[Federal Register Volume 80, Number 117 (Thursday, June 18, 2015)]
[Unknown Section]
[Pages 35166-35169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14376]
[[Page 35165]]
Vol. 80
Thursday,
No. 117
June 18, 2015
Part XXII
Federal Reserve System
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Unified Agenda
Federal Register / Vol. 80 , No. 117 / Thursday, June 18, 2015 /
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 May 1, 2015,
through October 31, 2015. The next agenda will be published in fall
2015.
DATES: Comments about the form or content of the agenda may be
submitted anytime during the next six 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 2015
agenda as part of the Spring 2015 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, pre-
rule 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 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 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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384....................... Regulation Q--Regulatory 7100-AE27
Capital Rules: Regulatory
Capital, Proposed Rule
Demonstrating Application
of Common Equity Tier 1
Capital Qualification
Criteria (Docket No: R-
1506).
385....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No: R-1409).
386....................... 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--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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387....................... Regulation HH--Financial 7100-AE09
Market Utilities (Docket
No: R-1477).
388....................... Regulation WW--Liquidity 7100-AE03
Coverage Ratio: Liquidity
Risk Measurement,
Standards, and Monitoring
(Docket No: R-1466).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
384. Regulation Q--Regulatory Capital Rules: Regulatory
Capital, Proposed Rule Demonstrating Application of Common Equity Tier
1 Capital Qualification Criteria (Docket No: R-1506)
Legal Authority: 12 U.S.C. 321; 12 U.S.C. 322
Abstract: Notice of proposed rulemaking that would illustrate how
the Board of Governors of the Federal Reserve System (Board) would
apply the common equity tier 1 capital qualification criteria to
depository institution holding companies that are organized in forms
other than as stock corporations (``proposed rule''). The proposed rule
discusses some of the qualification criteria for common equity tier 1
capital under Regulation Q and provides examples of how the Board would
apply the criteria in specific situations involving partnerships and
limited liability companies. In addition, the proposed rule would amend
Regulation Q to address unique issues presented by certain savings and
loan holding companies that are trusts and by depository institution
holding companies that are employee stock ownership plans.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 12/19/14 79 FR 75759
Board Expects Further Action........ 09/00/15
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Christine Graham, Counsel, Federal Reserve System,
Legal Division, Phone: 202 452-3005.
Mark Buresh, Attorney, Federal Reserve System, Legal Division,
Phone: 202 452-5270.
Thomas R. Boemio, Manager, Federal Reserve System, Division of
Banking Supervision and Regulation, Phone: 202 452-2982.
RIN: 7100-AE27
385. 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 Board of Governors of the Federal Reserve System (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
[[Page 35167]]
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 Comments............ 03/25/11 76 FR 16862
Board Requested Comment on Revised 02/04/14 79 FR 6673
Proposal.
Board Expects Further Action........ 05/00/15
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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
386. 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.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 09/13/11 76 FR 56508
Board Expects Further Action........ 06/00/15
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: C. Tate Wilson, Counsel, Federal Reserve System,
Legal Division, Phone: 202 452-3696.
Claudia Von Pervieux, Counsel, Federal Reserve System, Legal
Division, Phone: 202 452-2552.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
387. Regulation HH--Financial Market Utilities (Docket No: R-1477)
Legal Authority: 12 U.S.C. 5464(a)(1)(A)
Abstract: The Board of Governors of the Federal Reserve System
(Board) finalized amendments to 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 previous 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 FMUs in section 234.3. The Board also finalized related
amendments to definitions in section 234.2.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 01/22/14 79 FR 3666
Board Adopted Final Rule............ 11/05/14 79 FR 65543
Final Action Effective.............. 12/31/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer A. Lucier, Deputy Associate 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
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388. 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
Board of Governors of the Federal Reserve System (Board), and the
Federal Deposit Insurance Corporation (FDIC), have finalized a rule
that implements quantitative liquidity requirements consistent with the
liquidity coverage ratio standard established by the Basel Committee on
Banking Supervision. The requirement is designed to promote short-term
resilience of the liquidity risk profile of internationally active
banking organizations thereby improving the banking sectors ability to
absorb shocks arising from financial and economic stress, as well as
improvements in the measurement of liquidity risk. The rule applies 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 subsidiary depository institutions with $10 billion or
more in total consolidated assets. The rule became effective January 1,
2015. The Board also finalized on its own a modified liquidity coverage
ratio standard that is less stringent than the full LCR by reducing net
outflows by 30 percent. The modified LCR applies to bank holding
companies and certain savings and loan holding companies that have $50
billion or more in consolidated assets but do not meet the threshold
described above. The modified LCR becomes effective January 1, 2016.
Timetable:
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Action Date FR Cite
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Board Requested Comments............ 11/29/13 78 FR 71818
Board Adopted Final Rule............ 10/10/14 79 FR 61440
Final Action Effective.............. 01/01/16
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dafina Stewart, Counsel, Federal Reserve System,
Division of Banking Supervision and Regulation, Phone: 202 452-3876.
Connie Horsley, Assistant Director, Federal Reserve System,
Division of Banking Supervision and Regulation, Phone: 202 452-5239.
Anna Lee Hewko, Deputy Associate Director, Federal Reserve System,
Division of Banking Supervision and Regulation, Phone: 202 530-6260.
RIN: 7100-AE03
[FR Doc. 2015-14376 Filed 6-17-15; 8:45 am]
BILLING CODE 6210-01-P