[Federal Register Volume 79, Number 114 (Friday, June 13, 2014)]
[Proposed Rules]
[Pages 34198-34203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-13141]
[[Page 34197]]
Vol. 79
Friday,
No. 114
June 13, 2014
Part XXV
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 79 , No. 114 / Friday, June 13, 2014 /
Unified Agenda
[[Page 34198]]
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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 May 1, 2014
through October 31, 2014. The next agenda will be published in fall
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 spring 2014
agenda as part of the Spring 2014 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,
Prerule Stage, reports on matters the Board is considering for future
rulemaking. The second section, Proposed Rule Stage, reports on matters
the Board may consider for public comment during the next 6 months. The
third section, Final Rule Stage, reports on matters that have been
proposed and are under Board consideration. 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 and which the Board has not
completed.
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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391....................... Regulations H and Q-- 7100-AD99
Regulatory Capitol Rules
(Docket No: R-1460).
392....................... Regulation P--Privacy of 7100-AE13
Consumer Information
(Docket No: R-1483).
393....................... Regulation V--Fair Credit 7100-AE14
Reporting (Docket No: R-
1484).
394....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No: R-1409).
395....................... Regulation HH--Financial 7100-AE09
Market Utilities (Docket
No: R-1477).
396....................... Regulation WW--Liquidity 7100-AE03
Coverage Ratio: Liquidity
Risk Measurement,
Standards, and Monitoring
(Docket No: R-1466).
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Federal Reserve System--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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397....................... Regulation KK--Margin and 7100-AD74
Capital Requirements for
Covered Swap Entities
(Docket No: R-1415).
398....................... 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 (FRS)
Proposed Rule Stage
391. Regulations H and Q--Regulatory Capitol Rules (Docket No: R-1460)
Legal Authority: 12 U.S.C. 1344(b); 12 U.S.C. 329; 12 U.S.C. 3907;
12 U.S.C. 3909; . . .
Abstract: The Office of the Comptroller of the Currency (OCC), the
Board of Governors of the Federal Reserve System (Board), and the
Federal Deposit Insurance Corporation (FDIC) (collectively, the
Agencies) are seeking comment on a proposal that would strengthen the
agencies' leverage ratio standards for large, interconnected U.S.
banking organizations. The proposal would apply to any U.S. top-tier
bank holding company (BHC) with at least $700 billion in total
consolidated assets or at least $10 trillion in assets under custody
(covered BHC) and any insured depository institution (IDI) subsidiary
of these BHCs. In the revised capital approaches adopted by the
agencies in July, 2013 (2013 revised capital approaches), the agencies
established a minimum supplementary leverage ratio of 3 percent
(supplementary leverage ratio), consistent with the minimum leverage
ratio adopted by the Basel Committee on Banking Supervision (BCBS), for
banking organizations subject to the advanced approaches risk-based
capital rules. In this notice of proposed rulemaking (proposal or
proposed rule), the agencies are proposing to establish a ``well
capitalized'' threshold of 6 percent for the supplementary leverage
ratio for any IDI that is a subsidiary of a covered BHC, under the
agencies' prompt corrective action (PCA) framework. The Board also
proposes to establish a new leverage buffer for covered BHCs above the
minimum supplementary leverage ratio requirement of 3 percent (leverage
buffer). The leverage buffer would function like the capital
conservation buffer for the risk-based capital ratios in the 2013
revised capital approaches. A covered BHC that maintains a leverage
buffer of tier 1 capital in an amount great than 2 percent of its total
leverage exposure would not be subject to limitations on distributions
and discretionary bonus payments. The proposal would take effect
beginning on January 1, 2018. The agencies seek comment on all aspects
of this proposal.
Timetable:
[[Page 34199]]
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Action Date FR Cite
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Board Requested Comment............. 08/20/13 78 FR 51101
Board Expects Further Action........ 06/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Benjamin McDonough, Senior Counsel, Federal Reserve
System, Legal Division, Phone: 202 452-2036.
April C. Snyder, Senior Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-3099.
RIN: 7100-AD99
392. Regulation P--Privacy of Consumer Information (Docket No:
R-1483)
Legal Authority: 12 U.S.C. 5581(b)
Abstract: The Board of Governors of the Federal Reserve System
(Board) is proposing to repeal its Regulation P, 12 CFR part 216, which
was issued to implement section 504 of the Gramm-Leach-Bliley Act (GLB
Act). Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act) transferred rulemaking authority for a
number of consumer financial protection laws from the Board, and six
other Federal agencies, to the Bureau of Consumer Financial Protection
(Bureau), including rulemaking authority for the provisions in Subtitle
A of Title V of the GLB Act that were implemented in the Board's
Regulation P. In December 2011, the Bureau published an interim final
rule establishing its own Regulation P to implement these provisions of
the GLB Act (Bureau Interim Final Rule). The Bureau's Regulation P
covers those entities previously subject to the Board's Regulation P.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 02/14/14 79 FR 8904
Board Expects Further Action........ 11/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kara Handzlik, Counsel, Federal Reserve System,
Legal Division, Phone: 202 452-3139.
Vivian W. Wong, Counsel, Federal Reserve System, Phone: 202 452-
3667.
RIN: 7100-AE13
393. Regulation V--Fair Credit Reporting (Docket No: R-1484)
Legal Authority: 12 U.S.C. 1681(m)
Abstract: The Board of Governors of the Federal Reserve System is
proposing to amend its Identity Theft Red Flags rule, which implements
section 615(e) of the Fair Credit Reporting Act (FCRA). The Red Flag
Program Clarification Act of 2010 (Clarification Act) added a
definition of ``creditor'' in FCRA section 615(e) that is specific to
section 615(e). Accordingly, the proposed rule would amend the
definition of ``creditor'' in the Identity Theft Red Flags rule to
reflect the definition of that term as added by the statute. The
proposed rule would also update a cross-reference in the Identity Theft
Red Flags rule to reflect a statutory change in rulemaking authority.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 02/20/14 79 FR 9645
Board Expects Further Action........ 11/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kara Handzlik, Counsel, Federal Reserve System,
Legal Division, Phone: 202 452-3139.
Vivian Wong, Attorney, Federal Reserve System, Division of Consumer
and Community Affairs, Phone: 202 452-3667.
RIN: 7100-AE14
394. Regulation CC--Availability of Funds and Collection of CHecks
(Docket No: R-1409)
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 Requested Comment on Revised 02/04/14 79 FR 6673
Proposal.
Board Expects Further Action........ 12/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Clinton Chen, Attorney, Federal Reserve System,
Legal Division, Phone: 202 452-3952.
RIN: 7100-AD68
395. Regulation HH--Financial Market Utilities (Docket No: R-
1477)
Legal Authority: 12 U.S.C. 5464 (a)(1)(A)
Abstract: Notice of proposed rulemaking to amend the risk-
management standards currently in the Board's Regulation HH, Part 234
of Title 12 of the Code of Federal Regulations, by replacing the
current risk-management standards in section 234.3 (for payment
systems) and section 234.4 (for central securities depositories and
central counterparties) with a common set of risk-management standards
applicable to all types of designated FMU s in proposed section 234.3.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 01/31/14 79 FR 3666
Board Expects Further Actioin....... 06/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer A. Lucier, Assistant Director, Federal
Reserve System, Reserve Bank Operations and Payment Systems, Phone: 202
872-7581.
Chris Clubb, Special Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-3904.
RIN: 7100-AE09
396. Regulation WW--Liquidity Coverage Ratio: Liquidity Risk
Measurement, Standards, and Monitoring (Docket No: R-1466)
Legal Authority: 12 U.S.C. 248(a); 12 U.S.C. 321; 12 U.S.C. 481; 12
U.S.C. 1818; . . .
Abstract: The Office of the Comptroller of the Currency (OCC), the
[[Page 34200]]
Board of Governors of the Federal Reserve System (Board), and the
Federal Deposit Insurance Corporation (FDIC) are requesting comment on
a proposed rule (proposed rule) that would implement a quantitative
liquidity requirement consistent with the liquidity coverage ratio
standard established by the Basel Committee on Banking Supervision. The
requirement is designed to promote the short-term resilience of the
liquidity risk profile of internationally active banking organizations,
thereby improving the banking sector's ability to absorb shocks arising
from financial and economic stress, as well as improvements in the
measurement and management of liquidity risk. The proposed rule would
apply to all internationally active banking organizations, generally,
bank holding companies, certain savings and loan holding companies, and
depository institutions with more than $250 billion in total assets or
more than $10 billion in on-balance sheet foreign exposure, and to
their consolidated subsidiaries that are depository institutions with
$10 billion or more in total consolidated assets. The proposed rule
would also apply to companies designated for supervision by the Board
by the Financial Stability Oversight Council under section 113 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C.
5323) that do not have significant insurance operations and to their
consolidated subsidiaries that are depository institutions with $10
billion or more in total consolidated assets. The Board also is
proposing on its own a modified liquidity coverage ratio standard that
is based on a 21-calendar day stress scenario rather than a 30-calendar
day stress scenario for bank holding companies and savings and loan
holding companies without significant insurance or commercial
operations that, in each case, have $50 billion or more in total
consolidated assets.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 11/29/13 78 FR 71818
Board Expects Further Action........ 09/00/14
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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.
David Emmel, Manager, Federal Reserve System, Banking Supervision
and Regulation, Phone: 202 912-4612.
April C. Snyder, Senior Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-3099.
RIN: 7100-AE03
FEDERAL RESERVE SYSTEM (FRS)
Final Rule Stage
397. 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
Board Expects Further Action........ 06/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Victoria Szybillo, Counsel, Federal Reserve System,
Legal Division, Phone: 202 475-6325.
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
RIN: 7100-AD74
398. 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
[[Page 34201]]
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.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 09/13/11 76 FR 56508
Board Expects Further Action........ 07/00/14
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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
[FR Doc. 2014-13141 Filed 6-12-14; 8:45 am]
BILLING CODE 6210-01-P