83_FR_27484 83 FR 27371 - Policy Statement on Interagency Notification of Formal Enforcement Actions

83 FR 27371 - Policy Statement on Interagency Notification of Formal Enforcement Actions

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION

Federal Register Volume 83, Issue 113 (June 12, 2018)

Page Range27371-27372
FR Document2018-12556

The Federal Financial Institutions Examination Council has rescinded its Revised Policy Statement on ``Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies'' dated February 20, 1997. To assure onging coordination, the Board, the FDIC, and the OCC (collectively, ``the Federal Banking Agencies'' or ``FBAs'') are issuing this policy statement concerning Federal Banking Agency coordination of formal corrective action.

Federal Register, Volume 83 Issue 113 (Tuesday, June 12, 2018) 
[Federal Register Volume 83, Number 113 (Tuesday, June 12, 2018)]
[Notices]
[Pages 27371-27372]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-12556]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

[Docket ID OCC-2018-0012]

FEDERAL RESERVE SYSTEM

[Docket No. OP-1609]

FEDERAL DEPOSIT INSURANCE CORPORATION


Policy Statement on Interagency Notification of Formal 
Enforcement Actions

AGENCIES: Board of Governors of the Federal Reserve System (Board); 
Federal Deposit Insurance Corporation (FDIC); and Office of the 
Comptroller of the Currency (OCC), Treasury.

ACTION: Notice of policy statement.

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[[Page 27372]]

SUMMARY: The Federal Financial Institutions Examination Council has 
rescinded its Revised Policy Statement on ``Interagency Coordination of 
Formal Corrective Action by the Federal Bank Regulatory Agencies'' 
dated February 20, 1997. To assure onging coordination, the Board, the 
FDIC, and the OCC (collectively, ``the Federal Banking Agencies'' or 
``FBAs'') are issuing this policy statement concerning Federal Banking 
Agency coordination of formal corrective action.

DATES: Applicable on June 12, 2018.

FOR FURTHER INFORMATION CONTACT: 
    OCC: Jessica Burrell, Counsel, Enforcement and Compliance, (202-
649-6200); William Jacquet, Assistant Director, Enforcement and 
Compliance, (202-649-6200). For the hearing impaired, TTY (202) 649-
5597.
    Board: Jason Gonzalez, Special Counsel, Legal Division, Board of 
Governors of the Federal Reserve System, 20th Street and Constitution 
Avenue NW, Washington, DC 20551. For the hearing impaired or users of 
Telecommunication Device for Deaf (TDD) only, call (202) 263-4869.
    FDIC: Sam Ozeck, Legal Division (202) 898-6736; George Parkerson, 
Division of Risk Management Supervision, (202) 898-3648.

SUPPLEMENTARY INFORMATION: The Federal Banking Agencies are issuing 
this policy statement concerning their coordination of formal 
corrective action.
    The text of the policy statement is as follows:

Policy Statement on Interagency Notification of Formal Enforcement 
Actions

    The FBAs are issuing this policy statement to promote notification 
of, and coordination on, formal enforcement actions among the FBAs at 
the earliest practicable date. This statement replaces the existing 
policy statement \1\ to incorporate and reflect current practices and 
is not intended as a substitute for informal communication that 
routinely occurs among the FBAs in advance of an enforcement action, 
including verbal notification of pending enforcement matters to 
officials and staff with supervisory and enforcement responsibility for 
the affected institution.
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    \1\ See 62 FR 7782 (Feb. 20, 1997).
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    When an FBA determines it will take a formal enforcement action 
against any federally insured depository institution, depository 
institution holding company, non-bank affiliate, or institution-
affiliated party, it should evaluate whether the enforcement action 
involves the interests of another FBA. Examples of such interests 
include unsafe or unsound practices or significant violations of law by 
an insured depository institution, non-bank affiliate, or depository 
institution holding company or misconduct by an institution-affiliated 
party that may have significant connections with an institution 
regulated by another FBA.
    If it is determined that one or more other FBAs have an interest in 
the enforcement action, the FBA proposing the enforcement action should 
notify the other FBA(s). Notification should be provided at the earlier 
of the FBA's written notification to the federally insured depository 
institution, depository institution holding company, non-bank 
affiliate, or institution-affiliated party against which the FBA is 
considering an enforcement action or when the appropriate responsible 
agency official, or group of officials, determines that formal 
enforcement action is expected to be taken.
    The scope of the information shared by the notification may depend 
on the gravity of the interests of the other FBA(s) and be determined 
on a case-by-case basis by the FBA providing the notification. The 
information shared, however, should be appropriate to allow the other 
FBA(s) to take necessary action in examining or investigating the 
financial institution or institution-affiliated party over which they 
have jurisdiction.
    If two or more FBAs consider bringing a complementary action (e.g., 
action involving a bank and its parent holding company), those FBAs 
should coordinate the preparation, processing, presentation, potential 
penalties, service, and follow-up of the enforcement action.

    Dated: June 6, 2018.
Joseph M. Otting,
Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve 
System, June 4, 2018.
Anne E. Misback,
Secretary of the Board.
    Dated at Washington, DC, this day of March 20, 2018.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2018-12556 Filed 6-11-18; 8:45 am]
 BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P

Federal Register / Vol. 83, No. 113 / Tuesday, June 12, 2018 / Notices 27371 discretion, and in any event by 50944) explains application submission B. Application Deadlines. In order to December 31, 2018. and evaluation requirements and be considered for the issuance of a Executive Summary: This revised processes. Parties interested in being Guarantee under FY 2018 program NOGA is published in connection with approved for a Guarantee under the authority, Qualified Issuer and the CDFI Bond Guarantee Program, CDFI Bond Guarantee Program must Guarantee Applications must be administered by the Community submit Qualified Issuer Applications submitted by 11:59 p.m. EST on July 12, Development Financial Institutions and Guarantee Applications for 2018. If applicable, CDFI Certification Fund (CDFI Fund), the U.S. Department consideration in accordance with this Applications must be received by the of the Treasury (Treasury). Through this NOGA. CDFI Fund by 11:59 p.m. EST on July NOGA, the CDFI Fund announces the Capitalized terms used in this NOGA 12, 2018. availability of up to $500 million of and not defined elsewhere are defined II. Agency Contacts Guarantee Authority in FY 2018. On in the CDFI Bond Guarantee Program November 2, 2017, the Community regulations (12 CFR 1808.102) and the A. General information on questions Development Financial Institutions CDFI Program Regulations (12 CFR and CDFI Fund support. The CDFI Fund Fund (CDFI Fund) announced the 1805.104). will respond to questions and provide opportunity for the submission of All other information and support concerning this revised NOGA Qualified Issuer Applications and requirements set forth in the NOGA and Qualified Issuer and Guarantee Guarantee Applications for the CDFI published November 2, 2017, (82 FR Applications between the hours of 9:00 Bond Guarantee Program (82 FR 50944). 50944) as amended, shall remain a.m. and 5:00 p.m. ET, starting with the On January 18, 2018, the CDFI Fund effective, as published. date of the publication of this revised published a revised NOGA extending NOGA. The final date to submit the deadline for the submission of I. Guarantee Opportunity Description questions is [28 days after the Guarantee Applications under the CDFI A. Authority. The CDFI Bond publication of the NOGA]. Applications Bond Guarantee Program (83 FR 2724). Guarantee Program was authorized by and other information regarding the This revised NOGA is re-opening the the Small Business Jobs Act of 2010 CDFI Fund and its programs may be FY 2018 Application round of the CDFI (Pub. L. 111–240; 12 U.S.C. 4713a) (the obtained from the CDFI Fund’s website Bond Guarantee Program with an Act). Section 1134 of the Act amended at http://www.cdfifund.gov. The CDFI application submission deadline of the Riegle Community Development and Fund will post on its website responses 11:59 p.m. EST on July 12, 2018 to Regulatory Improvement Act of 1994 (12 to questions of general applicability provide interested parties with the U.S.C. 4701, et seq.) to provide authority regarding the CDFI Bond Guarantee opportunity to participate in the CDFI to the Secretary of the Treasury Program. Bond Guarantee Program. The NOGA (Secretary) to establish and administer B. The CDFI Fund’s contact published on November 2, 2017, (82 FR the CDFI Bond Guarantee Program. information is as follows: CONTACT INFORMATION Telephone number Type of question Email addresses (not toll free) CDFI Bond Guarantee Program ..................................................................... (202) 653–0421, Option 5 ................. bgp@cdfi.treas.gov. CDFI Certification ........................................................................................... (202) 653–0423 ................................. ccme@cdfi.treas.gov. Compliance Monitoring and Evaluation .......................................................... (202) 653–0423 ................................. ccme@cdfi.treas.gov. Information Technology Support .................................................................... (202) 653–0422 ................................. AMIS@cdfi.treas.gov. C. Communication with the CDFI Authority: Pub. L. 111–240; 12 U.S.C. DEPARTMENT OF THE TREASURY Fund. The CDFI Fund will use the AMIS 4701, et seq.; 12 CFR part 1808; 12 CFR part internet interface to communicate with 1805; 12 CFR part 1815. Office of the Comptroller of the applicants, Qualified Issuers, Program Currency Mary Ann Donovan, Administrators, Servicers, Certified Director, Community Development Financial CDFIs and Eligible CDFIs, using the [Docket ID OCC–2018–0012] Institutions Fund. contact information maintained in their [FR Doc. 2018–12605 Filed 6–11–18; 8:45 am] respective AMIS accounts. Therefore, FEDERAL RESERVE SYSTEM BILLING CODE 4810–70–P each such entity must maintain accurate contact information (including contact [Docket No. OP–1609] person and authorized representative, FEDERAL DEPOSIT INSURANCE email addresses, fax numbers, phone CORPORATION numbers, and office addresses) in its respective AMIS account. For more Policy Statement on Interagency information about AMIS, please see the Notification of Formal Enforcement AMIS Landing Page at https:// Actions sradovich on DSK3GMQ082PROD with NOTICES amis.cdfifund.gov. AGENCIES: Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice of policy statement. VerDate Sep<11>2014 16:21 Jun 11, 2018 Jkt 244001 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 E:\FR\FM\12JNN1.SGM 12JNN1

27372 Federal Register / Vol. 83, No. 113 / Tuesday, June 12, 2018 / Notices SUMMARY: The Federal Financial involves the interests of another FBA. DEPARTMENT OF THE TREASURY Institutions Examination Council has Examples of such interests include rescinded its Revised Policy Statement unsafe or unsound practices or Internal Revenue Service on ‘‘Interagency Coordination of Formal significant violations of law by an Corrective Action by the Federal Bank Proposed Collection; Comment insured depository institution, non-bank Regulatory Agencies’’ dated February Request for Revenue Procedure affiliate, or depository institution 2003–33 20, 1997. To assure onging coordination, holding company or misconduct by an the Board, the FDIC, and the OCC institution-affiliated party that may have AGENCY: Internal Revenue Service (IRS), (collectively, ‘‘the Federal Banking significant connections with an Treasury. Agencies’’ or ‘‘FBAs’’) are issuing this institution regulated by another FBA. ACTION: Notice and request for policy statement concerning Federal comments. Banking Agency coordination of formal If it is determined that one or more corrective action. other FBAs have an interest in the SUMMARY: The Internal Revenue Service DATES: Applicable on June 12, 2018. enforcement action, the FBA proposing (IRS), as part of its continuing effort to the enforcement action should notify reduce paperwork and respondent FOR FURTHER INFORMATION CONTACT: the other FBA(s). Notification should be burden, invites the general public and OCC: Jessica Burrell, Counsel, provided at the earlier of the FBA’s other Federal agencies to take this Enforcement and Compliance, (202– written notification to the federally opportunity to comment on information 649–6200); William Jacquet, Assistant insured depository institution, collections, as required by the Director, Enforcement and Compliance, depository institution holding company, Paperwork Reduction Act of 1995. The (202–649–6200). For the hearing non-bank affiliate, or institution- IRS is soliciting comments concerning impaired, TTY (202) 649–5597. affiliated party against which the FBA is Section 9100 Relief for 338 Elections. Board: Jason Gonzalez, Special Counsel, Legal Division, Board of considering an enforcement action or DATES: Written comments should be Governors of the Federal Reserve when the appropriate responsible received on or before August 13, 2018 System, 20th Street and Constitution agency official, or group of officials, to be assured of consideration. Avenue NW, Washington, DC 20551. determines that formal enforcement ADDRESSES: Direct all written comments For the hearing impaired or users of action is expected to be taken. to Laurie Brimmer, Internal Revenue Telecommunication Device for Deaf Service, Room 6526, 1111 Constitution The scope of the information shared Avenue NW, Washington, DC 20224. (TDD) only, call (202) 263–4869. by the notification may depend on the FDIC: Sam Ozeck, Legal Division FOR FURTHER INFORMATION: Requests for gravity of the interests of the other additional information or copies of the (202) 898–6736; George Parkerson, FBA(s) and be determined on a case-by- Rev. Proc. should be directed to Martha Division of Risk Management case basis by the FBA providing the R. Brinson, at (202) 317–5753, or at Supervision, (202) 898–3648. notification. The information shared, Internal Revenue Service, Room 6526, SUPPLEMENTARY INFORMATION: The however, should be appropriate to allow 1111 Constitution Avenue NW, Federal Banking Agencies are issuing the other FBA(s) to take necessary Washington, DC 20224, or through the this policy statement concerning their action in examining or investigating the internet at Martha.R.Brinson@irs.gov. coordination of formal corrective action. The text of the policy statement is as financial institution or institution- SUPPLEMENTARY INFORMATION: follows: affiliated party over which they have Title: Section 9100 Relief for 338 jurisdiction. Elections. Policy Statement on Interagency OMB Number: 1545–1820. If two or more FBAs consider bringing Notification of Formal Enforcement Rev. Proc. Number: 2003–33. a complementary action (e.g., action Abstract: Revenue Procedure 2003–33 Actions involving a bank and its parent holding provides qualifying taxpayers with an The FBAs are issuing this policy company), those FBAs should statement to promote notification of, extension of time pursuant to coordinate the preparation, processing, § 301.9100–3 of the Procedure and and coordination on, formal presentation, potential penalties, enforcement actions among the FBAs at Administration Regulations to file an service, and follow-up of the election described in § 338(a) or the earliest practicable date. This enforcement action. statement replaces the existing policy § 338(h)(10) of the Internal Revenue statement 1 to incorporate and reflect Dated: June 6, 2018. Code to treat the purchase of the stock current practices and is not intended as Joseph M. Otting, of a corporation as an asset acquisition. Current Actions: There are no changes a substitute for informal communication Comptroller of the Currency. being made to the Rev. Proc. at this that routinely occurs among the FBAs in By order of the Board of Governors of the time. advance of an enforcement action, Federal Reserve System, June 4, 2018. Type of Review: Extension of a including verbal notification of pending currently approved collection. Anne E. Misback, enforcement matters to officials and Affected Public: Business or other for- staff with supervisory and enforcement Secretary of the Board. profit organizations, and individuals or responsibility for the affected Dated at Washington, DC, this day of households. institution. March 20, 2018. Estimated Number of Responses: 60. When an FBA determines it will take Federal Deposit Insurance Corporation. Estimated Time per Respondent: 5 sradovich on DSK3GMQ082PROD with NOTICES a formal enforcement action against any Valerie J. Best, hours. federally insured depository institution, Assistant Executive Secretary. Estimated Total Annual Burden depository institution holding company, Hours: 300. [FR Doc. 2018–12556 Filed 6–11–18; 8:45 am] non-bank affiliate, or institution- The following paragraph applies to all BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P affiliated party, it should evaluate of the collections of information covered whether the enforcement action by this notice: An agency may not conduct or 1 See 62 FR 7782 (Feb. 20, 1997). sponsor, and a person is not required to VerDate Sep<11>2014 16:21 Jun 11, 2018 Jkt 244001 PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 E:\FR\FM\12JNN1.SGM 12JNN1


Document Created: 2018-06-12 00:48:02
Document Modified: 2018-06-12 00:48:02
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice of policy statement.
DatesApplicable on June 12, 2018.
ContactOCC: Jessica Burrell, Counsel, Enforcement and Compliance, (202- 649-6200); William Jacquet, Assistant Director, Enforcement and Compliance, (202-649-6200). For the hearing impaired, TTY (202) 649- 5597.
FR Citation83 FR 27371 
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