[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Proposed Rules]
[Pages 71275-71278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26557]
[[Page 71275]]
Vol. 84
Thursday,
No. 247
December 26, 2019
Part XXVI
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 84 , No. 247 / Thursday, December 26, 2019 /
UA: Reg Flex Agenda
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FEDERAL RESERVE SYSTEM
12 CFR Ch. II
Regulatory Agenda; Semiannual Regulatory Agenda
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Board is issuing this agenda under the Regulatory
Flexibility Act and the Board's Statement of Policy Regarding Expanded
Rulemaking Procedures. The Board anticipates having under consideration
regulatory matters as indicated below during the period October 1,
2019, through March 31, 2020. The next agenda will be published in
spring 2020.
DATES: Comments about the form or content of the agenda may be
submitted any time during the next 6 months.
ADDRESSES: Comments should be addressed to Ann E. Misback, Secretary of
the Board, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
FOR FURTHER INFORMATION CONTACT: A staff contact for each item is
indicated with the regulatory description below.
SUPPLEMENTARY INFORMATION: The Board is publishing its fall 2019 agenda
as part of the Fall 2019 Unified Agenda of Federal Regulatory and
Deregulatory Actions, which is coordinated by the Office of Management
and Budget under Executive Order 12866. The agenda also identifies
rules the Board has selected for review under section 610(c) of the
Regulatory Flexibility Act, and public comment is invited on those
entries. The complete Unified Agenda will be available to the public at
the following website: www.reginfo.gov. Participation by the Board, as
an independent Agency, in the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into four sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next 6 months. The second section, Final Rule
Stage, reports on matters that have been proposed and are under Board
consideration. The third section, Long-Term Actions, reports on matters
where the next action is undetermined, 00/00/0000, or will occur more
than 12 months after publication of the Agenda. And a fourth section,
Completed Actions, reports on regulatory matters the Board has
completed or is not expected to consider further. A dot ()
preceding an entry indicates a new matter that was not a part of the
Board's previous agenda.
Yao-Chin Chao,
Assistant Secretary of the Board.
Federal Reserve System--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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488....................... Source of Strength 7100-AE73
(Section 610 Review).
489....................... Regulation LL--Savings and 7100-AD80
Loan Holding Companies
and Regulation MM--Mutual
Holding Companies (Docket
No: R-1429).
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Federal Reserve System--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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490....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No: R-1409).
491....................... Reduced Reporting for 7100-AF12
Covered Depository
Institutions (Docket No:
R-1618).
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FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
488. Source of Strength (Section 610 Review)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 1831(o)
Abstract: The Board of Governors of the Federal Reserve System
(Board), the Office of the Comptroller of the Currency (OCC), and the
Federal Deposit Insurance Corporation (FDIC) plan to issue a proposed
rule to implement section 616(d) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act. Section 616(d) requires that bank holding
companies, savings and loan holding companies, and other companies that
directly or indirectly control an insured depository institution serve
as a source of strength for the insured depository institution.
Timetable:
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Action Date FR Cite
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Undetermined.
Agency Contact: Conni Allen, Special Counsel, Federal Reserve
System, Division of Supervision and Regulation, Washington, DC 20551,
Phone: 202 912-4334.
Melissa Clark, Lead Financial Institution Policy Analyst, Federal
Reserve System, Division of Supervision and Regulation, Washington, DC
20551, Phone: 202 452-2277.
Barbara Bouchard, Senior Associate Director, Federal Reserve
System, Division of Supervision and Regulation, Washington, DC 20551,
Phone: 202 452-3072.
Jay Schwarz, Special Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2970.
Claudia Von Pervieux, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AE73
489. Regulation LL--Savings and Loan Holding Companies and Regulation
MM-Mutual Holding Companies (Docket No: R-1429)
E.O. 13771 Designation: Independent agency.
Legal Authority: 5 U.S.C. 552; 5 U.S.C. 559; 5 U.S.C. 1813; 5
U.S.C. 1817; 5 U.S.C. 1828
Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection
Act (the Dodd-Frank Act) transferred responsibility for supervision of
Savings and Loan Holding Companies (SLHCs) and their non-depository
subsidiaries from the Office of Thrift Supervision (OTS) to the Board
of Governors of the Federal Reserve System (the Board), on July 21,
2011. The Act also transferred supervisory functions related to Federal
savings associations and State savings
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associations to the Office of the Comptroller of the Currency (OCC) and
the Federal Deposit Insurance Corporation (FDIC), respectively. The
Board on August 12, 2011, approved an interim final rule for SLHCs,
including a request for public comment. The interim final rule
transferred from the OTS to the Board the regulations necessary for the
Board to supervise SLHCs, with certain technical and substantive
modifications. The interim final rule has three components: (1) New
Regulation LL (part 238), which sets forth regulations generally
governing SLHCs; (2) new Regulation MM (part 239), which sets forth
regulations governing SLHCs in mutual form; and (3) technical
amendments to existing Board regulations necessary to accommodate the
transfer of supervisory authority for SLHCs from the OTS to the Board.
The structure of interim final Regulation LL closely follows that of
the Board's Regulation Y, which governs bank holding companies, in
order to provide an overall structure to rules that were previously
found in disparate locations. In many instances, interim final
Regulation LL incorporated OTS regulations with only technical
modifications to account for the shift in supervisory responsibility
from the OTS to the Board. Interim final Regulation LL also reflects
statutory changes made by the Dodd-Frank Act with respect to SLHCs, and
incorporates Board precedent and practices with respect to applications
processing procedures and control issues, among other matters. Interim
final Regulation MM organized existing OTS regulations governing SLHCs
in mutual form (MHCs) and their subsidiary holding companies into a
single part of the Board's regulations. In many instances, interim
final Regulation MM incorporated OTS regulations with only technical
modifications to account for the shift in supervisory responsibility
from the OTS to the Board. Interim final Regulation MM also reflects
statutory changes made by the Dodd-Frank Act with respect to MHCs. The
interim final rule also made technical amendments to Board rules to
facilitate supervision of SLHCs, including to rules implementing
Community Reinvestment Act requirements and to Board procedural and
administrative rules. In addition, the Board made technical amendments
to implement section 312(b)(2)(A) of the Act, which transfers to the
Board all rulemaking authority under section 11 of the Home Owner's
Loan Act relating to transactions with affiliates and extensions of
credit to executive officers, directors, and principal shareholders.
These amendments include revisions to parts 215 (Insider Transactions)
and part 223 (Transactions with Affiliates) of Board regulations.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 09/13/11 76 FR 56508
Board Expects Further Action........ 12/00/20
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Keisha Patrick, Senior Counsel, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 452-3559.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
490. Regulation CC--Availability of Funds and Collection of Checks
(Docket No: R-1409)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 4001 to 4010; 12 U.S.C. 5001 to 5018
Abstract: The Board of Governors of the Federal Reserve System (the
Board) is amending Regulation CC, which implements the Expedited Funds
Availability Act (EFA Act), which governs the availability of funds
after a check deposit, as well as check collection and return. In March
2011, the Board proposed amendments to Regulation CC to facilitate the
banking industry's ongoing transition to fully electronic interbank
check collection and return, including proposed amendments to subpart C
to encourage depository banks to receive and paying banks to send
returned checks electronically and proposed amendments to subpart B's
funds availability schedule provisions. Subsequently, section 1086 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act amended
the EFA Act to provide the Consumer Financial Protection Bureau (CFPB)
with joint rulemaking authority with the Board over certain EFA Act
provisions, including those implemented by subpart B of Regulation CC.
Based on its analysis of comments received, the Board revised its
proposed amendments to subpart C of Regulation CC. The Board finalized
its proposed amendments to subpart C in June 2017.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 03/25/11 76 FR 16862
Board Requested Comment on Revised 02/04/14 79 FR 6673
Proposal.
Board Published Final Rule on 06/15/17 82 FR 27552
Subpart C.
Board Published Final Rule on 07/03/19 84 FR 31687
Subpart B.
Final Rule Effective................ 07/03/19
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Gavin Smith, Senior Counsel, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 452-3474.
Ian Spear, Manager, Federal Reserve System, Division of Reserve
Bank Operations and Payment Systems, Washington, DC 20551, Phone: 202
452-3959.
RIN: 7100-AD68
491. Reduced Reporting for Covered Depository Institutions (Docket No:
R-1618)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 1817(a)(12)
Abstract: The Office of the Comptroller of the Currency (OCC), the
Board of Governors of the Federal Reserve System (Board), and the
Federal Deposit Insurance Corporation (FDIC) (collectively, the
Agencies) issued a final rule to implement section 205 of the Economic
Growth, Regulatory Relief, and Consumer Protection Act by expanding the
eligibility to file the agencies' most streamlined report of condition,
the FFIEC 051 Call Report, to include certain insured depository
institutions with less than $5 billion in total consolidated assets
that meet other criteria and, establishing reduced reporting on the
FFIEC 051 Call Report for the first and third reports of condition for
a year. The OCC and Board also are finalizing similar reduced reporting
for certain uninsured institutions that they supervise with less than
$5 billion in total consolidated assets that otherwise meet the same
criteria. This Federal Register notice also includes a Paperwork
Reduction Act notice to reduce the amount of data required to be
reported on the FFIEC 051 Call Report for the first and third calendar
quarters, and other related changes.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 11/19/18 83 FR 58432
Board Adopted Final Rule............ 06/21/19 84 FR 290053
Final Action Effective.............. 07/22/19
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Laura Bain, Senior Attorney, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 736-5546.
Claudia Von Pervieux, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AF12
[FR Doc. 2019-26557 Filed 12-23-19; 8:45 am]
BILLING CODE 6210-01-P