[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]


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Part LVI





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 74206]]



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 November 1, 
2004, through April 30, 2005. The next agenda will be published in 
spring 2005.

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 fall 2004 agenda 
as part of the Fall 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 four 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, Long-Term Actions, 
reports on matters that have been proposed and are under Board 
consideration, but will not be completed within the next year. And 
the fourth 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
----------------------------------------------------------------------------------------------------------------
4057        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC73
            System................................................................................
4058        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)...............................................
4059        Regulation: Y -- Bank Holding Companies and Change in Bank Control....................    7100-AC66
4060        Regulation: DD -- Truth in Saving (Docket Number: R-1197).............................    7100-AC93
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4061        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC69
            System (Docket Number: R-1064)........................................................
4062        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).......................................................................
4063        Regulations: H and Y -- Capital Treatment of Consolidated Asset-Backed Commercial         7100-AC94
            Paper Program Assets (Docket Number: R-1156)..........................................
4064        Regulations: H & Y -- Risk-Based Capital Standards: Trust Preferred Securities and the    7100-AC96
            Definition of Capital (Docket Number: R-1193).........................................
4065        Regulation: V -- Fair Credit Reporting (Docket Number: R-1082)........................    7100-AC68
4066        Regulation: V -- Fair Credit Reporting (Docket Number: R-1188)........................    7100-AC91
4067        Regulation: V -- Fair Credit Reporting (Docket Number: R-1203)........................    7100-AC95
4068        Regulation: BB -- Community Reinvestment (Docket Number: R-1112 and R-1181) (Section      7100-AC87
            610 Review)...........................................................................
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4069        Regulation: Y -- Bank Holding Companies and Change in Bank Control....................    7100-AC78

[[Page 74207]]

 
4070        Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number: R-     7100-AC81
            1094).................................................................................
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4071        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)...........................................................
4072        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)....................................................
4073        Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number: R-     7100-AC79
            1091).................................................................................
4074        Regulation: DD -- Truth in Savings Act................................................    7100-AC86
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                        Proposed Rule Stage






_______________________________________________________________________




4057. 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 recently has issued 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 requested comment on      06/30/04                    69 FR 39682
Further Board Action 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
_______________________________________________________________________




4058. 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

[[Page 74208]]

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
_______________________________________________________________________




4059. 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 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
_______________________________________________________________________




4060.  REGULATION: DD -- TRUTH IN SAVING (DOCKET 
NUMBER: R-1197)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4301 et seq

CFR Citation: 12 CFR 230 et seq

Legal Deadline: None

Abstract: The Board proposed amendments to Regulation DD, which 
implements the Truth in Savings Act and the regulation's official staff 
commentary, to address concerns about the uniformity and adequacy of 
information provided to consumers when they overdraw their accounts. 
The proposed amendments, in part, address a specific service offered by 
depository institutions, commonly referred to as ``bounced-check 
protection'' or ``courtesy overdraft protection.''
Depository institutions sometimes offer courtesy overdraft protection 
to deposit account customers as an alternative to a traditional 
overdraft line of credit. To address concerns about the marketing of 
this service, a proposed revision to the regulation would expand the 
prohibition against misleading advertisements to cover communications 
with current customers about existing accounts. Other proposed 
revisions to Regulation DD would require additional fee and other 
disclosures about courtesy overdraft services, including advertising. 
The Board also proposed amendments of general applicability that would 
require institutions to provide more uniform disclosures about 
overdraft and returned-item fees. Following the review of public 
comments, the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         06/07/04                    69 FR 31760
Further Board action by         01/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 7100-AC93

[[Page 74209]]

_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage






_______________________________________________________________________




4061. 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 03/00/05

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
_______________________________________________________________________




4062. 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
_______________________________________________________________________




4063.  REGULATIONS: H AND Y -- CAPITAL TREATMENT OF 
CONSOLIDATED ASSET-BACKED COMMERCIAL PAPER PROGRAM ASSETS (DOCKET 
NUMBER: R-1156)

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 banking agencies, 
extended the applicability date in an existing interim final rule 
(issued October 1, 2003) on the capital treatment of asset-backed 
commercial paper programs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board issued interim final fule 04/26/04                    69 FR 22382
Further Board action by         04/00/05

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-AC94
_______________________________________________________________________




4064.  REGULATIONS: H & Y -- RISK-BASED CAPITAL 
STANDARDS: TRUST PREFERRED SECURITIES AND THE DEFINITION OF CAPITAL 
(DOCKET NUMBER: R-1193)

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 208 app A; 12 CFR 225 app A, sec II A

Legal Deadline: None

Abstract: The Federal Reserve Board proposed rulemaking to allow the 
continued inclusion of trust preferred securities in the tier 1 capital 
of bank holding companies, subject to stricter quantitative limits and 
qualitative standards. The Board also proposes to revise the 
quantitative limits applied to the aggregate amount of cumulative 
perpetual preferred stock, trust preferred securities, and minority

[[Page 74210]]

interests in the equity accounts of certain consolidated subsidiaries 
included in the consolidated tier 1 capital of bank holding companies. 
The quantitative limits would become effective after a three year 
transition period.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment on      05/19/04                    69 FR 28851
Board expects further action by 12/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC96
_______________________________________________________________________




4065. 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 
considered 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. The agencies will take 
final action on the October 2000 proposal when the rulemakings required 
by the FACT Act are completed.

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 A Stein, Senior Attorney, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-2412

RIN: 7100-AC68
_______________________________________________________________________




4066. 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         11/00/04

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

[[Page 74211]]

_______________________________________________________________________




4067.  REGULATION: V -- FAIR CREDIT REPORTING (DOCKET 
NUMBER: R-1203)

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 214 of the FACT Act adds a new section 624 of the FCRA. This 
new provision gives consumers the right to restrict a person from using 
certain information about a consumer obtained from an affiliate to make 
solicitations to that consumer. That section also requires the 
Agencies, in consultation and coordination with each other, to issue 
regulations in final form implementing section 214 not later than 9 
months after the date of enactment. These rules must become effective 
not later than 6 months after the date on which they are issued in 
final form.
The proposed rules were issued by the Board, the Federal Deposit 
Insurance Corporation, the National Credit Union Administration, the 
Office of the Comptroller of the Currency, and the Office of Thrift 
Supervision. The Federal Trade Commission (FTC) and the Securities and 
Exchange Commission (SEC) are also required to issue regulations under 
new section 624 in consultation and coordination with the Agencies. The 
FTC published its proposed rule on June 15, 2004 (69 FR 33,324). The 
SEC proposal will also be published in a separate Federal Register 
notice.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         07/15/04                    69 FR 42501
Board expects further action by:11/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 7100-AC95
_______________________________________________________________________




4068. 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. In July 2004, the 
OCC and the Board withdrew their CRA proposals and the OTS announced 
that they would modify the ``small bank'' threshold. Then in August 
2004, the OTS finalized their CRA rule and the FDIC issued a proposed 
rule seeking additional comments on the ``small bank'' CRA threshold.

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
_______________________________________________________________________


Federal Reserve System (FRS)                          Long-Term Actions






_______________________________________________________________________




4069. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL

Priority: Substantive, Nonsignificant

CFR Citation: 12 CFR 225

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      12/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Andrew S. Baer
Phone: 202 452-2246

RIN: 7100-AC78

[[Page 74212]]

_______________________________________________________________________




4070. REGULATION: Y -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL 
(DOCKET NUMBER: R-1094)

Priority: Substantive, Nonsignificant

CFR Citation: 12 CFR 225.86(e)

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         01/03/01                      66 FR 257
Further Board action by         12/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Andrew S. Baer
Phone: 202 452-2246

RIN: 7100-AC81
_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions






_______________________________________________________________________




4071. 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: On June 24, 2004, the Board withdrew the December 2003 
proposal to amend 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 financial products and 
services. In response to concerns raised by commenters, the Board 
determined that this goal should be achieved by developing proposals 
that focus on improving the effectiveness of individual disclosures 
rather than the adoption of general definitions and standards 
applicable across the five regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/10/03                    68 FR 68786
Proposal withdrawn              06/24/04                    69 FR 35541

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
_______________________________________________________________________




4072. 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, amended 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 was contingent upon the agencies implementing 
alternative, more risk-sensitive risk-based capital requirements for 
liquidity facilities supporting ABCP.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         10/01/03                    68 FR 56568
Board adopted proposal          07/28/04                    69 FR 44908

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
_______________________________________________________________________




4073. 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

[[Page 74213]]

comments, the Board will take further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         01/03/01                      66 FR 307
Further Board action not 
expected in the next six months 09/08/04

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
_______________________________________________________________________




4074. REGULATION: DD -- TRUTH IN SAVINGS ACT

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

________________________________________________________________________

Withdrawn                       09/08/04

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
[FR Doc. 04-22106 Filed 12-10-04; 8:45 am]
BILLING CODE 6210-01-S