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


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Part LV





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 38588]]



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 May 1, 2004 
through October 31, 2004. The next agenda will be published in fall 
2004.

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 spring 2004 
agenda as part of the Spring 2004 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                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4111        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC73
            System................................................................................
4112        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC88
            System; and Regulation: Y -- Bank Holding Companies and Change in Bank Control,
            Capital Appendices (Section 610 Review)...............................................
4113        Regulation: Y -- Bank Holding Companies and Change in Bank Control....................    7100-AC66
4114        Regulation: Y -- Bank Holding Companies and Change in Bank Control....................    7100-AC78
4115        Regulation: DD -- Truth in Savings Act (Section 610 Review)...........................    7100-AC86
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4116        Regulations: B - Equal Credit Opportunity; E - Electronic Fund Transfer; M - Consumer     7100-AC92
            Leasing; Z - Truth in Lending; DD - Truth in Savings (Docket Numbers: R-1168, R-1169,
            R-1170, R-1167, and R-1171)...........................................................
4117        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC69
            System (Docket Number: R-1064)........................................................
4118        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).......................................................................
4119        Regulations: H and Y - Risk-Based Capital Guidelines; Capital Adequacy Guidelines;        7100-AC90
            Capital Maintenance: Asset-Backed Commercial Paper Programs and Early Amortization
            Provisions (Docket Number: R-1162)....................................................
4120        Regulation: V -- Fair Credit Reporting (Docket Number: R-1082)........................    7100-AC68
4121        Regulation: V -- Fair Credit Reporting (Docket Number: R-1188)........................    7100-AC91
4122        Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number: R-     7100-AC79
            1091).................................................................................
4123        Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number: R-     7100-AC81
            1094).................................................................................
4124        Regulation: BB -- Community Reinvestment (Docket Number: R-1112 and R-1181) (Section      7100-AC87
            610 Review)...........................................................................
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[[Page 38589]]


                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4125        Regulation: B -- Equal Credit Opportunity; and Regulation: Z -- Truth in Lending          7100-AC46
            (Docket Numbers: R-1040 and R-1043)...................................................
4126        Regulation: E -- Electronic Fund Transfers (Docket Numbers: R-0919 and R-1041)........    7100-AC06
4127        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).......................................................................
4128        Regulation: M -- Consumer Leasing (Docket Number: R-1042).............................    7100-AC53
4129        Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number: R-     7100-AC82
            1092).................................................................................
4130        Regulation: DD -- Truth in Savings (Docket Number: R-1044)............................    7100-AC34
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                        Proposed Rule Stage






_______________________________________________________________________




4111. 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. The Board notes that the 
Securities and Exchange Commission has, by rule, delayed the effective 
date of the new exemptions for banks contained in section 3(a)(4) of 
the Securities Exchange Act of 1934, and has indicated that it expects 
to issue for public comment, a revised rule to implement the ``broker'' 
exception in section 3(a)(4) of the Securities and Exchange Act. In 
light of these developments, the Board has delayed adopting a 
recordkeeping rule pending action by the Securities and Exchange 
Commission. It is not anticipated that the Board's proposal, when 
issued, 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 requuesting 
comment by                      12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC73
_______________________________________________________________________




4112. REGULATION: H -- MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM; AND REGULATION: Y -- BANK HOLDING COMPANIES AND 
CHANGE IN BANK CONTROL, CAPITAL APPENDICES (SECTION 610 REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 24a; 12 USC 36; 12 USC 92a; . . .

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

Legal Deadline: None

Abstract: The capital appendices to Regulations H and Y set forth 
guidelines for institutions in calculating their regulatory capital 
requirements, both risk-based and leveraged.
While the guidelines are continuously monitored and updated as required 
to reflect market innovations, accounting changes, or modifications to 
supervisory policy, the Board is undertaking a more comprehensive 
review of the guidelines to minimize regulatory burden, clarify issues 
arising from the Gramm-Leach-Bliley Act, enhance the overall risk 
sensitivity, and to comply with provisions of section 610(c) of the 
Regulatory Flexibility Act of 1994. This review is proceeding in 
conjunction with ongoing revisions to the Basel Accord. The Board will 
consider requesting comment after the next quantitative impact study on 
the impact of the Basel revisions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      03/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Barbara Bouchard, Deputy Associate Director, Federal 
Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-3072

RIN: 7100-AC88
_______________________________________________________________________




4113. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1844(b)

CFR Citation: 12 CFR 225

[[Page 38590]]

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 have not previously been addressed in rules adopted by the 
Board. 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 will consider requesting 
comment by                      12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC66
_______________________________________________________________________




4114. 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 225

Legal Deadline: None

Abstract: The Board will consider issuing for public comment proposed 
amendments to Regulation Y that will include a series of technical 
changes to Regulation Y necessitated by the Gramm-Leach-Bliley Act, as 
well as a general reorganization of Regulation Y. The proposal should 
not have a significant economic impact on a substantial number of small 
entities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC78
_______________________________________________________________________




4115. 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 Regulation DD for review to update it 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 second quarter 2004 and be 
completed in the same year.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      10/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Jane Ahrens, 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






_______________________________________________________________________




4116.  REGULATIONS: B - EQUAL CREDIT OPPORTUNITY; E - 
ELECTRONIC FUND TRANSFER; M - CONSUMER LEASING; Z - TRUTH IN LENDING; DD 
- TRUTH IN SAVINGS (DOCKET NUMBERS: R-1168, R-1169, R-1170, R-1167, AND 
R-1171)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1691-1691f; 15 USC 1693 et seq; 15 USC 1604 et 
seq; 15 USC 1667f et seq; 12 USC 3806; 15 USC 1604; 15 USC 1637(c)(5); 
12 USC 4301 et seq

CFR Citation: 12 CFR 202 et seq; 12 CFR 205 et seq; 12 CFR 213 et seq; 
12 CFR 226 et seq; 12 CFR 230 et seq

Legal Deadline: None

Abstract: In December 2003, the Board proposed amendments to five 
regulations to (1) establish a more uniform standard of providing 
``clear and conspicuous'' disclosures among the Board's consumer 
financial services regulations, and (2) define more specifically the 
standard for providing ``clear and conspicuous'' disclosures. The 
proposals were intended to help ensure that consumers receive 
noticeable and understandable information that is required by law in 
connection with obtaining consumer

[[Page 38591]]

financial products and services. The Board is reviewing the comment 
letters and is considering appropriate options to improve disclosures 
and address commenters' concerns.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/10/03                    68 FR 68786
Further Board action by         06/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: James A. Michaels, Assistant Director, Federal Reserve 
System, Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AC92
_______________________________________________________________________




4117. 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. It is not 
anticipated that the proposal 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 12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC69
_______________________________________________________________________




4118. 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; . . .

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: In December 2000, the Board issued an interim rule, with 
request for public comment, amending Regulations H and Y to 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         11/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC75
_______________________________________________________________________




4119.  REGULATIONS: H AND Y - RISK-BASED CAPITAL 
GUIDELINES; CAPITAL ADEQUACY GUIDELINES; CAPITAL MAINTENANCE: ASSET-
BACKED COMMERCIAL PAPER PROGRAMS AND EARLY AMORTIZATION PROVISIONS 
(DOCKET NUMBER: R-1162)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24; 12 USC 36

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: The Federal Reserve, along with the other federal banking 
agencies, proposed to amend their risk-based capital standards by 
removing a sunset provision in order to permit sponsoring banks, 
thrifts, and bank holding companies (banking organizations) to continue 
to exclude from their risk-weighted asset bases those assets in asset-
backed commercial paper (ABCP) programs that are consolidated onto 
balance sheets as a result of Financial Accounting Standards Board 
Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 
46). The removal of the sunset provision is contingent upon the 
agencies implementing alternative, more risk-sensitive risk-based 
capital requirements for liquidity facilities provided to ABCP 
programs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         10/01/03                    68 FR 56568
Further Board action by         07/00/04

[[Page 38592]]

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas R. Boemio, Senior Project Manager, Policy, 
Federal Reserve System, Division of Banking Supervision and Regulation
Phone: 202 452-2982

RIN: 7100-AC90
_______________________________________________________________________




4120. 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, among other things, 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 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, agency staff is 
considering a revised proposal.
On December 4, 2003, the President signed into law the Fair and 
Accurate Credit Transactions Act (FACT Act) Pub. L. 108-159, 117 Stat. 
1952, which amends the Fair Credit Reporting Act. In general, the FACT 
Act contains provisions designed to enhance the ability of consumers to 
combat identity theft, increase the accuracy of consumer reports, and 
allow consumers to exercise greater control regarding the type and 
amount of marketing solicitations they receive. The FACT Act requires 
the Board to issue regulations or guidelines to implement various 
provisions of the statute. Many of these actions must be undertaken 
jointly or in consultation with other federal agencies. Each rulemaking 
under the FACT Act is separately listed herein.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         10/20/00                    65 FR 63120
Further Board action by         06/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC68
_______________________________________________________________________




4121.  REGULATION: V -- FAIR CREDIT REPORTING (DOCKET 
NUMBER: R-1188)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681 et seq

CFR Citation: 12 CFR 222

Legal Deadline: None

Abstract: On December 4, 2003, the President signed into law the Fair 
and Accurate Credit Transactions Act of 2003, (FACT Act), Pub. L. 108-
159, 117 Stat. 1952, which amends the Fair Credit Reporting Act (FCRA). 
Section 411 of the FACT Act amends the FCRA to provide that a creditor 
may not obtain or use medical information in connection with any 
determination of a consumer's eligibility, or continued eligibility, 
for credit, except as permitted by regulations. The FACT Act requires 
the federal bank and thrift regulatory agencies to prescribe 
regulations that permit creditors to obtain and use medical information 
for eligibility purposes when necessary and appropriate to protect 
legitimate operational, transactional, risk, consumer, and other needs. 
The Act further requires that regulations creating these exceptions 
must be issued in final form within six months of the date of enactment 
of the FACT Act, or June 4, 2004.
Section 411 of the FACT Act also amends the FCRA to limit the ability 
of creditors and others to share medical-related information with 
affiliates, except as permitted by the statute, regulation, or order.
In April 2004, the agencies plan to issue proposed regulations that 
would grant exceptions to allow creditors to obtain or use medical 
information in certain circumstances in connection with determinations 
of consumer eligibility for credit, as required by section 411. The 
proposed rules also would enumerate situations in which creditors would 
be permitted to share medical information among affiliates.
The proposed rules would be issued by the Board, Federal Deposit 
Insurance Corporation, National Credit Union Administration, Office of 
the Comptroller of the Currency, and Office of Thrift Supervision. The 
rules would amend each agency's rules of practice separately, but would 
be substantively identical.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         04/12/04                    69 FR 19123
Board requested additional 
comment                         04/28/04                    69 FR 23380
Further Board action by         07/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Federal

Federalism:  Undetermined

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

RIN: 7100-AC91
_______________________________________________________________________




4122. 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

[[Page 38593]]

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         12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC79
_______________________________________________________________________




4123. 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 
specify 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 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         12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC81
_______________________________________________________________________




4124. REGULATION: BB -- COMMUNITY REINVESTMENT (DOCKET NUMBER: R-1112 
AND R-1181) (SECTION 610 REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 290 et seq.

CFR Citation: 12 CFR 228 et seq.

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 goal of these regulations 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). 
After reviewing the comments and the issues, the agencies issued a 
proposed rulemaking (NPR) (69 FR 5729, Feb. 6, 2004). The agencies 
proposed to amend their CRA regulations (Regulation BB, for the Board) 
to increase the number of institutions eligible for streamlined CRA 
examinations and clarify when an illegal or abusive credit practice by 
a bank or its affiliate will adversely affect the bank's CRA 
evaluation. Each agency certified that the proposal would reduce burden 
and would not raise costs for small financial institutions and, 
therefore, would not have a significant economic impact on a 
substantial number of small entities subject to the regulations. (69 FR 
at 5742) The comment period closed on April 6, 2004, and the agencies 
are reviewing the comments and considering their next steps.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         07/19/01                    66 FR 37602
Board requested comment         02/06/04                     69 FR 5729
Further Board action by         12/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Dan Sokolov, Attorney, Federal Reserve System, Division 
of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC87

[[Page 38594]]

_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions






_______________________________________________________________________




4125. 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.
The Electronic Signatures in Global and National Commerce Act (E-Sign 
Act), which became effective October 1, 2000, generally governs the 
validity of records and signatures 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, were modified or preempted by the Act, while other 
provisions were not addressed by the E-Sign Act but were consistent 
with that Act and could be issued as final rules.
In March 2001, the Board issued interim final rules on the electronic 
delivery of disclosures (66 FR 17329, March 30, 2001, and 66 FR 17779, 
April 4, 2001). The scheduled mandatory compliance date was later 
lifted (66 FR 41439, August 8, 2001). 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. There are exceptions for certain disclosures. The 
interim final rules also establish uniform requirements for the timing 
and delivery of electronic disclosures. 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.

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
Board lifted mandatory 
compliance date                 08/08/01                    66 FR 41439
Further Board action not 
expected within the next six 
months                          04/23/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Jane Jensen Gell, Manager, Fair Lending, Federal 
Reserve System, Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC46
_______________________________________________________________________




4126. 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 an interim final rule and proposed rules 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.
The Electronic Signatures in Global and National Commerce Act (E-Sign 
Act), which became effective October 1, 2000, 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. 
Certain provisions in the Board's proposal, however, were modified or 
preempted by the Act, while other provisions were not addressed by the 
E-Sign Act but were 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 (66 FR 17786, April 4, 2001). The scheduled 
mandatory compliance date was later lifted (66 FR 41439, August 8, 
2001). 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. 
The interim final rule also establishes uniform requirements for the 
timing and delivery of electronic disclosures. The March 1998 interim 
rule was withdrawn under the interim final rule.
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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board issued proposed rule on 
coverage of stored-value 
products & electronic delivery 
of disclosures                  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
Board lifted mandatory 
compliance date of interim final 
rule                            08/08/01                    66 FR 41439
Further Board action not 
expected within the next six 
months                          04/23/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Jane Jensen Gell, Manager, Fair Lending, Federal 
Reserve

[[Page 38595]]

System, Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC06
_______________________________________________________________________




4127. 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; . . .

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 riskweight. 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 provisions in 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 
interagency final rule, Board action is pending development of revised 
international standards for collateralization as part of the revision 
of Basel Accord.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         08/16/96                    61 FR 42565
Further Board action not 
expected in the next six months 04/23/04

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
_______________________________________________________________________




4128. 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.
The Electronic Signatures in Global and National Commerce Act (E-Sign 
Act), which became effective October 1, 2000, generally governs the 
validity of records and signatures 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, were modified or preempted by the Act, while other provisions 
were not addressed by the E-Sign Act but were consistent with that Act 
and could be issued as final rules.
In March 2001, the Board issued an interim final rule on the electronic 
delivery of disclosures (66 FR 17322, March 30, 2001). The scheduled 
mandatory compliance date was later lifted (66 FR 41439, August 8, 
2001). 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. There are exceptions for 
disclosures not deemed to relate to ``transactions,'' such as 
disclosures in advertising. The interim final rule also establishes 
uniformrequirements for the timing and delivery of electronic 
disclosures.
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.

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
Board lifted mandatory 
compliance date                 08/08/01                    66 FR 41439
Further Board action not 
expected within the next 6 
months                          04/23/04

Regulatory Flexibility Analysis Required: No

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-AC53
_______________________________________________________________________




4129. 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 2003, the Board adopted a final rule that expands 
the ability of all bank holding companies,

[[Page 38596]]

including financial holding companies, to process, store, and transmit 
nonfinancial data in connection with their financial data processing, 
storage, and transmission activities (68 FR 68493, December 9, 2003). 
The Board decided not to adopt a rule that would authorize financial 
holding companies, as a complementary activity, to engage in a wider 
range of nonfinancial data processing, communications, and e:commerce 
related activities. The Board announced, however, that it would 
consider proposals by financial holding companies to engage in, or 
acquire a company engaged in, additional nonfinancial data processing 
information portal, and technology-related activities that the 
financial holding company believes are complementary to its financial 
activities on a case-by-case basis under section 4(j) of the Bank 
Holding Company Act. The final rule should allow bank holding companies 
to provide a wider range of data processing services to customers and 
would not have a significant economic impact on a substantial number of 
small entities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/21/00                    65 FR 80384
Board adopted proposal          12/09/03                    68 FR 68493

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 7100-AC82
_______________________________________________________________________




4130. 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. 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.
The Electronic Signatures in Global and National Commerce Act (E-Sign 
Act), which became effective October 1, 2000, generally governs the 
validity of records and signatures in electronic form. The E-Sign Act 
incorporated some elements of the Board's regulatory proposal governing 
electronic disclosures. Certain provisions in the Board's proposal, 
however, were modified or preempted by the Act, while other provisions 
were not addressed by the E-Sign Act but were consistent with that Act 
and could be issued as final rules.In March 2001, the Board issued an 
interim final rule on the electronic delivery of disclosures. The 
scheduled mandatory compliance date was later lifted. 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. 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. The 1999 interim rule permitting electronic delivery of 
Regulation DD disclosures on periodic statements was withdrawn under 
the interim final rule.
The March 2001 rulemaking was published as an interim final rule to 
allow interested persons to present new information or views not 
previously consided. The rule is not expected to have a signifiicant 
economic impact on a substantial number of small entities.

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
Board lifted mandatory 
compliance date                 08/08/01                    66 FR 41439
Further Board action not 
expected within the next 6 
months                          04/23/04

Regulatory Flexibility Analysis Required: No

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
[FR Doc. 04-11478 Filed 06-25-04; 8:45 am]
BILLING CODE 6210-01-S