303.11(g)(3) in its entirety, and not only to
Sec. 303.11(g)(3)(ii).
The FDIC is proposing to add a provision setting forth its
authority to waive any non-statutorily required provision for good
cause. Proposed Sec. 303.12 would provide that the Board may, for good
cause and to the extent permitted by statute, waive the applicability
of any provision of chapter III. The provisions could be waived, in
whole or in part, at any time by the Board when good cause is shown,
subject to the provisions of the Administrative Procedure Act and the
provisions of chapter III. Any provision of the rules may be waived by
the Board on its own motion or on petition if good cause is shown.
The FDIC is proposing a revision to Sec. 303.22(a)(1) that would
clarify the rating required for a bank or thrift holding company to be
eligible for expedited processing for a proposed institution seeking
deposit insurance. The existing Sec. 303.22(a)(1) rating for a thrift
holding company of a ``2'' is inappropriate since the Office of Thrift
Supervision has ratings of ``A'', ``S'' and ``U''. The proposal would
provide that an eligible holding company would be defined as a bank or
thrift holding company that has consolidated assets of at least $150
million or more; a BOPEC rating of at least ``2'' for bank holding
companies or an above average or ``A'' rating for thrift holding
companies; and at least 75 percent of its consolidated depository
institution assets comprised of eligible depository institutions.
The FDIC is proposing to amend several sections in subpart E to
clarify that the acquisition of control of a parent company of a state
nonmember bank generally requires a change in control notice. Section
7(j)(18) of the FDI Act (12 U.S.C. 1817(j)(18)) indicates that the
Change in Bank Control Act applies to acquisitions of control of
companies that control insured depository institutions. It has long
been the FDIC's interpretation that a change in control notice is
required whenever any person acquires control of a company that
controls, directly or indirectly, a state nonmember bank. Such control
could be indirect in that the company exerts control of the bank
through one or more intermediate companies of a multi-tiered
organization. The proposed amendments merely clarify the regulations in
this regard. Specifically, the FDIC proposes to add a definition of
``parent company'' to the definitions
[[Page 79272]]
listed in Sec. 303.81; add a reference to parent company in the
provisions requiring a change in control notice for a state nonmember
bank in Sec. 303.82; add to Sec. 303.83(a) exemptions for
acquisitions of the voting shares of bank holding companies, and for
acquisitions of the voting shares of savings and loan holding
companies, and add technical conforming amendments to various sections
in 12 CFR 303.80 through 303.83.
It has also been the FDIC's practice not to require a change in
control notice in those cases where either the Board of Governors of
the Federal Reserve System or the Office of Thrift Supervision reviews
a change in control notice for the proposed transaction. For example,
where a person proposes to acquire control of a bank holding company
that controls a state nonmember bank, and the Board of Governors of the
Federal Reserve System reviews a change in control notice for the same
transaction, the FDIC considers it an unnecessary duplication for the
acquirer to also file a change in control notice with the FDIC. The
proposed changes would codify the FDIC's practice in that regard.
The FDIC is also proposing amendments to clarify when an
acquisition subject to the Change in Bank Control Act may be
consummated. Section 7(j) of the FDI Act, 12 U.S.C. 1817(j), generally
provides that any person acquiring control of an insured depository
institution must give the appropriate federal banking agency sixty days
prior written notice of such proposed transaction. The existing Sec.
303.85 could be interpreted to permit consummation of the proposed
transaction prior to the expiration of that 60-day period. Section
303.85(a) provides that the 60-day notice period ``shall commence on
the date of receipt of a substantially complete notice,'' and further
provides that the FDIC will notify the person submitting the notice of,
``the date the notice is accepted for processing.'' Section 303.85(b)
suggests that the 60 day period starts upon ``submission to the
regional director of a substantially complete notice.'' The use of this
terminology in referring to the 60-day notice period could lead to
confusion about when the 60-day notice period commences and about when
an acquisition may be consummated. In order to eliminate the potential
for misunderstandings regarding the time period available to the FDIC
for considering a proposed change in bank control transaction, the FDIC
proposes to amend 12 CFR 303.85 (a) and (b) to make clear that the 60-
day notice period commences on the day after the date that the
appropriate regional director accepts the notice as substantially
complete.
In Sec. 303.86 the FDIC proposes to provide a more descriptive
heading for paragraph (c) by including the phrase, ``waiving
publication, acting before close of public comment period'' and to
amend paragraph (c) by substituting ``paragraphs (a) and (d)'' for
``this paragraph.''
A technical correction to Sec. 303.244 creates a cross-reference
to Sec. 359.4(a)(4) of this chapter regarding golden parachutes and
severance plan payments to make clear the responsibilities of an
applicant seeking approval of filings. Specifically, insured depository
institutions, depository institution holding companies or institution-
affiliated parties making requests for such payments often overlook the
requirement that a party submitting such an application demonstrate
that it does not possess and is not aware of any information, evidence,
documents or other materials which would indicate that there is a
reasonable basis to believe, at the time such payment is made, that the
institution-affiliated party who is to benefit from a golden parachute
or severance plan engaged in any breach of fiduciary duty or other
misconduct which would have a material adverse effect on the bank; is
substantially responsible for the bank's insolvency; violated any law
which would have a material effect on the bank; or violated certain
federal criminal and currency-reporting laws. In addition, with regard
to part 359 of this chapter, the FDIC proposes to revise the reference
in Sec. 359.1(f)(1)(ii)(C) to part 303 to read, ``303.101(c).''
III. Other Regulatory Changes
Technical corrections are being proposed to part 333.4--Conversions
from mutual to stock, form to correct references to part 303 of this
chapter. The old citations in Sec. 333.4(a) and (c) would be replaced
with: ``subpart I of part 303 of this chapter.''
A technical correction is being proposed to part 347--International
Banking, Sec. 347.108(f) to reference the correct citation with regard
to procedures for applications and notices for obtaining FDIC approval
to invest in foreign organizations. Procedures are set out in subpart J
of part 303 of this chapter, not subpart D of part 347 as provided for
in the current regulation.
A technical correction is also being proposed to part 348--
Management Official Interlocks, Sec. 348.2 regarding the definition of
Management official to correct the cross-reference to part 303 of this
chapter. The correct citation should be to 12 CFR 303.101(b).
IV. Request for Public Comment as Part EGRPRA and Regulatory
Flexibility Act Regulatory Review
Consistent with our obligation pursuant to Section 2222 of the
Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA,
12 U.S.C. 3311), the FDIC requests public comment to identify any areas
of part 303, not merely those sections for which changes are being
proposed today, that are outdated, unnecessary, or unduly burdensome.
The FDIC also requests public comment on whether part 303 should be
continued without change, amended or rescinded to minimize any
significant economic impact it may have on a substantial number of
small insured institutions (i.e., those with assets of $150 million or
less) consistent with our obligation pursuant to Section 610 of the
Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
V. Regulatory Flexibility Act Analysis
Pursuant to 5 U.S.C. 605(b) of the Regulatory Flexibility Act, 5
U.S.C. 601 et seq., the FDIC hereby certifies that the proposed
amendments set forth in this proposed rule will not, if promulgated
through a final rule, have a significant economic impact on a
substantial number of small entities. The proposed rule makes primarily
technical changes to the existing rule.
The FDIC invites the public to comment on whether the proposed rule
reduces regulatory burden and to provide the FDIC with suggested
alternatives to those set forth in the proposed rule. The FDIC will
carefully review all comments received prior to issuing the final
regulation.
VI. Paperwork Reduction Act
This proposed rule does not create or modify any collection of
information pursuant to the Paperwork Reduction Act (44 U.S.C. 3501 et
seq.). Consequently, no information has been submitted to the Office of
Management and Budget for review.
VII. Plain Language Requirement
Section 722 of the Gramm-Leach-Bliley Act of 1999 requires the
federal banking agencies to use ``plain language'' in all proposed and
final rules published after January 1, 2000. We invite your comments on
how to make this proposal easier to understand. For example:
(1) Have we organized the material to suit your needs?
[[Page 79273]]
(2) Are the requirements in the rule clearly stated?
(3) Does the rule contain technical language or jargon that isn't
clear?
(4) What else could we do to make the rule easier to understand?
VII. Assessment of Impact of Federal Regulation on Families
The FDIC has determined that the proposed rule will not affect
family well-being within the meaning of section 654 of the Treasury and
General Government Appropriations Act, 1999, enacted as part of the
Omnibus Consolidated and Emergency Supplemental Appropriations Act,
1999 (Pub. L. 105-277, 112 Stat. 2681).
List of Subjects
12 CFR Part 303
Administrative practice and procedure, Banks, banking, Bank merger,
Branching, Foreign investments, Golden parachute payments, Insured
branches, Interstate branching, Reporting and recordkeeping
requirements, Savings associations.
12 CFR Part 333
Banks, banking, Corporate powers.
12 CFR Part 347
Bank deposit insurance, Banks, Credit, Foreign banking, Foreign
investments, Insured branches, Investments, Reporting and recordkeeping
requirements, United States investments abroad.
12 CFR Part 348
Antitrust, Banks, banking, Holding companies, Reporting and
recordkeeping requirements.
12 CFR Part 359
Bank deposit insurance, Banks, banking, Golden parachute payments,
Indemnity payments.
For the reasons set out in the preamble, the FDIC hereby proposes
to amend 12 CFR parts 303, 333, 347, 348 and 359.
PART 303--FILING PROCEDURES
1. The authority citation for part 303 continues to read as
follows:
Authority: 12 U.S.C. 378, 1813, 1815, 1816, 1817, 1818, 1819,
(Seventh and Tenth), 1820, 1823, 1828, 1828a, 1831a, 1831e, 1831o,
1831p-1, 1831w, 1835a, 3104, 3105, 3108, 3207, 15 U.S.C. 1601-1607,
6716.
Sec. 303.2 [Amended]
2. In Sec. 303.2 remove the phrase, ``For purposes of this part,''
and add in its place the phrase, ``Except as modified or otherwise
defined in this part, terms used in this part that are defined in the
Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) have the
meanings provided in the Federal Deposit Insurance Act. Additional
definitions of terms used in this part are as follows:''.
Sec. 303.4 [Amended]
3. In Sec. 303.4 after the phrase, ``For purposes of this part,''
add the words, ``and except as otherwise specifically provided,''.
Sec. 303.8 [Amended]
4. In Sec. 303.8, in the last sentence of paragraph (a) remove
``Sec. 309.5(c)'' and add in its place ``Sec. 309.5(f)''.
5. In Sec. 303.11, paragraph (g)(3)(ii) is revised to read as
follows:
Sec. 303.11 Decisions.
* * * * *
(g) * * *
(3) * * *
(ii) (A) Any other relevant information, mitigating circumstance,
documentation, or other evidence in support of the applicant's
position. An applicant may also request a hearing under Sec. 303.10.
(B) Failure by an applicant to file a written response with the
FDIC to a notice of intent or a temporary order within the specified
time period, shall constitute a waiver of the opportunity to respond
and shall constitute consent to a final order under this paragraph (g).
The FDIC shall consider any such response, if filed in a timely manner,
within 30 days of receiving the response.
* * * * *
6. Section 303.12 is added to read as follows:
Sec. 303.12 Waivers.
(a) The Board of Directors of the FDIC (Board) may, for good cause
and to the extent permitted by statute, waive the applicability of any
provision of this chapter.
(b) The provisions of this chapter may be suspended, revoked,
amended or waived for good cause shown, in whole or in part, at any
time by the Board, subject to the provisions of the Administrative
Procedure Act and the provisions of this chapter. Any provision of the
rules may be waived by the Board on its own motion or on petition if
good cause thereof is shown.
7. In Sec. 303.22, paragraph (a)(1) is amended by adding a
sentence at the end to read as follows:
Sec. 303.22 Processing.
(a) * * *
(1) * * * An eligible holding company is defined as a bank or
thrift holding company that has consolidated assets of at least $150
million or more; a BOPEC rating of at least ``2'' for bank holding
companies or an above average or ``A'' rating for thrift holding
companies; and at least 75 percent of its consolidated depository
institution assets comprised of eligible depository institutions.
* * * * *
8. Section 303.80 is revised to read as follows:
Sec. 303.80 Scope.
This subpart sets forth the procedures for submitting a notice to
acquire control of an insured state nonmember bank or a parent company
of an insured state nonmember bank pursuant to the Change in Bank
Control Act of 1978, section 7(j) of the FDI Act (12 U.S.C. 1817(j)).
9. Section 303.81 is revised to read as follows:
Sec. 303.81 Definitions.
For purposes of this subpart:
Acquisition includes a purchase, assignment, transfer, pledge or
other disposition of voting shares, or an increase in percentage
ownership resulting from a redemption of voting shares of an insured
state nonmember bank or a parent company.
Acting in concert means knowing participation in a joint activity
or parallel action towards a common goal of acquiring control of an
insured state nonmember bank or a parent company, whether or not
pursuant to an express agreement.
Control means the power, directly or indirectly, to direct the
management or policies of an insured bank or a parent company or to
vote 25 percent or more of any class of voting shares of an insured
bank or a parent company.
Parent Company means any company that controls, directly or
indirectly, an insured state nonmember bank.
Person means an individual, corporation, partnership, trust,
association, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization, and any other form of entity; and a voting
trust, voting agreement, and any group of persons acting in concert.
10. Section 303.82 is amended by revising paragraphs (a), (b), (c) and
(d) to read as follows:
Sec. 303.82 Transactions requiring prior notice.
(a) Prior notice requirement. Any person acting directly or
indirectly, or through or in concert with one or more persons, shall
give the FDIC 60 days prior written notice, as specified in Sec.
303.84, before acquiring control of an
[[Page 79274]]
insured state nonmember bank or any parent company, unless the
acquisition is exempt under Sec. 303.83.
(b) Acquisitions requiring prior notice-- (1) Acquisition of
control. The acquisition of control, unless exempted, requires prior
notice to the FDIC.
(2) Rebuttable presumption of control. The FDIC presumes that an
acquisition of voting shares of an insured state nonmember bank or a
parent company constitutes the acquisition of the power to direct the
management or policies of an insured bank or a parent company requiring
prior notice to the FDIC, if, immediately after the transaction, the
acquiring person (or persons acting in concert) will own, control, or
hold with power to vote 10 percent or more of any class of voting
shares of the institution, and if:
(i) The institution has registered shares under section 12 of the
Securities Exchange Act of 1934 (15 U.S.C. 78l); or
(ii) No other person will own, control or hold the power to vote a
greater percentage of that class of voting shares immediately after the
transaction. If two or more persons, not acting in concert, each
propose to acquire simultaneously equal percentages of 10 percent or
more of a class of voting shares of an insured state nonmember bank or
a parent company, each such person shall file prior notice with the
FDIC.
(c) Acquisitions of loans in default. The FDIC presumes an
acquisition of a loan in default that is secured by voting shares of an
insured state nonmember bank or a parent company to be an acquisition
of the underlying shares for purposes of this section.
(d) Other transactions. Acquisitions other than those set forth in
paragraph (b)(2) of this section resulting in a person's control of
less than 25 percent of a class of voting shares of an insured state
nonmember bank or a parent company are not deemed by the FDIC to
constitute control for purposes of the Change in Bank Control Act (12
U.S.C. 1817j).
* * * * *
11. Section 303.83 is amended by revising paragraphs (a)(1) through
(a)(2), (a)(6) and (a)(7), (b)(1) and (b)(2), and adding paragraph
(a)(8) to read as follows:
Sec. 303.83 Transactions not requiring prior notice.
(a) * * *
(1) The acquisition of additional voting shares of an insured state
nonmember bank or a parent company by a person who:
(i) Held the power to vote 25 percent or more of any class of
voting shares of the institution continuously since the later of March
9, 1979, or the date that the institution commenced business as an
insured state nonmember bank or a parent company; or
(ii) Is presumed, under Sec. 303.82(b)(2), to have controlled the
institution continuously since March 9, 1979, if the aggregate amount
of voting shares held does not exceed 25 percent or more of any class
of voting shares of the institution or, in other cases, where the FDIC
determines that the person has controlled the institution continuously
since March 9, 1979;
(2) The acquisition of additional shares of a class of voting
shares of an insured state nonmember bank or a parent company by any
person (or persons acting in concert) who has lawfully acquired and
maintained control of the institution (for purposes of Sec. 303.82)
after complying with the procedures of the Change in Bank Control Act
to acquire voting shares of the institution under this subpart;
* * * * *
(6) The receipt of voting shares of an insured state nonmember bank
or a parent company through a pro rata stock dividend;
(7) The acquisition of voting shares in a foreign bank, which has
an insured branch or branches in the United States. (This exemption
does not extend to the reports and information required under
paragraphs 9, 10, and 12 of the Change in Bank Control Act of 1978 (12
U.S.C. 1817(j)(9), (10), and (12)); and
(8) The acquisition of voting shares of a depository institution
holding company that either the Board of Governors of the Federal
Reserve System or the Office of Thrift Supervision reviews pursuant to
the Change in Bank Control Act (12 U.S.C. 1817(j)).
(b) Prior notice exemption. (1) The following acquisitions of
voting shares of an insured state nonmember bank or a parent company,
which otherwise would require prior notice under this subpart, are not
subject to the prior notice requirements if the acquiring person
notifies the appropriate FDIC office within 90 calendar days after the
acquisition and provides any relevant information requested by the
FDIC:
(i) The acquisition of voting shares through inheritance;
(ii) The acquisition of voting shares as a bona fide gift; or
(iii) The acquisition of voting shares in satisfaction of a debt
previously contracted in good faith, except that the acquirer of a
defaulted loan secured by a controlling amount of a state nonmember
bank's voting securities or a parent company's voting securities shall
file a notice before the loan is acquired.
(2) The following acquisitions of voting shares of an insured state
nonmember bank or a parent company, which otherwise would require prior
notice under this subpart, are not subject to the prior notice
requirements if the acquiring person notifies the appropriate FDIC
office within 90 calendar days after receiving notice of the
acquisition and provides any relevant information requested by the
FDIC.
(i) A percentage increase in ownership of voting shares resulting
from a redemption of voting shares by the issuing bank or a parent
company; or
(ii) The sale of shares by any shareholder that is not within the
control of a person resulting in that person becoming the largest
shareholder.
* * * * *
12. Section 303.85 is amended by revising paragraphs (a) and (b)(1)
to read as follows:
Sec. 303.85 Processing.
(a) Acceptance of notice, additional information. The FDIC shall
notify the person or persons submitting a notice under this subpart in
writing of the date the notice is accepted as substantially complete.
The FDIC may request additional information at any time.
(b) Commencement of the 60-day notice period: consummation of
acquisition. (1) The 60-day notice period specified in Sec. 303.82
shall commence on the day after the date of acceptance of a
substantially complete notice by the appropriate regional director. The
notificant(s) may consummate the proposed acquisition after the
expiration of the 60-day notice period, unless the FDIC disapproves the
proposed acquisition or extends the notice period.
* * * * *
13. Section 303.86 is amended by revising paragraph (c) to read as
follows:
Sec. 303.86 Public notice requirements.
* * * * *
(c) Shortening or waiving pubic comment period, waiving
publication; acting before close of public comment period. The FDIC may
shorten the public comment period to a period of not less than 10 days,
or waive the public comment or newspaper publication requirements of
paragraph (a) of this section, or act on a notice before the expiration
of a public comment period, if it determines in writing either that an
emergency exists or that disclosure of the notice, solicitation of
public comment, or delay until expiration of the public comment
[[Page 79275]]
period would seriously threaten the safety and soundness of the bank to
be acquired.
* * * * *
14. In Sec. 303.244, paragraphs (c)(4) and (c)(5) are revised and
new paragraph (c)(6) is added to read as follows:
Sec. 303.244 Golden parachute and severance plan payments.
* * * * *
(c) * * *
(4) The cost of the proposed payment and its impact on the
institution's capital and earnings;
(5) The reasons why the consent to the payment should be granted;
and
(6) Certification and documentation as to each of the points cited
in Sec. 359.4(a)(4).
* * * * *
PART 333--EXTENSION OF CORPORATE POWERS
15. The authority citation for part 333 continues to read as
follows:
Authority: 12 U.S.C. 1816, 1818, 1819 (``Seventh'', ``Eighth''
and ``Tenth''), 1828, 1828(m), 1831p-1(c).
Sec. 333. 4 [Amended]
16. In Sec. 333.4, paragraphs (a) and (c) are amended by removing
the words ``Sec. 303.15 of this chapter'' and adding in their place
the words ``subpart I of part 303 of this chapter.''
PART 347--INTERNATIONAL BANKING
17. The authority citation for part 347 continues to read as
follows:
Authority: 12 U.S.C. 1813, 1815, 1817, 1819, 1820, 1828, 3103,
3104, 3105, 3108: Title IX, Pub. L. 98-181, 97 Stat. 1153.
18. Section 347.108 is amended by revising paragraph (f) to read as
follows:
Sec. 347.108 Obtaining FDIC approval to invest in foreign
organizations.
* * * * *
(f) Procedures. Procedures for applications and notices under this
section are set out in subpart J of part 303 of this chapter.
PART 348--MANAGEMENT OFFICIAL INTERLOCKS
19. The authority citation for part 348 continues to read as
follows:
Authority: 12 U.S.C. 1823(k), 3207.
20. In Sec. 348.2, paragraph (j)(1)(iii) is revised to read as
follows:
Sec. 348.2 Definitions.
* * * * *
(j) * * *
(1) * * *
(iii) A senior executive officer as that term is defined in 12 CFR
303.101(b).
* * * * *
PART 359--GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS
21. The authority citation for part 359 continues to read as
follows:
Authority: 12 U.S.C. 1828(k).
Sec. 359.1 [Amended]
22. In Sec. 359.1(f)(1)(ii)(C) remove the reference to ``Sec.
303.14(a)(4)'' and add in its place, ``Sec. 303.101(c)''.
Dated at Washington, DC, this 3rd day of December, 2002.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 02-31921 Filed 12-26-02; 8:45 am]
BILLING CODE 6714-01-P
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