[Federal Register Volume 68, Number 175 (Wednesday, September 10, 2003)]
[Rules and Regulations]
[Pages 53283-53284]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-22862]


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FEDERAL RESERVE SYSTEM

12 CFR Part 206

[Regulation F; Docket No. R-1161]


Interbank Liabilities

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; technical amendments.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
has adopted final, technical amendments to its Regulation F that remove 
an obsolete section of the rule and correct several typographical 
errors.

DATES: The amendments are effective September 10, 2003.

FOR FURTHER INFORMATION CONTACT: Adrianne G. Threatt, Counsel (202/452-
3554), Legal Division, or John Connolly, Supervisory Financial Analyst 
(202/452-3621), Division of Banking Supervision and Regulation; for 
users of Telecommunication Devices for the Deaf (TDD) only, contact 
202/263-4869.

SUPPLEMENTARY INFORMATION: As required by the Regulatory Flexibility 
Act, the Board periodically reviews each of its regulations that has a 
significant economic impact on a substantial number of small entities 
to determine whether the regulation should continue without change or 
be amended or rescinded to minimize the economic impact on small 
entities (see 5 U.S.C. 610). In addition, it is the Board's policy to 
review each of its regulations at least once every five years (see the 
Board Policy Statements on the Board's Rules of Procedure, Federal 
Reserve Regulatory Service ] 8-040).
    The Board has completed its review of Regulation F and determined 
that the substantive requirements of that rule should continue 
unchanged. However, the Board has adopted several technical amendments 
designed to update the regulation. Most notably, the Board has removed 
Sec.  206.7, which contained transition provisions that have not 
applied since June 1995.
    The final rule also corrects several typographical errors in the 
text of rule. The term ``Basle Capital Accord'' has been changed to 
``Basel Capital Accord'' to be consistent with international practice. 
In several cases, the word ``of'' has been changed to the word ``or.'' 
The Board also has revised several references to federal statutes and 
redesignated three paragraphs of Regulation F so that citations and 
paragraph designations within the regulation will be internally 
consistent.

Administrative Procedure Act

    The Board did not follow the provisions of 5 U.S.C. 553(b) relating 
to notice and public participation in connection with the adoption of 
these amendments. The Board for good cause determined that public 
participation is unnecessary because there is no substantive change on 
which the public could provide meaningful comment. For that same 
reason, the Board also has not provided 30 days prior notice of the 
effective date of the rule under section 553(d).

Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506; 5 CFR 1320 Appendix A.1), the Board has reviewed the final rule 
under the authority delegated to the Board by the Office of Management 
and Budget. The final rule contains no new collections of information 
and proposes no substantive changes to existing collections of 
information pursuant to the Paperwork Reduction Act.

List of Subjects in 12 CFR Part 206

    Banks, Banking, Interbank liability, Lending limits, Savings 
associations.

Authority and Issuance

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For the reasons set forth in the preamble, the Board is revising 12 CFR 
part 206 to read as follows:

PART 206--INTERBANK LIABILITIES (REGULATION F)

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1. The authority citation for part 206 is revised to read as follows:

    Authority: 12 U.S.C. 371b-2.


Sec.  206.1  [Amended]

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2. In Sec.  206.1(a), remove the phrase ``to implement section 308 of 
the Federal Deposit Insurance Corporation Improvement Act of 1991 
(Act), 12 U.S.C. 371b-2'' in the first sentence and add the phrase 
``under authority of section 23 of the Federal Reserve Act (12 U.S.C. 
371b-2)'' in its place.


Sec.  206.2  [Amended]

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3. In Sec.  206.2(f), remove ``(q)'' each place it appears.

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4. In Sec.  206.2(g), remove the word ``Basle'' wherever it appears and 
add the word ``Basel'' in its place.


Sec.  206.3  [Amended]

0
5. In Sec.  206.3(c)(1), remove the word ``of'' between the words 
``form'' and ``maturity'' in the first sentence and add the word ``or'' 
in its place, and remove the word ``of'' between the words ``amount'' 
and ``flexible'' in the third sentence and add the word ``or'' in its 
place.


Sec.  206.4  [Amended]

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6. In Sec.  206.4(b), remove the word ``of'' between the words 
``principal'' and ``other'' in the last sentence and add the word 
``or'' in its place.


Sec.  206.5  [Amended]

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7. In Sec.  206.5(a), footnote 1, remove the phrase ``subpart B'' and 
add the phrase ``subpart D'' in its place.

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8. In Sec.  206.5(f), redesignate paragraphs (i), (ii), and (iii) as 
paragraphs (1), (2), and (3), respectively, and remove the word 
``Basle'' wherever it appears and add the word ``Basel'' in its place.

[[Page 53284]]

Sec.  206.7  [Removed]

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9. Remove Sec.  206.7.
    By order of the Board of Governors of the Federal Reserve System, 
September 3, 2003.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 03-22862 Filed 9-9-03; 8:45 am]
BILLING CODE 6210-01-S