[Federal Register Volume 80, Number 240 (Tuesday, December 15, 2015)]
[Proposed Rules]
[Pages 78104-78105]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30675]



[[Page 78103]]

Vol. 80

Tuesday,

No. 240

December 15, 2015

Part XXV





Federal Reserve System





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Semiannual Regulatory Agenda

  Federal Register / Vol. 80 , No. 240 / Tuesday, December 15, 2015 / 
Unified Agenda  

[[Page 78104]]


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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, 
2015, through April 30, 2016. The next agenda will be published in 
spring 2016.

DATES: Comments about the form or content of the agenda may be 
submitted anytime during the next 6 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 2015 agenda 
as part of the Fall 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, 
Prerule 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 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
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
535.......................  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).
536.......................  Regulation CC--                    7100-AD68
                             Availability of Funds and
                             Collection of Checks
                             (Docket No: R-1409).
537.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No: R-1429).
------------------------------------------------------------------------


FEDERAL RESERVE SYSTEM (FRS)

Proposed Rule Stage

535. 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. 1844(b); 12 U.S.C. 1851; 12 U.S.C. 
1467a; 12 U.S.C. 1818; 12 U.S.C. 3904; . . .
    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 Comments............   12/19/14  79 FR 75759
Board Expects Further Action........   01/00/16
------------------------------------------------------------------------

    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

536. 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 subpart C 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 subpart B, the funds availability schedule 
provisions to reflect the fact that there are no longer any non-local 
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 78105]]



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               Action                    Date            FR Cite
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Board Requested Comments............   03/25/11  76 FR 16862
Board Requested Comments on Revised    02/04/14  79 FR 6673
 Proposal.
Board Expects Further Action on        12/00/15
 Subpart C.
Board Expects Further Action on        09/00/16
 Subpart B.
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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

537. 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........   12/00/15
------------------------------------------------------------------------

    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

[FR Doc. 2015-30675 Filed 12-14-15; 8:45 am]
BILLING CODE 6210-01-P