[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 LIV





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 23660]]



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, 2006, 
through October 31, 2006. The next agenda will be published in fall 
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 spring 2006 
agenda as part of the Spring 2006 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, 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 
a 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
----------------------------------------------------------------------------------------------------------------
3910        Regulation: Y--Bank Holding Companies and Change in Bank Control......................    7100-AC66
3911        Regulation: H--Membership of State Banking Institutions in the Federal Reserve System;    7100-AC88
            and Regulation: Y -- Bank Holding Companies and Change in Bank Control, Capital
            Appendices (Section 610 Review).......................................................
3912        Regulation: H--Membership of State Banking Institutions in the Federal Reserve System.    7100-AC73
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3913        Regulation E--Electronic Funds Transfers (Docket Number: R-1247)......................    7100-AD01
3914        Regulation: H--Membership of State Banking Institutions in the Federal Reserve System     7100-AC69
            (Docket Number: R-1064)...............................................................
3915        Regulation: H--Membership of State Banking Institutions in the Federal Reserve System;    7100-AC75
            and Regulation: Y -- Bank Holding Companies and Change in Bank Control (Docket Number:
            R-1087)...............................................................................
3916        Regulation: V--Fair Credit Reporting (Docket Number: R-1203)..........................    7100-AC95
3917        Regulation: Y--Bank Holding Companies and Change in Bank Control (Docket Number: R-       7100-AC81
            1094).................................................................................
3918        Regulation Y--Bank Holding Companies and Change in Bank Control,Capital Appendices        7100-AD02
            (Docket Number: R-1235)...............................................................
3919        Regulation Z--Truth in Lending (Docket Number R-1217).................................    7100-AC97
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3920        Regulation: V--Fair Credit Reporting (Docket Number: R-1082)..........................    7100-AC68
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[[Page 23661]]


                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3921        Regulation: V--Fair Credit Reporting (Docket Number: R-1188)..........................    7100-AC91
3922        Regulation Y--Bank Holding Companies and Change in Bank Control.......................    7100-AC78
3923        Regulation: E--Electronic Fund Transfers (Docket Number: R-1210)......................    7100-AC98
3924        Regulation: BB--Community Reinvestment Act (Docket Number: R-1225)....................    7100-AC99
3925        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)...............................................................
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                        Proposed Rule Stage






_______________________________________________________________________




3910. 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. The Board will also consider issuing for public comment a 
proposed series of technical changes to Regulation Y necessitated by 
the GLB Act, as well as a general reorganization of Regulation Y. 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                      07/00/06

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-AC66
_______________________________________________________________________




3911. 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.
The guidelines are continuously monitored and updated as required to 
reflect market innovations, accounting changes, or modifications to 
supervisory policy. In October 2005, the Board along with other Federal 
regulatory agencies, issued an advance notice of proposed rulemaking 
(ANPR) with a range of possible modifications to the risk-based capital 
rules. The ANPR was developed in conjunction with on-going revisions to 
the Basel Accord. The Board is expected to consider an NPR with 
revisions in the second half of 2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board will consider requesting 
comment by                      10/00/06

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
_______________________________________________________________________




3912. 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

[[Page 23662]]

Federal Deposit Insurance Act requiring the Board, in consultation with 
the Securities and Exchange Commission, to establish record keeping 
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 record keeping 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. (See 60 FR 39682 (June 20, 
2004) and 70 FR 54596 (September 15, 2005)) In light of these 
developments, the Board has delayed adopting a record keeping 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 
additional comment by           07/00/06

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-AC73
_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage






_______________________________________________________________________




3913.  REGULATION E--ELECTRONIC FUNDS TRANSFERS 
(DOCKET NUMBER: R-1247)

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

Legal Authority: 12 USC 1693(a); 12 USC 1693(d)

CFR Citation: 12 CFR 205.2; 12 CFR 205.18

Legal Deadline: None

Abstract: The interim final rule provides that payroll card accounts 
established directly or indirectly by an employer on behalf of a 
consumer to which electronic funds transfers of the consumer's salary, 
wages, or other employee compensation are made on a recurring basis are 
accounts covered by Regulation E.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              01/10/06                     71 FR 1473
Board to request comment on 
interim rule                    06/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses, Governmental Jurisdictions, 
Organizations

Government Levels Affected: Local, State

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

RIN: 7100-AD01
_______________________________________________________________________




3914. 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 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

[[Page 23663]]

_______________________________________________________________________




3915. 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         06/00/06

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
_______________________________________________________________________




3916. 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:06/00/06

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
_______________________________________________________________________




3917. 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         07/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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

[[Page 23664]]

_______________________________________________________________________




3918.  REGULATION Y--BANK HOLDING COMPANIES AND CHANGE 
IN BANK CONTROL,CAPITAL APPENDICES (DOCKET NUMBER: R-1235)

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

Legal Authority: 12 USC 1817(j)(13); 12 USC 1818; 12 USC 1828 (o); 12 
USC 1831; . . .

CFR Citation: 12 CFR 225; . . .

Legal Deadline: None

Abstract: The capital appendices (appendices A & D) to Regulation Y set 
forth guidelines for institutions in calculating their regulatory 
capital requirements, both risk-based and leveraged. Appendix C, the 
Board's Small Bank Holding Company Policy Statement, sets forth 
guidelines facilitating the transfer of small banks and for exempting, 
under specific circumstances, certain small bank holding companies from 
the consolidated capital guidelines.
The guidelines are continuously monitored and revised as required to 
reflect market innovations, accounting changes, or modifications to 
supervisory policy. The Board recently reviewed the Small Bank Holding 
Company Policy Statement (Appendix C of Regulation Y) and proposed 
reusing the asset size threshold and other criteria for determining 
whether a small bank holding company may qualify for coverage under the 
Policy Statement. The Board also proposed reusing the asset size 
threshold and other criteria for small bank holding companies that may 
be exempt from the capital guidelines. The review was undertaken in 
order to update the guidelines especially considering the impact of 
industry consolidation since the Policy Statement was issued in 1980.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         09/08/05                    70 FR 53320
Further Board action by         06/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 7100-AD02
_______________________________________________________________________




3919. REGULATION Z--TRUTH IN LENDING (DOCKET NUMBER R-1217)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1601 et seq

CFR Citation: 12 CFR 226 et seq

Legal Deadline: None

Abstract: In December 2004, the Board published an advance notice of 
proposed rulemaking (ANPR) to commence a review of the open-end 
(revolving) credit rules of the Board's Regulation Z, which implements 
the Truth in Lending Act (TILA), and the regulation's official staff 
commentary. The Board periodically reviews each of its regulations to 
update them, if necessary.
The ANPR seeks comment on a variety of specific issues relating to 
three broad categories: the format of open-end credit disclosures, the 
content of the disclosures, and the substantive protections provided 
under the regulations. It solicits comments on the scope of the review, 
and also requests commenters to identify other issues that the Board 
should consider addressing in the review.
In October 2005, the Board published a second ANPR that seeks comment 
on issues relating to the implementation of amendments to TILA 
contained in federal bankruptcy reform legislation. The Board plans to 
incorporate the implementation of these TILA amendments into the 
Regulation Z review.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         12/08/04                    69 FR 70925
Board requested additional 
comments                        10/17/05                    70 FR 60235
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, Senior Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AC97
_______________________________________________________________________


Federal Reserve System (FRS)                          Long-Term Actions






_______________________________________________________________________




3920. 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

[[Page 23665]]

_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions






_______________________________________________________________________




3921. 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), Public Law 
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 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. In November 2005, the agencies issued final rules that replace 
the interim final rules which will become effective April 1, 2006.

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
Board issued final rule         11/22/05                    70 FR 70664
Board issued final rule 
correction                      12/22/05                    70 FR 75931

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
_______________________________________________________________________




3922. 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

________________________________________________________________________

Merged With Regulation Y, 7100-
AC66                            04/30/06

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
_______________________________________________________________________




3923. 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 proposal provided 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.
In August 2005, the Board published a second proposal under Regulation 
E that addressed disclosures on automated teller machines (ATMs). This 
proposal incorporated a

[[Page 23666]]

clarification in the regulation that was originally proposed as a 
revision to the staff commentary in the September 2004 proposal. (70 FR 
49891 (August 25, 2005))
In December 2005, the Board published two separate final rules to 
implement the proposed amendments under Regulation E and the staff 
commentary. The first final rule addresses the regulation's coverage of 
electronic check conversion services, and provides guidance on 
preauthorized transfers, error resolution and other matters (71 FR 1638 
(January 10, 2006)). These provisions were adopted substantially as 
proposed. This final rule also adopts the amendments regarding ATM 
disclosures proposed in August 2005. The second final rule, issued as 
an interim rule, solely addresses payroll card accounts (71 FR 1473 
(January 10, 2006)). The interim final rule on payroll card accounts 
differs from the September 2004 proposal in granting relief from the 
requirement to provide paper periodic statements for those financial 
institutions that (1) Make available balance information by telephone; 
(2) make available to the consumer an electronic history of the 
consumer's account transactions; and (3) provide promptly upon the 
consumer's request, a written history of the consumer's account 
transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board requested comment         09/17/04                    69 FR 55996
Board issued final rule         01/10/06                     71 FR 1473

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
_______________________________________________________________________




3924. 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
Board published final rule      08/02/05                    70 FR 44256

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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
_______________________________________________________________________




3925. 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: The Board adopted a final rule amending Regulation CC to 
define ``remotely created checks'' and to create transfer and 
presentment warranties for such checks. The purpose of the amendments 
is to shift liability for unauthorized remotely created checks to the 
depositary bank. The Board also adopted conforming cross-references to 
the new warranties in Regulation J. The final rule is effective July 1, 
2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board approved final rule       11/21/05                    70 FR 71218

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
[FR Doc. 06-2049 Filed 04-21-06; 8:45 am]
BILLING CODE 6210-01-S
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