[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Unknown Section]
[Pages 40200-40203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-15503]
[[Page 40199]]
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
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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.
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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 .......................
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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