Federal Reserve System Semiannual Regulatory Agenda, 22063-22065 [E9-10276]

Download as PDF Monday, May 11, 2009 Part XVIII Federal Reserve System Semiannual Regulatory Agenda VerDate Nov<24>2008 08:07 May 08, 2009 Jkt 217001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\11MYP18.SGM 11MYP18 22064 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda FEDERAL RESERVE SYSTEM (FRS) Comments should be addressed to Jennifer J. Johnson, Secretary of the Board, Board of Governors of the Federal Reserve System, Washington, DC 20551. ADDRESSES: FEDERAL RESERVE SYSTEM 12 CFR Ch. II Semiannual Regulatory Flexibility Agenda AGENCY: Board of Governors of the Federal Reserve System. ACTION: Semiannual regulatory agenda. FOR FURTHER INFORMATION CONTACT: A staff contact for each item is indicated with the regulatory description below. The Board is publishing its spring 2009 agenda as part of the spring 2009 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. SUPPLEMENTARY INFORMATION: 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, 2009, through October 31, 2009. The next agenda will be published in fall 2009. DATES: Comments about the form or content of the agenda may be submitted any time during the next 6 months. SUMMARY: Participation by the Board in the Unified Agenda is on a voluntary basis. The Board’s agenda is divided into three 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. And a third section, Completed Actions, reports on regulatory matters the Board has completed or is not expected to consider further. Matters begun and completed between issues of the agenda have not been included. 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, Associate Secretary of the Board. Federal Reserve System—Completed Actions Sequence Number Title Regulation Identifier Number 411 Regulation Z—Truth in Lending (Docket No. R-1286) .................................................................................................. 7100–AD08 Federal Reserve System (FRS) Completed Actions 411. REGULATION Z—TRUTH IN LENDING (DOCKET NO. R–1286) Legal Authority: 15 USC 1601 et seq Abstract: The Board is conducting a review of Regulation Z, which implements the Truth in Lending Act (TILA). In June 2007, the Board published a notice of proposed rulemaking (NPRM) to amend the regulation, and the regulation’s official staff commentary, for rules affecting open-end (revolving) credit that is not home secured. The Board published advance notices of proposed rulemakings seeking comment on a variety of issues affecting the open-end credit in December 2004 and October 2005. The NPRM seeks comment, among other issues, on amendments that highlight fees and penalty rates in disclosures accompanying credit and charge card applications and solicitations, require a summary of terms when accounts are opened, and VerDate Nov<24>2008 08:07 May 08, 2009 Jkt 217001 breakout costs for fees and interest on periodic statements. The proposal implements amendments to TILA contained in federal bankruptcy reform legislation. Advance notice would be required when penalty rates are imposed, and the time of advance notice for changed terms would be extended. Two alternatives are proposed dealing with the ‘‘effective’’ annual percentage rate disclosed on periodic statements. In May 2008, the Board published a second NPRM, seeking comment on a limited number of additional revisions to the regulation and commentary. Among other issues, the new proposed amendments address creditors’ responsibilities to establish reasonable instructions for receiving timely payments and when a due date falls on a weekend or holiday. Creditors’ responsibilities when investigating a claim of unauthorized transactions or an allegation of a billing error are also PO 00000 Frm 00002 Fmt 1254 Sfmt 1254 addressed. Advertisements for deferred interest plans would be required to provide additional information about how interest could be imposed. On December 18, 2008, the Board issued final rules amending Regulation Z, substantially similar to the proposed amendments contained in the June 2007 and May 2008 NPRMs. With respect to the two alternatives dealing with the ‘‘effective’’ annual percentage rate in the June 2007 proposal, the final rule deletes the requirement for creditors to provide the ‘‘effective’’ annual percentage rate on periodic statements. In addition, the final rule withdrew the proposed amendments related to advertisements for deferred interest plans, because substantive restrictions on these plans were adopted in the Board’s final rule amending Regulation AA, which was also issued on December 18, 2008. E:\FR\FM\11MYP18.SGM 11MYP18 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda FRS Completed Actions Regulatory Flexibility Analysis Required: Yes Timetable: Action Date Board Requested Comment Board Requested Further Comment Board Adopted FInal Rule VerDate Nov<24>2008 22065 FR Cite 06/14/07 72 FR 32948 07/18/08 73 FR 28866 Phone: 202 452–3667 Agency Contact: Krista Ayoub, Counsel, Federal Reserve System, Division of Consumer and Community Affairs [FR Doc. E9–10276 Filed 05–08–09; 8:45 am] RIN: 7100–AD08 BILLING CODE 6210–01–S 01/29/09 74 FR 5244 08:07 May 08, 2009 Jkt 217001 PO 00000 Frm 00003 Fmt 1254 Sfmt 1254 E:\FR\FM\11MYP18.SGM 11MYP18

Agencies

[Federal Register Volume 74, Number 89 (Monday, May 11, 2009)]
[Proposed Rules]
[Pages 22063-22065]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10276]


[[Page 22063]]

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Part XVIII





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 22064]]



FEDERAL RESERVE SYSTEM (FRS)






_______________________________________________________________________

FEDERAL RESERVE SYSTEM

12 CFR Ch. II

Semiannual Regulatory Flexibility Agenda

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

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, 2009, 
through October 31, 2009. The next agenda will be published in fall 
2009.

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 Jennifer J. Johnson, 
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 2009 
agenda as part of the spring 2009 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 three 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. And a third section, Completed Actions, 
reports on regulatory matters the Board has completed or is not 
expected to consider further. Matters begun and completed between 
issues of the agenda have not been included.

     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,

Associate Secretary of the Board.

                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
411         Regulation Z--Truth in Lending (Docket No. R-1286)....................................    7100-AD08
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions






_______________________________________________________________________



411. REGULATION Z--TRUTH IN LENDING (DOCKET NO. R-1286)

Legal Authority: 15 USC 1601 et seq

Abstract: The Board is conducting a review of Regulation Z, which 
implements the Truth in Lending Act (TILA). In June 2007, the Board 
published a notice of proposed rulemaking (NPRM) to amend the 
regulation, and the regulation's official staff commentary, for rules 
affecting open-end (revolving) credit that is not home secured. The 
Board published advance notices of proposed rulemakings seeking comment 
on a variety of issues affecting the open-end credit in December 2004 
and October 2005.
The NPRM seeks comment, among other issues, on amendments that 
highlight fees and penalty rates in disclosures accompanying credit and 
charge card applications and solicitations, require a summary of terms 
when accounts are opened, and breakout costs for fees and interest on 
periodic statements. The proposal implements amendments to TILA 
contained in federal bankruptcy reform legislation. Advance notice 
would be required when penalty rates are imposed, and the time of 
advance notice for changed terms would be extended. Two alternatives 
are proposed dealing with the ``effective'' annual percentage rate 
disclosed on periodic statements.
In May 2008, the Board published a second NPRM, seeking comment on a 
limited number of additional revisions to the regulation and 
commentary. Among other issues, the new proposed amendments address 
creditors' responsibilities to establish reasonable instructions for 
receiving timely payments and when a due date falls on a weekend or 
holiday. Creditors' responsibilities when investigating a claim of 
unauthorized transactions or an allegation of a billing error are also 
addressed. Advertisements for deferred interest plans would be required 
to provide additional information about how interest could be imposed.
On December 18, 2008, the Board issued final rules amending Regulation 
Z, substantially similar to the proposed amendments contained in the 
June 2007 and May 2008 NPRMs. With respect to the two alternatives 
dealing with the ``effective'' annual percentage rate in the June 2007 
proposal, the final rule deletes the requirement for creditors to 
provide the ``effective'' annual percentage rate on periodic 
statements. In addition, the final rule withdrew the proposed 
amendments related to advertisements for deferred interest plans, 
because substantive restrictions on these plans were adopted in the 
Board's final rule amending Regulation AA, which was also issued on 
December 18, 2008.

[[Page 22065]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         06/14/07                    72 FR 32948
Board Requested Further Comment 07/18/08                    73 FR 28866
Board Adopted FInal Rule        01/29/09                     74 FR 5244

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Krista Ayoub, Counsel, Federal Reserve System, Division 
of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AD08
[FR Doc. E9-10276 Filed 05-08-09; 8:45 am]
BILLING CODE 6210-01-S