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The statute lists specific regulatory tasks related to the organization, operation, lending and investment powers and regulation of Federal Savings Associations. Even though the language uses terms like “authorized, under such regulations as the Comptroller of the Currency may prescribe,” and “to the extent specified in regulations of the Comptroller”, these phrases are in the context of very specific tasks, falling under the “Specific Authority” delegation category.
While 12 U.S.C. § 1463(a)(2) grants the Comptroller broad authority to prescribe regulations “as the Comptroller determines to be appropriate to carry out the purposes of this chapter,” this is a very general delegation. It does not identify specific regulatory tasks or gaps related to credit reporting or identity theft. The reference to the “purposes of this chapter” requires a reading of the chapter as a whole to determine if it is a direct mandate to regulate a specific activity.
The statute, particularly sections (a)(2) and (b)(1), provide broad rulemaking authority to the Comptroller to prescribe regulations related to savings associations and accounting standards. While (b)(2) has some specificity, the overall nature of the authorization is quite broad with general mandates to ensure safe and sound operation.
12 U.S.C. 1463 provides the Comptroller with the power to regulate Savings Associations. 12 C.F.R. Part 47 directly relates to that task by further enabling regulatory requirements.
This statute includes both broad and specific grants of authority. Subsection (a)(2) gives the Comptroller the authority to issue regulations it “determines to be appropriate to carry out the purposes of this chapter,” a broad grant. However, subsection (b)(1) mandates the Comptroller “shall, by regulation, prescribe uniform accounting and disclosure standards.” It is important to read the statute as a whole. Although the first regulation grant might be considered a general authority, the specificity of (b)(1), the explicit references to the purposes of the chapter, and considering the statute as a whole, suggests a more specific authority. The authority given in the statute as a whole clearly instructs the agency on a specific regulatory task or gap, using open-ended terms like “appropriate.”
Section 1463(a)(2) explicitly authorizes the Comptroller to “prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.” While “appropriate” is an open-ended term, this specific grant of rulemaking power related to savings associations falls under Hickman’s definition of a Specific Authority Delegation.
Section 1463 provides specific guidance regarding the supervision, examination, operation, and regulation of savings associations. While (a)(2) provides authority to prescribe regulations that are “appropriate to carry out the purposes of this chapter,” the chapter itself is about the specific task of supervising savings associations. Therefore, it is a delegation of specific authority with open-ended terms.
12 U.S.C. § 1463(a)(1) states “The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.” In addition, 12 U.S.C. § 1463(a)(2) states that, “The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.” 12 U.S.C. § 1463(b)(1) states “The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations”™ compliance with all applicable regulations.” These are specific regulatory tasks or gaps, as such it is classified as a specific authority delegation.
While subsection (a)(2) provides a broad grant of authority, “may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter,” the statute also includes several sections that provide clear instruction on specific regulatory tasks, including accounting standards, lottery participation, and mortgage loan disclosures. The breadth of (a)(2) is narrowed by the other directives in this statute.
While §1463 provides broad supervisory and regulatory powers, the explicit mention of 12 U.S.C. § 1463 as an authority for 12 CFR Part 35 signals a specific regulatory task within the context of this chapter, which relates to disclosure and reporting of CRA-related agreements. The statute directly empowers the Comptroller to issue regulations for Savings Associations as deemed “appropriate to carry out the purposes of this chapter.” Moreover, Hickman allows for open-ended terms when classifying specific authority delegations.
While some sections within 12 U.S.C. § 1463 provide specific instructions (like the lottery ticket regulations), other sections, especially subsection (a)(2), grant the Comptroller broad rulemaking authority using terms like “appropriate to carry out the purposes of this chapter.” This constitutes a general delegation of authority.
Although section (a)(2) says the comptroller “may prescribe regulations…as the comptroller determines to be appropriate to carry out the purposes of this chapter”, more specific elements of the statute provide the comptroller with specific tasks in order to protect savings associations. Examples of the specific authority delegations within 12 U.S. Code § 1463 include (b)(1), which states the comptroller “shall, by regulation, prescribe uniform accounting and disclosure standards”, (e)(5), which states the comptroller “shall prescribe such regulations as may be necessary to provide for enforcement of this subsection”. Due to the statutes containing specific authority delegations, the overall statute must be categorized as a specific authority delegation.
12 U.S.C. § 1463 directs the Comptroller to provide for the examination and safe and sound operation of federal savings associations and also allows the comptroller to prescribe regulations as deemed appropriate. It provides specific regulatory tasks.
While some sections of the statute grant broad authority, others outline particular aspects of savings association operations and delegate authority to regulate those aspects. For example, accounting standards are to be prescribed by regulation, with specific requirements such as incorporating GAAP, and the Comptroller is directed to prescribe regulations to enforce the restrictions on lotteries and prevent their evasion.
While subsection (a)(2) of the statute grants broad authority to prescribe regulations “as the Comptroller determines to be appropriate to carry out the purposes of this chapter”, other subsections such as (b)(1) “shall, by regulation, prescribe uniform accounting and disclosure standards” and (e)(5) “shall prescribe such regulations as may be necessary to provide for enforcement of this subsection and to prevent any evasion of any provision of this subsection” provide more specific instructions on regulatory tasks or gaps that the Comptroller must address. This qualifies it as a Specific Authority Delegation because it includes specific regulatory tasks identified in addition to the broader mandates.
While section (a)(2) states “The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter,” is fairly broad, the inclusion of 12 USC 1463 as an authority for 12 CFR Part 31 indicates that this section has been interpreted as specifically authorizing regulations relating to insider lending and affiliate transactions as they are fundamental to safe and sound operation (a)(1) and (c).
While the statute grants broad authority, several subsections (e.g., 1463(b)(1), 1463(e)(5)) specifically instruct the Comptroller to prescribe regulations regarding specific regulatory tasks like accounting standards and enforcement of lottery restrictions. The regulation addresses topics directly relating to safety and security of the savings associations.
While 12 U.S.C. § 1463(a)(2) uses the term “appropriate to carry out the purposes of this chapter,” it still instructs the agency on a specific regulatory task related to savings associations.
While the statute uses broad language such as “appropriate,” it does clearly instruct the agency (Comptroller of the Currency and the Corporation) on a specific regulatory task, mainly concerning examination, safe and sound operation, and regulations of savings associations.
While subsection (a)(2) provides broad authority to “prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter,” other subsections, especially (b) and (e)(5), provide more specific direction. Subsection (b)(1) requires the Comptroller to “prescribe uniform accounting and disclosure standards,” and subsection (e)(5) requires the Comptroller to “prescribe such regulations as may be necessary to provide for enforcement of this subsection and to prevent any evasion of any provision of this subsection.” The statute does more than simply provide broad rulemaking power; it specifically assigns responsibilities and instructs the agency on specific tasks.
Although 12 U.S.C. 1463 does not explicitly mention “management official interlocks”, it does give the Comptroller the authority to regulate savings associations to ensure safe and sound operation and to carry out the purposes of the chapter. The regulation regarding management official interlocks is to prevent conflicts of interest and undue influence, which directly impacts the safe and sound operation of savings associations. Therefore, it falls under Specific Authority because it is a specific regulatory task that addresses a gap related to the broader mandate.
While 1463(a)(2) provides broad rulemaking authority, section (b)(1) specifically instructs the Comptroller to prescribe “uniform accounting and disclosure standards.” Although the standards themselves are not fully defined in the statute, the task is specific, classifying this as a Specific Authority Delegation.
While specific subsections like (b) contain more prescriptive instructions (“shall prescribe uniform accounting…”), the overall tone of the statute, especially subsection (a)(2) indicates a broad grant of rulemaking authority to the Comptroller. The phrase “as the Comptroller determines to be appropriate to carry out the purposes of this chapter” is an expansive delegation, not tied to a clearly defined regulatory task or gap beyond the general goals of the chapter. Therefore, it falls into the category of General Authority.
While (a)(2) provides fairly broad authority to prescribe regulations “appropriate to carry out the purposes of this chapter”, other sections like (b)(1) which says “The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards” provides very specific direction. As such it falls more in line with a specific authority delegation.
While the statute specifically mentions “regulations with respect to savings associations,” it uses the broad term “appropriate to carry out the purposes of this chapter.” The statute provides broad rulemaking authority but does not enumerate specific regulatory tasks other than operation, examination, and regulation.