[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 LV





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 65630]]



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, 
2005 through April 30, 2006. The next agenda will be published in 
spring 2006.

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 2005 agenda 
as part of the Fall 2005 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

Associate Secretary of the Board

                                   Federal Reserve System--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4036        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC73
            System................................................................................
4037        Regulation: Y -- Bank Holding Companies and Change in Bank Control....................    7100-AC66
4038        Regulation: Y -- Bank Holding Companies and Change in Bank Control....................    7100-AC78
4039        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)...............................................
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4040        Regulation: E -- Electronic Fund Transfers (Docket Number: R-1210)....................    7100-AC98
4041        Regulation: H -- Membership of State Banking Institutions in the Federal Reserve          7100-AC69
            System (Docket Number: R-1064)........................................................
4042        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).......................................................................
4043        Regulations J and CC -- Collection of Checks and Other Items by Federal Reserve Banks     7100-AD00
            and Fund Transfers Through Fedwire and Availability of Funds and Collection of Checks
            (Docket Number: R-1226)...............................................................
4044        Regulation: V -- Fair Credit Reporting (Docket Number: R-1188)........................    7100-AC91
4045        Regulation: V -- Fair Credit Reporting (Docket Number: R-1203)........................    7100-AC95
4046        Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number: R-     7100-AC81
            1094).................................................................................
4047        Regulation: BB -- Community Reinvestment Act (Docket Number: R-1225)..................    7100-AC99
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4048        Regulation: V -- Fair Credit Reporting (Docket Number: R-1082)........................    7100-AC68
4049        Regulation Z -- Truth in Lending (Docket Number R-1217)...............................    7100-AC97
----------------------------------------------------------------------------------------------------------------


[[Page 65631]]


                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4050        Regulations: H & Y -- Risk-Based Capital Standards: Trust Preferred Securities and the    7100-AC96
            Definition of Capital (Docket Number: R-1193).........................................
4051        Regulation: BB -- Community Reinvestment (Docket Number: R-1112 and R-1181)               7100-AC87
            (Completion of a Section 610 Review)..................................................
4052        Regulation: DD -- Truth in Saving (Docket Number: R-1197).............................    7100-AC93
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                        Proposed Rule Stage


  



_______________________________________________________________________




4036. 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 requested public comment 
on revised rules 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
Board will consider requesting 
comment by                      01/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC73
_______________________________________________________________________




4037. 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                      01/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC66
_______________________________________________________________________




4038. 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

[[Page 65632]]

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                      12/00/05

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
_______________________________________________________________________




4039. 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 has been completed. The Board is 
expected to consider an advance notice of proposed rulemaking for 
public comment in the third quarter of 2005.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      10/00/05

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
_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage


  



_______________________________________________________________________




4040. REGULATION: E -- ELECTRONIC FUND TRANSFERS (DOCKET NUMBER: R-1210)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1693b

CFR Citation: 12 CFR 205

Legal Deadline: None

Abstract: In September 2004, the Board published for comment a proposal 
to amend Regulation E, which implements the Electronic Fund Transfer 
Act. The proposal would also revise the official staff commentary to 
the regulation. The commentary interprets the requirements of 
Regulation E to facilitate compliance primarily by financial 
institutions that offer electronic fund transfer services to consumers.
Proposed revisions to the regulation would address its coverage of 
electronic check conversion services and service providers. Among other 
things, persons, such as merchants and other payees, that make 
electronic check conversion services available to consumers would have 
to obtain a consumer's authorization for the electronic fund transfer. 
In addition, the regulation would be revised to provide that payroll 
card accounts established directly or indirectly by an employer on 
behalf of a consumer for the purpose of providing salary, wages, or 
other employee compensation on a recurring basis are accounts covered 
by Regulation E. Proposed commentary revisions would provide guidance 
on preauthorized transfers, additional electronic check conversion 
issues, error resolution, and other matters.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         09/17/04                    69 FR 55996
Further Board action by         12/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC98
_______________________________________________________________________




4041. 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

[[Page 65633]]

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 06/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Patricia A. Robinson, Assistant General Counsel, 
Federal Reserve System, Legal Division
Phone: 202 452-3005

RIN: 7100-AC69
_______________________________________________________________________




4042. 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         12/00/05

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
_______________________________________________________________________




4043. [bull] REGULATIONS J AND CC -- COLLECTION OF CHECKS AND OTHER 
ITEMS BY FEDERAL RESERVE BANKS AND FUND TRANSFERS THROUGH FEDWIRE AND 
AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (DOCKET NUMBER: R-1226)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4001 et seq

CFR Citation: 12 CFR 210; 12 CFR 229

Legal Deadline: None

Abstract: Board staff are currently reviewing the comments to the 
proposed amendments to Regulation CC to address remotely created checks 
and drafting the final rule. The purpose of the rule is to reduce 
remotely created check fraud in the check collection system by shifting 
the liability for such fraud to the depository bank. The Board has the 
authority to address remotely created check fraud pursuant to the 
Expedited Funds Availability Act (12 U.S.C. 4001 et seq.). The rule 
shifts liability for fraudulent remotely created checks from the paying 
bank to the depository bank and thus would impose little or no cost on 
depository institutions generally, as all depository institutions may 
act as paying banks and depository banks. Furthermore, to the extent 
that the shift in liability reduces remotely created check fraud in the 
check collection system, there will exist a commensurate reduction in 
fraud costs for depository institutions generally. Board staff 
anticipates submitting a final rule for Board approval in early 
September.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Further Board action by         10/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Joshua H. Kaplan, Attorney, Federal Reserve System, 
Legal Division
Phone: 202 452-2249

RIN: 7100-AD00
_______________________________________________________________________




4044. 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

[[Page 65634]]

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 6 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 issued 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 enumerated situations in which creditors would be 
permitted to share medical information among affiliates. The proposed 
medical information rules were 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.
In June 2005, the agencies issued interim final rules that will become 
effective March 7, 2006. The agencies expanded the scope of the rules 
to permit all creditors to rely on the exceptions to obtain and use 
medical information. The agencies also gave interested parties an 
opportunity to comment on the expanded scope of the interim final 
rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         04/12/04                    69 FR 19123
Board requested comment         04/28/04                    69 FR 23380
Board requested comment         06/10/05                    70 FR 33958
Further Board action by         10/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Federal

Federalism:  Undetermined

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

RIN: 7100-AC91
_______________________________________________________________________




4045. 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 33324), and the 
SEC published its proposed rule on July 8, 2004 (69 FR 42302).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         07/15/04                    69 FR 42501
Board expects further action by:12/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 7100-AC95
_______________________________________________________________________




4046. 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         12/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

[[Page 65635]]

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

RIN: 7100-AC81
_______________________________________________________________________




4047. [bull] REGULATION: BB -- COMMUNITY REINVESTMENT ACT (DOCKET 
NUMBER: R-1225)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 2901 et seq

CFR Citation: 12 CFR 228

Legal Deadline: None

Abstract: The final rule eliminates data collection and reporting 
obligations for banks with assets between $250 million and $1 billion, 
and makes those banks' CRA evaluations more flexible. The final rule 
recognizes bank activities as ``community development'' activities in a 
larger number of rural areas. The final rule also clarifies when 
illegal credit practices by a bank or its staff might reduce the bank's 
CRA rating. Following review of the public comment, the Board will take 
further action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         03/11/05                    70 FR 12148
Further Board action by         10/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC99
_______________________________________________________________________


Federal Reserve System (FRS)                          Long-Term Actions


  



_______________________________________________________________________




4048. REGULATION: V -- FAIR CREDIT REPORTING (DOCKET NUMBER: R-1082)

Priority: Substantive, Nonsignificant

CFR Citation: 12 CFR 222

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         10/20/00                    65 FR 63120
Further Board action by         12/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: David A. Stein
Phone: 202 452-2412

RIN: 7100-AC68
_______________________________________________________________________




4049. REGULATION Z--TRUTH IN LENDING (DOCKET NUMBER R-1217)

Priority: Substantive, Nonsignificant

CFR Citation: 12 CFR 226 et seq

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/08/04                    69 FR 70925
Further Board action by         12/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Jane Ahrens
Phone: 202 452-3667

RIN: 7100-AC97
_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions


  



_______________________________________________________________________




4050. 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: In May 2004, the Federal Reserve Board issued a proposed rule 
that would 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 proposed 
to revise the quantitative limits applied to the aggregate amount of 
cumulative perpetual preferred stock, trust preferred securities, and 
minority interests in the equity accounts of certain consolidated 
subsidiaries included in the consolidated tier 1 capital of bank 
holding companies. The Board considered comments received and adopted a 
final rule on March 4, 2005, which was published in the Federal 
Register on March 10, 2005 (70 FR 11827).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment on      05/19/04                    69 FR 28851
Board adopted proposal          03/10/05                    70 FR 11827

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

[[Page 65636]]

Phone: 202 452-3621

RIN: 7100-AC96
_______________________________________________________________________




4051. REGULATION: BB -- COMMUNITY REINVESTMENT (DOCKET NUMBER: R-1112 
AND R-1181) (COMPLETION OF A 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 (ANPRM) (66 FR 37602, July 19, 2001). 
After reviewing the comments and the issues, the agencies issued a 
proposed rulemaking (NPRM) (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 stated 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 it would raise the ``small bank'' threshold to 
$1 billion. In August 2004, the OTS finalized its CRA rule and the FDIC 
issued a proposed rule seeking additional comments on the ``small 
bank'' CRA threshold. In March 2005, the Board, OCC, and FDIC issued a 
new proposal to reduce burden on, and improve evaluation of, larger 
community banks, which was adopted as a final rule in July 2005.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         07/19/01                    66 FR 37602
Board requested comment         02/06/04                     69 FR 5729
Withdrawn                       07/16/04

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
_______________________________________________________________________




4052. 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 adopted final 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 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, the final amendments expand the prohibition against 
misleading advertisements to cover communications with current 
customers about existing accounts. Other revisions to Regulation DD 
require additional fee and other disclosures about courtesy overdraft 
services, including advertising. Institutions that promote the payment 
of overdrafts in an advertisement must also provide addtional cost 
disclosures on periodic statements of account activity.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         06/07/04                    69 FR 31760
Board adopted proposal          05/19/05                    70 FR 29582

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
[FR Doc. 05-18117 Filed 10-28-05; 8:45 am]
BILLING CODE 6210-01-S