[Federal Register Volume 83, Number 9 (Friday, January 12, 2018)]
[Proposed Rules]
[Pages 2014-2015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28245]



[[Page 2013]]

Vol. 83

Friday,

No. 9

January 12, 2018

Part XXIV





Federal Reserve System





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 Semiannual Regulatory Agenda

  Federal Register / Vol. 83 , No. 9 / Friday, January 12, 2018 / 
Unified Agenda  

[[Page 2014]]


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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, 
2017, through April 30, 2018. The next agenda will be published in 
spring 2018.

DATES: Comments about the form or content of the agenda may be 
submitted any time during the next six months.

ADDRESSES: Comments should be addressed to Ann E. Misback, 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 2017 agenda 
as part of the Fall 2017 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 website: www.reginfo.gov. Participation by the Board, as 
an independent Agency, in the Unified Agenda is on a voluntary basis.
    The Board's agenda is divided into five sections. The first, Pre-
rule Stage, reports on matters the Board is considering for future 
rulemaking. The second, 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. The fourth section, Long-
Term Actions, reports on matters where the next action is undetermined, 
00/00/0000, or will occur more than 12 months after publication of the 
Agenda. And a fifth 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.

Yao-Chin Chao,
Assistant Secretary of the Board.

               Federal Reserve System--Proposed Rule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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477.......................  Regulation CC--                    7100-AD68
                             Availability of Funds and
                             Collection of Checks
                             (Docket No: R-1409).
478.......................  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--Long-Term Actions
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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479.......................  Source of Strength                 7100-AE73
                             (Section 610 Review).
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FEDERAL RESERVE SYSTEM (FRS)

Proposed Rule Stage

477. Regulation CC--Availability of Funds and Collection of Checks 
(Docket No: R-1409)

    E.O. 13771 Designation: Independent agency.
    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        06/15/17  82 FR 27552
 Subpart C.
Board Expects Further Action on        01/00/18
 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

478. Regulation LL--Savings and Loan Holding Companies and Regulation 
MM--Mutual Holding Companies (Docket No: R-1429)

    E.O. 13771 Designation: Independent agency.

[[Page 2015]]

    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 Wall Street Reform and Consumer Protection 
Act (the Dodd-Frank 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 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........   06/00/18
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: C. Tate Wilson, Senior 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

FEDERAL RESERVE SYSTEM (FRS)

Long-Term Actions

479. Source of Strength (Section 610 Review)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 1831(o)
    Abstract: The Board of Governors of the Federal Reserve System 
(Board), the Office of the Comptroller of the Currency (OCC), and the 
Federal Deposit Insurance Corporation (FDIC) plan to issue a proposed 
rule to implement section 616(d) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act by September 2018. Section 616(d) requires 
that bank holding companies, savings and loan holding companies, and 
other companies that directly or indirectly control an insured 
depository institution serve as a source of strength for the insured 
depository institution.
    Timetable:

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               Action                    Date            FR Cite
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Notice of Proposed Rulemaking.......   11/00/18
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    Regulatory Flexibility Analysis Required: Undetermined.
    Agency Contact: Conni Allen, Counsel, Federal Reserve System, 
Division of Supervision and Regulation, Washington, DC 20551, Phone: 
202 912-4334.
    Melissa Clark, Sr. Supervisory Financial Analyst, Federal Reserve 
System, Division of Supervision and Regulations, Washington, DC 20551, 
Phone: 202 452-2277.
    Barbara Bouchard, Senior Associate Director, Federal Reserve 
System, Division of Supervision and Regulation, Washington, DC 20551, 
Phone: 202 452-3072.
    Jay Schwarz, Senior Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2970.
    Will Giles, Senior Counsel, Federal Reserve System, Legal Division, 
Washington, DC 20551, Phone: 202 452-3351.
    Claudia Von Pervieux, Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2552.
    RIN: 7100-AE73

[FR Doc. 2017-28245 Filed 1-11-18; 8:45 am]
BILLING CODE 6210-01-P