[Federal Register Volume 83, Number 222 (Friday, November 16, 2018)]
[Proposed Rules]
[Pages 58158-58160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23934]
[[Page 58157]]
Vol. 83
Friday,
No. 222
November 16, 2018
Part XXV
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 83 , No. 222 / Friday, November 16, 2018 /
Unified Agenda
[[Page 58158]]
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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,
2018, through April 30, 2019. The next agenda will be published in
spring 2019.
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 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 2018 agenda
as part of the Fall 2018 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 four sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next 6 months. The second section, Final Rule
Stage, reports on matters that have been proposed and are under Board
consideration. The third 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 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.
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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503....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No: R-1409).
504....................... 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--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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505....................... Regulation YY--Single- 7100-AE48
Counterparty Credit
Limits for Large Banking
Organizations (Docket No:
R-1534).
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Federal Reserve System--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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506....................... Source of Strength 7100-AE73
(Section 610 Review).
507....................... Short Form Call Reports 7100-AF12
(Docket No: R-1618).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
503. 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) is amending Regulation CC, which implements the Expedited Funds
Availability Act (EFAA), which governs the availability of funds after
a check deposit, as well as check collection and return. In March 2011,
the Board proposed amendments to Regulation CC to facilitate the
banking industry's on-going transition to fully electronic interbank
check collection and return, including proposed amendments to subpart C
to encourage depository banks to receive and paying banks to send
returned checks electronically and proposed amendments to subpart B's
funds availability schedule provisions. Subsequently, section 1086 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act amended
the EFAA to provide the Consumer Financial Protection Bureau (CFPB)
with joint rulemaking authority with the Board over certain EFAA
provisions, including those implemented by subpart B of Regulation CC.
Based on its analysis of comments received, the Board revised its
proposed amendments to subpart C of Regulation CC. The Board finalized
its proposed amendments to subpart C in June 2017.
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 Published Final Rule.......... 06/15/17 82 FR 27552
Board Expects Further Action on 10/00/18
Subpart B.
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[[Page 58159]]
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Gavin Smith, Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-3474.
Ian Spear, Manager, Federal Reserve System, Division of Reserve
Bank Operations and Payment Systems, Washington, DC 20551, Phone: 202
452-3959.
RIN: 7100-AD68
504. Regulation LL--Savings and Loan Holding Companies and Regulation
MM--Mutual Holding Companies (Docket No: R-1429)
E.O. 13771 Designation: Independent agency.
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........ 12/00/18
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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)
Final Rule Stage
505. Regulation YY--Single-Counterparty Credit Limits for Large Banking
Organizations (Docket No: R-1534)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 321; 12 U.S.C. 1818; 12 U.S.C. 1844(b);
12 U.S.C. 1844(c); 12 U.S.C. 5365; . . .
Abstract: The final rule would implement section 165(e) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act, which
requires the Board to impose limits on the amount of credit exposure
that such a domestic or foreign bank holding company can have to an
unaffiliated company in order to reduce the risks arising from the
company's failure. The final rule, which build on earlier proposed
rules by the Board to establish single-counterparty credit limits for
large domestic and foreign banking organizations, would increase in
stringency based on the systemic importance of the firms to which they
apply.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 03/16/16 81 FR 14328
Board Adopted Final Rule............ 08/06/18 83 FR 38460
Final Rule Effective................ 10/05/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Benjamin McDonough, Assistant General Counsel,
Federal Reserve System, Legal Division, Washington, DC 20551, Phone:
202 452-2036.
Laurie Schaffer, Associate General Counsel, Federal Reserve System,
Legal Division, Washington, DC 20551, Phone: 202 452-2272.
RIN: 7100-AE48
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
506. 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 December 2019. Section 616(d) requires
that bank holding companies, savings and loan holding companies, and
other companies that directly or indirectly control an insured
depository
[[Page 58160]]
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....... 12/00/19
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Regulatory Flexibility Analysis Required: Undetermined.
Agency Contact: Conni Allen, Special 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 Regulation, 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
507. Short Form Call Reports (Docket No: R-1618)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 1817(a)(12)
Abstract: The Board of Governors of the Federal Reserve System, the
Office of the Comptroller of the Currency, and the Federal Deposit
Insurance Corporation (collectively, the agencies) are jointly issuing
and inviting comment on a proposed rule that would implement section
205 of the Economic Growth, Regulatory Relief, and Consumer Protection
Act, which requires the agencies to provide a reduced reporting
requirement for the first and third reports of condition for depository
institutions that have less than $5 billion in total consolidated
assets and satisfy other criteria determined by the agencies.
Timetable:
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Action Date FR Cite
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Laura Bain, Senior Attorney, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 736-5546.
Claudia Von Pervieux, Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AF12
[FR Doc. 2018-23934 Filed 11-15-18; 8:45 am]
BILLING CODE 6210-01-P