[The Regulatory Plan and Unified Agenda of Federal Regulatory and Deregulatory Actions]
[Federal Reserve System Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]


[[Page 62691]]
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Part LVI





Federal Reserve System





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Semiannual Regulatory Agenda

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FEDERAL RESERVE SYSTEM (FRS)                                           


  



_______________________________________________________________________

FEDERAL RESERVE SYSTEM

12 CFR Ch. II

Semiannual Regulatory Flexibility Agenda

AGENCY: Board of Governors of the Federal Reserve System.

ACTION:  Semiannual regulatory agenda.

_______________________________________________________________________

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 October 1, 
2001, through April 1, 2002. The next agenda will be published in April 
2002.

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 Jennifer J. Johnson, 
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 October 2001 
agenda as part of the October 2001 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. Participation by the Board in the Unified Agenda is on a 
voluntary basis.

     The Board's agenda is divided into three 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. A third section, Completed Actions, 
reports on regulatory matters the Board has completed or is not 
expected to consider further. Matters begun and completed between 
issues of the agenda have not been included.

     A dot () preceding an entry indicates a new matter 
that was not a part of the Board's previous agenda and which the 
Board has not completed.

 Margaret McCloskey Shanks,

Assistant Secretary of the Board.

                                   Federal Reserve System--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4469         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC73
            System..............................................................................
4470         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC78
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control......
4471         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC80
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank
            Control(Docket Number: R-1084)......................................................
4472         Regulation: T -- Credit by Brokers and Dealers; Regulation: U -- Credit by Banks;       7100-AC45
            and Regulation: X -- Borrowers of Securities Credit (Docket Number: R-0995).........
4473         Regulation: Y -- Bank Holding Companies and Change in Bank Control.................     7100-AC66
4474         Regulation: BB -- Community Reinvestment (Docket Number: R-1112) (Section 610           7100-AC87
            Review)...........................................................................
4475         Regulation: DD -- Truth in Savings Act (Section 610 Review)......................     7100-AC86
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4476         Regulation: B -- Equal Credit Opportunity (Docket Number: R-1008) (Section 610          7100-AC54
            Review)...........................................................................
4477         Regulation: B -- Equal Credit Opportunity; and Regulation: Z -- Truth in Lending        7100-AC46
            (Docket Numbers: R-1040 and R-1043).................................................
4478         Regulation: C -- Home Mortgage Disclosure (Docket Number: R-1001)..................     7100-AC51
4479         Regulation: E -- Electronic Fund Transfers (Docket Numbers: R-0919 and R-1041).....     7100-AC06
4480         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC69
            System (Docket Number: R-1064)......................................................
4481         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC84
            System (Docket Number: R-1099)......................................................
4482         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AB77
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control
            (Docket Number: R-1055).............................................................
4483         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC13
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control
            (Docket Number: R-0930).............................................................
4484         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC75
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control
            (Docket Number: R-1087).............................................................

[[Page 62693]]

 
4485         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC76
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control
            (Docket Number: R-1085).............................................................
4486         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC77
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control
            (Docket Number: R-1080).............................................................
4487         Regulation: H -- Membership of State Banking Institutions in the Federal Reserve        7100-AC65
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control
            (Docket Number: R-1097).............................................................
4488         Regulation: K -- International Banking Operations (Docket Number: R-0994)..........     7100-AC47
4489         Regulation: M -- Consumer Leasing (Docket Number: R-1042)..........................     7100-AC53
4490         Regulation: V -- Fair Credit Reporting (Docket Number: R-1082).....................     7100-AC68
4491         Regulation: W -- Transactions Between Banks and Their Affiliates (Docket Number: R-     7100-AC63
            1103)...............................................................................
4492         Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number:      7100-AC79
            R-1091).............................................................................
4493         Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number:      7100-AC81
            R-1094).............................................................................
4494         Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number:      7100-AC82
            R-1092).............................................................................
4495         Regulation: Z -- Truth in Lending (Docket Number: R-1090)..........................     7100-AC83
4496         Regulation: DD -- Truth in Savings (Docket Number: R-1044).........................     7100-AC34
4497         Misc. Interpretations: Application of Sections 23A and 23B of the Federal Reserve       7100-AC85
            Act to Derivative Transactions with Affiliates and Intraday Extensions of Credit to
            Affiliates (Docket Number: R-1104)..................................................
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4498         Regulation: D -- Reserve Requirements of Depository Institutions (Docket Number: R-     7100-AC11
            0956)...............................................................................
4499         Regulation: E -- Electronic Fund Transfer (Docket Number: R-1077)..................     7100-AC67
4500         Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number:      7100-AC71
            R-1060).............................................................................
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                        Proposed Rule Stage


  



_______________________________________________________________________




4469. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM

Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority: 12 USC 1828(t)

CFR Citation: 12 CFR 208

Legal Deadline: None

Abstract: Section 204 of the Gramm-Leach-Bliley Act added a new 
subsection (t) to section 18 of the Federal Deposit Insurance Act 
requiring the Board, in consultation with the Securities and Exchange 
Commission, to establish recordkeeping requirements for state member 
banks and branches and agencies of foreign banks that rely on the 
exceptions from the definition of broker or dealer provided in section 
3(a)(4) or (5) of the Securities Exchange Act of 1934.
The Board anticipates issuing for public comment a rule that would 
implement these recordkeeping requirements. It is not anticipated that 
the proposal would have a significant economic impact on a substantial 
number of small entities subject to the Board's regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      02/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Kieran Fallon, Senior Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-5270

RIN: 7100-AC73
_______________________________________________________________________




4470. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 24a; 12 USC 36; 12 USC 92a; 12 USC 
93a; 12 USC 248(a); 12 USC 248(c); 12 USC 321 to 338a; 12 USC 371d; 12 
USC 481 to 486; 12 USC 601; 12 USC 611; 12 USC 1814; 12 USC 1816; ...

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: The Board will consider issuing for public comment proposed 
amendments to Regulations H and Y that will take into account the 
implications of the Gramm-Leach-Bliley Act (GLB Act) relating to the 
ability of state member banks to control

[[Page 62694]]

operations subsidiaries. The proposed amendments will also include a 
series of technical changes to Regulation Y necessitated by the GLB 
Act, as well as a general reorganization of Regulation Y. The proposal 
should not have a substantive economic impact on small entities, as its 
substantive portions are expected to liberalize the Board's present 
rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Andrew S. Baer, Counsel, Federal Reserve System, Legal 
Division
Phone: 202 452-2246

RIN: 7100-AC78
_______________________________________________________________________




4471. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL(DOCKET NUMBER: R-1084)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 36; 12 USC 92(a); 12 USC 93(a); 12 
USC 248(a); 12 USC 248(c); 12 USC 321 to 338a; 12 USC 371d; 12 USC 461; 
12 USC 481 to 486; 12 USC 601; 12 USC 611; 12 USC 1814; 12 USC 1816; 12 
USC 1818; ...

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: In November 2000, the Board issued for public comment an 
advance notice of proposed rulemaking on the possible development of a 
simplified capital framework for non-complex banking organizations (65 
FR 66193, November 3, 2000). The options outlined in the proposal 
include a simplified risk-based framework, a leverage ratio-only 
approach, or a modified leverage ratio approach. Such a framework could 
relieve the regulatory burden associated with the existing capital 
rules for many non-complex domestic banking institutions. The main 
objective of this proposal is to obtain preliminary views from the 
industry and the public regarding such a framework. Following review of 
the public comments, the Board will decide whether to move forward with 
a more detailed proposal.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         11/03/00                    65 FR 66193
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: David Adkins, Supervisory Financial Analyst, Federal 
Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-5259

RIN: 7100-AC80
_______________________________________________________________________




4472. REGULATION: T -- CREDIT BY BROKERS AND DEALERS; REGULATION: U -- 
CREDIT BY BANKS; AND REGULATION: X -- BORROWERS OF SECURITIES CREDIT 
(DOCKET NUMBER: R-0995)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78G, Securities Exchange Act of 1934, as 
amended

CFR Citation: 12 CFR 220; 12 CFR 221; 12 CFR 224

Legal Deadline: None

Abstract: As part of the regular review of its regulations and in 
accordance with requirements of section 303 of the Riegle Community 
Development and Regulatory Improvement Act of 1994, and section 610(c) 
of the Regulatory Flexibility Act of 1994, the Board is conducting a 
review of its margin regulations. In order to complete this review, the 
Board approved issuing for public comment an advance notice of proposed 
rulemaking in December 1997 (63 FR 2840, January 16, 1998). The advance 
notice highlights issues raised by interested persons in response to 
previous requests for comment that had not been addressed by the Board 
in the course of its periodic review. It also provides an opportunity 
to further harmonize the treatment of bank and nonbank lenders under 
the revised Regulation U adopted by the Board at the same time as the 
advance notice. The advance notice also invites comment on all areas of 
the regulations.
Following review of the public comments, the Board is expected to take 
further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         01/16/98                     63 FR 2840
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Scott J. Holz, Counsel, Federal Reserve System, Legal 
Division
Phone: 202 452-2966

RIN: 7100-AC45
_______________________________________________________________________




4473. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1844(b)

CFR Citation: 12 CFR 225

Legal Deadline: None

Abstract: Title I of the Gramm-Leach-Bliley Act (GLB Act) makes a 
number of miscellaneous amendments to sections 3, 4, and 5 of the Bank 
Holding Company Act of 1956 (BHC Act) and adds a new section 10A to the 
BHC Act. These amendments, among other things, prohibit the Board from 
determining that new activities are closely related to banking under 
section 4(c)(8) of the BHC Act; streamline the Board's reporting, 
examination, and other supervisory authority over bank holding 
companies and their subsidiaries; reduce the restrictions applicable to 
companies that control ``nonbank banks'' that are exempt from the 
nonbanking restrictions of the BHC Act under section 4(f) of that Act; 
and repeal the savings bank life insurance provisions currently set 
forth in section 3(g) of the BHC Act.
The Board will consider issuing for public comment amendments to 
Regulation Y to implement the provisions of the GLB Act affecting the 
BHC Act that are not addressed in proposed rules described elsewhere in 
the Board's agenda. It is not anticipated that the proposals will have 
a significant economic impact on a substantial number of small entities 
subject to the Board's regulation.

[[Page 62695]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      02/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Kieran Fallon, Senior Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-5270

RIN: 7100-AC66
_______________________________________________________________________




4474.   REGULATION: BB -- COMMUNITY REINVESTMENT (DOCKET 
NUMBER: R-1112) (SECTION 610 REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 2901

CFR Citation: 12 CFR 228

Legal Deadline: None

Abstract: In 1995, the Board issued Regulation BB which implements the 
Community Reinvestment Act (CRA). Substantially similar regulations 
were issued by the Office of the Comptroller of the Currency (OCC), the 
Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift 
Supervision (OTS). The regulations' goal was to achieve more objective 
performance-based CRA examinations and to minimize burden. At the time 
these regulations were issued, the agencies committed to conducting a 
2002 comprehensive review of the regulations' effectiveness in 
achieving this goal.
In July 2001, the Board, the OCC, FDIC, and OTS issued an advance 
notice of proposed rulemaking (ANPR) (66 FR 37602, July 19, 2001). The 
notice identifies key issues in addition to requesting comment 
generally on potential revisions to the regulation. The Board is also 
reviewing the regulation in accordance with requirements of section 
610(c) of the Regulatory Flexibility Act of 1994.
The first issue presented in the ANPR is whether any change to the 
regulations is necessary and warranted, in light of the burden that 
change would entail. Other issues include: the effectiveness of the 
evaluation methods set forth in the regulations; the effectiveness of 
the requirement that large financial institutions collect and report 
data on small business, small farm, and community development lending; 
and whether the regulations have provided a reasonable and sufficient 
standard for designating the communities within which a financial 
institution's activities will be evaluated during a CRA examination.
It is not anticipated that any rule proposed for public comment would 
have a significant economic impact on a substantial number of small 
entities subject to the Board's regulation. Following review of the 
public comments, the Board is expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         07/19/01                    66 FR 37602
Further Board action by         04/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kathleen Ryan, Senior Attorney, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AC87
_______________________________________________________________________




4475.   REGULATION: DD -- TRUTH IN SAVINGS ACT (SECTION 610 
REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4301

CFR Citation: 12 CFR 230

Legal Deadline: None

Abstract: Regulation DD, which implements the Truth in Savings Act, 
requires that depository institutions uniformly disclose to customers 
information about the terms and conditions on which interest is paid 
and fees are assessed on deposit accounts.
The Board has targeted for review Regulation DD to update the 
regulation and to comply with provisions of section 610(c) of the 
Regulatory Flexibility Act of 1994. The review is expected to commence 
with publication of an advance notice of proposed rulemaking in 2002 
and be completed in that same year.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      03/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jane Aherns, Senior Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AC86
_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage


  



_______________________________________________________________________




4476. REGULATION: B -- EQUAL CREDIT OPPORTUNITY (DOCKET NUMBER: R-1008) 
(SECTION 610 REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1691

CFR Citation: 12 CFR 202

Legal Deadline: None

Abstract: In 1998, Regulation B, which implements the Equal Credit 
Opportunity Act (ECOA), was targeted for a review to update the 
regulation. The ECOA makes it unlawful for creditors to discriminate 
against an applicant, in any aspect of a credit transaction, on the 
basis of race, color, religion, national origin, gender, marital 
status, age, and other specified bases. In March 1998, the Board issued 
for public comment an advance notice of proposed rulemaking for 
Regulation B that identified specific issues, in addition to requesting 
comment on revisions to the regulation (63 FR 12326, March 12, 1998).
In August 1999, following review of the public comments on the advance

[[Page 62696]]

notice, the Board issued for public comment a proposed rule amending 
Regulation B (64 FR 44582, August 16, 1999). Major revisions in the 
proposed rule include removing the general prohibition against 
obtaining information about applicant characteristics such as national 
origin or gender, although such information still generally may not be 
considered in extending credit; adding a disclosure requirement for 
creditors that voluntarily collect data on applicant characteristics; 
requiring creditors to retain certain records for preapproved credit 
solicitations; and extending the record retention period for most 
business credit applications.
Based on the regulatory flexibility analysis, it is not expected that 
the proposal will have a significant impact on small entities. Although 
there would be a new disclosure requirement for creditors that 
voluntarily request information about applicant characteristics, a 
model form is proposed to ease compliance. Also, there is a new 
requirement to retain certain records for preapproved credit 
solicitations. For business reasons, many institutions already retain 
some of the preapproved credit solicitation information being sought. 
In addition, compliance burdens should be minimized by the fact that 
creditors may use a variety of methods, such as electronic storage, to 
retain records. Following review of the public comments, the Board is 
expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment on 
advance notice                  03/12/98                    63 FR 12326
Board requested comment on 
proposed rule                   08/16/99                    64 FR 44582
Further Board action by         06/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Natalie E. Taylor, Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC54
_______________________________________________________________________




4477. REGULATION: B -- EQUAL CREDIT OPPORTUNITY; AND REGULATION: Z -- 
TRUTH IN LENDING (DOCKET NUMBERS: R-1040 AND R-1043)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1601 et seq; 12 USC 4301 et seq

CFR Citation: 12 CFR 202; 12 CFR 213; 12 CFR 226; 12 CFR 230

Legal Deadline: None

Abstract: In March 1998 and September 1999, the Board issued for public 
comment proposed rules to permit the electronic delivery of Regulation 
B and Regulation Z disclosures, if the consumer agrees (63 FR 14548, 
March 25, 1998, and 64 FR 46988, September 14, 1999). The Board also 
issued similar proposed rules under other consumer financial services 
laws administered by the Board.
On June 30, 2000, the President signed into law the Electronic 
Signatures in Global and National Commerce Act (E-Sign Act), which 
became effective October 1, 2000. The E-Sign Act generally provides 
that records and signatures may not be denied legal effect solely 
because they are in electronic form.
The E-Sign Act incorporated some elements of the Board's regulatory 
proposals governing electronic disclosures. Some provisions in the 
Board's proposals, however, are modified or preempted by the Act, while 
other provisions, which are designed to ensure effective delivery of 
electronic disclosures, were not addressed by the E-Signature Act but 
are consistent with that Act and could be issued as final rules.
In March 2001, following review of the public comments, the Board 
issued interim final rules on the electronic delivery of disclosures. 
Under the interim final rules, consistent with the requirements of the 
E-Sign Act, creditors generally must obtain consumers' affirmative 
consent to provide disclosures electronically (66 FR 17329, March 30, 
2001, and 66 FR 17779, April 4, 2001). There are exceptions for 
disclosures not deemed to relate to ``transactions,'' such as 
disclosures in advertising. The interim final rules also establish 
uniform requirements for the timing and delivery of electronic 
disclosures. Disclosures may be sent by e-mail to an electronic address 
designated by the consumer, or they may be made available at another 
location, such as an Internet web site. If disclosures are not sent by 
e-mail, consumers must receive a notice alerting them to the 
availability of the disclosures. Disclosures posted on a web site must 
be available for at least 90 days to allow consumers adequate time to 
access and retain the information. Creditors must make a good faith 
attempt to redeliver e-disclosures that are returned undelivered.
The March 2001 rulemakings were published as interim final rules to 
allow interested persons to present new information or views not 
considered in previous rulemakings. The rules are not expected to have 
a significant economic impact on a substantial number of small business 
entities. Following review of the public comments, the Board will take 
further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board issued proposed rules     03/25/98                    63 FR 14548
Board issued revised proposed 
rules                           09/14/99                    64 FR 46988
Board issued interim final rule 
(Regulation Z)                  03/30/01                    66 FR 17329
Board issued interim final rule 
(Regulation B)                  04/04/01                    66 FR 17779
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Natalie E. Taylor, Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC46
_______________________________________________________________________




4478. REGULATION: C -- HOME MORTGAGE DISCLOSURE (DOCKET NUMBER: R-1001)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 2801

CFR Citation: 12 CFR 203

Legal Deadline: None

Abstract: In 1998, Regulation C, which implements the Home Mortgage 
Disclosure Act (HMDA) was targeted for review to update the regulation. 
HMDA requires most mortgage lenders

[[Page 62697]]

located in metropolitan areas to report annually to Federal agencies 
and disclose to the public information about their home purchase and 
home improvement lending activities. In March 1998, the Board issued an 
advance notice of proposed rulemaking for Regulation C (63 FR 12329, 
March 12, 1998). The notice identified several specific issues in 
addition to requesting comment generally on potential revisions to the 
regulation.
In December 2000, based on the comments and the Board's own analysis, 
the Board issued for public comment a proposed rule amending Regulation 
C (65 FR 78656, December 15, 2000). These amendments would (1) simplify 
the definition of a ``refinancing;'' (2) require lenders to report 
requests for preapprovals; (3) simplify the definition of a reportable 
home improvement loan; (4) require lenders to report home equity lines 
of credit; (5) require lenders to report the annual percentage rate on 
loans, and whether a loan is subject to the Home Ownership and Equity 
Protection Act, and whether a loan is for manufactured housing; and (6) 
make other changes to Regulation C.
It is not anticipated that the proposed rule would have a significant 
economic impact on a substantial number of small entities subject to 
the Board's regulation. Following review of the public comments, the 
Board is expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment on 
advance notice                  03/12/98                    63 FR 12329
Board requested comment on 
proposed rule                   12/15/00                    65 FR 78656
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kathleen Ryan, Senior Attorney, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC51
_______________________________________________________________________




4479. REGULATION: E -- ELECTRONIC FUND TRANSFERS (DOCKET NUMBERS: R-0919 
AND R-1041)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1693 et seq

CFR Citation: 12 CFR 205

Legal Deadline: None

Abstract: In March 1998 and September 1999, the Board issued for public 
comment proposed rules and an interim rule under Regulation E to permit 
the electronic delivery of disclosures, if the consumer agrees (Docket 
Number: R-1002; 63 FR 14528, March 25, 1998 (interim rule), and Docket 
Number: R-1041; 64 FR 49699, September 14, 1999). The Board also issued 
similar proposed rules under other consumer financial services laws 
administered by the Board.
On June 30, 2000, the President signed into law the Electronic 
Signatures in Global and National Commerce Act (E-Sign Act), which 
became effective October 1, 2000. The E-Sign Act generally provides 
that records and signatures may not be denied legal effect solely 
because they are in electronic form.
The E-Sign Act incorporates some elements of the Board's regulatory 
proposal governing electronic disclosure. Some provisions in the 
Board's proposal, however, are modified or preempted by the Act, while 
other provisions, which are designed to ensure effective delivery of 
electronic disclosures, were not addressed by the E-Sign Act but are 
consistent with the Act and could be issued as final rules.
In March 2001, the Board issued an interim final rule on the electronic 
delivery of disclosures. Under the interim final rule, consistent with 
the requirements of the E-Sign Act, financial institutions generally 
must obtain consumers' affirmative consent to provide disclosures 
electronically (66 FR 17786, April 4, 2001). There are exceptions for 
disclosures not deemed to relate to ``transactions,'' such as 
disclosure in advertising. The interim final rule also establishes 
uniform requirements for the timing and delivery of electronic 
disclosures. Disclosures may be sent by e-mail to an electronic address 
designated by the consumer, or they may be made available at another 
location, such as an Internet web site. If disclosures are not sent by 
e-mail, consumers must receive a notice alerting them to the 
availability of the disclosures. Disclosures posted on a web site must 
be available for at least 90 days to allow consumers adequate time to 
access and retain the information. Institutions must make a good faith 
attempt to redeliver e-disclosures that are returned undelivered. Under 
the March 2001 interim final rule, the March 1998 interim rule is 
withdrawn.
The March 2001 rulemaking was published as an interim final rule to 
allow interested persons to present new information or views not 
considered in previous rulemakings. The rule is not expected to have a 
significant economic impact on a substantial number of small business 
entities. Following review of the public comments, the Board is 
expected to take further action.
A May 1996 Regulation E proposal to permit financial institutions to 
provide disclosures electronically also included proposed amendments 
imposing modified requirements on stored-value products in systems that 
track individual transactions, cards, or consumers and providing an 
exemption for cards on which a maximum value of $100 can be stored 
(Docket Number: R-0919; 61 FR 19696, May 2, 1996); the latter proposal 
remains pending.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board issued proposed rule on 
coverage of stored-value 
products                        05/02/96                    61 FR 19696
Board issued interim rule 
permitting electronic delivery 
of disclosures                  03/25/98                    63 FR 14528
Board issued proposed rule 
imposing additional requirements 
re: electronic delivery of 
disclosures                     09/14/99                    64 FR 49699
Board issued interim final rules04/04/01                    66 FR 17786
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: John C. Wood, Counsel, Federal Reserve System, Division 
of Consumer and Community Affairs

[[Page 62698]]

Phone: 202 452-2412

RIN: 7100-AC06
_______________________________________________________________________




4480. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM (DOCKET NUMBER: R-1064)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 335; 12 USC 1835a

CFR Citation: 12 CFR 208

Legal Deadline: None

Abstract: In March 2000, the Board approved an interim rule with 
request for public comment amending Regulation H to implement section 
121 of the Gramm-Leach-Bliley Act for state member banks (65 FR 14810, 
March 20, 2000). Section 121 in part authorizes state member banks to 
control, or hold an interest in, financial subsidiaries so as to 
conduct certain activities that are financial in nature or incidental 
to a financial activity. In August 2001, following review of the public 
comments, the Board adopted the final rule substantially as proposed 
(66 FR 42929, August 16, 2001).
The Board will also consider issuing for public comment a proposed rule 
in place of an existing Miscellaneous Interpretation (12 CFR 250.141) 
relating to member bank purchases of stock in operations subsidiaries 
to update its provisions and conform to section 121. A proposal to 
amend section 208.7 of Regulation H (deposit production offices) to 
conform its definitional provisions to section 106 of the Gramm-Leach-
Bliley Act in conjunction with parallel activities by the other banking 
agencies has been issued for public comment and appears elsewhere in 
the agenda (Docket Number: R-1099; RIN 7100-AC84).
It is not anticipated that the proposals will have a significant 
economic impact on a substantial number of small entities subject to 
the Board's regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment on 
interim rule                    03/20/00                    65 FR 14810
Board adopted interim rule      08/16/01                    66 FR 42929
Board will consider requesting 
comment on replacement rule for 
Miscellaneous Interpretation by 12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael J. O'Rourke, Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-3288

RIN: 7100-AC69
_______________________________________________________________________




4481.   REGULATION: H -- MEMBERSHIP OF STATE BANKING 
INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (DOCKET NUMBER: R-1099)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1835a

CFR Citation: 12 CFR 208

Legal Deadline: None

Abstract: In April 2001, the Board, along with the other banking 
agencies, issued for public comment a proposed rule that would amend 
uniform regulations implementing section 109 of the Riegle-Neal 
Interstate Banking and Branching Efficiency Act of 1994 (Interstate 
Act) to effectuate the amendment of section 109 contained in section 
106 of the Gramm-Leach-Bliley Act (66 FR 18411, April 9, 2001). Section 
109 prohibits a bank from establishing or acquiring a branch or 
branches outside of its home state for the purpose of deposit 
production. Additionally, section 109 contains guidelines for 
determining whether a bank is reasonably helping to meet the credit 
needs of communities served by an out-of-state branch or branches. 
Section 106 expanded the coverage of section 109 of the Interstate Act 
to include any branch of a bank controlled by an out-of-state bank 
holding company. The proposed rule amends the regulatory deposit 
production prohibition to include any bank or branch controlled by an 
out-of-state bank holding company, including a bank consisting only of 
a main office.
It is not anticipated that the rule will have a significant economic 
impact on a substantial number of small entities subject to the 
regulation. Following review of the public comments, the Board is 
expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         04/09/01                    66 FR 18411
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael J. O'Rourke, Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-3288

RIN: 7100-AC84
_______________________________________________________________________




4482. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL (DOCKET NUMBER: R-1055)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 36; 12 USC 248(a); 12 USC 248(c); 12 USC 321 to 
338; 12 USC 371d; 12 USC 461; 12 USC 481 to 486; 12 USC 601; 12 USC 
611; 12 USC 1814; 12 USC 1817(j)(13); 12 USC 1818; 12 USC 1823(j); 12 
USC 1828(o); 12 USC 1831i; ...

CFR Citation: 12 CFR 208 app A; 12 CFR 225 app A

Legal Deadline: None

Abstract: In November 1997, the Board, the Comptroller of the Currency, 
the Federal Deposit Insurance Corporation, and the Office of Thrift 
Supervision (``the agencies'') issued for public comment proposals to 
use credit ratings from nationally recognized statistical rating 
organizations to determine the capital treatment for recourse 
obligations, direct credit substitutes, and senior asset-backed 
securities (62 FR 59944, November 5, 1997). In February 2000, based on 
the public comments, the Board and the other agencies issued for 
further comment a proposal to clarify and revise the regulatory capital 
treatment of securitized transactions (65 FR 12320, March 8, 2000). The 
proposal would treat recourse obligations and direct credit substitutes 
more consistently than the agencies' current risk-based capital 
standards.
Small entities would be affected by the proposals only to the extent 
that they

[[Page 62699]]

engage in extending recourse arrangements and direct credit substitutes 
or purchasing asset-backed securities. It is not expected that the 
proposals will have a significant economic impact on small 
institutions. Following review of the public comments, the Board is 
expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         11/05/97                    62 FR 59944
Board requested additional 
comment                         03/08/00                    65 FR 12320
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Thomas R. Boemio, Senior Supervisory Financial Analyst, 
Federal Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-2982

RIN: 7100-AB77
_______________________________________________________________________




4483. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL (DOCKET NUMBER: R-0930)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 36; 12 USC 248(a); 12 USC 248(c); 12 USC 321 to 
338a; 12 USC 371d; 12 USC 461; 12 USC 481 to 486; 12 USC 601; 12 USC 
611; 12 USC 1814; 12 USC 1823(j); 12 USC 1828(o); 12 USC 1831(o); 12 
USC 1831p-1; 12 USC 3105; ...

CFR Citation: 12 CFR 208 app A

Legal Deadline: None

Abstract: In August 1996, the Board issued for public comment a 
proposal to revise the risk-based capital treatment for certain 
collateralized transactions (61 FR 42565, August 16, 1996). Under the 
Board's existing risk-based capital treatment, the portion of a 
transaction that is supported by qualifying collateral (that is, cash 
or OECD government securities) is risk-weighted at 20 percent. 
Transactions that are fully supported by collateral with a positive 
margin may be eligible for a zero percent risk weight. Generally, the 
proposal would permit a portion of a transaction that is fully 
supported with a positive margin of collateral to be eligible for a 
zero percent risk weight. The portion that is to be continuously 
collateralized must be identified by the parties.
This proposal was developed on an interagency basis and, if adopted, 
would eliminate one of the substantive differences among the agencies 
with regard to the risk-based capital treatment for collateralized 
transactions. It would implement part of the Riegle Community 
Development and Regulatory Improvement Act of 1994, which requires the 
agencies to make uniform regulations and guidelines implementing common 
supervisory policies. The effect of the proposal would be to allow 
institutions to hold less capital for certain collateralized 
transactions. It is not expected to have a significant economic impact 
on a substantial number of small entities.
Following review of the public comments and development of an inter-
agency final rule, the Board is expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         08/16/96                    61 FR 42565
Further Board action by         01/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: John Connolly, Supervisory Financial Analyst, Federal 
Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-3621

RIN: 7100-AC13
_______________________________________________________________________




4484. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL (DOCKET NUMBER: R-1087)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 36; 12 USC 92a; 12 USC 93a; 12 USC 
248(a); 12 USC 248(c); 12 USC 321 to 338a; 12 USC 371d; 12 USC 461; 12 
USC 1817(j)(13); 12 USC 1818; 12 USC 1818(o); 12 USC 1831i; 12 USC 
1831p-1; 12 USC 1843(c)(8); ...

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: In December 2000, the Board issued for public comment 
proposed amendments to Regulations H and Y that would effectively 
reduce the capital requirement for certain securities borrowing 
transactions (65 FR 75856, December 5, 2000). The proposed amendments 
would recognize the historically low risk of these transactions and 
bring the capital requirements for U.S. banking organizations into 
better alignment with the capital requirements of other U.S. and non-
U.S. regulators of financial institutions. The proposed amendments 
would have little or no effect on small banking organizations subject 
to the Board's regulation, as securities borrowing activities are 
concentrated in a relatively small number of very large banking 
organizations. Following review of the public comments, the Board will 
take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/05/00                    65 FR 75856
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: David Adkins, Supervisory Financial Analyst, Federal 
Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-5259

RIN: 7100-AC75
_______________________________________________________________________




4485. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL (DOCKET NUMBER: R-1085)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 36; 12 USC 92a; 12 USC 93a; 12 USC 
248(a); 12 USC 248(c); 12 USC 321 to 338a; 12 USC 371d; 12 USC 461; 12 
USC 1817(j)(13); 12 USC 1818; 12 USC 1818(o); 12 USC 1831i; 12 USC 
1831p-1; 12 USC 1843(c)(8); ...

[[Page 62700]]

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: In December 2000, the Board issued for public comment 
proposed amendments to the Board's regulatory capital guidelines for 
banks and bank holding companies that would apply a 20 percent risk 
weight to claims on, and claims guaranteed by, qualifying securities 
firms (65 FR 76180, December 6, 2000). The proposed rule is consistent 
with an amendment to the Basel Accord adopted by the Basel Committee on 
Banking Supervision in April 1998. It would reduce the risk weight from 
100 percent to 20 percent applied to claims on, and claims guaranteed 
by, certain securities firms incorporated in countries that are members 
of the Organization for Economic Cooperation and Development, subject 
to certain prudential requirements. It is not anticipated that the 
proposal will have a significant economic impact on a substantial 
number of small institutions. Following review of the public comments, 
the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested public comment  12/06/00                    65 FR 76180
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: John Connolly, Supervisory Financial Analyst, Federal 
Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-3621

RIN: 7100-AC76
_______________________________________________________________________




4486. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL (DOCKET NUMBER: R-1080)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 36; 12 USC 92a; 12 USC 93a; 12 USC 
248(a); 12 USC 248(c); 15 USC 78b; 15 USC 781(b); 15 USC 781(g); 15 USC 
781(i); 31 USC 5318; 42 USC 4012a; 42 USC 4104a; ...

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: In September 2000, the Board issued for public comment 
proposed amendments to Regulations H and Y to amend the Tier 1 leverage 
and risk-based capital guidelines for residual interests for all state 
member banks and bank holding companies (65 FR 57993, September 27, 
2000). The proposal would better align the capital requirements with 
the risks associated with such assets. It is not expected that the 
amendments would have a significant economic impact on a substantial 
number of small institutions. Following review of the public comments, 
the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         09/27/00                    65 FR 57993
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Arleen Lustig, Supervisory Financial Analyst, Federal 
Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-2987

RIN: 7100-AC77
_______________________________________________________________________




4487. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL (DOCKET NUMBER: R-1097)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1844(b); 12 USC 329; 12 USC 1843(k)(7); 12 USC 
3906 to 3909

CFR Citation: 12 CFR 225

Legal Deadline: None

Abstract: In March 2000, the Board issued for public comment proposed 
amendments to its capital guidelines for bank holding companies (Docket 
Number: R-1067) to address the appropriate regulatory capital treatment 
for merchant banking investments and investments in nonfinancial 
companies made under section 4(c)(6) or 4(c)(7) of the Bank Holding 
Company Act, section 211.5(b)(1)(iii) of the Board's Regulation K, 
section 302(b) of the Small Business Investment Act of 1958, or section 
24 of the Federal Deposit Insurance Act. Following review of the 
comments on the proposal, and after consulting with the Treasury 
Department and the other federal banking agencies, the Board, jointly 
with the OCC and FDIC, in February 2001, requested public comment on a 
revised capital proposal (66 FR 10212, February 14, 2001). The revised 
proposal would apply a series of marginal capital charges on covered 
equity investments that increase with the level of a banking 
organization's overall exposure to equity investments relative to the 
organization's Tier 1 capital. The proposal would apply to merchant 
banking investments held by financial holding companies as well as 
investments in nonfinancial companies by banks and bank holding 
companies under other authorities.
The Board requested public comment on the potential impact of the 
capital proposal on small entities and will carefully consider the 
economic impact of any further actions on small entities subject to the 
Board's regulation. Following review of the public comments, the Board 
will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment on 
proposed rules                  03/28/00                    65 FR 16460
Board requested comment on new 
capital proposal                02/14/01                    66 FR 10212
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kieran Fallon, Senior Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-5270

RIN: 7100-AC65

[[Page 62701]]

_______________________________________________________________________




4488. REGULATION: K -- INTERNATIONAL BANKING OPERATIONS (DOCKET NUMBER: 
R-0994)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 221 et seq; 12 USC 248(i); 12 USC 248(k); 12 
USC 1818; 12 USC 1835a; 12 USC 1841 et seq; 12 USC 3101 et seq; 12 USC 
3109 et seq

CFR Citation: 12 CFR 211

Legal Deadline: None

Abstract: In December 1997, consistent with section 303 of the Riegle 
Community Development and Regulatory Improvement Act of 1994, the 
International Banking Act of 1978, and section 2222 of the Economic 
Growth and Regulatory Paperwork Reduction Act of 1996, the Board 
reviewed and proposed for public comment a number of changes to 
Regulation K, which governs international banking operations (62 FR 
68424, December 31, 1997). Subpart A of Regulation K governs the 
foreign investments and activities of all member banks. The proposed 
amendments include streamlined foreign branching procedures for U.S. 
banking organizations, authorization of expanded activities in foreign 
branches of U.S. banks, and expansion of the authority of U.S. banking 
organizations to engage in equity dealing and underwriting and to make 
venture capital investments outside the United States. Subpart B of 
Regulation K governs the U.S. activities of foreign banking 
organizations. The proposed amendments include revisions aimed at 
streamlining the applications procedures applicable to foreign banks 
seeking to expand operations in the United States, changes to 
provisions regarding the qualification of certain foreign banking 
organizations for exemption from the nonbanking prohibitions of section 
4 of the Bank Holding Company Act, and implementation of provisions of 
the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 
that affect foreign banks. In addition, a number of technical and 
clarifying amendments to subparts A and B, as well as to subpart C 
which governs export trading companies, and certain amendments to the 
Board's Rules Regarding Delegation of Authority have been proposed. 
Aspects of the proposed rule are being considered in light of the 
enactment of the Gramm-Leach-Bliley Act.
The proposed amendments are not expected to have a significant economic 
impact on a substantial number of small entities. Following review of 
the public comments, the Board is expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/31/97                    62 FR 68424
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Kathleen M. O'Day, Associate General Counsel, Federal 
Reserve System, Legal Division
Phone: 202 452-3786

RIN: 7100-AC47
_______________________________________________________________________




4489. REGULATION: M -- CONSUMER LEASING (DOCKET NUMBER: R-1042)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1667

CFR Citation: 12 CFR 213

Legal Deadline: None

Abstract: In March 1998 and September 1999, the Board issued for public 
comment proposed rules under Regulation M, which implements the 
Consumer Leasing Act, to permit the electronic delivery of disclosures, 
if the consumer agrees (63 FR 14538, March 25, 1998 and 64 FR 49713, 
September 14, 1999). The Board also issued similar proposed rules under 
other consumer financial services regulations administered by the 
Board.
On June 30, 2000, the President signed into law The Electronic 
Signatures in Global and National Commerce Act (E-Sign Act), which 
became effective October 1, 2000. The E-Sign Act generally provides 
that records and signatures may not be denied legal effect solely 
because they are in electronic form.
The E-Sign Act incorporated some elements of the Board's regulatory 
proposal governing electronic disclosures. Some provisions in the 
Board's proposal, however, are modified or preempted by the Act, while 
other provisions, which are designed to ensure effective delivery of 
electronic disclosures, were not addressed by the E-Sign Act but are 
consistent with that Act and could be issued as final rules.
In March 2001, following review of the public comments, the Board 
issued an interim final rule on the electronic delivery of disclosures. 
Under the interim final rule, consistent with the requirements of the 
E-Sign Act, lessors generally must obtain consumers' affirmative 
consent to provide disclosures electronically (66 FR 17322, March 30, 
2001). There are exceptions for disclosures not deemed to relate to 
``transactions,'' such as disclosures in advertising. The interim final 
rule also establishes uniform requirements for the timing and delivery 
of electronic disclosures. Disclosures may be sent by e-mail to an 
electronic address designated by the consumer, or they may be made 
available at another location, such as an Internet web site. If 
disclosures are not sent by e-mail, consumers must receive a notice 
alerting them to the availability of the disclosures. Disclosures 
posted on the web site must be available for at least 90 days to allow 
consumers adequate time to access and retain the information. Lessors 
must make a good faith attempt to redeliver e-disclosures that are 
returned undelivered.
The March 2001 rulemaking was published as an interim final rule to 
allow interested persons to present new information or views not 
considered in previous rulemakings. The rule is not expected to have a 
significant economic impact on a substantial number of small business 
entities. Following review of the public comments, the Board will take 
further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board issued proposed rule      03/25/98                    63 FR 14538
Board issued revised proposed 
rule                            09/14/99                    64 FR 49713
Board issued interim final rule 03/30/01                    66 FR 17322
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Jane Ahrens, Senior Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs

[[Page 62702]]

Phone: 202 452-2412

RIN: 7100-AC53
_______________________________________________________________________




4490. REGULATION: V -- FAIR CREDIT REPORTING (DOCKET NUMBER: R-1082)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681 et seq

CFR Citation: 12 CFR 222

Legal Deadline: None

Abstract: In 1996, the Congress amended the Fair Credit Reporting Act 
(FCRA) as part of the Consumer Credit Reporting Reform Act. The 
amendments prohibited the federal regulatory agencies from issuing 
implementing regulations. In November 1999, the Congress once again 
amended the FCRA as part of the Gramm-Leach-Bliley Act. The amendments 
lifted the prohibition and directed the Board, the Office of the 
Comptroller of the Currency, the Federal Deposit Insurance Corporation, 
and the Office of Thrift Supervision to issue implementing regulations 
jointly.
In October 2000, the agencies issued an initial set of proposed 
regulations for public comment (65 FR 63120, October 20, 2000). The 
proposal is not expected to have a significant economic impact on a 
substantial number of small entities. Following review of the public 
comments, the agencies will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         10/20/00                    65 FR 63120
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: David Stein, Attorney, Federal Reserve System, Division 
of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AC68
_______________________________________________________________________




4491. REGULATION: W -- TRANSACTIONS BETWEEN BANKS AND THEIR AFFILIATES 
(DOCKET NUMBER: R-1103)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 371c; 12 USC 371c-1

CFR Citation: 12 CFR 223

Legal Deadline: None

Abstract: In May 2001, in response to passage of the Gramm-Leach-Bliley 
Act, the Board issued for public comment a new regulation (Regulation 
W) to implement sections 23A and 23B of the Federal Reserve Act (66 FR 
24186, May 11, 2001). Sections 23A and 23B regulate transactions 
between insured depository institutions and their affiliates. The 
proposed regulation codifies existing interpretations and asks for 
comment on new interpretations and exemptions. The proposal also 
requests comment on the treatment of derivatives and intra-day credit 
exposures between insured depository institutions and their affiliates. 
While it is not expected that the proposal will have a significant 
economic impact on a substantial number of small institutions subject 
to the Board's regulation, the Board has specifically requested comment 
on the likely burden the rule will impose. Following review of the 
public comments, the Board is expected to take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         05/11/01                    66 FR 24186
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Pamela G. Nardolilli, Senior Counsel, Federal Reserve 
System, Legal Division
Phone: 202 452-3289

RIN: 7100-AC63
_______________________________________________________________________




4492. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL 
(DOCKET NUMBER: R-1091)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1843

CFR Citation: 12 CFR 225.86

Legal Deadline: None

Abstract: In January 2001, the Board issued for public comment a 
proposed rule amending Regulation Y that would define real estate 
brokerage and real estate management activities as financial in nature 
or incidental to a financial activity and therefore permissible for 
financial holding companies under the Board's Regulation Y (66 FR 307, 
January 3, 2001). The proposal would facilitate the creation of 
diversified financial companies that can offer ``one-stop shopping'' to 
consumers contemplating the purchase or management of real estate. The 
proposal is not expected to have a significant economic impact on a 
substantial number of small business entities. Following review of the 
public comments, the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         01/03/01                      66 FR 307
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Mark E. Van Der Weide, Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-2263

RIN: 7100-AC79
_______________________________________________________________________




4493. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL 
(DOCKET NUMBER: R-1094)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1843

CFR Citation: 12 CFR 225.86(e)

Legal Deadline: None

Abstract: In December 2000, the Board, jointly with the Department of 
the Treasury, issued interim rules with request for public comment that 
implement section 4(k)(5) of the Bank Holding Company Act and section 
5136A(b)(3) of the Revised Statutes, which were added by the Gramm-
Leach-Bliley Act (66 FR 257, January 3, 2001). The interim rules find 
three general types of activities to be financial in nature or 
incidental to a financial activity, and create a mechanism by which 
financial holding companies, financial subsidiaries of national banks, 
or others may request that the Board or the Secretary of the Treasury, 
respectively, define particular activities within one of the three 
categories. Such activities would

[[Page 62703]]

therefore be permissible for financial holding companies and financial 
subsidiaries of national banks. The rules are not expected to have a 
significant economic impact on a substantial number of small entities. 
Following review of the public comments, the Board will take further 
action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         01/03/01                      66 FR 257
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Andrew S. Baer, Counsel, Federal Reserve System, Legal 
Division
Phone: 202 452-2246

RIN: 7100-AC81
_______________________________________________________________________




4494. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL 
(DOCKET NUMBER: R-1092)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1843(k)

CFR Citation: 12 CFR 225.28; 12 CFR 225.89

Legal Deadline: None

Abstract: In December 2000, the Board issued for public comment a 
proposed rule that would allow all bank holding companies to conduct a 
greater amount of nonfinancial data processing than previously 
authorized (65 FR 80384, December 21, 2000). The proposed rule also 
would allow financial holding companies, as a complementary activity, 
to own companies engaged in certain data processing-related activities, 
such as data storage and Internet and portal hosting. The Board 
anticipates that the proposal would allow bank holding companies to 
provide a wider range of financial products and services to customers 
and would not have a significant economic impact on a substantial 
number of small entities. Following review of the public comments, the 
Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/21/00                    65 FR 80384
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Adrianne G. Threatt, Senior Attorney, Federal Reserve 
System, Legal Division
Phone: 202 452-3554

RIN: 7100-AC82
_______________________________________________________________________




4495. REGULATION: Z -- TRUTH IN LENDING (DOCKET NUMBER: R-1090)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1601 et seq

CFR Citation: 12 CFR 226

Legal Deadline: None

Abstract: In December 2000, the Board issued for public comment 
proposed amendments to the provisions of Regulation Z that implement 
the Home Ownership and Equity Protection Act (HOEPA) (65 FR 81438, 
December 26, 2000). HOEPA was enacted in response to evidence of 
abusive lending practices in the home-equity lending market. The 
amendments would (1) broaden the scope of mortgage loans subject to 
HOEPA; (2) prohibit certain acts and practices in connection with home-
secured loans, including rules to restrict creditors from engaging in 
repeated refinancings of their own HOEPA loans over a short period of 
time; (3) strengthen HOEPA's prohibition against extending credit 
without regard to consumers' repayment ability; and (4) enhance 
disclosures for HOEPA-covered loans that consumers receive before 
closing. The proposed rule is expected to benefit the public by 
furthering HOEPA's protections against abusive lending practices. It is 
not expected to have a significant economic impact on a substantial 
number of small business entities. Following review of the public 
comments, the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/26/00                    65 FR 81438
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jane Ahrens, Senior Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC83
_______________________________________________________________________




4496. REGULATION: DD -- TRUTH IN SAVINGS (DOCKET NUMBER: R-1044)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4301 et seq

CFR Citation: 12 CFR 230

Legal Deadline: None

Abstract: In March 1998 and September 1999, the Board issued for public 
comment proposed rules and an interim rule under Regulation DD, which 
implements the Truth in Savings Act (TISA), to permit the electronic 
delivery of disclosures, if the consumer agrees (63 FR 14533, March 25, 
1998, and 64 FR 49740, September 14, 1999). The interim rule permits 
the electronic delivery of TISA disclosures provided on periodic 
statements. The Board also issued similar proposed rules under other 
consumer financial services laws administered by the Board.
On June 30, 2000, the President signed into law the Electronic 
Signatures in Global and National Commerce Act (E-Sign Act), which 
became effective October 1, 2000. The E-Sign Act generally provides 
that records and signatures may not be denied legal effect solely 
because they are in electronic form.
The E-Sign Act incorporated some elements of the Board's regulatory 
proposal governing electronic disclosures. Some provisions in the 
Board's proposal, however, are modified or preempted by the Act, while 
other provisions, which are designed to ensure effective delivery of 
electronic disclosures, were not addressed by the E-Sign Act but are 
consistent with that Act and could be issued as final rules.
In March 2001, following review of the public comments, the Board 
issued an interim final rule on the electronic delivery of disclosures. 
Under the interim final rule, consistent with the requirements of the 
E-Sign Act, depository institutions generally must obtain consumers' 
affirmative consent to provide disclosures electronically (66

[[Page 62704]]

FR 17795, April 4, 2001). There are exceptions for disclosures not 
deemed to relate to ``transactions,'' such as disclosures in 
advertising. The interim final rule also establishes uniform 
requirements for the timing and delivery of electronic disclosures. 
Disclosures may be sent by e-mail to an electronic address designated 
by the consumer, or they may be made available at another location, 
such as an Internet web site. If disclosures are not sent by e-mail, 
consumers must receive a notice alerting them to the availability of 
the disclosures. Disclosures posted on a web site must be available for 
at least 90 days to allow consumers adequate time to access and retain 
the information. Institutions must make a good faith attempt to 
redeliver e-disclosures that are returned undelivered. Under the 
interim final rule, the interim rule permitting electronic delivery of 
Regulation DD disclosures on periodic statements is withdrawn.
The March 2001 rulemaking was published as an interim final rule to 
allow interested persons to present new information or views not 
considered in previous rulemakings. The rule is not expected to have a 
significant economic impact on a substantial number of small business 
entities. Following review of the public comments, the Board will take 
further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board issued proposed rule      03/25/98                    63 FR 14533
Board issued revised proposed 
rule and interim rule           09/14/99                    64 FR 49740
Board issued interim final rule 04/04/01                    66 FR 17795
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jane Ahrens, Senior Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC34
_______________________________________________________________________




4497.   MISC. INTERPRETATIONS: APPLICATION OF SECTIONS 23A AND 
23B OF THE FEDERAL RESERVE ACT TO DERIVATIVE TRANSACTIONS WITH 
AFFILIATES AND INTRADAY EXTENSIONS OF CREDIT TO AFFILIATES (DOCKET 
NUMBER: R-1104)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 371c(f); 12 USC 371c-1(e)

CFR Citation: 12 CFR 250.247

Legal Deadline: None

Abstract: The Gramm-Leach-Bliley Act (GLB Act) required the Board to 
adopt, by May 12, 2001, final rules under section 23A to address credit 
exposures arising out of derivative transactions between insured 
depository institutions and their affiliates and intraday extensions of 
credit by insured depository institutions to their affiliates as 
covered transactions. In May 2001, the Board adopted interim final 
rules pursuant to the amendments to section 23A contained in the GLB 
Act and requested public comment on the rules (66 FR 24229, May 11, 
2001).
The interim rule (1) requires that an institution establish and 
maintain policies and procedures reasonably designed to manage the 
credit exposure arising from the institution's derivative transactions 
with affiliates and (2) clarifies that institution-affiliate derivative 
transactions are subject to the market terms requirement of section 
23B. The policies and procedures must at a minimum provide for 
monitoring and controlling the credit exposure arising from the 
institution's derivative transactions with each affiliate and all 
affiliates in the aggregate, and ensure that the institution's 
derivative transactions with affiliates comply with section 23B. The 
intraday credit rule also requires insured depository institutions to 
have policies and procedures in place and clarifies that the 
transactions are subject to section 23B.
While the proposal is not expected to have a significant economic 
impact on small institutions, the Board has specifically requested 
comment on the likely burden the rule will impose. Following review of 
the public comments, the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         05/11/01                    66 FR 24229
Further Board action by         12/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Mark E. Van Der Weide, Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-2263

RIN: 7100-AC85
_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions


  



_______________________________________________________________________




4498. REGULATION: D -- RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 
(DOCKET NUMBER: R-0956)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 611; 12 USC 3105; 12 USC 248(a); 12 USC 248(c); 
12 USC 371a; 12 USC 461; 12 USC 601

CFR Citation: 12 CFR 204

Legal Deadline: None

Abstract: In December 1996, the Board issued for public comment a 
proposed rule that would revise and clarify the definition of ``savings 
deposit'' consistent with comments received in connection with the 
Board's June 1996 proposal to simplify Regulation D. The proposal would 
also make conforming changes to the definition of ``transaction 
account'' (61 FR 96054, December 31, 1996). No substantive change in 
the regulation is intended. It is not expected that the proposal will 
have a significant adverse impact upon a substantial number of small 
entities. Further action on this proposal is not expected during the 
next six months.

[[Page 62705]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/31/96                    61 FR 69054
Further Board action not 
expected during the next six 
months                          09/10/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Heatherun Allison, Counsel, Federal Reserve System, 
Legal Division
Phone: 202 452-3565

RIN: 7100-AC11
_______________________________________________________________________




4499. REGULATION: E -- ELECTRONIC FUND TRANSFER (DOCKET NUMBER: R-1077)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1693 et seq

CFR Citation: 12 CFR 205

Legal Deadline: None

Abstract: In November 1999, the Congress amended the Electronic Funds 
Transfer Act as a part of the Gramm-Leach-Bliley Act (GLB Act). The 
purpose of the amendments is to require disclosure of automatic 
transfer machine (ATM) fees imposed by ATM operators on consumers who 
hold accounts at other financial institutions.
In July 2000, the Board issued for public comment proposed amendments 
to Regulation E to implement the statutory provisions of the GLB Act 
(65 FR 44481, July 18, 2000).
In March 2001, following review of the public comments, the Board 
adopted a final rule, substantially as proposed, requiring disclosure 
of ATM fees, (66 FR 13409, March 6, 2001). The final rule is not 
expected to have a significant economic impact on small entities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         07/18/00                    65 FR 44481
Board adopted proposal          03/06/01                    66 FR 13409

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: John C. Wood, Counsel, Federal Reserve System, Division 
of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC67
_______________________________________________________________________




4500. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL 
(DOCKET NUMBER: R-1060)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1972

CFR Citation: 12 CFR 225.7

Legal Deadline: None

Abstract: In February 2000, the Board issued for public comment a 
proposed exception to the anti-tying restrictions of section 106 of the 
Bank Holding Company Act Amendments of 1970 and the Board's Regulation 
Y (65 FR 6924, February 11, 2000). The proposed amendment would 
establish a ``safe harbor'' permitting a bank to offer a credit card 
that can be used to make purchases from a retailer affiliated with the 
bank. It is expected that the proposed rule would benefit the public by 
providing consumers with alternative sources of consumer credit, and is 
not expected to have a significant economic impact on a substantial 
number of small business entities. Further action on the proposal is 
not expected during the next six months.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         02/11/00                     65 FR 6924
Further Board action not 
expected during next six months 09/10/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Andrew S. Baer, Counsel, Federal Reserve System, Legal 
Division
Phone: 202 452-2246

RIN: 7100-AC71
[FR Doc. 01-23873 Filed 11-30-01; 8:45 am]
BILLING CODE 6210-01-S
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