[Federal Register Volume 89, Number 25 (Tuesday, February 6, 2024)]
[Proposed Rules]
[Pages 8084-8109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02016]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Chapter I

[Docket ID OCC-2023-0016]

FEDERAL RESERVE SYSTEM

12 CFR Chapter II

[Docket No. OP-1828]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Chapter III

RIN 3064-ZA39


Regulatory Publication and Review Under the Economic Growth and 
Regulatory Paperwork Reduction Act of 1996

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury; 
Board of Governors of the Federal Reserve System (Board); Federal 
Deposit Insurance Corporation (FDIC).

ACTION: Notice of regulatory review; request for comments.

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SUMMARY: Pursuant to the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (EGRPRA), the OCC, Board, and FDIC (collectively, 
the agencies) are reviewing agency regulations to identify outdated or 
otherwise unnecessary regulatory requirements on insured depository 
institutions and their holding companies. The agencies divided their 
regulations into 12 categories outlined in the included chart. Over the 
next two years, the agencies will publish four Federal Register 
documents requesting comment on multiple categories. This first Federal 
Register document requests comment on regulations concerning the 
following three categories: Applications and Reporting, Powers and 
Activities, and International Operations.

DATES: Written comments must be received no later than May 6, 2024.

ADDRESSES: Comments should be directed to: OCC: Commenters are 
encouraged to submit comments through the Federal eRulemaking Portal. 
Please use the title ``Regulatory Publication and Review Under the 
Economic Growth and Regulatory Paperwork Reduction Act of 1996'' to 
facilitate the organization and distribution of the comments. You may 
submit comments by any of the following methods:
     Federal eRulemaking Portal--Regulations.gov: Go to https://regulations.gov/. Enter ``Docket ID OCC-2023-0016'' in the Search Box 
and click ``Search.'' Public comments can be submitted via the 
``Comment'' box below the displayed document information or by clicking 
on the document title and then clicking the ``Comment'' box on the top-
left side of the screen. For help with submitting effective comments, 
please click on ``Commenter's Checklist.'' For assistance with the 
Regulations.gov site, please call 1-866-498-2945 (toll free) Monday-
Friday, 9 a.m.-5 p.m. ET, or email [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, 400 7th Street 
SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street, SW, Suite 3E-218, 
Washington, DC 20219.
    Instructions: You must include ``OCC'' as the agency name and 
``Docket ID OCC-2023-0016'' in your comment. In general, the OCC will 
enter all comments received into the docket and publish the comments on 
the Regulations.gov website without change, including any business or 
personal information provided such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.
    You may review comments and other related materials that pertain to 
this action by the following method:
     Viewing Comments Electronically--Regulations.gov: Go to 
https://regulations.gov/. Enter ``Docket ID OCC-2023-0016'' in the 
Search Box and click ``Search.'' Click on the ``Dockets'' tab and then 
the document's title. After clicking the document's title, click the 
``Browse All Comments'' tab. Comments can be viewed and filtered by 
clicking on the ``Sort By'' drop-down on the right side of the screen 
or the ``Refine Comments Results'' options on the left side of the 
screen. Supporting materials can be viewed by clicking on the ``Browse 
Documents'' tab. Click on the ``Sort By'' drop-down on the right side 
of the screen or the ``Refine Results'' options on the left side of the 
screen checking the ``Supporting & Related Material'' checkbox. For 
assistance with the Regulations.gov site, please call 1-866-498-2945 
(toll free) Monday-Friday, 9am-5pm ET, or email 
[email protected].
    The docket may be viewed after the close of the comment period in 
the same manner as during the comment period.
    Board: You may submit comments, identified by Docket No. OP-1828 by 
any of the following methods:
     Agency Website: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include the 
docket number in the subject line of the message.
     Fax: 202-452-3819 or 202-452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    Public Inspection: In general, all public comments will be made 
available on the Board's website at www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, and will not be modified to remove 
confidential, contact or any identifiable information. Public comments 
may also be viewed electronically or in paper in

[[Page 8085]]

Room M-4365A, 2001 C Street NW, Washington, DC 20551, between 9:00 a.m. 
and 5:00 p.m. during Federal business weekdays. For security reasons, 
the Board requires that visitors make an appointment to inspect 
comments by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments. For users of TTY-TRS, please call 711 from any telephone, 
anywhere in the United States.
    FDIC: The FDIC encourages interested parties to submit written 
comments. Please include your name, affiliation, address, email 
address, and telephone number(s) in your comment. You may submit 
comments to the FDIC, identified by ``EGRPRA'' in the subject line of 
your message by any of the following methods:
     Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/. Follow instructions for 
submitting comments on the FDIC's website.
     Mail: James P. Sheesley, Assistant Executive Secretary, 
Attention: Comments/Legal OES (EGRPRA), Federal Deposit Insurance 
Corporation, 550 17th Street NW, Washington, DC 20429.
     Hand Delivery/Courier: Comments may be hand-delivered to 
the guard station at the rear of the 550 17th Street NW, building 
(located on F Street NW) on business days between 7:00 a.m. and 5:00 
p.m. ET.
     Email: [email protected]. Include ``EGRPRA'' in the 
subject line of the message.
    Public Inspection: Comments received, including any personal 
information provided, may be posted without change to https://www.fdic.gov/resources/regulations/federal-register-publications/. 
Commenters should submit only information that the commenter wishes to 
make available publicly. The FDIC may review, redact, or refrain from 
posting all or any portion of any comment that it may deem to be 
inappropriate for publication, such as irrelevant or obscene material. 
The FDIC may post only a single representative example of identical or 
substantially identical comments, and in such cases will generally 
identify the number of identical or substantially identical comments 
represented by the posted example. All comments that have been 
redacted, as well as those that have not been posted, that contain 
comments on the merits of this notice will be retained in the public 
comment file and will be considered as required under all applicable 
laws. All comments may be accessible under the Freedom of Information 
Act.

FOR FURTHER INFORMATION CONTACT: 
    OCC: Allison Hester-Haddad, Special Counsel, Daniel Amodeo, 
Counsel, or John Cooper, Counsel, Chief Counsel's Office (202) 649-
5490, Office of the Comptroller of the Currency, 400 7th Street SW, 
Washington DC 20219. If you are deaf, hard of hearing, or have a speech 
disability, please dial 7-1-1 to access telecommunications relay 
services.
    Board: Katie Ballintine, Assistant Director, (202) 452-2555, Maria 
Jovanovic, Senior Financial Institution Policy Analyst II, (202) 475-
6327, and Colton Hamming, Financial Institution Policy Analyst II, 
(202) 452-3932, Division of Supervision and Regulation; Mandie Aubrey, 
Senior Counsel, (202) 452-2595, Division of Consumer and Community 
Affairs; Dafina Stewart, Assistant General Counsel, (202) 452-2677 and 
David Cohen, Senior Attorney, (202) 452-5259, 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.
    FDIC: Karen J. Currie, Chief, Policy & Program Development Section, 
(202) 898-3981, Division of Risk Management Supervision; or William 
Piervincenzi, Supervisory Counsel, (202) 898-6957, Legal Division.

SUPPLEMENTARY INFORMATION: 

I. Introduction

    Congress enacted Section 2222 of EGRPRA \1\ to reduce regulatory 
burden imposed upon insured depository institutions consistent with 
safety and soundness, to promote consistency between the agencies' 
regulations, and to support consumer protection. The statute requires 
that not less frequently than once every 10 years, the Federal 
Financial Institutions Examination Council (FFIEC),\2\ along with the 
agencies,\3\ conduct a review of their regulations to identify outdated 
or otherwise unnecessary regulatory requirements imposed on insured 
depository institutions. In conducting this review, the FFIEC or the 
agencies shall (a) categorize their regulations by type and (b) at 
regular intervals, provide notice and solicit public comment on 
categories of regulations, requesting commenters to identify areas of 
regulations that are outdated, unnecessary, or unduly burdensome.\4\
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    \1\ 12 U.S.C. 3311.
    \2\ The FFIEC is an interagency body empowered to prescribe 
uniform principles, standards, and report forms for the Federal 
examination of financial institutions and to make recommendations to 
promote uniformity in the supervision of financial institutions. The 
FFIEC does not issue regulations that impose burden on financial 
institutions and, therefore, we have not separately captioned the 
FFIEC in this notice.
    \3\ The FFIEC is comprised of the OCC, Board, FDIC, National 
Credit Union Administration (NCUA), Consumer Financial Protection 
Bureau (CFPB), and State Liaison Committee. Of these, only the OCC, 
Board, and FDIC are statutorily required to undertake the EGRPRA 
review. The NCUA elected to participate in the first and second 
EGRPRA reviews, and the NCUA Board again has elected to participate 
in this review process.
    Consistent with its approach during the first and second EGRPRA 
reviews, NCUA will separately issue notices and requests for comment 
on its rules. The CFPB is required to review its significant rules 
and publish a report of its review no later than five years after 
they take effect. See 12 U.S.C. 5512(d). This process is separate 
from the EGRPRA process.
    \4\ Insured depository institutions are also subject to 
regulations that are not reviewed under the EGRPRA process because 
they were not prescribed by the agencies. Examples include rules for 
which rulemaking authority was transferred to the CFPB and anti-
money laundering regulations issued by the Department of the 
Treasury's Financial Crimes Enforcement Network, among others. If, 
during the EGRPRA process, the agencies receive a comment about a 
regulation that is not subject to the EGRPRA review, we will forward 
that comment to the appropriate agency.
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    EGRPRA also requires the FFIEC or the agencies to publish in the 
Federal Register a summary of the comments received, identifying 
significant issues raised and commenting on these issues. It also 
directs the agencies to eliminate unnecessary regulations to the extent 
that such action is appropriate. Finally, the statute requires the 
FFIEC to submit to Congress a report that summarizes any significant 
issues raised in the public comments and the relative merits of those 
issues. The report also must include an analysis of whether the 
agencies are able to address the regulatory burdens associated with 
such issues or whether these burdens must be addressed by legislative 
action.

II. The EGRPRA Review's Targeted Focus

    The EGRPRA regulatory review provides an opportunity for the public 
and the agencies to look at groups of related regulations and to 
identify opportunities for burden reduction.\5\ For example, the EGRPRA 
review may facilitate the identification of statutes and regulations 
that share similar goals or complementary methods where one or more 
agencies could eliminate the overlapping regulatory requirements. 
Alternatively, commenters may identify regulations or statutes that 
impose requirements that are no longer consistent with the way business 
is

[[Page 8086]]

conducted and may warrant revision or elimination.
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    \5\ See supra note 1.
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    The EGRPRA review also provides the agencies and the public with an 
opportunity to consider how to reduce the impact on community banks or 
their holding companies. The agencies are aware of the role that these 
institutions play in providing consumers and businesses across the 
nation with essential financial services and access to credit. The 
agencies are especially concerned about the impact of requirements on 
these smaller institutions. The agencies understand that when a new 
regulation is issued or a current regulation amended, smaller 
institutions may have to devote a significant amount of their resources 
to determine if and how the regulation will affect them. Through the 
public comment process, the EGRPRA review can help the agencies 
identify and target regulatory changes to reduce impacts on these 
smaller institutions.
    Burden reduction must be compatible with consumer protection, the 
safety and soundness of insured depository institutions, their 
affiliates, and the financial system as a whole. Burden reduction also 
must be consistent with the agencies' statutory mandates, many of which 
require the issuance of regulations. EGRPRA recognizes that effective 
burden reduction may require statutory changes. Accordingly, as part of 
this review, we specifically ask the public to comment on the 
relationship among burden reduction, regulatory requirements, policy 
objectives, and statutory mandates. We also seek quantitative data 
about the impact of rules, where available.
    We note that the agencies must consider regulatory burden each time 
an agency proposes, adopts, or amends a rule. For example, under the 
Paperwork Reduction Act of 1995 \6\ and the Regulatory Flexibility 
Act,\7\ the agencies assess each rulemaking with respect to the burdens 
the rule might impose. The agencies also invite the public to comment 
on proposed rules as required by the Administrative Procedure Act.\8\
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    \6\ 44 U.S.C. 3501-3521.
    \7\ 5 U.S.C. 610.
    \8\ 5 U.S.C. 551-559.
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III. The EGRPRA Review Process

    Taken together for purposes of EGRPRA, the agencies' regulations 
covering insured depository institutions encompass more than 100 
subjects.\9\ Consistent with the EGRPRA statute and past practice, the 
agencies have grouped these regulations into the following 12 
categories listed in alphabetical order: Applications and Reporting; 
Banking Operations; Capital; Community Reinvestment Act; Consumer 
Protection; \10\ Directors, Officers and Employees; International 
Operations; Money Laundering; Powers and Activities; Rules of 
Procedure; Safety and Soundness; and Securities. These categories were 
used during the prior EGRPRA reviews. The agencies determined the 
categories by sorting the regulations by type and sought to have no 
category be too large or broad. These categories remain useful for the 
review, and the agencies have not modified the categories for purposes 
of this review.
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    \9\ Consistent with EGRPRA's focus on reducing burden on insured 
depository institutions, the agencies have not included their 
internal, organizational, or operational regulations in this review. 
These regulations impose minimal, if any, burden on insured 
depository institutions.
    \10\ The agencies are seeking comment only on consumer 
protection regulations for which they retain rulemaking authority 
for insured depository institutions and holding companies under the 
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public 
Law 111-203, 124 Stat. 1376 (2010) (Dodd-Frank Act).
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    Over the next two years, the agencies plan to publish four Federal 
Register notices, each addressing one or more categories of rules. Each 
Federal Register notice will have a 90-day comment period. Today, the 
agencies are publishing the first of the four notices, addressing the 
following categories of regulations: Applications and Reporting; Powers 
and Activities; and International Operations. The agencies invite the 
public to identify outdated, unnecessary, or unduly burdensome 
regulatory requirements imposed on insured depository institutions and 
their holding companies in these three categories.
    To assist the public's understanding of how the agencies have 
organized the EGRPRA review, the agencies have prepared a chart that 
lists the categories of regulations with the three categories of 
regulations addressed in this Federal Register notice appearing as the 
first three categories in the chart. The chart's left column divides 
the categories into specific subject-matter areas. The headings at the 
top of the chart identify the types of institutions affected by the 
regulations.
    The agencies will review the comments received and determine 
whether further action is appropriate with respect to the regulations. 
The agencies will consult and coordinate with each other and expect to 
generally make this determination jointly, as appropriate, in the case 
of rules that have been issued on an interagency basis. Similarly, as 
appropriate, the agencies will undertake any rulemaking to amend or 
repeal those rules on an interagency basis. For rules issued by a 
single agency, the issuing agency will review the comments received and 
independently determine whether amendments to or repeal of its rules 
are appropriate.

IV. Request for Comments on the First Three Categories of Regulations: 
Applications and Reporting, Powers and Activities, and International 
Operations

    The agencies are requesting comment on regulations in three 
specific categories to identify outdated, unnecessary, or unduly 
burdensome requirements imposed on insured depository institutions and 
their holding companies. The agencies will solicit comment on all rules 
finalized by the agencies before the publication of the last EGRPRA 
notice in the series. In addition to comments on regulations in the 
first three categories generally, the agencies are requesting comments 
on certain specific regulations described below within the first three 
categories issued since the last EGRPRA review. Where possible, the 
agencies ask commenters to cite to specific regulatory language or 
provisions. The agencies also welcome suggested alternative provisions 
or language in support of a comment, where appropriate. The agencies 
will consider comments submitted anonymously.

Specific Issues for Commenters To Consider

    The agencies specifically invite comment on the following issues as 
they pertain to the agencies' Applications and Reporting, Powers and 
Activities, and International Operations rules addressed in this 
notice. We will ask these same questions for each notice we issue in 
connection with the EGRPRA process.
     Need and purpose of the regulations.
    [cir] Question 1: Have there been changes in the financial services 
industry, consumer behavior, or other circumstances that cause any 
regulations in these categories to be outdated, unnecessary, or unduly 
burdensome? If so, please identify the regulations, provide any 
available quantitative analyses or data, and indicate how the 
regulations should be amended.
    [cir] Question 2: Do any of these regulations impose burdens not 
required by their underlying statutes? If so, please identify the 
regulations and indicate how they should be amended.
     Overarching approaches/flexibilities.

[[Page 8087]]

    [cir] Question 3: With respect to the regulations in these 
categories, could an agency use a different regulatory approach to 
lessen the burden imposed by the regulations and achieve statutory 
intent?
    [cir] Question 3: Do any of these rules impose unnecessarily 
inflexible requirements? If so, please identify the regulations and 
indicate how they should be amended.
     Cumulative effects.
    [cir] Question 4: Looking at the regulations in a category as a 
whole, are there any requirements that are redundant, inconsistent, or 
overlapping in such a way that taken together, impose an unnecessary 
burden that could potentially be addressed? If so, please identify 
those regulations, provide any available quantitative analyses or data, 
and indicate how the regulations should be amended.
     Effect on competition.
    [cir] Question 5: Do any of the regulations in these categories 
create competitive disadvantages for one part of the financial services 
industry compared to another or for one type of insured depository 
institution compared to another? If so, please identify the regulations 
and indicate how they should be amended.
     Reporting, recordkeeping, and disclosure requirements.
    [cir] Question 6: Do any of the regulations in these categories 
impose outdated, unnecessary, or unduly burdensome reporting, 
recordkeeping, or disclosure requirements on insured depository 
institutions or their holding companies?
    [cir] Question 7: Could an insured depository institution or its 
holding company fulfill any of these requirements through new 
technologies (if they are not already permitted to do so) and 
experience a burden reduction? If so, please identify the regulations 
and indicate how they should be amended.
     Unique characteristics of a type of institution.
    [cir] Question 8: Do any of the regulations in these categories 
impose requirements that are unwarranted by the unique characteristics 
of a particular type of insured depository institution or holding 
company? If so, please identify the regulations and indicate how they 
should be amended.
     Clarity.
    [cir] Question 9: Are the regulations in these categories clear and 
easy to understand?
    [cir] Question 10: Are there specific regulations for which 
clarification is needed? If so, please identify the regulations and 
indicate how they should be amended.
     Impact to community banks and other small, insured 
depository institutions.
    [cir] Question 11: Are there regulations in these categories that 
impose outdated, unnecessary, or unduly burdensome requirements on a 
substantial number of community banks, their holding companies, or 
other small, insured depository institutions or holding companies?
    [cir] Question 12: Have the agencies issued regulations pursuant to 
a common statute that, as applied by the agencies, create redundancies 
or impose inconsistent requirements?
    [cir] Question 13: Should any of these regulations issued pursuant 
to a common statute be amended or repealed to minimize this impact? If 
so, please identify the regulations and indicate how they should be 
amended.
    [cir] Question 14: Have the effects of any regulations in these 
categories changed over time that now have a significant economic 
impact on a substantial number of small, insured depository 
institutions or holding companies? If so, please identify the 
regulations and indicate how they should be amended. The agencies seek 
information on (1) the continued need for the rule; (2) the complexity 
of the rule; (3) the extent to which the rule overlaps, duplicates or 
conflicts with other Federal rules, and, to the extent feasible, with 
State and local governmental rules; and (4) the degree to which 
technology, economic conditions, or other factors have changed in the 
area affected by the rule.
     Scope of rules.
    [cir] Question 15: Is the scope of each rule in these categories 
consistent with the intent of the underlying statute(s)?
    [cir] Questions 16: Could the agencies amend the scope of a rule to 
clarify its applicability or reduce the burden, while remaining 
faithful to statutory intent? If so, please identify the regulations 
and indicate how they should be amended.

Specific Interagency Regulations Issued Since the Last EGRPRA Review

     Expanded Examination Cycle for U.S. Branches and Agencies 
of Foreign Banks. In December 2018, the agencies expanded the number of 
insured depository institutions and U.S. branches and agencies of 
foreign banks eligible for an 18-month on-site examination cycle. As 
authorized by the Economic Growth, Regulatory Relief, and Consumer 
Protection Act (EGRRCPA),\11\ the agencies' final rules generally allow 
qualifying insured depository institutions with less than $3 billion in 
total assets to benefit from an extended 18-month on-site examination 
cycle. The rules also make parallel changes to the agencies' 
regulations governing the on-site examination cycle for U.S. branches 
and agencies of foreign banks.
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    \11\ See Economic Growth, Regulatory Relief, and Consumer 
Protection Act, Public Law 115-174, 132 Stat. 1296 (2018).
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     Reduced Reporting for Covered Depository Institutions. In 
June 2019, the agencies established a reduced reporting requirement for 
certain covered depository institutions.\12\
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    \12\ 84 FR 29050 (Jun. 21, 2019).
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     Margin and Capital Requirements for Covered Swap Entities. 
The agencies have issued and modified provisions related to margin and 
capital requirements for covered swap entities since the last EGRPRA 
review.\13\
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    \13\ 80 FR 74839 (Nov. 30, 2015); 83 FR 50805 (Oct. 10, 2018); 
84 FR 9940 (Mar. 19, 2019); 85 FR 39464 (Jul. 1, 2020); 85 FR 39754 
(Aug. 31, 2020).
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     Amendments to the Regulations Implementing Section 13 of 
the Bank Holding Company Act Regarding Proprietary Trading and 
Relationships with Covered Funds. In July 2020, the agencies adopted 
amendments to the regulations implementing Section 13 of the Bank 
Holding Company Act (BHC Act),\14\ also known as the Volcker Rule. The 
amendments continued efforts in 2014, when the agencies amended the 
regulations in a manner consistent with certain sections of the 
EGRRCPA.\15\ Section 13 of the BHC Act contains certain restrictions on 
the ability of a banking entity or nonbank financial company supervised 
by the Board to engage in proprietary trading and have certain 
interests in, or relationships with, a hedge fund or private equity 
fund (covered funds). The amendments were intended to improve and 
streamline the regulations implementing Section 13 of the BHC Act by 
modifying and clarifying requirements related to the covered fund 
provisions of the rules and to be consistent with EGRRCPA.
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    \14\ 12 U.S.C. 1851.
    \15\ See EGRRCPA sections 203, 204. These provisions were 
effective upon EGRRCPA's enactment.
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     Computer-Security Incident Notification Requirements. In 
November 2021, the agencies established notification requirements 
related to computer-security incidents that may adversely affect 
insured depository institutions.\16\
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    \16\ 86 FR 66424 (Nov. 23, 2021).
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Specific OCC Regulations Issued Since the Last EGRPRA Review

     Integration of Applications and Reporting rules and Powers 
and Activities rules for Federal Savings

[[Page 8088]]

Associations and National Banks. In December 2020, to the extent 
appropriate and consistent with statutory charter differences, the OCC 
integrated its Applications and Reporting rules (the majority of which 
are included in the OCC's licensing rules contained in 12 CFR part 5) 
for national banks and Federal savings associations.\17\ Similarly, in 
December 2020, to the extent appropriate and consistent with statutory 
charter differences, the OCC integrated its Powers and Activities rules 
(which are contained in 12 CFR part 7) for national banks and Federal 
savings association.\18\
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    \17\ 85 FR 80404 (Dec. 11, 2020). The OCC initially integrated 
its licensing rules for national banks and Federal savings 
associations in 2015. 80 FR 28345 (May 18, 2015).
    \18\ 85 FR 83686 (Dec. 22, 2020).
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     Question 17: Are there additional rules that could be 
integrated, amended, or removed?
     Covered Savings Associations Provisions. In 2019, as 
required by the EGRRCPA,\19\ the OCC established standards and 
procedures for Federal savings associations that elected to operate as 
a covered savings association under Section 5a of the Home Owners' Loan 
Act.\20\
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    \19\ 12 U.S.C. 1464a.
    \20\ 84 FR 23991 (May 24, 2019).
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Specific Board Regulations Issued Since the Last EGRPRA Review

     Modified Capital Planning Requirements for Certain Holding 
Companies. In 2021, the Board adopted a final rule to modify the 
requirements in the Board's capital plan rule for firms with assets of 
$100 billion or more.\21\ Among other changes, this rule modified 
regulatory reporting requirements for Large Bank Holding Companies, 
Intermediate Holding Companies, and Savings and Loan Holding Companies.
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    \21\ 86 FR 7927 (Feb. 3, 2021).
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Specific FDIC Regulations Issued Since the Last EGRPRA Review

     Transferred Regulations from the Office of Thrift 
Supervision (OTS). Pursuant to Section 316(b) of the Dodd-Frank Act, 
rules transferred from the OTS to the FDIC and other successor agencies 
remain in effect ``until modified, terminated, set aside, or superseded 
in accordance with applicable law'' by the relevant successor agency, 
by a court of competent jurisdiction, or by operation of law. When the 
FDIC republished the transferred OTS regulations as new FDIC 
regulations applicable to state savings associations, the FDIC stated 
in its Federal Register notice that its staff would evaluate the 
transferred OTS rules and might later recommend incorporating the 
transferred OTS regulations into other FDIC rules, amending them, or 
rescinding them. This process began in 2013 and continues, involving 
publication in the Federal Register of a series of notices of proposed 
rulemakings and final rulemakings.\22\ As of the date of this notice, 
only two of the transferred OTS regulations remain. The FDIC will 
consider public comments submitted either through the EGRPRA review 
process or through any notice and comment rulemaking related to the 
FDIC's determinations regarding the transferred OTS regulations.
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    \22\ Final rulemakings include: 78 FR 76721 (Dec. 19, 2013); 79 
FR 42182 (Jul. 21, 2014); 79 FR 42183 (Jul. 21, 2014); 79 FR 63498 
(Oct. 24, 2014); 80 FR 5009 (Jan. 30, 2015); 80 FR 5015 (Jan. 30, 
2015); 80 FR 65612 (Oct. 27, 2015); 80 FR 65903 (Oct. 28, 2015); 80 
FR 65913 (Oct. 28, 2015); 80 FR 79250 (Dec. 21, 2015); 83 FR 13839 
(Apr. 2, 2018); 83 FR 13843 (Apr. 2, 2018); 83 FR 60333 (Nov. 26, 
2018); 84 FR 31171 (Jul. 1, 2019); 84 FR 65276 (Nov. 27, 2019); 85 
FR 3232 (Jan. 21, 2020); 85 FR 3247 (Jan. 21, 2020); 85 FR 3250 
(Jan. 21, 2020); 86 FR 8082 (Feb. 3, 2021); 86 FR 8089 (Feb. 3, 
2021); 86 FR 8098 (Feb. 3, 2021).
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     Amendments to International Banking Regulations (Part 
347). In March 2020, the FDIC revised its existing international 
banking regulations (contained in 12 CFR part 347) to replace 
references to credit ratings in the definition of investment grade with 
an alternative standard of creditworthiness and to make changes to the 
eligibility criteria for the types of assets that insured branches of 
foreign banks may pledge for the benefit of the FDIC.
     Incorporation of Existing Statement of Policy Regarding 
Requests for Participation in the Affairs of an Insured Depository 
Institution by Convicted Individuals. In August 2020, the FDIC revised 
its existing regulations pertaining to Section 19 of the FDI Act \23\ 
(contained in 12 CFR parts 303 and 308) regarding the FDIC's procedures 
and standards relating to applications for the FDIC's written consent 
and to incorporate and revise the FDIC's existing Statement of Policy 
for Section 19 of the FDI Act (SOP). The incorporation of the SOP into 
the FDIC's regulations was intended to make the application of the SOP 
more transparent, increase certainty concerning the FDIC's application 
process, afford regulatory relief, and help both insured depository 
institutions and affected individuals to understand the impact of 
Section 19 and to potentially seek relief from it.\24\
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    \23\ 12 U.S.C. 1829.
    \24\ On December 23, 2022, the President signed into law the 
Fair Hiring in Banking Act (FHBA), which significantly revised 
Section 19 and was effective immediately. The FHBA appears at 
Section 5705 of the James M. Inhofe National Defense Authorization 
Act for Fiscal Year 2023, Pub. L. 117-263, 136 Stat. 2395, 3411 
(2022). The FDIC is working on a proposal to amend its Section 19 
regulations under 12 CFR parts 303 and 308 to conform with the FHBA.
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     Rule Regarding Parent Companies of Industrial Banks and 
Industrial Loan Companies (Part 354). In February 2021, the FDIC 
adopted a final rule (contained in 12 CFR part 354) that requires 
certain conditions and commitments for each deposit insurance 
application approval, non-objection to a change in control notice, and 
merger application approval that would result in an insured industrial 
bank or industrial loan company becoming, on or after the effective 
date of the final rule, a subsidiary of a company that is not subject 
to consolidated supervision by the Board. The final rule also requires 
that before any industrial bank or industrial loan company may become a 
subsidiary of a company that is not subject to consolidated supervision 
by the Board, such company and the industrial bank or industrial loan 
company must enter into one or more written agreements with the FDIC.

V. The Agencies' Review of Regulations Under Section 610 of the 
Regulatory Flexibility Act (RFA)

    Consistent with past practice, the [agencies] will use the EGRPRA 
review to satisfy their respective obligations under Section 610 of the 
RFA.\25\ To that end, for each rule that has a significant impact on a 
substantial number of small entities issued in the last 10 years, the 
[agencies] invite comment on (1) the continued need for the rule; (2) 
the complexity of the rule; (3) the extent to which the rule overlaps, 
duplicates or conflicts with other Federal rules, and, to the extent 
feasible, with State and local governmental rules; and (4) the length 
of time since the rule has been evaluated or the degree to which

[[Page 8089]]

technology, economic conditions, or other factors have changed in the 
area affected by the rule. The purpose of the review will be to 
determine whether such rules should be continued without change, or 
should be amended or rescinded, consistent with the stated objectives 
of applicable statutes, to minimize any significant economic impact of 
the rules upon a substantial number of such small entities.
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    \25\ Section 610 of the Regulatory Flexibility Act, 5 U.S.C. 
610, imposes a continuing obligation on the agencies to review 
regulations that may have a significant economic impact upon a 
substantial number of small entities, within 10 years after a final 
rulemaking is published. A subset of the rules the agencies will 
review under EGRPRA will also be reviewed under the Section 610 
review criteria. The agencies will indicate which rules are subject 
to Section 610 review. The factors the agencies consider in 
evaluating a rule under 5 U.S.C. 610 are (1) the continued need for 
the rule; (2) the nature of complaints or comments received 
concerning the rule from the public; (3) the complexity of the rule; 
(4) the extent to which the rule overlaps, duplicates or conflicts 
with other Federal rules, and, to the extent feasible, with State 
and local governmental rules; and (5) the length of time since the 
rule has been evaluated or the degree to which technology, economic 
conditions, or other factors have changed in the area affected by 
the rule.
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    The agencies have not identified any rules pertaining to 
Applications and Reporting, Powers and Activities, and International 
Operations that would have a significant impact on a substantial number 
of small entities. The agencies will consider public comments submitted 
through the EGRPRA review process and agency experience to identify 
regulations where the agencies can reduce burdens that have a 
significant impact on a substantial number of small, insured depository 
institutions.\26\
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    \26\ The review will be consistent with the requirements of a 
Regulatory Flexibility Act, Section 610 review. The [agencies] will 
determine whether particular rules should be continued without 
change, amended, or rescinded, consistent with the objectives of 
applicable statutes, to minimize any significant economic impact of 
the rules on a substantial number of small, insured depository 
institutions.
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[[Page 8109]]


Michael J. Hsu,
Acting Comptroller of the Currency.

    By order of the Board of Governors of the Federal Reserve 
System.
Ann E. Misback,
Secretary of the Board.

Federal Deposit Insurance Corporation.

    By order of the Board of Directors.

    Dated at Washington, DC, on January 16, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-02016 Filed 2-5-24; 8:45 am]
BILLING CODE 4810-33-; 6210-01; 6714-01-C