[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
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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).
------------------------------------------------------------------------


                Federal Reserve System--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
505.......................  Regulation YY--Single-             7100-AE48
                             Counterparty Credit
                             Limits for Large Banking
                             Organizations (Docket No:
                             R-1534).
------------------------------------------------------------------------


                Federal Reserve System--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
506.......................  Source of Strength                 7100-AE73
                             (Section 610 Review).
507.......................  Short Form Call Reports            7100-AF12
                             (Docket No: R-1618).
------------------------------------------------------------------------

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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
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
------------------------------------------------------------------------
Board Requested Comment.............   09/13/11  76 FR 56508
Board Expects Further Action........   12/00/18
------------------------------------------------------------------------

    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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
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
------------------------------------------------------------------------

    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
------------------------------------------------------------------------
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