[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Proposed Rules]
[Pages 1698-1703]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31517]
[[Page 1697]]
Vol. 78
Tuesday,
No. 5
January 8, 2013
Part XXIII
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 78 , No. 5 / Tuesday, January 8, 2013 /
Unified Agenda
[[Page 1698]]
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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.
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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,
2012 through April 30, 2013. The next agenda will be published in
spring 2013.
DATES: Comments about the form or content of the agenda may be
submitted any time during the next six months.
ADDRESSES: Comments should be addressed to Robert de V. Frierson,
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 2012 agenda
as part of the Fall 2012 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 four sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next six 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
a completion date has not been determined. And a fourth section,
Completed Actions, reports on regulatory matters the Board has
completed or is not expected to consider further.
A dot () preceding an entry indicates a new matter that was
not a part of the Board's previous agenda.
Margaret McCloskey Shanks,
Associate Secretary of the Board.
Federal Reserve System--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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521....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No. R-1408).
522....................... Regulation NN--Retail 7100-AD79
Foreign Exchange
Transactions (Docket No.
R-1428).
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Federal Reserve System--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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523....................... Regulations H and Y-- 7100-AD87
Regulatory Capital Rules:
Regulatory Capital,
Implementation of Basel
III, Minimum Regulatory
Capital Ratios, Capital
Adequacy, and Transition
Provisions. (Docket No. R-
1442).
524....................... Regulation LL--Savings and 7100-AD80
Loan Holding Companies
and Regulation MM--Mutual
Holding Companies (Docket
No. R-1429).
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Federal Reserve System--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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525....................... Regulation KK--Margin and 7100-AD74
Capital Requirements for
Covered Swap Entities
(Docket No. R-1415).
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Federal Reserve System--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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526....................... Regulations H and Y-- 7100-AD88
Regulatory Capital Rules:
Standardized Approach for
Risk-weighted Assets;
Market Discipline and
Disclosure Requirements
(Docket No. R-1443).
527....................... Regulations H and Y-- 7100-AD89
Regulatory Capital Rules:
Advanced Approaches Risk-
based Capital Rule;
Market Risk Capital Rule
(Docket No. R-1444).
528....................... Regulation OO--Securities 7100-AD81
Holding Companies (Docket
No. R-1430).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
521. Regulation CC--Availability of Funds and Collection of Checks
(Docket No. R-1408)
Legal Authority: 12 U.S.C. 4001 to 4010; 12 U.S.C. 5001 to 5018
Abstract: The Federal Reserve Board (the Board) proposed amendments
to Regulation CC to facilitate the banking industry's ongoing
transition to fully electronic interbank check collection and return,
including proposed amendments to condition a depositary bank's right of
expeditious return on the depositary bank agreeing to accept returned
checks electronically either directly or indirectly from the paying
bank. The Board also proposed amendments to the funds availability
schedule provisions to reflect the fact that there are no longer any
nonlocal checks. The Board proposed to revise the model forms in
appendix C that banks may use in disclosing their funds availability
policies to their customers and to update the preemption determinations
in appendix F. Finally, the Board requested comment on whether it
should consider future changes to the regulation to improve the check
collection system, such as decreasing the time afforded to a paying
bank to decide whether to pay a check in order to reduce the risk to a
depositary bank of needing to make funds available for withdrawal
before learning whether a deposited check has been returned unpaid.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 03/25/11 76 FR 16862
Board Expects Further Action........ 12/00/12 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dena Milligan, Attorney, Federal Reserve System,
Legal Division, Phone: 202 452-3900.
RIN: 7100-AD68
522. Regulation NN--Retail Foreign Exchange Transactions (Docket No. R-
1428)
Legal Authority: 7 U.S.C. 2(i)(2)(E); 12 U.S.C. 248; 12 U.S.C. 321
to 338; 12 U.S.C. 1818; 12 U.S.C. 3108; * * *
Abstract: The Federal Reserve Board is publishing for comment a
regulation to permit banking organizations under its supervision to
engage in off-exchange transactions in foreign currency with retail
customers. Section 2(c)(Z)(E) of the Commodity Exchange Act, as amended
by the Dodd-Frank Act, requires U.S. financial institutions to effect
these transactions only pursuant to rules adopted by their Federal
regulatory authority.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 08/03/11 76 FR 46652
Board Expects Further Action........ 12/00/12 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Scott J. Holz, Senior Counsel, Federal Reserve
System, Legal Division, Phone: 202 452-2966.
RIN: 7100-AD79
FEDERAL RESERVE SYSTEM (FRS)
Final Rule Stage
523. Regulations H and Y--Regulatory Capital Rules: Regulatory
Capital, Implementation of Basel III, Minimum Regulatory Capital
Ratios, Capital Adequacy, and Transition Provisions (Docket No. R-1442)
Legal Authority: 12 U.S.C. 24; 12 U.S.C. 36; 12 U.S.C. 92a; 12
U.S.C. 93a; * * *
Abstract: In this Notice of Proposed Rulemaking (NPRM), the Office
of the Comptroller of the Currency, the Board of Governors of the
Federal Reserve System, and the Federal Deposit Insurance Corporation,
(the Agencies) are proposing to revise their risk-based and leverage
capital requirements consistent with agreements reached by the Basel
Committee on Banking Supervision (BCBS) in ``Basel III: A Global
Regulatory Framework for More Resilient Banks and Banking Systems''
(Basel III). The proposed revisions would include implementation of a
new common equity tier I minimum capital requirement, a higher minimum
tier I capital requirement, and, for banking organizations subject to
the advanced approaches capital rules, a supplementary leverage ratio
that incorporates a broader set of exposures in the denominator
measure. Additionally, consistent with Basel III, the Agencies are
proposing to apply limits on a banking organization's capital
distributions and certain discretionary bonus payments if the banking
organization does not hold a specified amount of common equity tier I
capital above the amount necessary to meet its minimum risk-based
capital requirements. This NPRM also would establish more conservative
standards for including an instrument in regulatory capital. As
discussed in the proposal, the revisions set forth in this NPRM are
consistent with section 171 of the Dodd-Frank Act, which requires the
Agencies to establish minimum risk-based and leverage capital
requirements.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 08/30/12 77 FR 53059
Board Expects Further Action........ 03/00/13
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anna Lee Hewko, Assistant Director, Federal Reserve
System, Division of Banking Supervision and Regulation, Phone: 202 530-
6260.
RIN: 7100-AD87
524. Regulation LL--Savings and Loan Holding Companies and Regulation
MM--Mutual Holding Companies (Docket No. R-1429)
Legal Authority: 5 U.S.C. 552; 5 U.S.C. 559; 5 U.S.C. 1813; 5
U.S.C. 1817; 5 U.S.C. 1828; * * *
Abstract: The Dodd-Frank Act Wall Street Reform and Consumer
Protection Act (the Act) transferred responsibility for supervision of
Savings and Loan Holding Companies (SLHCs) and their non-depository
subsidiaries from the Office of Thrift Supervision (OTS) to the Board
of Governors of the Federal Reserve System (Board), on July 21, 2011.
The Act also transferred supervisory functions related to Federal
savings associations and State savings associations to the Office of
the Comptroller of the Currency (OCC) and the Federal Deposit Insurance
Corporation (FDIC), respectively.
The Board on August 12, 2011, approved an interim final rule for
SLHCs, including a request for public comment. The interim final rule
transferred from the OTS to the Board the regulations necessary for the
Board to supervise SLHCs, with certain technical and substantive
modifications. The interim final rule has three components: (1) New
Regulation LL (part 238), which sets forth regulations generally
governing SLHCs; (2) new Regulation MM (part 239), which sets forth
regulations governing SLHCs in mutual form; and (3) technical
amendments to existing Board regulations necessary to accommodate the
transfer of supervisory authority for SLHCs from the OTS to the Board.
The structure of interim final Regulation LL closely follows that
of the
[[Page 1700]]
Board's Regulation Y, which governs bank holding companies, in order to
provide an overall structure to rules that were previously found in
disparate locations. In many instances interim final Regulation LL
incorporated OTS regulations with only technical modifications to
account for the shift in supervisory responsibility from the OTS to the
Board. Interim final Regulation LL also reflects statutory changes made
by the Dodd-Frank Act with respect to SLHCs, and incorporates Board
precedent and practices with respect to applications processing
procedures and control issues, among other matters.
Interim final Regulation MM organized existing OTS regulations
governing SLHCs in mutual form (MHCs) and their subsidiary holding
companies into a single part of the Board's regulations. In many
instances interim final Regulation MM incorporated OTS regulations with
only technical modifications to account for the shift in supervisory
responsibility from the OTS to the Board. Interim final Regulation MM
also reflects statutory changes made by the Dodd-Frank Act with respect
to MHCs,.
The interim final rule also made technical amendments to Board
rules to facilitate supervision of SLHCs, including to rules
implementing Community Reinvestment Act requirements and to Board
procedural and administrative rules. In addition, the Board made
technical amendments to implement section 312(b)(2)(A) of the Act,
which transfers to the Board all rulemaking authority under section 11
of the Home Owner's Loan Act relating to transactions with affiliates
and extensions of credit to executive officers, directors, and
principal shareholders. These amendments include revisions to parts 215
(Insider Transactions) and part 223 (Transactions with Affiliates) of
Board regulations.
The comment period with respect to the interim final rule closed on
November 1, 2011, and the Board intends in the future to issue a
finalized rule.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 09/13/11 76 FR 56508
Board Expect Further Action......... 06/00/13 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amanda K. Allexon, Senior Counsel, Federal Reserve
System, Legal Division, Phone: 202 452-3818.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
525. Regulation KK--Margin and Capital Requirements for Covered Swap
Entities (Docket No: R-1415)
Legal Authority: 7 U.S.C. 6s; 15 U.S.C. 78 o-10
Abstract: The Office of the Comptroller of the Currency, the
Federal Reserve Board, the Federal Deposit Insurance Corporation, the
Farm Credit Administration, and the Federal Housing Finance Agency (the
Agencies) are requesting comment on a proposal to establish minimum
margin and capital requirements for registered swap dealers, major swap
participants, security-based swap dealers, and major security-based
swap participants for which one of the Agencies is the prudential
regulator. This proposed rule implements sections 731 and 764 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act, which
require the Agencies to adopt rules jointly to establish capital
requirements and initial and variation margin requirements for such
entities on all non-cleared swaps and non-cleared security-based swaps
in order to offset the greater risk to such entities and the financial
system arising from the use of swaps and security-based swaps that are
not cleared.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 04/12/11 76 FR 27564
Comment Period End.................. 07/11/11 76 FR 37029
Board Reopened Comment Period....... 10/02/12 77 FR 60057
Next Action Undetermined............ ......... .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Stephanie Martin, Associate General Counsel,
Federal Reserve System, Legal Division, Phone: 202 452-3198.
RIN: 7100-AD74
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
526. Regulations H and Y--Regulatory Capital Rules:
Standardized Approach for Risk-Weighted Assets; Market Discipline and
Disclosure Requirements (Docket R-1443)
Legal Authority: 12 U.S.C. 248(a); 12 U.S.C. 321; 12 U.S.C. 322; 12
U.S.C. 323; 12 U.S.C. 324; * * *
Abstract: This Notice of Proposed Rulemaking (NPRM) includes
proposed changes to the U.S. banking agencies' (the Office of the
Comptroller of the Currency, the Board of Governors of the Federal
Reserve System, and the Federal Deposit Insurance Corporation) general
risk-based capital requirements for determining risk-weighted assets
(that is, the calculation of the denominator of a banking
organization's risk-based capital ratios). The proposed changes would
revise and harmonize the agencies' rules for calculating risk-weighted
assets to enhance risk sensitivity and address weaknesses identified
over recent years, including by incorporating certain international
capital standards as set forth by the Basel Committee on Banking
Supervision. The Agencies also propose alternatives to credit ratings
for calculating risk-weighted assets for certain assets, consistent
with section 939A of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010. The revisions include methodologies for
determining risk-weighted assets for residential mortgages,
securitization exposures, and counterparty credit risk. The NPRM also
would introduce disclosure requirements that would apply to top-tier
banking organizations domiciled in the United States with $50 billion
or more in total assets, including disclosures related to regulatory
capital instruments.
Timetable:
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Action Date FR Cite
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Merged With 7100 AD87............... 08/30/12 77 FR 53059
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anna Lee Hewko, Assistant Director, Federal Reserve
System, Division of Banking Supervision and Regulation, Phone: 202 530-
6260.
RIN: 7100-AD88
[[Page 1701]]
527. Regulations H and Y--Regulatory Capital Rules: Advanced
Approaches Risk-Based Capital Rule; Market Risk Capital Rule (Docket
No. R-1444)
Legal Authority: 12 U.S.C. 248(a); 12 U.S.C. 321; 12 U.S.C. 322; 12
U.S.C. 323
Abstract: In this Notice of Proposed Rule-making (NPRM), the U.S.
banking agencies are proposing to revise the advanced approaches risk-
based capital rule to incorporate certain aspects of ``Basel III: A
Global Regulatory Framework for More Resilient Banks and Banking
Systems'' (Basel III) that the agencies would apply only to advanced
approach banking organizations. This NPR also proposes other changes to
the advanced approaches rule that the agencies believe are consistent
with changes made by the Basel Committee on Banking Supervision (BCBS)
to its ``International Convergence of Capital Measurement and Capital
Standards'' A Revised Framework'' (Basel II), as revised by the BCBS
between 2006 and 2009, and with recent consultative papers published by
the BCBS. The Agencies also propose to revise the advanced approaches
risk-based capital rule to be consistent with Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). These
revisions include replacing references to credit ratings with
alternative standards of creditworthiness consistent with section 939A
of the Dodd-Frank Act. Also, the Board is proposing that the advanced
approaches and market risk capital rules apply to top-tier savings and
loan holding companies domiciled in the United States that meet the
applicable thresholds. In addition, this NPRM would codify the market
risk rule consistent with the proposed codification of the other
regulatory capital rules across the three proposals.
Timetable:
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Action Date FR Cite
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Merged With 7100 AD87............... 08/30/12 77 FR 53059
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anna Lee Hewko, Assistant Director, Federal Reserve
System, Division of Banking Supervision and Regulation, Phone: 202 530-
6260.
RIN: 7100-AD89
528. Regulation OO--Securities Holding Companies (Docket No. R-1430)
Legal Authority: 12 U.S.C. 1850a
Abstract: The Federal Reserve Board (the Board) issued a final rule
to implement section 618 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act which permits nonbank companies that own at
least one registered securities broker or dealer, and that are required
by a foreign regulator or provision of foreign law to be subject to
comprehensive consolidated supervision, to register with the Board and
subject themselves to supervision by the Board. The final rule is
substantially the same as the proposed rule. The final rule outlines
the requirements that a securities holding company must satisfy to make
an effective election, including filing the appropriate form with the
responsible Reserve Bank, providing all additional required information
and satisfying the statutory waiting period of 45 days or such shorter
period as the Board determines appropriate.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 08/31/11 76 FR 54717
Board Issued Final Rule............. 06/04/12 77 FR 32881
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amanda K. Allexon, Senior Counsel, Federal Reserve
System, Legal Division, Phone: 202 452-3818
RIN: 7100-AD81
[FR Doc. 2012-31517 Filed 1-7-13; 8:45 am]
BILLING CODE 6210-01-P