[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 XXI





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 24834]]



FEDERAL RESERVE SYSTEM (FRS)                                           


  



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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, 2008, 
through October 31, 2008. The next agenda will be published in fall 
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 spring 2008 
agenda as part of the Spring 2008 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 Web site: www.reginfo.gov. 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. And a third 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--Final Rule Stage
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
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379         Regulation Z--Truth in Lending (Docket Number: R-1286)................................    7100-AD08
380         Regulation Z--Truth in Lending (Docket Number: R-1305)................................    7100-AD17
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                                    Federal Reserve System--Completed Actions
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
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381         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) (Completion of a Section 610 Review)...............
382         Regulation R--Definition of Terms and Exemptions Relating to the ``Broker'' Exemptions    7100-AD05
            for Banks.............................................................................
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Federal Reserve System (FRS)                           Final Rule Stage


  



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379. 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.

[[Page 24835]]

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         06/14/07                    72 FR 32948
Board Expects Further Action By 11/00/08

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
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380. [bull] REGULATION Z--TRUTH IN LENDING (DOCKET NUMBER: R-1305)

Legal Authority: 12 USC 3806; 15 USC 1604; 15 USC 1637(c)(5); 15 USC 
1637(l)

Abstract: The Board proposes to amend Regulation Z, which implements 
the Truth in Lending Act and Home Ownership and Equity Protection Act. 
The goals of the amendments are to protect consumers in the mortgage 
market from unfair, abusive, or deceptive lending and servicing 
practices while preserving responsible lending and sustainable home 
ownership; ensure that advertisements for mortgage loans provide 
accurate and balanced information and do not contain misleading or 
deceptive representations and provide consumers transaction-specific 
disclosures early enough to use while shopping for a mortgage. The 
proposed revisions would apply four protections to a newly-defined 
category of higher-priced mortgage loans secured by a consumer's 
principal dwelling, including a prohibition on a pattern or practice of 
lending based on the collateral without regard to consumer's ability to 
repay their obligations from income, or from other sources besides the 
collateral. The proposed revisions would apply three new protections to 
mortgage loans secured by a consumer's principal dwelling regardless of 
loan price, including a prohibition on a creditor paying a mortgage 
broker more than the consumer had agreed the broker would receive. The 
Board also proposes to require that advertisements provide accurate and 
balanced information, in a clean and conspicuous manner, about rates, 
monthly payments, and other loan features; and to ban several deceptive 
or misleading advertising practices, including representations that a 
rate or payment is ``fixed'' when it can change. Finally, the proposal 
would require creditors to provide consumers with transaction-specific 
mortgage loan disclosures before they pay any fee except a reasonable 
fee for reviewing credit history.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         01/09/08                     73 FR 1672
Board Expects Further Action By 07/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Kathleen Ryan, Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AD17
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Federal Reserve System (FRS)                          Completed Actions


  



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381. 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) 
(COMPLETION OF A 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. A final rule was issued on December 7, 2008 (72 FR 69288), with 
an effective date of April 1, 2008. The Basel II-based rules are 
mandatory for some banking organizations and optional for others. The 
Basel II-based rules 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         09/25/06                    71 FR 55830
Final Action                    12/07/07                    72 FR 69288

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
_______________________________________________________________________




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

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

Abstract: Prior to the Gramm-Leach-Bliley Act of 1999 (GLBA Act), banks 
had a blanket exemption from the definition of ``broker'' in the 
Securities Exchange Act of 1934 (Exchange Act). The GLB 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 jointly issued final rules 
(Regulation R) implementing the ``broker'' exceptions for banks in the 
Exchange Act. (October 3, 2007 72 FR 56514). Regulation R implements, 
substantially as proposed, 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. As part of the final 
rulemaking, a bank is exempt from compliance with the definition of 
``broker'' until the first day of the bank's first fiscal year 
commencing after September 30, 2008.

[[Page 24836]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         12/26/06                    71 FR 77522
Board Adopted Final Rule        10/03/07                    72 FR 56514

Regulatory Flexibility Analysis Required: Yes

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

RIN: 7100-AD05
[FR Doc. E8-7370 Filed 05-02-08; 8:45 am]
BILLING CODE 6210-01-S