[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)]
[Proposed Rules]
[Pages 37462-37463]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12934]



[[Page 37461]]

Vol. 81

Thursday,

No. 111

June 9, 2016

Part XXVI





Federal Reserve System





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Semiannual Regulatory Agenda

  Federal Register / Vol. 81 , No. 111 / Thursday, June 9, 2016 / 
Unified Agenda  

[[Page 37462]]


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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, 2016 
through October 31, 2016. The next agenda will be published in fall 
2016.

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 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 2016 
agenda as part of the Spring 2016 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 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 and which the Board has not 
completed.

Margaret McCloskey Shanks,
Deputy Secretary of the Board.

               Federal Reserve System--Proposed Rule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
403.......................  Regulation CC--                    7100-AD68
                             Availability of Funds and
                             Collection of Checks
                             (Docket No.: R-1409).
404.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No.: R-1429).
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FEDERAL RESERVE SYSTEM (FRS)

Proposed Rule Stage

403. 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:

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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 on        09/00/16  .......................
 Subpart C.
Board Expects Further Action on        12/00/16  .......................
 Subpart B.
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Clinton Chen, Attorney, Federal Reserve System, 
Legal Division, Washington, DC 20551, Phone: 202 452-3952.
    RIN: 7100-AD68

404. 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 (the 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

[[Page 37463]]

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........   06/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: C. Tate Wilson, Counsel, Federal Reserve System, 
Legal Division, Washington, DC 20551, Phone: 202 452-3696.
    Claudia Von Pervieux, Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2552.
    RIN: 7100-AD80

[FR Doc. 2016-12934 Filed 6-8-16; 8:45 am]
 BILLING CODE 6210-01-P