[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Proposed Rules]
[Pages 40200-40203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-15503]





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Vol. 76



Thursday,



No. 130



July 7, 2011



Part XXI











Federal Reserve System











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Semiannual Regulatory Agenda



  Federal Register / Vol. 76 , No. 130 / Thursday, July 7, 2011 / 

Unified Agenda  



[[Page 40200]]





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FEDERAL RESERVE SYSTEM



12 CFR Ch. II




Semiannual Regulatory Flexibility 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 May 1, 2011, 

through October 31, 2011. The next agenda will be published in fall 

2011.



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 Jennifer J. Johnson, 

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 spring 2011 

agenda as part of the spring 2011 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 Web site: http://www.reginfo.gov. Participation 

by the Board in the Unified Agenda is on a voluntary basis.

    The Board's agenda is divided into three 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. And a third 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 and which the Board has not 

completed.



Margaret McCloskey Shanks,

Associate Secretary of the Board.



                Federal Reserve System--Final Rule Stage

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

445.......................  Regulation Z--Escrow               7100-AD65

                             Requirements (Docket No.

                             R-1406).

446.......................  Regulation II--Debit Card          7100-AD63

                             Interchange Fees and

                             Routing (Docket No. R-

                             1404).

447.......................  Regulation Z--Truth in             7100-AD55

                             Lending (Docket No. R-

                             1393).

448.......................  Regulation Z--Truth in             7100-AD56

                             Lending (Docket No. R-

                             1394).

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FEDERAL RESERVE SYSTEM (FRS)



Final Rule Stage



445.  Regulation Z--Escrow Requirements (Docket No. R-1406)



    Legal Authority: 12 U.S.C. 3806; 15 U.S.C. 1604; 15 U.S.C. 

1637(c)(5); 15 U.S.C. 1639

    Abstract: The Federal Reserve Board (Board) will publish in the 

Federal Register on March 2, 2011, a proposed rule that would amend 

Regulation Z (Truth in Lending) to implement certain amendments to the 

Truth in Lending Act made by the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (Dodd-Frank Act). Regulation Z currently 

requires creditors to establish escrow accounts for higher-priced 

mortgage loans secured by a first lien on a dwelling. The proposal 

would implement statutory changes made by the Dodd-Frank Act that 

lengthen the time for which a mandatory escrow account established for 

a higher-priced mortgage loan must be maintained. In addition, the 

proposal would implement the Act's disclosure requirements regarding 

escrow accounts. The proposal also would exempt certain loans from the 

statute's escrow requirement. The primary exemption would apply to 

mortgage loans extended by creditors that operate predominantly in 

rural or underserved areas, originate a limited number of mortgage 

loans, and do not maintain escrow accounts for any mortgage loans they 

service.

    Timetable:



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               Action                    Date            FR Cite

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Board Requested Comment.............   06/00/11  .......................

Board Expects Further Action........   07/00/11  .......................

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    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Samantha Pelosi, Attorney, Federal Reserve System, 

Legal Division, Phone: 202 452-2412, E-mail: [email protected].

    RIN: 7100-AD65



446.  Regulation II--Debit Card Interchange Fees and Routing 

(Docket No. R-1404)



    Legal Authority: 15 U.S.C. 16930

    Abstract: The Board requested public comment on proposed new 

Regulation II, Debit Card Interchange Fees and Routing, which:(1) 

Establishes standards for determining whether an interchange fee 

received or charged by an issuer with respect to an electronic debit 

transaction is reasonable and proportional to the cost incurred by the 

issuer with respect to the transaction, and (2) prohibits issuers and 

networks from restricting the number of networks over which an 

electronic debit transaction may be processed and from inhibiting the 

ability of a merchant to direct the routing of and electronic debit 

transaction to any network that may process such transactions. With 

respect to the interchange fee standards, the Board requested comment 

on two alternatives that would apply to covered issuers: (1) An issuer-

specific standard with a safe harbor and a cap, or (2) a cap applicable 

to all such issuers. The proposed rule would additionally prohibit 

circumvention or evasion of the interchange fee limitations (under both 

alternatives) by preventing the issuer from receiving net compensation 

from the network (excluding interchange fees passed through the 

network). The Board also requested comment on possible frameworks for 

an adjustment to interchange fees for fraud-prevention costs. With 

respect to the debit-card routing rules, the Board requested comment on 

two alternative rules prohibiting network exclusivity: one alternative 

would require at least two unaffiliated networks per debit card, and 

the other would require at least two unaffiliated networks for each 

type of transaction authorization method. Under both alternatives, the 

issuers and



[[Page 40201]]



networks would be prohibited from inhibiting a merchant's ability to 

direct the routing of an electronic debit transaction over any network 

that may process such transactions.

    Timetable:



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               Action                    Date            FR Cite

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Board Requested Comment.............   12/16/10  75 FR 81722

Board Expects Further Action........   07/00/11  .......................

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    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Dena Milligan, Attorney, Federal Reserve System, 

Legal Division, Washington, DC 20551, Phone: 202 452-3900, E-mail: 

[email protected].

    RIN: 7100-AD63



447.  Regulation Z--Truth in Lending (Docket No. R-1393)



    Legal Authority: 12 U.S.C. 3806; 15 U.S.C. 1604; 15 U.S.C. 1637; 15 

U.S.C. 1639; et seq.

    Abstract: This proposed rule seeks to clarify aspects of the 

Board's final rules implementing the Credit Card Accountability, 

Responsibility, and Disclosure Act of 2009 (Pub. L. 111-24), which were 

published in February 2010 (75 FR 7658) and June 2010 (75 FR 37526).

    Timetable:



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               Action                    Date            FR Cite

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Board Issued Interim Final Rule.....   11/02/10  75 FR 67458

Board Expects Further Action........   06/00/11  .......................

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    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Benjamin K. Olson, Attorney, Federal Reserve 

System, Division of Consumer and Community Affairs, Phone: 202 452-

2826.

    RIN: 7100-AD55



448.  Regulation Z--Truth in Lending (Docket No. R-1394)



    Legal Authority: 12 U.S.C. 3806; 15 U.S.C. 1604; 15 U.S.C. 1637c

    Abstract: On October 28, 2010, the Federal Reserve approved for 

public comment an interim final rule amending Regulation Z (Truth in 

Lending)(75 FR 66554). The interim rule implements section 129E of the 

Truth in Lending Act (TILA), which was enacted on July 21, 2010, as 

section 1472 of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act. TILA section 129E establishes new requirements for 

appraisal independence for consumer credit transactions secured by the 

consumer's principal dwelling. The amendments are designed to ensure 

that real estate appraisals used to support creditors' underwriting 

decisions are based on the appraiser's independent professional 

judgment, free of any influence or pressure that may be exerted by 

parties that have an interest in the transaction. The amendments also 

seek to ensure that creditors and their agents pay customary and 

reasonable fees to appraisers. The Board sought comment on all aspects 

of the interim final rule, which were due by December 27, 2010. 

Compliance is mandatory for residential mortgage applications received 

by creditors on or after April 1, 2011.

    Timetable:



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               Action                    Date            FR Cite

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Board Issued Request for Public        10/28/10  75 FR 66554

 Comment.

Board Expects Further Action........   06/00/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Jamie Goodson, Attorney, Federal Reserve System, 

Division of Consumer and Community Affairs, Phone: 202 452-3667.

    RIN: 7100-AD56



[FR Doc. 2011-15503 Filed 7-6-11; 8:45 am]

BILLING CODE 6210-01-P