[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 23560]]



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, 2007 
through October 31, 2007. The next agenda will be published in fall 
2007.

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 2007 
agenda as part of the Spring 2007 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
----------------------------------------------------------------------------------------------------------------
3612        Regulation: D--Reserve Requirements of Depository Institutions (Docket Number: R-1262)    7100-AD04
3613        Regulation: E--Electronic Fund Transfers (Docket Number: R-1270)......................    7100-AD06
3614        Regulation: H--Membership of State Banking Institutions in the Federal Reserve System.    7100-AC73
3615        Regulation: H and Y; Risk-Based Capital Guidelines; Basel 1A (Docket Number: R-1238)..    7100-AD07
3616        Regulation: R--Definition of Terms and Exemptions Relating to the ``Broker''              7100-AD05
            Exemptions for Banks..................................................................
3617        Regulation: S--Threshold for the Requirement To Collect, Retain, and Transmit             7100-AD03
            Information on Funds Transfers and Transmittals of Funds (Docket Number: R-1258)......
3618        Regulation: Y--Bank Holding Companies and Change in Bank Control......................    7100-AC66
3619        Regulation: Z--Truth in Lending (Docket Number: R-1217)...............................    7100-AC97
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3620        Regulation: H--Membership of State Banking Institutions in the Federal Reserve System     7100-AC69
            (Docket Number: R-1064)...............................................................
3621        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 (Docket Number: R-1261) (Section 610 Review)...............................
3622        Regulation: V--Fair Credit Reporting (Docket Number: R-1203)..........................    7100-AC95
3623        Regulation: Y--Bank Holding Companies and Change in Bank Control (Docket Number: R-       7100-AC81
            1094).................................................................................
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                                    Federal Reserve System--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3624        Regulation: V--Fair Credit Reporting (Docket Number: R-1082)..........................    7100-AC68
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[[Page 23561]]


                                    Federal Reserve System--Completed Actions
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3625        Regulation: E--Electronic Funds Transfers (Docket Number: R-1247).....................    7100-AD01
3626        Regulation: Y--Bank Holding Companies and Change in Bank Control, Capital Appendices      7100-AD02
            (Docket Number: R-1235)...............................................................
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                        Proposed Rule Stage


  



_______________________________________________________________________




3612. REGULATION: D--RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 
(DOCKET NUMBER: R-1262)

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

Unfunded Mandates: Undetermined

Legal Authority: 12 USC 248a; 12 USC 371a; 12 USC 461; 12 USC 601; 12 
USC 611

CFR Citation: 12 CFR 204

Legal Deadline: None

Abstract: The Board proposes to revise its 1980 interpretation of 
Regulation D setting forth criteria for the criteria for the ``bankers' 
bank'' exemption from reserve requirements. The proposed revisions 
would authorize the Board to determine, on a case by case basis, 
whether certain entities not already expressed authorized in the 
interpretation may become customers to a limited extent of bankers' 
bank.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         08/14/06                    71 FR 46411
Further Board Action by         12/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AD04
_______________________________________________________________________




3613. [bull] REGULATION: E--ELECTRONIC FUND TRANSFERS (DOCKET NUMBER: R-
1270)

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1693 et seq

CFR Citation: 12 CFR 205.9

Legal Deadline: None

Abstract: When a debit card is used at an electronic terminal, the 
Electronic Fund Transfer Act (EFTA) and Regulation E require that a 
receipt setting forth transaction information be made available to the 
consumer at that time. The receipt requirement applies whenever an EFT 
is made at an electronic terminal, regardless of the amount of the 
transaction. An electronic terminal is defined as any electronic device 
(other than a telephone operated by a consumer) through which a 
consumer may initiate an EFT. Electronic terminals include, but are not 
limited to, POS terminals, ATM machines, and cash dispensing machines.
The start-up, servicing, and maintenance costs associated with 
providing terminal receipts for debit card transactions could pose a 
significant obstacle to industry's ability to offer, and consumer's 
ability to use, cashless payment options in certain retail 
environments. For example, in environments that exclusively handle 
small-dollar transactions, such as vending machines and parking meters, 
installing and servicing additional equipment capable of providing 
terminal receipts may not be cost-effective. For public mass-transit 
systems, the time required to provide each consumer with a receipt for 
debit card transactions would cause delays that significantly conflict 
with the transit systems' need to handle a heavy volume of transactions 
within short time periods. Given the practical difficulties posed by 
the receipt requirement in small-dollar transactions, the Board is 
proposing to eliminate the receipt requirement for transactions of $15 
or less.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         12/01/06                    71 FR 69500
Board Expects Further Action by 07/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 7100-AD06
_______________________________________________________________________




3614. REGULATION: H--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE 
FEDERAL RESERVE SYSTEM

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1828(t)

CFR Citation: 12 CFR 208

Legal Deadline: None

Abstract: Section 204 of the Grammy-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 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

[[Page 23562]]

these recordkeeping requirements. The Board notes that the Securities 
and Exchange Commission has, by order, granted the banks an exemption 
from compliance with the definition of broker until July 2, 2007. (See 
71 FR 77557, December 26, 2006) In addition, the Board and the 
Securities and Exchange Commission, as required by the Financial 
Services Regulatory Relief Act of 2006, have issued for comment 
proposed joint rules that would implement the ``broker'' exceptions in 
section 3(a)(4) of the Exchange Act. (See 71 FR 77522, December 26, 
2006) The comment period on these proposed joint rules closed on March 
26, 2007. In light of these developments, the Board has delayed 
adopting a record keeping rule pending completion of final joint rules 
implementing the ``broker'' exceptions. 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         06/30/04                    69 FR 39682
Board Will Consider Requesting 
Additional Comment by           10/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC73
_______________________________________________________________________




3615. [bull] REGULATION: H AND Y; RISK-BASED CAPITAL GUIDELINES; BASEL 
1A (DOCKET NUMBER: R-1238)

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 208; 12 CFR 225

Legal Deadline: None

Abstract: The Office of the Comptroller of the Currency (OCC), Board of 
Governors of the Federal Reserve System (Board), Federal Deposit 
Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) 
(collectively, the Agencies) proposed revisions to the existing risk-
based capital framework that would enhance its risk sensitivity without 
unduly increasing regulatory burden. These changes would apply to 
banks, bank holding companies, and savings associations (Banking 
organizations). A banking organization would be able to elect to adopt 
these proposed revisions or remain subject to the Agencies' existing 
risk-based capital rules, unless it uses the Proposed Advanced Capital 
Adequacy Framework (Basel II NPR). Specifically, the Agencies are 
proposing to expand the number of risk weight categories, allow the use 
of external credit ratings to risk weight certain exposures, expand the 
range of recognized collateral and eligible guarantors, use loan-to-
value ratios to risk weight most residential mortgages, increase the 
credit conversion factor for certain commitments with an original 
maturity of one year or less, assess a charge for early amortizations 
in securitizations of revolving exposures, and remove the 50 percent 
limit on the risk weight for certain derivative transactions. A banking 
organization would have to apply all the proposed changes if it chose 
to use these revisions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment on      12/26/06                    71 FR 77446
Further Board Action by         09/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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-AD07
_______________________________________________________________________




3616. [bull] REGULATION: R--DEFINITION OF TERMS AND EXEMPTIONS RELATING 
TO THE ``BROKER'' EXEMPTIONS FOR BANKS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78c(a)(4)(F)

CFR Citation: 12 CFR 218

Legal Deadline: None

Abstract: Before the Gramm-Leach Bliley Act of 1999 (GBL Act), banks 
had a blanket exemption from the definition of broker. The GBL Act 
removed the blanket exception and replaced it with 11 activity-based 
exceptions covering broad categories of bank securities ``broker'' 
activities. As required by the Financial Services Regulatory Relief Act 
of 2006, the Board and the Securities Exchange Commission issued for 
comment joint rules (Regulation R) implementing the ``broker'' 
exceptions for banks. Comments on proposed Regulation R are due by 
March 26, 2007. Proposed Regulation R would implement the ``broker'' 
exceptions relating to bank trust and fiduciary, safekeeping and 
custody, and deposit ``sweep'' services, as well as the exception 
relating to ``networking'' arrangements between banks and broker-
dealers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         12/26/06                    71 FR 77522
Board Expects Further Action by 07/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 7100-AD05
_______________________________________________________________________




3617. REGULATION: S--THRESHOLD FOR THE REQUIREMENT TO COLLECT, RETAIN, 
AND TRANSMIT INFORMATION ON FUNDS TRANSFERS AND TRANSMITTALS OF FUNDS 
(DOCKET NUMBER: R-1258)

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

Legal Authority: 12 USC 1829b; 12 USC 1951

CFR Citation: 12 CFR 219

Legal Deadline: None

Abstract: The Financial Crimes Enforcement Network of the Department of 
the Treasury and the Board of Governors of the Federal Reserve System 
are reviewing and assessing the comment letters received in response to 
the advance notice of

[[Page 23563]]

proposed rulemaking on the threshold for the requirement to collect, 
retain, and transmit information on funds transfers and transmittals of 
funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Request Board Action by         12/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: James K. Owens, Manager, Federal Reserve System, 
Wholesale Payments Section
Phone: 202 728-5848

RIN: 7100-AD03
_______________________________________________________________________




3618. 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 
Additional Comment by           12/00/07

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
_______________________________________________________________________




3619. 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 (ANPRM) 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 ANPRM 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 ANPRM 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         06/00/07

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

[[Page 23564]]

_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage


  



_______________________________________________________________________




3620. 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  12/00/07

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
_______________________________________________________________________




3621. 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 (DOCKET NUMBER: R-1261) 
(SECTION 610 REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 24 to 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 on 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 August 2003, the Board, along with the other 
Federal banking agencies issued an advance notice of proposed 
rulemaking (ANPRM) seeking public comment on a range of possible 
revisions to the Basel capital accord. In March 2006, the Board 
approved issuing for public comment a notice of proposed rulemaking 
(NPRM) based on the final revised Basel capital accord (Basel II). The 
NPRM sets forth a new regulatory capital framework for certain banking 
organizations that have systems and risk management practices that can 
support the more complex regime. The NPRM was approved by other Federal 
banking agencies and issued for public comment in September 2006.
In December 2006, the Board and the other Federal banking agencies, 
extended the comment period for the Basel II NPRM to coincide with the 
end of the comment period for the so-called Basel 1A NPRM (Docket 
Number: R-1238). The comment period end date for both NPRMs is March 
26, 2007.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         09/25/06                    71 FR 55830
Further Board Action by         07/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

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
_______________________________________________________________________




3622. 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 05/00/07

[[Page 23565]]

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
_______________________________________________________________________




3623. 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 to 
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         12/00/07

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
_______________________________________________________________________


Federal Reserve System (FRS)                          Long-Term Actions


  



_______________________________________________________________________




3624. 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         12/00/08

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 7100-AC68
_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions


  



_______________________________________________________________________




3625. REGULATION: E--ELECTRONIC FUNDS TRANSFERS (DOCKET NUMBER: R-1247)

Priority: Substantive, Nonsignificant

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 Issued Final Rule         08/30/06                    71 FR 51437

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses, Governmental Jurisdictions, 
Organizations

Government Levels Affected: Local, State

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

RIN: 7100-AD01
_______________________________________________________________________




3626. REGULATION: Y--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL, 
CAPITAL APPENDICES (DOCKET NUMBER: R-1235)

Priority: Substantive, Nonsignificant

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 to

[[Page 23566]]

calculate 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. In February 2006, the Board revised the Small Bank 
Holding Company Policy Statement (Appendix C of Regulation Y) raising 
its asset size threshold from $150 million to $500 million and revising 
other criteria used in determining whether a small bank holding company 
may qualify for coverage under the Policy Statement. The Board also 
revised the asset threshold and other qualifying criteria for small 
bank holding companies that may be exempt from the capital guidelines 
(appendices A & D). The revisions were made in order to update the 
guidelines especially considering the impact of industry consolidation 
since the last Policy Statement was issued in 1980. The 2006 final rule 
was adopted substantially as proposed in 2005.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         09/08/05                    70 FR 53320
Board Issued Final Rule         02/27/06                     71 FR 9897

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
[FR Doc. 07-01255 Filed 04-27-07; 8:45 am]
BILLING CODE 6210-01-S
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