Foreign Banks

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 346

RIN 3064-AA78

Foreign Banks

AGENCY: Federal Deposit Insurance Corporation (FDIC or Corporation).

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The FDIC is amending its regulations concerning the

permissible activities of state-licensed insured branches of foreign

banks. Section 202 of the Federal Deposit Insurance Corporation

Improvement Act of 1991 (Improvement Act) provides that after December

19, 1992, a state-licensed insured branch of a foreign bank may not

engage in any activity which is not permissible for a federal branch of

a foreign bank unless the Board of Governors of the Federal Reserve

System (Board) has determined that the activity is consistent with

sound banking practice, and the FDIC has determined that the activity

would pose no significant risk to the Bank Insurance Fund (BIF). The

amendments cover application procedures and divestiture or cessation

plans. Foreign banks are required to seek both the FDIC's and the

Board's approval for an insured state branch to engage in or continue

to engage in an activity which is not permissible for a federal branch

of a foreign bank. In the event such an application is denied or the

foreign bank elects not to continue the activity, a plan of divestiture

or cessation must be submitted and such divestiture or cessation must

be completed within one year, or sooner if the FDIC so directs.

EFFECTIVE DATE: The final regulation is effective January 1, 1995.

FOR FURTHER INFORMATION CONTACT: Charles V. Collier, Assistant

Director, Division of Supervision, (202) 898-6850; Jeffrey M. Kopchik,

Counsel, Legal Division, (202) 898-3872; Federal Deposit Insurance

Corporation, 550 17th Street, N.W., Washington, D.C. 20429.

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information contained in this final rule has been

reviewed and approved by the Office of Management and Budget under

control no. 3064-0114 pursuant to section 3504(h) of the Paperwork

Reduction Act (44 U.S.C. 3501 et seq.). Comments on the accuracy of the

burden estimate, and suggestions for reducing the burden, should be

directed to the Office of Management and Budget, Paperwork Reduction

Project (3064-0114), Washington, D.C., 20503, with copies of such

comments to Steven F. Hanft, Office of the Executive Secretary, Room F-

453, Federal Deposit Insurance Corporation, 550 17th Street, N.W.,

Washington, D.C. 20429. The collections of information in this

regulation are found in Secs. 346.101(a), (d), (e) and (f) and take the

form of a requirement that foreign banks (1) file an application with

the FDIC requesting permission for an insured state branch to engage in

or to continue engaging in any activity which is not permissible for a

federal branch of a foreign bank and (2) submit a plan of divestiture

or cessation in the event that the application is not approved, the

foreign bank elects not to apply to the FDIC for permission to continue

the activity, or a permissible activity becomes impermissible due to a

subsequent change in statute, regulation or formal order or

interpretation. The information contained in the application will allow

the FDIC to properly discharge its responsibilities under section 7 of

the International Banking Act of 1978 (12 U.S.C. 3101 et seq.) (IBA),

as amended by section 202 of the Improvement Act. The information in

the application will be used by the FDIC as part of the process of

determining whether conduct of the activity in question by the

applicant will pose a significant risk to the Bank Insurance Fund. The

information in the divestiture or cessation plan will be used by the

FDIC to make judgments concerning the reasonableness of the

institution's actions to discontinue activities deemed to pose

significant risk to the insurance fund.

The estimated annual reporting burden for the collection of

information from foreign banks in this proposed amendment is summarized

as follows:

Number of respondents:

Application.................................................. 27

Plan to discontinue or cease................................. 5

--------

Total.................................................... 32

Number of responses per respondent............................. 1

Total annual responses......................................... 32

Hours per response............................................. 8

Total annual burden hours...................................... 256

Regulatory Flexibility Act

Pursuant to section 605(b) of the Regulatory Flexibility Act (Pub.

L. 96-354, 5 U.S.C. 601 et seq.), it is certified that this final rule

will not have a significant impact on a substantial number of small

entities.

Discussion

Section 202 of the Improvement Act (Pub. L. 102-242, 12 U.S.C.

3105) amended section 7 of the IBA by adding new subsection (h) which

provides that after December 19, 1992 a state branch or state agency of

a foreign bank may not engage in any type of activity that is not

permissible for a federal branch of a foreign bank unless the Board of

Governors of the Federal Reserve System has determined that such

activity is consistent with sound banking practice; and in the case of

an insured branch, the Federal Deposit Insurance Corporation has

determined that the activity would pose no significant risk to the

deposit insurance fund. 12 U.S.C. 3105(h)(1).

On March 2, 1993, the FDIC proposed an amendment to part 346 of its

regulations (12 CFR part 346), ``Foreign Banks'', in order to implement

this new statutory provision. This proposal was published for a sixty-

day comment period in the Federal Register. (58 FR 11992, March 2,

1993).1 The proposal sought to amend subpart A, Sec. 346.1, to

include a definition of ``significant risk to the deposit insurance

fund'' and to add a new subpart D, ``Applications Seeking Approval for

Insured State Branches to Conduct Activities Not Permissible for

Federal Branches''.2

---------------------------------------------------------------------------

\1\Similarly, the Board proposed an amendment to its Regulation

K (12 CFR part 211), ``International Banking Operations'', to

implement section 202 of the Improvement Act on January 6, 1993. (58

FR 513, January 6, 1993).

\2\Because Sec. 346.101 of the FDIC's regulations is obsolete,

the FDIC proposed to remove the existing Sec. 346.101 and to add a

new Sec. 346.101 which will comprise a new subpart D.

---------------------------------------------------------------------------

The proposed new subpart provided that a foreign bank operating an

insured state branch which desires to engage in or continue an activity

that is not permissible for a federal branch, pursuant to statute,

regulation, official bulletin or circular, or any order or

interpretation issued in writing by the Office of the Comptroller of

the Currency (OCC), shall file with the FDIC a prior written

application for permission to conduct or continue such activity.

(Proposed Sec. 346.101(a)). The proposal went on to provide that the

application shall be filed with the FDIC Regional Director of the

Division of Supervision for the region in which the insured state

branch is located. (Proposed Sec. 346.101(c)). Since section 202(a) of

the Improvement Act became effective December 19, 1992, the FDIC

proposed to allow existing insured state branches of foreign banks to

continue activities (at existing levels) which may not be permissible

for a federal branch until the regulation is promulgated in final form

and the FDIC acts on their application. The proposal provided that the

FDIC would expect all foreign banks engaged in an impermissible

activity to file the required application no later than 60 days after

the effective date of the final rule. (58 FR 11993, column three).

Section 346.101(b) of the proposed regulation provided that the

application shall be in letter form and shall contain certain

information, including a description of the activity in which the

branch desires to engage or in which it is already engaged, the foreign

bank's financial condition, the branch's assets and liabilities, the

projected effect of the proposed activity on the financial condition of

the foreign bank and the branch, and a statement of why the proposed

activity will pose no significant risk to the deposit insurance fund.

Comment Letters

The FDIC received two comment letters concerning the proposed

amendments. Both comment letters were supportive of the FDIC's efforts

to coordinate its application procedures with the Board and to minimize

the administrative burden on state-licensed insured branches which

apply for permission to conduct or continue to conduct an activity

which is not permissible for a federal branch.

The commenters raised four primary concerns with the Corporation's

proposed regulation. First, the comments urged the FDIC to approve

activities on an ``activity by activity'' basis, in addition to its

approval of individual applications by specific banks requesting

permission to conduct a particular activity. One commenter noted that

such ``activity'' applications could be submitted by trade groups and

state bank supervisors. Second, both commenters requested that the FDIC

publish a list of ``pre-approved'' activities for state-licensed

insured branches which the FDIC determines pose no significant risk to

the BIF. They envision that once an activity is on this list, an

insured state branch could engage in it without the necessity of

applying to the FDIC. Third, it was suggested that the scope of the

information required to be included in a branch's application (Proposed

Sec. 346.101(b)) be reduced in order to decrease even further the

administrative burden on applicants. Fourth, the commenters urged the

FDIC not to carry over quantitative restrictions which the OCC places

on federal branches to activities permitted to state-licensed insured

branches which pose no significant risk of loss to the BIF. These

points are discussed below.

Approval of Activities Versus Applicants

Both commenters urged the FDIC to approve generic activities, in

addition to individual applications. One commenter expanded on this

recommendation by suggesting that the FDIC accept applications from

industry trade groups and state bank supervisors requesting approval of

a certain activity or activities on behalf of state-licensed insured

branches. That same commenter also argued that the intent of Congress

in enacting the statute was not to require the FDIC, as a general rule,

to review and approve applications from particular institutions to

engage in specific activities. Rather, the commenter argued that

Congress intended the FDIC to approve generic activities on an activity

by activity basis as being permissible for all state-licensed insured

branches.

The Corporation is of the opinion that the regulatory scheme

represented in the final regulation is consistent with the views

expressed by the commenters as described immediately above. In its

proposal, the FDIC explicitly requested interested parties to describe

activities which, even though they are not permissible for federal

branches, clearly pose no significant risk to the BIF when conducted by

an insured state branch. (58 FR 11994, column two). The FDIC went on to

request that commenters discuss the proposed application process as it

related to such activities and whether a more limited notice procedure

might be more appropriate in such cases. Id. After carefully

considering the comments and referring to its recently enacted

regulation concerning ``Activities and Investments of Insured State

Banks'', 12 CFR part 362 (58 FR 64462, December 8, 1993), the FDIC has

concluded that there are certain activities which, even though they may

not be permissible for a federal branch, clearly pose no significant

risk to the BIF when conducted by an insured state branch. Thus, in the

event that an insured state-licensed branch is conducting or desires to

conduct such an activity, no application or notice to the FDIC will be

required. The precise nature of these activities is discussed below.

Joint Application Procedure

The FDIC is sensitive to the administrative burden on applicants of

gathering the requested information and preparing an application. Since

section 202 of the Improvement Act requires all state branches and

state agencies that desire to engage in, or to continue to engage in,

any activity which is not permissible for a federal branch to secure

the approval of the Board, the FDIC will permit insured state branches

to submit a copy of their application to the Board to the FDIC instead

of preparing a completely separate submission. The FDIC and the Board

will review such applications simultaneously.

The commenters urged the FDIC to reduce the scope of the

information required to be submitted in a foreign bank's application in

view of the fact that some of this information may already be available

to the FDIC through the general examination and supervisory process.

After careful consideration, the FDIC has decided to accept this

recommendation. Therefore, Sec. 346.101(b) of the proposed regulation

has been revised to delete paragraphs (b)(3), (b)(4) and (b)(5).

Applicants will not be required to submit a current statement of the

applicant's assets, liabilities and capital, a current statement of the

branch's assets and liabilities or a copy of the applicant's most

recent audited financial statements. (Final Sec. 346.101(d)).

Permissible Activities

Section 346.101(a) of the final regulation is identical to

Sec. 346.101(a) of the proposed regulation. It provides that a state-

licensed insured branch which desires to engage in or continue to

engage in certain activities not permissible for a federal branch must

obtain the FDIC's permission. More specifically, it refers to ``any

type of activity that is not permissible for a federal branch, pursuant

to the National Bank Act (12 U.S.C. 21 et seq.) or any other federal

statute, regulation, official bulletin or circular, or order or

interpretation issued in writing by the Office of the Comptroller of

the Currency.* * *'' Written staff opinions will be considered to

evidence the position of the Comptroller so long as the opinion is

still considered valid, i.e., it has not been overruled by the OCC or

found invalid by a court of competent jurisdiction.

This section of the final regulation is substantially similar to

Sec. 362.2(b) of the Corporation's regulation concerning the activities

of state chartered banks. (12 CFR 362.2(b)). The FDIC is of the opinion

that Sec. 346.101(a) of the final regulation should parallel

Sec. 362.2(b) concerning the activities of state banks with regard to

the determination of permissible activities and the commenters

agreed.3

---------------------------------------------------------------------------

\3\In May 1993, the FDIC published a booklet entitled ``Equity

Investments Permissible for National Banks and Activities

Permissible for National Banks and Their Subsidiaries''. This

booklet, which is available from the FDIC's Office of Corporate

Communications, lists activities which have been found by the OCC to

be permissible for national banks. While the booklet is not

necessarily comprehensive and while the FDIC has not committed to

update it on any regular basis, it may prove a useful guide for

state-licensed branches of foreign banks who are attempting to

ascertain what activities are and are not permissible for federal

branches since, generally speaking, a federal branch is empowered to

do whatever a national bank can do.

---------------------------------------------------------------------------

The commenters suggested that the FDIC should approve activities

which, though not permissible for federal branches, pose no significant

risk to the BIF and thus would be permissible for state-licensed

insured branches assuming that the Board determines that such

activities are consistent with sound banking practice and that state

law as well as any other applicable federal law or regulation permits

the branch to engage in such activities. In its preamble to the

proposed regulation, the Corporation specifically requested commenters

to describe such activities. (58 FR 11994, column two). Only one

commenter put forth a specific recommendation in this regard. That

comment letter urged the FDIC to issue a blanket approval for agency

activities and any activity approved as an exception pursuant to

Sec. 362.4(c)(3) of the Corporation's regulations governing the

activities of state banks. 12 CFR 362.4(c)(3). With regard to

activities approved as exceptions pursuant to Sec. 362.4(c)(3) of the

Corporation's regulations, the Corporation agrees with the position set

forth by the commenter that activities approved as exceptions for

state-chartered domestic banks on the basis that they pose no

significant risk to the deposit insurance funds should also be

permissible for state-licensed insured branches of foreign banks,

without the necessity of filing an application or notice pursuant to

this part, provided the activity in question is also permissible for a

state licensed branch of a foreign bank under state law and any other

applicable federal law or regulation. See Final Sec. 346.101(b).

Engaging in an Activity as Agent

Section 202(a) of the Improvement Act does not distinguish between

activities which a foreign branch conducts as principal versus those

conducted as agent, nor does it distinguish between activities which a

foreign branch conducts directly versus those it conducts indirectly.

The FDIC is of the opinion that the absence of such distinctions in

section 202 is significant especially in light of the inclusion of such

distinctions in other sections of the Improvement Act. For example,

section 303 of the Improvement Act, which added section 24 to the FDI

Act, provides that an insured state bank may not engage as principal in

any type of activity that is not permissible for a national bank. 12

U.S.C. 1831a(a). Similarly, section 24(c) of the FDI Act, which was

also added by section 303 of the Improvement Act, provides that an

insured state bank may not, directly or indirectly, acquire or retain

any equity investment of a type that is not permissible for a national

bank. 12 U.S.C. 1831a(c). Part 362 of the Corporation's regulations, 12

CFR part 362, reflects the clear statutory intent of FDI Act section

24. The prohibition on foreign branches contained in section 7(h) of

the IBA is broader than the similar prohibitions contained in sections

24(a) and (c) of the FDI Act. Thus, the FDIC interprets section 7(h) of

the IBA to apply to any activity in which an insured state branch

desires to engage which is not permissible for a federal branch

regardless of the capacity or manner in which the branch seeks to

conduct the activity.

However, the Corporation's determination that agency activities are

covered by section 202 of the Improvement Act does not mean that some

or all agency activities cannot be found to be permissible, provided

the Board determines that the activity is consistent with sound banking

practice and the FDIC determines that the activity would pose no

significant risk to the BIF. After careful consideration, the FDIC is

of the opinion that a state-licensed insured branch may engage in an

activity as agent provided that such agency activity is permissible for

a state-chartered bank headquartered in the state in which the insured

branch of the foreign bank is located and is also a permissible

activity for a state-licensed branch of a foreign bank. Thus, state-

licensed insured branches which desire to engage in such agency

activities will not be required to file an application or notice with

the FDIC pursuant to the final regulation. Of course, the activity in

question must also be permissible pursuant to any other applicable

federal law or regulation. See Final Sec. 346.101(c).

Substantive Limitations on Permissible Activities

In the preamble to the proposed regulation, the FDIC noted that it

would ``generally expect any conditions or restrictions set out in the

OCC's regulations, bulletins, circulars, orders and interpretations to

be met if the activity is to be considered permissible when conducted

by an insured branch''. (58 FR 11994, column two). The commenters

expressed some confusion as to the precise meaning and scope of this

standard. They also contrasted the FDIC's position with the Board's

apparent position on this issue as briefly discussed in its proposed

amendments to Regulation K. (58 FR 513, January 6, 1993).

After careful consideration, the FDIC has decided to adopt a

position consistent with that of the Board. That is, an application

under this section will not normally be required where an activity is

permissible for a federal branch, but the OCC imposes a quantitative

restriction on the conduct of such an activity. The FDIC is of the

opinion that appropriate quantitative restrictions can be addressed on

a case-by-case basis as part of the ongoing supervisory process.

Significant Risk to the Fund

In approving an application to conduct or to continue to conduct an

activity which is not permissible for a federal branch, the FDIC must

determine that the activity in question ``would pose no significant

risk to the deposit insurance fund''. The phrase ``significant risk to

the deposit insurance fund'' is defined in Sec. 346.1(r) of the final

regulation. Significant risk to the deposit insurance fund shall be

understood to be present whenever there is a high probability that the

BIF may suffer a loss. It is not necessary that engaging in the

activity in question will result in the insolvency or threatened

insolvency of the insured state branch before a significant risk of

loss to the BIF is considered to be present. This definition is

substantially similar to the definition that is used in Sec. 362.2(m)

of the FDIC's regulation governing the activities of state banks and

the FDIC is of the opinion that the definition in the final regulation

should parallel the part 362 definition. None of the commenters

addressed this issue. Thus, the definition contained in the proposed

regulation is being adopted without change.

Divestiture or Cessation

In the event that an insured state branch is required to cease

conducting an activity, Sec. 346.101(d) of the proposed regulation set

forth the guidelines that must be followed to divest or cease the

impermissible activity. Generally, this section provides that the

insured state branch shall submit a written plan of divestiture or

cessation within 60 days of (1) being notified by the FDIC or the Board

that an application to continue to conduct the activity has been

denied, (2) the effective date of the regulation in the event that the

foreign bank elects not to apply for permission to continue to conduct

the activity, and (3) any change in statute, regulation, official

bulletin or circular, order or interpretation issued in writing by the

Office of the Comptroller of the Currency, or decision of a court of

competent jurisdiction that renders the activity impermissible.

Divestiture or cessation shall be completed within one year, or sooner

if the FDIC so directs. (Sec. 346.101(f)(1)). The commenters did not

address this issue. Therefore, this section of the proposed regulation

is being adopted without substantive change.

Delegation of Authority

Section 346.101(g) of the final regulation delegates authority to

review and approve divestiture and cessation plans to the Executive

Director, Compliance, Resolutions and Supervision, and the Director of

the Division of Supervision, and where confirmed in writing by the

Director, to an associate director, or to the appropriate regional

director or deputy regional director. The FDIC received no comment on

this section of the proposed regulation and, thus, it has been adopted

unchanged.

Effective Date

Section 302 of the Riegle Community Development and Regulatory

Improvement Act of 1994, Pub. L. 103-325, provides that amendments to

regulations which impose additional reporting or other new requirements

on insured depository institutions shall take effect on the first day

of a calendar quarter which begins on or after the date on which the

regulation is published in final form, with certain exception which are

not applicable in this case. Thus, this final amendment to Part 346

shall become effective on January 1, 1995.

List of Subjects in 12 CFR Part 346

Bank deposit insurance, Foreign banking, Reporting and

recordkeeping requirements.

For the reasons set out in the preamble, 12 CFR Part 346 is amended

as follows:

PART 346--FOREIGN BANKS

1. The authority citation for Part 346 is revised to read as

follows:

Authority: 12 U.S.C. 1813, 1815, 1817, 1819, 1820, 3103, 3104,

3105, 3108.

2. Section 346.1 of subpart A is amended by adding a new paragraph

(r) to read as follows:

Sec. 346.1 Definitions.

* * * * *

(r) Significant risk to the deposit insurance fund shall be

understood to be present whenever there is a high probability that the

Bank Insurance Fund administered by the FDIC may suffer a loss.

3. Section 346.101 of subpart C is removed.

4. Part 346 is amended by adding a new subpart D to read as

follows:

Subpart D--Applications Seeking Approval for Insured State Branches

To Conduct Activities Not Permissible for Federal Branches

Sec. 346.101 Applications.

(a) Scope. A foreign bank operating an insured state branch which

desires to engage in or continue to engage in any type of activity that

is not permissible for a federal branch, pursuant to the National Bank

Act (12 U.S.C. 21 et seq.) or any other federal statute, regulation,

official bulletin or circular, or order or interpretation issued in

writing by the Office of the Comptroller of the Currency, or which is

rendered impermissible due to a subsequent change in statute,

regulation, official bulletin or circular, written order or

interpretation, or decision of a court of competent jurisdiction (each

an impermissible activity), shall file a written application for

permission to conduct such activity with the FDIC pursuant to this

section. An applicant may submit to the FDIC a copy of its application

to the Board of Governors of the Federal Reserve System (Board of

Governors), provided that such application contains the information

described in paragraph (d) of this section.

(b) Exceptions. A foreign bank operating an insured state branch

which would otherwise be required to submit an application pursuant to

paragraph (a) of this section will not be required to submit such an

application if the activity it desires to engage in or continue to

engage in has been determined by the FDIC not to present a significant

risk to the affected deposit insurance fund pursuant to 12 CFR Part

362, ``Activities and Investments of Insured State Banks''.

(c) Agency activities. A foreign bank operating an insured state

branch which would otherwise be required to submit an application

pursuant to paragraph (a) of this section will not be required to

submit such an application if it desires to engage in or continue to

engage in an activity conducted as agent which would be a permissible

agency activity for a state-chartered bank located in the state in

which the state-licensed insured branch of the foreign bank is located

and is also permissible for a state-licensed branch of a foreign bank

located in that state; provided, however, that the agency activity must

be permissible pursuant to any other applicable federal law or

regulation.

(d) Content of application. An application submitted pursuant to

paragraph (a) of this section shall be in letter form and shall contain

the following information:

(1) A brief description of the activity, including the manner in

which it will be conducted and an estimate of the expected dollar

volume associated with the activity;

(2) An analysis of the impact of the proposed activity on the

condition of the United States operations of the foreign bank in

general and of the branch in particular, including a copy, if

available, of any feasibility study, management plan, financial

projections, business plan, or similar document concerning the conduct

of the activity;

(3) A resolution by the applicant's board of directors or, if a

resolution is not required pursuant to the applicant's organizational

documents, evidence of approval by senior management authorizing the

conduct of such activity and the filing of this application;

(4) A statement by the applicant of whether or not it is in

compliance with Secs. 346.19 and 346.20, Pledge of Assets and Asset

Maintenance, respectively;

(5) A statement by the applicant that it has complied with all

requirements of the Board of Governors concerning applications to

conduct the activity in question and the status of such application,

including a copy of the Board of Governors' disposition of such

application, if applicable;

(6) A statement of why the activity will pose no significant risk

to the deposit insurance fund; and

(7) Any other information which the regional director deems

appropriate.

(e) Application procedures. Applications pursuant to this section

shall be filed with the Regional Director of the Division of

Supervision for the region in which the insured state branch is

located. An application shall not be deemed complete until it contains

all the information requested by the Regional Director and has been

accepted. Approval of such an application may be conditioned on the

applicant's agreement to conduct the activity subject to specific

limitations, such as but not limited to the pledging of assets in

excess of the requirements of Sec. 346.19 and/or the maintenance of

eligible assets in excess of the requirements of Sec. 346.20. In the

case of an application to conduct an activity, as opposed to an

application to continue to conduct an activity, the insured branch

shall not commence the activity until it has been approved in writing

by the FDIC pursuant to this part and the Board of Governors, and any

and all conditions imposed in such approvals have been satisfied.

(f) Divestiture or cessation. (1) If an application for permission

to continue to conduct an activity is not approved by the FDIC or the

Board of Governors, the applicant shall submit a detailed written plan

of divestiture or cessation of the activity to the Regional Director of

the Division of Supervision for the region where the insured branch is

located within 60 days of the disapproval. The divestiture or cessation

plan shall describe in detail the manner in which the applicant will

divest itself of or cease the activity in question and shall include a

projected timetable describing how long the divestiture or cessation is

expected to take. Divestitures or cessations shall be completed within

one year from the date of the disapproval, or within such shorter

period of time as the Corporation shall direct.

(2) A foreign bank operating an insured state branch which elects

not to apply to the FDIC for permission to continue to conduct an

impermissible activity shall submit a written plan of divestiture or

cessation, in conformance with paragraph (f)(1) of this section, within

60 days of January 1, 1995, or of any change in statute, regulation,

official bulletin or circular, written order or interpretation, or

decision of a court of competent jurisdiction rendering such activity

impermissible.

(g) Delegation of authority. Authority is hereby delegated to the

Executive Director, Compliance, Resolutions and Supervision, and the

Director of the Division of Supervision, and where confirmed in writing

by the Director, to an associate director, or to the appropriate

regional director or deputy regional director, to approve plans of

divestiture and cessation submitted pursuant to paragraph (f) of this

section.

By order of the Board of Directors.

Dated at Washington, D.C. this 22nd day of November, 1994.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Acting Executive Secretary.

[FR Doc. 94-29241 Filed 11-25-94; 8:45 am]

BILLING CODE 6714-01-P