[Federal Register Volume 79, Number 4 (Tuesday, January 7, 2014)]
[Proposed Rules]
[Pages 1290-1293]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29647]
[[Page 1289]]
Vol. 79
Tuesday,
No. 4
January 7, 2014
Part XXIV
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 79 , No. 4 / Tuesday, January 7, 2014 /
Unified Agenda
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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,
2013, through April 30, 2014. The next agenda will be published in
spring 2014.
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 Robert deV. 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 2013 agenda
as part of the Fall 2013 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 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 under Board consideration, but a completion
date has not been determined. And a forth 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,
Deputy Secretary of the Board.
Federal Reserve System--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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545....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No. R-1408).
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Federal Reserve System--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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546....................... 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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547....................... 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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548....................... Regulations H, Q, & Y-- 7100-AD87
Regulatory Capital Rules:
Regulatory Capital,
Implementation of Basel
III, Capital Adequacy,
Transition Provisions,
Prompt Corrective Action
(Docket No. R-1442).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
545. 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
[[Page 1291]]
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........ 12/00/13 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dena Milligan, Senior Attorney, Federal Reserve
System, Legal Division, Phone: 202-452-3900.
RIN: 7100-AD68
FEDERAL RESERVE SYSTEM (FRS)
Final Rule Stage
546. 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 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......... 01/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Claudia Von Pervieux, Counsel, Federal Reserve
System, Legal Division,Phone: 202-452-2552.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
547. 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. 780-10
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.
Anna Harrington, Senior Attorney, Federal Reserve System, Federal
Reserve System, Legal Division,Phone: 202-452-6406.
Christopher Paridon, Counsel, Federal Reserve System, Legal
Division,Phone: 202-452-3274.
RIN: 7100-AD74
[[Page 1292]]
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
548. Regulations H, Q, & Y--Regulatory Capital Rules: Regulatory
Capital, Implementation of Basel III, Capital Adequacy, Transition
Provisions, Prompt Corrective Action (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: The Office of the Comptroller of the Currency (OCC) and
the Board of Governors of the Federal Reserve System (the Board)
(collectively, the Agencies) adopted a final rule that revises their
risk-based and leverage capital requirements for banking organizations,
substantially as originally proposed. The final rule consolidates three
separate notices of proposed rulemaking that the OCC, the Board, and
Federal Deposit Insurance Corporation (FDIC) published in the Federal
Register on August 30, 2012, with selected changes. The final rule
implements a revised definition of regulatory capital, a new common
equity tier 1 minimum capital requirement, a higher minimum tier 1
capital requirement, and, for banking organizations subject to the
advance approaches risk-based capital rules, a supplementary leverage
ratio that incorporates a broader set of exposures in the denominator.
The final rule incorporates these new requirements into the agencies'
prompt corrective action framework. In addition, the final rule
establishes 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 1 capital in
addition to the amount necessary to meet its minimum risk-based capital
requirements. Further, the final rule amends the methodologies for
determining risk-weighted assets for all banking organizations, and
introduces disclosure requirements that would apply to top-tier banking
organizations domiciled in the United States with $50 billion or more
in total assets. The final rule also adopts changes to the Agencies'
regulatory capital requirements that meet the requirements of section
171 and section 939A of the Dodd-Frank Wall Street Reform and Consumer
Protection Act. The final rule also codifies the agencies' regulatory
capital rules, which have previously resided in various appendices to
their respective regulations, into a harmonized integrated regulatory
framework. In addition, the OCC is amending the market risk capital
rule (market risk rule) to apply to Federal savings associations, and
the Board is amending the advanced approaches and market risk rules to
apply to top-tier savings and loan holding companies domiciled in the
United States, except for certain savings and loan holding companies
that are substantially engaged in insurance underwriting or commercial
activities.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 08/30/12 77 FR 53059
Board Adopted Final Rule............ 07/02/13 78 FR 51101
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anna Lee Hewko, Deputy Associate Director, Federal
Reserve System, Division of Banking Supervision and Regulation,Phone:
202-530-6260.
RIN: 7100-AD87
[FR Doc. 2013-29647 Filed 1-6-14; 8:45 am]
BILLING CODE 6210-01-P