[Federal Register Volume 83, Number 9 (Friday, January 12, 2018)]
[Unknown Section]
[Pages 2014-2015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28245]
[[Page 2013]]
Vol. 83
Friday,
No. 9
January 12, 2018
Part XXIV
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 83 , No. 9 / Friday, January 12, 2018 /
Unified Agenda
[[Page 2014]]
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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,
2017, through April 30, 2018. The next agenda will be published in
spring 2018.
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 Ann E. Misback, 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 2017 agenda
as part of the Fall 2017 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 website: www.reginfo.gov. Participation by the Board, as
an independent Agency, in the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into five sections. The first, Pre-
rule Stage, reports on matters the Board is considering for future
rulemaking. The second, 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. The fourth section, Long-
Term Actions, reports on matters where the next action is undetermined,
00/00/0000, or will occur more than 12 months after publication of the
Agenda. And a fifth 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.
Yao-Chin Chao,
Assistant Secretary of the Board.
Federal Reserve System--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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477....................... Regulation CC-- 7100-AD68
Availability of Funds and
Collection of Checks
(Docket No: R-1409).
478....................... 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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479....................... Source of Strength 7100-AE73
(Section 610 Review).
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FEDERAL RESERVE SYSTEM (FRS)
Proposed Rule Stage
477. Regulation CC--Availability of Funds and Collection of Checks
(Docket No: R-1409)
E.O. 13771 Designation: Independent agency.
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 subpart C 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 subpart B, the funds availability schedule
provisions to reflect the fact that there are no longer any non-local
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 on 06/15/17 82 FR 27552
Subpart C.
Board Expects Further Action on 01/00/18
Subpart B.
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Clinton Chen, Attorney, Federal Reserve System,
Legal Division, Washington, DC 20551, Phone: 202 452-3952.
RIN: 7100-AD68
478. Regulation LL--Savings and Loan Holding Companies and Regulation
MM--Mutual Holding Companies (Docket No: R-1429)
E.O. 13771 Designation: Independent agency.
[[Page 2015]]
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 Wall Street Reform and Consumer Protection
Act (the Dodd-Frank 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 (the 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 Comment............. 09/13/11 76 FR 56508
Board Expects Further Action........ 06/00/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: C. Tate Wilson, Senior Counsel, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 452-3696.
Claudia Von Pervieux, Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
479. Source of Strength (Section 610 Review)
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 1831(o)
Abstract: The Board of Governors of the Federal Reserve System
(Board), the Office of the Comptroller of the Currency (OCC), and the
Federal Deposit Insurance Corporation (FDIC) plan to issue a proposed
rule to implement section 616(d) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act by September 2018. Section 616(d) requires
that bank holding companies, savings and loan holding companies, and
other companies that directly or indirectly control an insured
depository institution serve as a source of strength for the insured
depository institution.
Timetable:
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Action Date FR Cite
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Notice of Proposed Rulemaking....... 11/00/18
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Regulatory Flexibility Analysis Required: Undetermined.
Agency Contact: Conni Allen, Counsel, Federal Reserve System,
Division of Supervision and Regulation, Washington, DC 20551, Phone:
202 912-4334.
Melissa Clark, Sr. Supervisory Financial Analyst, Federal Reserve
System, Division of Supervision and Regulations, Washington, DC 20551,
Phone: 202 452-2277.
Barbara Bouchard, Senior Associate Director, Federal Reserve
System, Division of Supervision and Regulation, Washington, DC 20551,
Phone: 202 452-3072.
Jay Schwarz, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2970.
Will Giles, Senior Counsel, Federal Reserve System, Legal Division,
Washington, DC 20551, Phone: 202 452-3351.
Claudia Von Pervieux, Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AE73
[FR Doc. 2017-28245 Filed 1-11-18; 8:45 am]
BILLING CODE 6210-01-P