[Federal Register Volume 84, Number 121 (Monday, June 24, 2019)]
[Proposed Rules]
[Pages 29771-29774]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11695]
[[Page 29771]]
Vol. 84
Monday,
No. 121
June 24, 2019
Part XXV
Federal Reserve System
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Unified Agenda
Federal Register / Vol. 84 , No. 121 / Monday, June 24, 2019 /
Unified Agenda
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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, 2019,
through October 31, 2019. The next agenda will be published in fall
2019.
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 spring 2019
agenda as part of the Spring 2019 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 in the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into five sections. The first,
Prerule 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 six 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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324....................... Reduced Reporting for 7100-AF12
Covered Depository
Institutions (Docket No:
R-1618).
325....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No: R-1409).
326....................... 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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327....................... Source of Strength 7100-AE73
(Section 610 Review).
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Federal Reserve System--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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328....................... Regulation YY--Single- 7100-AE48
Counterparty Credit
Limits for Large Banking
Organizations (Docket No:
R-1534).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
324. Reduced Reporting for Covered Depository Institutions (Docket No:
R-1618)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 1817(a)(12)
Abstract: The OCC, the Board, and the FDIC (collectively, the
Agencies) invited comment on a proposed rule that would implement
section 205 of the Economic Growth, Regulatory Relief, and Consumer
Protection Act by: Expanding the eligibility to file the agencies' most
streamlined report of condition, the FFIEC 051 Call Report, to include
certain insured depository institutions with less than $5 billion in
total consolidated assets that meet other criteria; and, establishing
reduced reporting on the FFIEC 051 Call Report for the first and third
reports of condition for a year. The OCC and Board also are proposing
similar reduced reporting for certain uninsured institutions that they
supervise with less than $5 billion in total consolidated assets that
otherwise meet the same criteria. This Federal Register notice also
includes a Paperwork Reduction Act notice to reduce the amount of data
required to be reported on the FFIEC 051 Call Report for the first and
third calendar quarters, and other related changes.
Timetable:
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Action Date FR Cite
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Board Expects Further Action........ 06/00/19 .......................
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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, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
[[Page 29773]]
RIN: 7100-AF12
325. 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 ongoing 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 06/00/19 .......................
Subpart B.
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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
326. 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........ 12/00/19 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Keisha Patrick, Senior Counsel, Federal Reserve
System, Legal Division, Waqshington, DC 20551, Phone: 202 452-3559.
C. Tate Wilson, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-3696.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
327. 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. Section 616(d) requires that bank holding
companies, savings and loan holding companies, and other companies that
directly or indirectly
[[Page 29774]]
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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Next Action Undetermined............ To Be Determined
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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, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AE73
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
328. 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 built 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
[FR Doc. 2019-11695 Filed 6-21-19; 8:45 am]
BILLING CODE 6210-01-P