[Federal Register Volume 88, Number 143 (Thursday, July 27, 2023)]
[Proposed Rules]
[Pages 48682-48683]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14556]



[[Page 48681]]

Vol. 88

Thursday,

No. 143

July 27, 2023

Part XXII





Federal Reserve System





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Semiannual Regulatory Agenda

  Federal Register / Vol. 88 , No. 143 / Thursday, July 27, 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 May 1, 2023, 
through October 31, 2023. The next agenda will be published in fall 
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 spring 2023 
agenda as part of the Spring 2023 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 section, 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.

Ann E. Misback,
Secretary of the Board.

                  Federal Reserve System--Prerule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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339.......................  Source of Strength                 7100-AE73
                             (Section 610 Review).
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                Federal Reserve System--Long-Term Actions
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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340.......................  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)

Prerule Stage

339. 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
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Board Expects Further Action........   12/00/23
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    Regulatory Flexibility Analysis Required: Undetermined.
    Agency Contact: Helen Xu, Senior Accounting Policy Analyst, Federal 
Reserve System, Supervision and Regulation, Washington, DC 20551, 
Phone: 202 530-6204.
    Melissa Clark, Lead Financial Institution Policy Analyst, Federal 
Reserve System, Division of Supervision and Regulation, Washington, DC 
20551, Phone: 202 452-2277.
    Vivian Joel, Lead Financial Institution Policy Analyst, Federal 
Reserve System, Division of Supervision and Regulation, Washington, DC 
20551, Phone: 202 912-4313.
    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)

Long-Term Actions

340. 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

[[Page 48683]]

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........           To Be Determined
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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

[FR Doc. 2023-14556 Filed 7-26-23; 8:45 am]
BILLING CODE 6210-01-P