[Federal Register Volume 88, Number 98 (Monday, May 22, 2023)]
[Rules and Regulations]
[Pages 32621-32623]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10502]


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FEDERAL RESERVE SYSTEM

12 CFR Part 265

[Docket No. R-1778]
RIN 7100-AG37


Rules Regarding Delegation of Authority

AGENCY: Board of Governors of the Federal Reserve System (Board).

ACTION: Final rule; correcting amendments.

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SUMMARY: The Board is updating its Rules Regarding Delegation of 
Authority to add delegations of authority previously approved by the 
Board and make certain technical corrections.

DATES: Effective May 22, 2023.

FOR FURTHER INFORMATION CONTACT: Andrew Hartlage, Special Counsel, 
(202) 452-6483; Amory Goldberg, Senior Counsel, (202) 452-3124; or 
Brian Kesten, Senior Attorney, (202) 843-4079, Legal Division, Board of 
Governors of the Federal Reserve System, 20th Street and Constitution 
Avenue NW, Washington, DC 20551. For users of TTY-TRS, please call 711 
from any telephone, anywhere in the United States.

SUPPLEMENTARY INFORMATION: Section 11(k) of the Federal Reserve Act 
authorizes the Board to delegate, by published order or rule and 
subject to the Administrative Procedure Act, any of its functions, 
other than those related to rulemaking or pertaining principally to 
monetary and credit policies, to one or more administrative law judges, 
members or staff of the Board, or the Reserve Banks.\1\ The Board has 
delegated authority to Board members (in their individual capacity and 
as chairs of committees of the Board), Board staff, and the Federal 
Reserve Banks to take certain actions under the various statutes that 
the Board administers. The Board's Rules Regarding Delegation of 
Authority (delegation rules) implement section 11(k) of the Federal 
Reserve Act and enumerate the actions that the Board has determined to 
delegate. By delegating actions that do not raise significant legal, 
supervisory, or policy issues, the Board can respond more efficiently 
to applications, requests, and other matters.
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    \1\ 12 U.S.C. 248(k).
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    The Board published a final rule in 2022 that comprehensively 
revised the delegation rules.\2\ The Board is amending the delegation 
rules to publish delegations of authority previously approved by the 
Board and make certain technical corrections, including cross-
references that

[[Page 32622]]

erroneously used the letter ``l'' in place of the number ``1''.
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    \2\ Rules Regarding Delegation of Authority, 87 FR 53988 
(September 1, 2022).
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List of Subjects in 12 CFR Part 265

    Authority delegations (Government agencies); Banks, Banking.

Authority and Issuance

    For the reasons stated in the preamble the Board of Governors of 
the Federal Reserve System amends 12 CFR part 265 as follows:

PART 265--RULES REGARDING DELEGATION OF AUTHORITY

0
1. The authority citation for part 265 continues to read as follows:

    Authority: 12 U.S.C. 248(i) and (k).

Subpart B--Delegations of Authority

0
2. In Sec.  265.4, in paragraph (a)(3)(i), remove the words ``the 
Primary Dealer Credit Facility,'' and add, in their place, the words 
``the Bank Term Funding Program, Primary Dealer Credit Facility,''.

0
3. In Sec.  265.7:
0
a. In paragraph (d)(7)(ii)(E)(1), remove ``252.156(g)(l)(i)'' and add 
in its place ``252.156(g)(1)(i)'' in two places;
0
b. Add paragraph (e)(9);
0
c. In paragraph (j)(3)(i), remove ``115.8(h)(1)'' and add in its place 
``225.8(h)(1)'';
0
d. In paragraph (k)(3)(ii)(A), remove ``Sec.  217.20(c)(l)(v)(C) and 
(d)(l)(v)(C) of Regulation Q (12 CFR 217.20(c)(l)(v)(C) and 
(d)(l)(v)(C))'' and add in their place ``Sec.  217.20(c)(1)(v)(C) and 
(d)(1)(v)(C) of Regulation Q (12 CFR 217.20(c)(1)(v)(C) and 
(d)(1)(v)(C))'';
0
e. In paragraph (k)(3)(iii)(A), remove ``Sec.  217.20(b)(l)(iii), 
(c)(l)(vi), or (d)(l)(x) of Regulation Q (12 CFR 217.20(b)(l)(iii), 
(c)(l)(vi), (d)(l)(x))'' and add in their place ``Sec.  
217.20(b)(1)(iii), (c)(1)(vi), or (d)(1)(x) of Regulation Q (12 CFR 
217.20(b)(1)(iii), (c)(1)(vi), (d)(1)(x))'';
0
f. In paragraph (k)(3)(iii)(B), remove ``Sec.  217.20(c)(l)(v)(A) or 
(d)(l)(v)(A) of Regulation Q (12 CFR 217.20(c)(l)(v)(A), 
(d)(l)(v)(A))'' and add in their place ``Sec.  217.20(c)(1)(v)(A) or 
(d)(1)(v)(A) of Regulation Q (12 CFR 217.20(c)(1)(v)(A), 
(d)(1)(v)(A))'';
0
g. In paragraph (k)(5)(iii)(M), remove ``Sec.  217.131(e)(l)(i) of 
Regulation Q (12 CFR 217.131(e)(l)(i))'' and add in their place ``Sec.  
217.131(e)(1)(i) of Regulation Q (12 CFR 217.131(e)(1)(i))''; and
0
h. Add paragraph (r).
    The additions read as follows:


Sec.  265.7.  Functions delegated to the Director of the Division of 
Supervision and Regulation.

* * * * *
    (e) * * *
    (9) Bank-affiliate transactions. With the concurrence of the 
General Counsel, to approve, or to make the requisite findings for 
approval of, requests for an exemption from the requirements of section 
23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's 
Regulation W (12 CFR part 223) for the purchase of assets by a State 
bank or other insured depository institution from an affiliate, 
provided that the purchase of assets is:
    (i) Part of a one-time corporate reorganization;
    (ii) Does not involve the purchase of low-quality assets;
    (iii) Is accompanied by a commitment to repurchase any assets that 
have become low quality within two years of the transfer; and
    (iv) Has been approved by the Federal Deposit Insurance Corporation 
and the institution's appropriate Federal banking agency.
* * * * *
    (r) Submission of reports. (1) With the concurrence of the General 
Counsel, to prepare and submit to Congress reports under section 
165(b)(5) of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5365(b)(5)).
    (2) With the concurrence of the General Counsel, to prepare and 
submit to Congress reports under section 37(c) of the Federal Deposit 
Insurance Act (12 U.S.C. 1831n(c)), and to submit such reports to the 
Federal Register for publication.

0
4. In Sec.  265.10, revise paragraph (b) to read as follows:


Sec.  265.10.  Functions delegated to the Director of the Division of 
Monetary Affairs.

* * * * *
    (b) Form FR 2900. With the concurrence of the General Counsel--
    (1) To reassess the deposit reporting threshold each year, starting 
in February 2022, as is necessary to maintain a weekly reporting panel 
of 1,000 institutions comprised of foreign-related reporters and the 
largest M2 deposit holders for the weekly Report of Deposits and Vault 
Cash (Form FR 2900); and
    (2) To determine the frequency with which the deposit reporting 
threshold is reassessed (e.g., annually or less frequently than 
annually) consistent with maintaining a stable panel of weekly 
reporters for the Form FR 2900 and enabling accurate construction of 
the monetary aggregates.


Sec.  265.11  [Amended]

0
5. In Sec.  265.11, in paragraph (a)(1), remove the words ``Dodd-Frank 
Act'' and add in their place the words ``Dodd-Frank Wall Street Reform 
and Consumer Protection Act''.


Sec.  265.13  [Amended]

0
6. In Sec.  265.13, in paragraph (b)(1)(i), remove ``115.8(h)(1)'' and 
add, in its place, ``225.8(h)(1)''.

0
7. In Sec.  265.20:
0
a. In paragraph (a)(6)(i), remove the words ``Sec.  225.22(c)(1) of 
Regulation Y (12 CFR 225.22(c)(1))'' and add in their place the words 
``Sec.  225.22(d)(1) of Regulation Y (12 CFR 225.22(d)(1))''.
0
b. In paragraph (c)(6)(iv)(E), remove the words ``Regulation LL (12 CFR 
238.41)'' and add in their place the words ``Regulation LL (12 CFR 
238.31)''.
0
c. Add paragraph (c)(14)(xvi);
0
d. In paragraph (l)(1)(i)(A), remove the words ``Sec.  
217.20(b)(l)(iii), Sec.  217.20(c)(l)(vi), or Sec.  217.20(d)(l)(x) of 
Regulation Q (12 CFR 217.20(b)(l)(iii), 217.20(c)(l)(vi), or 
217.20(d)(l)(x))'' and add in their place the words ``Sec.  
217.20(b)(1)(iii), Sec.  217.20(c)(1)(vi), or Sec.  217.20(d)(1)(x) of 
Regulation Q (12 CFR 217.20(b)(1)(iii), 217.20(c)(1)(vi), or 
217.20(d)(1)(x))''; and
0
e. In paragraph (l)(1)(i)(B), remove the words ``Sec.  
217.20(c)(l)(v)(A) or Sec.  217.20(d)(l)(v)(A) of Regulation Q (12 CFR 
217.20(c)(l)(v)(A) and 217.20(d)(l)(v)(A))'' and add in their place the 
words ``Sec.  217.20(c)(1)(v)(A) or Sec.  217.20(d)(1)(v)(A) of 
Regulation Q (12 CFR 217.20(c)(1)(v)(A) and 217.20(d)(1)(v)(A))''.
    The addition reads as follows:


Sec.  265.20  Functions delegated to Federal Reserve Banks.

* * * * *
    (c) * * *
    (14) * * *
    (xvi) To grant a request to waive the application of Sec.  
239.59(d)(1), (h), (j), and (p)(2) of Regulation MM (12 CFR 
239.59(d)(1), (h), (j), and (p)(2)) as those provisions relate to 
applications and notices seeking the Board's prior approval to conduct 
a stock issuance pursuant to Sec.  239.24 of Regulation MM (12 CFR 
239.24) related to a reorganization to mutual holding company form 
pursuant to section 10(o)(3) of the Home Owners' Loan Act (12 U.S.C. 
1467a(o)(3)), or subsequent to a mutual holding company reorganization, 
and that do not raise any significant legal, policy, or supervisory 
concerns, except that the authority to grant waiver requests under this 
paragraph (c)(14)(xvi) is limited to requests by firms that--
    (A) Do not qualify for federal preemption of state securities 
filing requirements;
    (B) Propose to register their shares in states with ten or more 
eligible account

[[Page 32623]]

holders, as that term is defined in Sec.  239.52(c) of Regulation MM 
(12 CFR 239.52(c)); and
    (C) Would make a proposed stock offering available to account 
holders eligible to participate in the offering in states where the 
offering would qualify for an exemption from state securities filing 
requirements.
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2023-10502 Filed 5-19-23; 8:45 am]
BILLING CODE 6201-01-P