[Federal Register Volume 85, Number 166 (Wednesday, August 26, 2020)]
[Proposed Rules]
[Pages 52851-52853]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16752]
[[Page 52851]]
Vol. 85
Wednesday,
No. 166
August 26, 2020
Part XXVI
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 85, No. 166 / Wednesday, August 26, 2020 /
UA: Reg Flex Agenda
[[Page 52852]]
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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, 2020,
through October 31, 2020. The next agenda will be published in fall
2020.
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 spring 2020
agenda as part of the Spring 2020 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, 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,
Completed Actions, reports on regulatory matters the Board has
completed or is not expected to consider further. And a fifth 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. 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--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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349....................... Source of Strength 7100-AE73
(Section 610 Review).
350....................... 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)
Long-Term Actions
349. 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 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: Melissa Clark, Lead Financial Institution Policy
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, Special Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2970.
Claudia Von Pervieux, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AE73
350. 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
[[Page 52853]]
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........ 12/00/21
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Keisha Patrick, Special Counsel, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 452-3559.
RIN: 7100-AD80
[FR Doc. 2020-16752 Filed 8-25-20; 8:45 am]
BILLING CODE 6210-01-P