[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 XXIV





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 70196]]



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, 
2007, through April 30, 2008. The next agenda will be published in 
spring 2008.

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 2007 agenda 
as part of the Fall 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. The complete Unified Agenda will be available to the public at 
the following website: www.reginfo.gov. 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 
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
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
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575         Regulation R--Definition of Terms and Exemptions Relating to the ``Broker'' Exemptions    7100-AD05
            for Banks.............................................................................
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                                    Federal Reserve System--Final Rule Stage
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
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576         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)...............................
577         Regulation Z--Truth in Lending (Docket Number: R-1286)................................    7100-AD08
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Federal Reserve System (FRS)                        Proposed Rule Stage






_______________________________________________________________________




575. REGULATION R--DEFINITION OF TERMS AND EXEMPTIONS RELATING TO THE 
``BROKER'' EXEMPTIONS FOR BANKS

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

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. The comment period on these proposed joint rules 
closed on 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. 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 September 28, 2007. (See 72 FR 36742, June 
29, 2007).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         12/26/06                    71 FR 77522
Board Expects Further Action by 11/00/07

[[Page 70197]]

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Andrea Tokheim, Counsel, Federal Reserve System, Legal 
Division
Phone: 202-452-2300

RIN: 7100-AD05
_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage






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576. 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)

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

Abstract: On September 25, 2006, the Office of the Comptroller of the 
Currency (OCC), the Board of Governors of the Federal Reserve System 
(Board), the Federal Deposit Insurance Corporation (FDIC), and the 
Office of Thrift Supervision (OTS) (collectively, the Agencies) issued 
a notice of proposed rulemaking that would implement the Basel II 
Capital Accord advanced capital measurement approaches in the United 
States (Basel II NPR). As proposed, the Basel II-based rules would be 
mandatory for some banking organizations and optional for others. The 
Basel II NPR sets forth a new risk-based capital framework for 
organizations that have systems and risk management practices that can 
support the more complex and risk-sensitive regime. The comment period 
ended on March 26, 2007. On July 20, 2007, the Agencies issued a joint 
press release stating that the Agencies have reached an agreement 
regarding the implementation of Basel II in the United States. A final 
rule is under development.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         09/25/06                    71 FR 55830
Further Board Action by         12/00/07

Regulatory Flexibility Analysis Required: No

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

RIN: 7100-AC88
_______________________________________________________________________




577.  REGULATION Z--TRUTH IN LENDING (DOCKET NUMBER: 
R-1286)

Legal Authority: 15 USC 1601 et seq

Abstract: The Board is conducting a review of Regulation Z, which 
implements the Truth in Lending Act (TILA). In June 2007, the Board 
published a notice of proposed rulemaking (NPRM) to amend the 
regulation, and the regulation's official staff commentary, for rules 
affecting open-end (revolving) credit that is not home secured. The 
Board published advance notices of proposed rulemakings seeking comment 
on a variety of issues affecting the open-end credit in December 2004 
and October 2005.
The NPRM seeks comment, among other issues, on amendments that 
highlight fees and penalty rates in disclosures accompanying credit and 
charge card applications and solicitations, require a summary of terms 
when accounts are opened, and breakout costs for fees and interest on 
periodic statements. The proposal implements amendments to TILA 
contained in federal bankruptcy reform legislation. Advance notice 
would be required when penalty rates are imposed, and the time of 
advance notice for changed terms would be extended. Two alternatives 
are proposed dealing with the ``effective'' annual percentage rate 
disclosed on periodic statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         06/14/07                    72 FR 32948
Board Expects Further Action by 06/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jane Ahrens, Senior Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AD08
[FR Doc. 07-04719 Filed 12-07-07; 8:45 am]
BILLING CODE 6210-01-S