FEDERAL RESERVE SYSTEM

12 CFR Part 265

[Docket No. RÄ0819]

Rules Regarding Delegation of Authority

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

SUMMARY: The Board is amending its rule regarding delegation of authority for
determining inconsistencies between state and federal laws to authorize the
Director of the Division for Consumer and Community Affairs to make such
determinations for the Truth in Savings Act and Regulation DD.

EFFECTIVE DATE: December 3, 1993.

FOR FURTHER INFORMATION CONTACT: W. Kurt Schumacher, Staff Attorney (202)
452Ä2412 or (202) 452Ä3667, Division of Consumer and Community Affairs, Board
of Governors of the Federal Reserve System. For the hearing impaired only,
Telecommunications Device for the Deaf (TDD), Dorothea Thompson, at (202)
452Ä3544, Board of Governors of the Federal Reserve System, 20th and C
Streets, NW., Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Delegation of Preemption Authority to Director of the Division of Consumer and
Community Affairs

Under 12 CFR 265.9, the Board has delegated certain functions to the Director
of the Division of Consumer and Community Affairs. Section 265.9(c) delegates
to the Division Director the authority to determine whether a state law is
inconsistent with several federal acts and their implementing regulations.
Specifically, the Director has the authority to make determinations for the
Truth in Lending Act (Regulation Z), the Electronic Fund Transfer Act
(Regulation E), the Equal Credit Opportunity Act (Regulation B), and the Home
Mortgage Disclosure Act (Regulation C). The Board is amending 12 CFR 265.9(c)
to delegate to the Director the authority to determine inconsistencies between
state law and the Truth in Savings Act. This delegation will enable the
Director to determine whether a state law should be preempted by the federal
law and the implementing regulation, in accordance with the preemption
standards set forth in the Truth in Savings Act and Regulation DD.

Given the absence of any burden to affected persons, the Board is issuing this
final rule without providing a public comment period and without prescribing
at least 30 days' prior notice of the effective date of this final rule,
according to 5 U.S.C. 553(b) and (d).

List of Subjects in 12 CFR Part 265

Authority delegations (Government agencies).

For the reasons set forth in the preamble, the Board is amending 12 CFR part
265 as follows:

PART 265 RULES REGARDING DELEGATION OF AUTHORITY

1. The authority citation for part 265 continues to read as follows:

Authority: 12 U.S.C. 248(i) and (k).

2. Section 265.9 is amended by removing the period at the end of paragraph
(c)(4) and adding a semicolon in its place, and by adding a new paragraph
(c)(5) to read as follows:

 265.9 Functions delegated to the Director of Division of Consumer and
Community Affairs.

                                  * * * * *

(c) * * *

(5) Section 273 of the Truth in Savings Act (12 U.S.C. 4312) and Regulation DD
(12 CFR part 230).

By order of the Board of Governors of the Federal Reserve System, December 3,
1993.

William W. Wiles,

Secretary of the Board.

[FR Doc. 93Ä30063 Filed 12Ä14Ä93; 8:45 am]

BILLING CODE 6210Ä01ÄF