[Federal Register Volume 79, Number 245 (Monday, December 22, 2014)]
[Proposed Rules]
[Pages 76850-76855]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-28990]
[[Page 76849]]
Vol. 79
Monday,
No. 245
December 22, 2014
Part XXIII
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 79 , No. 245 / Monday, December 22, 2014 /
Unified Agenda
[[Page 76850]]
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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 November 1,
2014, through April 30, 2015. The next agenda will be published in
spring 2015.
DATES: Comments about the form or content of the agenda may be
submitted anytime during the next six months.
ADDRESSES: Comments should be addressed to Robert deV. Frierson,
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 2014 agenda
as part of the Fall 2014 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: www.reginfo.gov. Participation by the Board in
the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into four sections. The first, Pre-
rule Stage, reports on matters the Board is considering for future
rulemaking. The second section, Proposed Rule Stage, reports on matters
the Board may consider for public comment during the next six months.
The third section, Final Rule Stage, reports on matters that have been
proposed and are under Board consideration. 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.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
Federal Reserve System--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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545....................... Regulation CC_Availability 7100-AD68
of Funds and Collection
of Checks (Docket No: R-
1409).
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Federal Reserve System--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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546....................... Regulation HH_Financial 7100-AE09
Market Utilities (Docket
No: R-1477).
547....................... Regulation LL_Savings and 7100-AD80
Loan Holding Companies
and Regulation MM_Mutual
Holding Companies (Docket
No: R-1429).
548....................... Regulation WW_Liquidity 7100-AE03
Coverage Ratio: Liquidity
Risk Measurement,
Standards, and Monitoring
(Docket No: R-1466).
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Federal Reserve System--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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549....................... Regulation KK_Margin and 7100-AD74
Capital Requirements for
Covered Swap Entities
(Docket No: R-1415).
550....................... Regulations H and 7100-AD99
Q_Regulatory Capital
Rules (Docket No: R-1460).
551....................... Regulation P_Privacy of 7100-AE13
Consumer Information
(Docket No: R-1483).
552....................... Regulation V_Fair Credit 7100-AE14
Reporting (Docket No: R-
1484).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
545. Regulation CC--Availability of Funds and Collection of Checks
(Docket No: R-1409)
Legal Authority: 12 U.S.C. 4001 to 4010; 12 U.S.C. 5001 to 5018
Abstract: The Federal Reserve Board (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 condition a depositary bank's right of
expeditious return on the depositary bank agreeing to accept returned
checks electronically either directly or indirectly from the paying
bank. The Board also proposed amendments to the funds availability
schedule provisions to reflect the fact that there are no longer any
nonlocal checks. The Board proposed to revise the model forms in
appendix C that banks may use in disclosing their funds availability
policies to their customers and to update the preemption determinations
in appendix F. Finally, the Board requested comment on whether it
should consider future changes to the regulation to improve the check
collection system, such as decreasing the time afforded to a paying
bank to decide whether to pay a check in order to reduce the risk to a
depositary bank of needing to make funds available for withdrawal
before learning whether a deposited check has been returned unpaid.
Timetable:
[[Page 76851]]
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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 Expects Further Action........ 03/00/15 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Clinton Chen, Attorney, Federal Reserve System,
Legal Division, Phone: 202 452-3952.
RIN: 7100-AD68
FEDERAL RESERVE SYSTEM (FRS)
Final Rule Stage
546. Regulation HH--Financial Market Utilities (Docket No: R-1477)
Legal Authority: 12 U.S.C. 5464 (a)(1)(A)
Abstract: The Federal Reserve Board (Board) is in the process of
finalizing amendments to the risk-management standards currently in the
Board's Regulation HH, Part 234 of Title 12 of the Code of Federal
Regulations, by replacing the current risk-management standards in
section 234.3 (for payment systems) and section 234.4 (for central
securities depositories and central counterparties) with a common set
of risk-management standards applicable to all types of designated FMUs
in proposed section 234.3. The Board is also in the process of
finalizing related amendments to definitions in section 234.2.
Timetable:
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Action Date FR Cite
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Board Requested Comments........... 01/31/14 79 FR 3666
Board Expects Further Action....... 11/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer A. Lucier, Deputy Associate Director,
Federal Reserve System, Reserve Bank Operations and Payment Systems,
Phone: 202 872-7581.
Chris Clubb, Special Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-3904.
RIN: 7100-AE09
547. Regulation LL--Savings and Loan Holding Companies and Regulation
MM--Mutual Holding Companies (Docket No: R-1429)
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 Act Wall Street Reform and Consumer
Protection Act (the 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 (Board), on July 21, 2011.
The Act also transferred supervisory functions related to Federal
savings associations and State savings 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........ 12/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Tate Wilson, Senior Attorney, Federal Reserve
System, Legal Division, Phone: 202 452-3696.
Claudia Von Pervieux, Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-2552.
RIN: 7100-AD80
548. Regulation WW--Liquidity Coverage Ratio: Liquidity Risk
Measurement, Standards, and Monitoring (Docket No: R-1466)
Legal Authority: 12 U.S.C. 248(a); 12 U.S.C. 321; 12 U.S.C. 481; 12
U.S.C. 1818; . . .
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), have finalized a rule
that implements quantitative liquidity requirement consistent with the
liquidity coverage ratio standard established by the Basel Committee on
Banking Supervision. The requirement is designed to promote short-term
resilience of the liquidity risk profile of internationally active
banking organizations thereby improving the banking sectors ability to
absorb shocks arising from financial and economic stress as well as
improvements in the measurement of liquidity risk. The rule applies to
all internationally active
[[Page 76852]]
banking organizations generally bank holding companies certain savings
and loan holding companies and depository institutions with more than
$250 billion in total assets or more than $10 billion in on-balance
sheet foreign exposure and to their consolidated subsidiary depository
institutions with $10 billion or more in total consolidated assets. The
rule will become effective January 1, 2015. The Board also finalized on
its own a modified liquidity coverage ratio standard that is less
stringent than the full LCR by reducing net outflows by 30%. The
modified LCR applies to bank holding companies and certain savings and
loan holding companies that have $50 billion or more in consolidated
assets but do not meet the threshold described above. The modified LCR
becomes effective January 1, 2016.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 11/29/13 78 FR 71818
Board Expects Further Action........ 11/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anna Lee Hewko, Deputy Associate Director, Federal
Reserve System, Division of Banking Supervision and Regulation, Phone:
202 530-6260,
David Emmel, Manager, Federal Reserve System, Banking Supervision
and Regulation, Phone: 202 912-4612.
April C. Snyder, Senior Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-3099.
RIN: 7100-AE03
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
549. Regulation KK--Margin and Capital Requirements for Covered Swap
Entities (Docket No: R-1415)
Legal Authority: 7 U.S.C. 6s; 15 U.S.C. 780-10
Abstract: The Office of the Comptroller of the Currency, the
Federal Reserve Board, the Federal Deposit Insurance Corporation, the
Farm Credit Administration, and the Federal Housing Finance Agency (the
Agencies) are requesting comment on a proposal to establish minimum
margin and capital requirements for registered swap dealers, major swap
participants, security-based swap dealers, and major security-based
swap participants for which one of the Agencies is the prudential
regulator. This proposed rule implements sections 731 and 764 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act, which
require the Agencies to adopt rules jointly to establish capital
requirements and initial and variation margin requirements for such
entities on all non-cleared swaps and non-cleared security-based swaps
in order to offset the greater risk to such entities and the financial
system arising from the use of swaps and security-based swaps that are
not cleared.
On September 3, 2014, the Board voted unanimously to propose a rule
that builds on the one originally released by the Agencies in 2011. The
proposed rule includes some modifications that were made in light of
comments received. The Agencies requested comments on the proposed rule
no later than 60 days after the date of its publication in the Federal
Register.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 04/12/11 76 FR 27564
Comment Period End.................. 07/11/11 76 FR 37029
Board Reopened Comment Period....... 10/02/12 77 FR 60057
Adopted Final Rule.................. 09/24/14 79 FR 57348
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Victoria Szybillo, Counsel, Federal Reserve System,
Legal Division, Phone: 202 475-6325.
Stephanie Martin, Associate General Counsel, Federal Reserve
System, Legal Division, Phone: 202 452-3198.
Anna Harrington, Senior Attorney, Federal Reserve System, Legal
Division, Phone: 202 452-6406.
RIN: 7100-AD74
550. Regulations H and Q--Regulatory Capital Rules (Docket No: R-1460)
Legal Authority: 12 U.S.C. 1344(b); 12 U.S.C. 329; 12 U.S.C. 3907;
12 U.S.C. 3909; . . .
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), are seeking comment on a proposal that would strengthen the
agencies' leverage ratio standards for large, interconnected U.S.
banking organizations. The proposal would apply to any U.S. top-tier
bank holding company (BHC) with at least $700 billion in total
consolidated assets or at least $10 trillion in assets under custody
(covered BHC) and any insured depository institution (IDI) subsidiary
of these BHCs. In the revised capital approaches adopted by the
agencies in July, 2013 (2013 revised capital approaches), the agencies
established a minimum supplementary leverage ratio of 3 percent
(supplementary leverage ratio), consistent with the minimum leverage
ratio adopted by the Basel Committee on Banking Supervision (BCBS), for
banking organizations subject to the advanced approaches risk-based
capital rules. In this notice of proposed rulemaking (proposal or
proposed rule), the agencies are proposing to establish a ``well
capitalized'' threshold of 6 percent for the supplementary leverage
ratio for any IDI that is a subsidiary of a covered BHC, under the
agencies' prompt corrective action (PCA) framework. The Board also
proposes to establish a new leverage buffer for covered BHCs above the
minimum supplementary leverage ratio requirement of 3 percent (leverage
buffer). The leverage buffer would function like the capital
conservation buffer for the risk-based capital ratios in the 2013
revised capital approaches. A covered BHC that maintains a leverage
buffer of tier 1 capital in an amount great than 2 percent of its total
leverage exposure would not be subject to limitations on distributions
and discretionary bonus payments. The proposal would take effect
beginning on January 1, 2018. The agencies seek comment on all aspects
of this proposal.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 08/20/13 78 FR 51101
Board Adopted Final Rule............ 05/01/14 79 FR 24528
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Benjamin McDonough, Senior Counsel, Federal Reserve
System, Legal Division, Phone: 202 452-2036.
April C. Snyder, Senior Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-3099.
RIN: 7100-AD99
551. Regulation P--Privacy of Consumer Information (Docket No: R-1483)
Legal Authority: 12 U.S.C. 5581
Abstract: The Board of Governors of the Federal Reserve System
(Board) repealed its Regulation P, 12 CFR part 216, which was issued to
implement section 504 of the Gramm-Leach-Bliley Act (GLB Act). Title X
of the Dodd-
[[Page 76853]]
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)
transferred rulemaking authority for a number of consumer financial
protection laws from the Board, and six other Federal agencies, to the
Bureau of Consumer Financial Protection (Bureau), including rulemaking
authority for the provisions in Subtitle A of Title V of the GLB Act
that were implemented in the Board's Regulation P. In December 2011,
the Bureau published an interim final rule establishing its own
Regulation P to implement these provisions of the GLB Act (Bureau
Interim Final Rule). The Bureau's Regulation P covers those entities
previously subject to the Board's Regulation P.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 02/14/14 79 FR 8904
Board Issued Final Rule............. 05/29/14 79 FR 30708
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Vivian W. Wong, Counsel, Federal Reserve System,
Consumer & Community Affairs Division, Phone: 202 452-3667.
RIN: 7100-AE13
552. Regulation V--Fair Credit Reporting (Docket No: R-1484)
Legal Authority: 12 U.S.C. 1681(m)
Abstract: The Board of Governors of the Federal Reserve System
amended its Identity Theft Red Flags rule, which implements section
615(e) of the Fair Credit Reporting Act (FCRA). The Red Flag Program
Clarification Act of 2010 (Clarification Act) added a definition of
``creditor'' in FCRA section 615(e) that is specific to section 615(e).
Accordingly, the final rule amended the definition of ``creditor'' in
the Identity Theft Red Flags rule to reflect the definition of that
term as added by the statute. The final rule also updated a cross-
reference in the Identity Theft Red Flags rule to reflect a statutory
change in rulemaking authority.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 02/20/14 79 FR 9645
Board Issued Final Rule............. 05/29/14 79 FR 30709
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mandie Aubrey, Counsel, Federal Reserve System,
Division of Consumer and Community Affairs, Phone: 202 973-7315.
RIN: 7100-AE14
[FR Doc. 2014-28990 Filed 12-19-14; 8:45 am]
BILLING CODE 6210-01-P