[Federal Register Volume 80, Number 117 (Thursday, June 18, 2015)]
[Proposed Rules]
[Pages 35166-35169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14376]



[[Page 35165]]

Vol. 80

Thursday,

No. 117

June 18, 2015

Part XXII





Federal Reserve System





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Unified Agenda

  Federal Register / Vol. 80 , No. 117 / Thursday, June 18, 2015 / 
Unified Agenda  

[[Page 35166]]


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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, 2015, 
through October 31, 2015. The next agenda will be published in fall 
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 spring 2015 
agenda as part of the Spring 2015 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 6 months. The 
third section, final rule stage, reports on matters that have been 
proposed and are under Board consideration. And a forth 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,
Deputy Secretary of the Board.

               Federal Reserve System--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
384.......................  Regulation Q--Regulatory           7100-AE27
                             Capital Rules: Regulatory
                             Capital, Proposed Rule
                             Demonstrating Application
                             of Common Equity Tier 1
                             Capital Qualification
                             Criteria (Docket No: R-
                             1506).
385.......................  Regulation CC--                    7100-AD68
                             Availability of Funds and
                             Collection of Checks
                             (Docket No: R-1409).
386.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No: R-1429).
------------------------------------------------------------------------


                Federal Reserve System--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
387.......................  Regulation HH--Financial           7100-AE09
                             Market Utilities (Docket
                             No: R-1477).
388.......................  Regulation WW--Liquidity           7100-AE03
                             Coverage Ratio: Liquidity
                             Risk Measurement,
                             Standards, and Monitoring
                             (Docket No: R-1466).
------------------------------------------------------------------------


FEDERAL RESERVE SYSTEM (FRS)

Proposed Rule Stage

384.  Regulation Q--Regulatory Capital Rules: Regulatory 
Capital, Proposed Rule Demonstrating Application of Common Equity Tier 
1 Capital Qualification Criteria (Docket No: R-1506)

    Legal Authority: 12 U.S.C. 321; 12 U.S.C. 322
    Abstract: Notice of proposed rulemaking that would illustrate how 
the Board of Governors of the Federal Reserve System (Board) would 
apply the common equity tier 1 capital qualification criteria to 
depository institution holding companies that are organized in forms 
other than as stock corporations (``proposed rule''). The proposed rule 
discusses some of the qualification criteria for common equity tier 1 
capital under Regulation Q and provides examples of how the Board would 
apply the criteria in specific situations involving partnerships and 
limited liability companies. In addition, the proposed rule would amend 
Regulation Q to address unique issues presented by certain savings and 
loan holding companies that are trusts and by depository institution 
holding companies that are employee stock ownership plans.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comment.............   12/19/14  79 FR 75759
Board Expects Further Action........   09/00/15
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Christine Graham, Counsel, Federal Reserve System, 
Legal Division, Phone: 202 452-3005.
    Mark Buresh, Attorney, Federal Reserve System, Legal Division, 
Phone: 202 452-5270.
    Thomas R. Boemio, Manager, Federal Reserve System, Division of 
Banking Supervision and Regulation, Phone: 202 452-2982.
    RIN: 7100-AE27

385. 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 Board of Governors of the Federal Reserve System (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

[[Page 35167]]

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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comments............   03/25/11  76 FR 16862
Board Requested Comment on Revised     02/04/14  79 FR 6673
 Proposal.
Board Expects Further Action........   05/00/15
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Clinton Chen, Attorney, Federal Reserve System, 
Legal Division, Phone: 202 452-3952
    RIN: 7100-AD68

386. 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
------------------------------------------------------------------------
Board Requested Comments............   09/13/11  76 FR 56508
Board Expects Further Action........   06/00/15
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: C. Tate Wilson, Counsel, 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

FEDERAL RESERVE SYSTEM (FRS)

Completed Actions

387. Regulation HH--Financial Market Utilities (Docket No: R-1477)

    Legal Authority: 12 U.S.C. 5464(a)(1)(A)
    Abstract: The Board of Governors of the Federal Reserve System 
(Board) finalized 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 previous 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 section 234.3. The Board also finalized related 
amendments to definitions in section 234.2.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comments............   01/22/14  79 FR 3666
Board Adopted Final Rule............   11/05/14  79 FR 65543
Final Action Effective..............   12/31/14
------------------------------------------------------------------------

    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

[[Page 35168]]

388. 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 requirements 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 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 became 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 percent. 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
------------------------------------------------------------------------
Board Requested Comments............   11/29/13  78 FR 71818
Board Adopted Final Rule............   10/10/14  79 FR 61440
Final Action Effective..............   01/01/16
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Dafina Stewart, Counsel, Federal Reserve System, 
Division of Banking Supervision and Regulation, Phone: 202 452-3876.
    Connie Horsley, Assistant Director, Federal Reserve System, 
Division of Banking Supervision and Regulation, Phone: 202 452-5239.
    Anna Lee Hewko, Deputy Associate Director, Federal Reserve System, 
Division of Banking Supervision and Regulation, Phone: 202 530-6260.
    RIN: 7100-AE03

[FR Doc. 2015-14376 Filed 6-17-15; 8:45 am]
 BILLING CODE 6210-01-P