Conflicts of Interest, Corporate Opportunity and Hazard Insurance

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The Office of Thrift Supervision (OTS or agency) is proposing to update and substantially streamline its regulations and policy statements concerning conflicts of interest, usurpation of corporate opportunity and hazard insurance. This notice of proposed rulemaking is based on a detailed staff review of each pertinent regulation and policy statement to determine whether they are necessary, impose the least possible burden consistent with safety and soundness and statutory requirements and are written in a clear, straightforward manner. Today's proposal is being made pursuant to the Regulatory Reinvention Initiative of the Vice President's National Performance Review and section 303 of the Community Development and Regulatory Improvement Act of 1994.