[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Proposed Rules]
[Pages 11366-11367]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02040]



[[Page 11365]]

Vol. 88

Wednesday,

No. 35

February 22, 2023

Part XXIII





Federal Reserve System





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Semiannual Regulatory Agenda

  Federal Register / Vol. 88 , No. 35 / Wednesday, February 22, 2023 / 
UA: Reg Flex 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 December 2022 
through May 2023. The next agenda will be published in spring 2023.

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 2022 agenda 
as part of the Fall 2022 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 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, Completed Actions, reports on 
regulatory matters the Board has completed or is not expected to 
consider further. And a 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. A dot 
() preceding an entry indicates a new matter that was not a 
part of the Board's previous agenda.

Ann E. Misback,
Secretary of the Board.

                Federal Reserve System--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
579.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No: R-1429).
------------------------------------------------------------------------


                Federal Reserve System--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
580.......................  Source of Strength                 7100-AE73
                             (Section 610 Review).
------------------------------------------------------------------------


                Federal Reserve System--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
581.......................  Regulation II--Debit Card          7100-AG15
                             Interchange Fees and
                             Routing (Docket No: R-
                             1748).
------------------------------------------------------------------------


FEDERAL RESERVE SYSTEM (FRS)

Final Rule Stage

579. Regulation LL--Savings and Loan Holding Companies and Regulation 
MM--Mutual Holding Companies (Docket No: R-1429) [7100-AD80]

    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

[[Page 11367]]

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........   06/00/23
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Scott Tkacz, Sr., Special Counsel, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 452-2744.
    Victoria Szybillo, Senior Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 475-6325.
    RIN: 7100-AD80

FEDERAL RESERVE SYSTEM (FRS)

Long-Term Actions

580. Source of Strength (Section 610 Review) [7100-AE73]

    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
------------------------------------------------------------------------
Board Expects Further Action........   12/00/23
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    Regulatory Flexibility Analysis Required: Undetermined.
    Agency Contact: Kathryn Ballintine, Manager, Federal Reserve 
System, Division of Supervision and Regulation, Washington, DC 20551, 
Phone: 202 452-2555.
    Melissa Clark, Lead Financial Institution Policy Analyst, Federal 
Reserve System, Division of Supervision and Regulation, Washington, DC 
20551, Phone: 202 452-2277.
    Jay Schwarz, Assistant General 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

FEDERAL RESERVE SYSTEM (FRS)

Completed Actions

581. Regulation II--Debit Card Interchange Fees and Routing (Docket No: 
R-1748) [7100-AG15]

    Legal Authority: 12 U.S.C. 1693o-2
    Abstract: The Board of Governors is adopting a final rule that 
amends Regulation II to specify that the requirement that each debit 
card transaction must be able to be processed on at lease two 
unaffiliated payment card networks applies to card-not-present 
transactions, clarify the requirement that debit card issuers ensure 
that at least two unaffiliated networks have been enabled to process a 
debit card transaction, and standardize and clarify the use of certain 
terminology.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comment.............   05/13/21  86 FR 26189
Board Extended Comment Period.......   06/30/21  86 FR 34644
Board Adopted Final Rule............   10/11/22  87 FR 61217
Final Rule Effective................   07/01/23
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Cody Gaffney, Attorney, Federal Reserve System, 
Legal Division, Washington, DC 20551, Phone: 202 452-2674.
    RIN: 7100-AG15

[FR Doc. 2023-02040 Filed 2-21-23; 8:45 am]
BILLING CODE 6210-01-P