Supplemental Financial Disclosure Requirements for Employees of the Federal Deposit Insurance Corporation

SUMMARY: The Federal Deposit Insurance Corporation, with the

concurrence of the Office of Government Ethics (OGE), is removing an

interim supplemental financial disclosure regulation for FDIC

employees, that has supplemented the OGE executive branch wide

financial disclosure regulation, 5 CFR part 2634. In light of the OGE

determination that agencies that obtain written approval from OGE for

supplemental financial disclosure forms are not required to have

supplemental financial disclosure regulations, the FDIC has determined

that its supplemental financial disclosure regulation is no longer

needed. This is consistent with the goals of the FDIC's regulation

review project on eliminating unnecessary regulations pursuant to

Section 303 (a) of the Riegle Community Development and Regulatory

Improvement Act of 1994. The substance of the eliminated regulation

will be continued in the FDIC internal written procedure that existed

before the part 3202 regulation was established.

EFFECTIVE DATE: October 30, 1996.

FOR FURTHER INFORMATION CONTACT: Richard M. Handy, Assistant Executive

Secretary (Ethics), Office of the Executive Secretary, Federal Deposit

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

telephone: (202) 898-7271.

SUPPLEMENTARY INFORMATION: On July 26, 1993, the FDIC, with the

concurrence of OGE, published an interim rule on supplemental financial

disclosure requirements for FDIC employees, with a 60-day public

comment period. 58 FR 39625-39628. No comments were received in

response to the 1993 publication.

The FDIC's interim supplemental financial disclosure regulation,

which has been codified at 5 CFR part 3202, has supplemented OGE's

Executive Branch Financial Disclosure, Qualified Trusts, and

Certificates of Divestiture regulation, which is codified at 5 CFR part

2634. Section 3202.101 describes financial disclosure reports filing

requirements, their custody and confidentiality. Section 3202.102

describes the printing of confidential financial disclosure forms in

three parts with an FDIC identification number. Section 3202.103

describes confidential reports of employee interest in FDIC-insured

depository institutions. Section 3202.104 describes confidential

reports of employee indebtedness. Section 3202.105 describes

confidential statements of employee credit card obligation in insured

state nonmember banks.

At the time that the FDIC's part 3202 regulation was established in

1993, it was thought that a regulation would be necessary in order to

allow the FDIC to continue to use the supplemental financial disclosure

forms that it had previously used in connection with the disclosures

discussed above. Since then, OGE has determined that agencies that

obtain written approval from OGE for their supplemental forms are not

required to have supplemental financial disclosure regulations. This is

consistent with the goals of the FDIC's regulation review project on

eliminating unnecessary regulations pursuant to Section 303 (a) of the

Riegle Community Development and Regulatory Improvement Act of 1994.

The FDIC will continue the substance of the part 3202 regulation in its

pre-existing internal written procedures, with appropriate updating

revisions, once the regulation is eliminated. Reliance on the internal

written procedures alone will allow the FDIC to adapt its disclosure

requirements more easily to organizational changes that periodically

occur than if the regulation remains in place. The FDIC previously

obtained OGE's approval of its supplemental forms which are

incorporated into the FDIC's internal written procedures. Therefore,

with OGE concurrence, the FDIC has determined that it is appropriate to

remove its part 3202 regulation.

Administrative Procedure Act

Pursuant to 5 U.S.C. 553 (a) (2) and (b), the FDIC Board of

Directors has found that good cause exists for waiving the regular

notice of proposed rulemaking as to this final rule removal action.

This action is being taken because it is in the public interest that

the part 3202 regulation which concerns matters of agency organization,

practice and procedure be removed. The regulation is not needed at this

time because the matters in the regulation are covered adequately by

internal written FDIC procedures, as approved in pertinent part by the

OGE.

Regulatory Flexibility Act

Because no general notice of proposed rulemaking was published

prior to this final rule, the requirements of the Regulatory

Flexibility Act for an initial and final regulatory flexibility

analysis do not apply (5 U.S.C. 601(2)).

Paperwork Reduction Act

This final rule removal action does not contain any information

collections as defined by the Paperwork Reduction Act (44 U.S.C. 3501

et seq.). Therefore, no material has been submitted to the Office of

Management and Budget.

List of Subjects in 5 CFR Part 3202

Administrative practice and procedure, Conflict of interests,

Financial disclosure, Government employees, Privacy, Reporting and

recordkeeping requirements.

For the reasons set forth in the preamble, and in accordance with

its authority under 5 U.S.C. 7301 and 5 CFR 2634.103, the Board of

Directors of the Federal Deposit Insurance Corporation, with the

concurrence of the Office of Government Ethics, is amending chapter

XXII of title 5 of the Code of Federal Regulations as follows:

PART 3202--[REMOVED]

1. Part 3202 is removed.

By Order of the Board of Directors.

[[Page 50948]]

Dated at Washington, D.C. this 10th day of September, 1996.

Jerry L. Langley,

Executive Secretary.

Concurred in this 23d day of September, 1996.

Stephen D. Potts,

Director, Office of Government Ethics.

[FR Doc. 96-25009 Filed 9-27-96; 8:45 am]

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