other · Treasury · Rule · Published 1996-12-03 · Effective 1997-01-01 · 61 FR 64007
Document
Document number
96-30262
Federal Register citation
61 FR 64007
CFR reference
12 CFR 543
Type
Rule
Action
Final rule.
Category
other
Sub-agency
Treasury
Publication date
1996-12-03
Effective date
1997-01-01
Treasury docket
No. 96-112
Abstract
The Office of Thrift Supervision (OTS or Office) is today issuing a final rule amending its corporate governance regulations and policy statements to update, reorganize and substantially streamline them. This final rule follows a detailed review of each pertinent regulation and policy statement in the Code of Federal Regulations (CFR) to determine whether it is necessary, imposes the least possible burden consistent with safety and soundness, and is written in a clear and straightforward manner. Today's final rule is issued pursuant to the Regulatory Reinvention Initiative of the Vice President's National Performance Review (Reinvention Initiative) and section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994 (CDRIA) which requires OTS and the other Federal banking agencies to review, streamline, and modify regulations and policies to improve efficiency, reduce unnecessary costs, and remove inconsistent, outmoded, and duplicative requirements.