Privacy of Consumer Information (Regulation P), 30708-30709 [2014-12357]
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Federal Register / Vol. 79, No. 103 / Thursday, May 29, 2014 / Rules and Regulations
portion of the total production was of
poor quality; 10,000 pounds of seed
failed to achieve the contract minimum
germination requirement; and the
salvaged production was valued at $0.80
per pound. Your indemnity would be
calculated as follows:
(1) 75 acres × 600 pounds = 45,000pound guarantee
25 acres × 300 pounds = 7,500-pound
guarantee;
(2) 45,000 pounds × $1.20 per pound
price election = $54,000 value guarantee
7,500 pounds × $1.20 per pound price
election = $9,000 value guarantee;
(3) $54,000 + $9,000 = $63,000 total
value of the guarantee;
(4) 27,000 pounds met the contract
quality requirements = 27,000 pounds
production to count
27,000 pounds × $1.20 per pound =
$32,400 10,000 pounds × ($0.80 per
pound/$1.20 per pound) = 6,667 pounds
production to count
6,667 pounds × $1.20 per pound =
$8,000;
(5) $32,400 + $8,000 = $40,400 total
value of production to count;
(6) $63,000 ¥ $40,400 = $22,600 loss;
and
(7) $22,600 × 100% share = $22,600
indemnity payment.
11. Late and Prevented Planting.
The late and prevented planting
provisions of the Basic Provisions are
not applicable for forage seed.
Signed in Washington, DC, on May 22,
2014.
Brandon Willis,
Manager, Federal Crop Insurance
Corporation.
[FR Doc. 2014–12429 Filed 5–28–14; 8:45 am]
BILLING CODE 3410–08–P
FEDERAL RESERVE SYSTEM
12 CFR Part 216
[Docket No. R–1483]
RIN 7100 AE13
Privacy of Consumer Information
(Regulation P)
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) is
repealing its Regulation P, 12 CFR part
216, which was issued to implement the
privacy provisions of the Gramm-LeachBliley 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
emcdonald on DSK67QTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
16:05 May 28, 2014
Jkt 232001
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. The Bureau’s Regulation P covers
those entities previously subject to the
Board’s Regulation P. Accordingly, the
Board is repealing its Regulation P.
The final rule is effective June
30, 2014.
DATES:
FOR FURTHER INFORMATION CONTACT:
Vivian W. Wong, Counsel, Division of
Consumer and Community Affairs, at
(202) 452–3667, Board of Governors of
the Federal Reserve System, 20th and C
Streets NW., Washington, DC 20551. For
users of Telecommunications Device for
the Deaf (TDD) only, contact (202) 263–
4869.
SUPPLEMENTARY INFORMATION:
I. Discussion
Subtitle A of Title V of the GrammLeach-Bliley Act (GLB Act), 15 U.S.C.
6801–6809, titled ‘‘Disclosure of
Nonpublic Personal Information,’’ limits
the circumstances in which a financial
institution can disclose nonpublic
personal information about a consumer
to nonaffiliated third parties and
requires financial institutions to provide
certain privacy notices to their
customers who are consumers. Prior to
July 21, 2011, rulemaking authority for
the subtitle was shared by eight Federal
agencies, including the Board of
Governors of the Federal Reserve
System (Board).1 Each of the agencies
issued consistent and comparable rules
to implement the GLB Act’s privacy
provisions; the Board implemented its
rule as Regulation P, 12 CFR part 216.
Title X of the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(Dodd-Frank Act) 2 transferred
rulemaking authority for a number of
consumer financial protection laws,
including the authority to prescribe
regulations under the privacy provisions
of the GLB Act, to the Bureau of
Consumer Financial Protection
1 The other Federal agencies included the Federal
Deposit Insurance Corporation, the Federal Trade
Commission, the National Credit Union
Administration, the Office of the Comptroller of the
Currency, the Office of Thrift Supervision, the
Securities and Exchange Commission, and the
Commodity Futures Trading Commission.
2 The Dodd-Frank Act, Public Law 111–203, 124
Stat. 1376, was signed into law on July 21, 2010.
PO 00000
Frm 00006
Fmt 4700
Sfmt 4700
(Bureau).3 This transfer of rulemaking
authority from the Board and other
Federal agencies to the Bureau became
effective on July 21, 2011. In connection
with the transfer, the Bureau published
an interim final rule to establish its own
Regulation P, 12 CFR part 1016, to
implement the privacy provisions of the
GLB Act (Bureau Interim Final Rule).4
The Bureau Interim Final Rule
substantially duplicates the Board’s
Regulation P and covers financial
institutions and other persons for which
the Bureau has rulemaking authority
pursuant to section 504(a)(1)(A) of the
GLB Act, as amended by the DoddFrank Act. The Bureau Interim Final
Rule does not impose any new
substantive obligations on regulated
entities.
The scope of the Board’s Regulation P
is set forth in § 216.1(b)(1) and states
that the part applies to state member
banks, bank holding companies and
certain of their nonbank subsidiaries or
affiliates, state uninsured branches and
agencies of foreign banks, commercial
lending companies owned or controlled
by foreign banks, and Edge and
agreement corporations. As a result, all
of the entities formerly subject to the
Board’s rule are covered by the Bureau
Interim Final Rule.5 Consequently, the
Board published a proposal in February
2014 to repeal its Regulation P, 12 CFR
part 216 (Proposed Rule).6 The Board
received four comments on the
Proposed Rule.
Almost all commenters supported the
Board’s proposal to repeal its Regulation
P in order to avoid confusion and
duplication. One commenter, however,
suggested that the regulation be retained
in case the law changes. Based on the
comments the Board received and
because the Bureau Interim Final Rule
covers all of the entities formerly subject
to the Board’s rule, the Board is
repealing its Regulation P.
3 The Dodd-Frank Act did not transfer the Board’s
authority under section 501(b) of the GLB Act to
establish information security standards for
financial institutions subject to its jurisdiction. 15
U.S.C. 6801(b). Therefore, the Bureau does not have
authority to prescribe regulations for GLB Act
section 505 as it applies to section 501(b).
4 76 FR 79025 (Dec. 21, 2011).
5 Furthermore, the Board notes that section 1093
of the Dodd-Frank Act revises the GLB Act to
provide that notwithstanding the authority of the
Bureau to prescribe regulations to implement the
privacy provisions with respect to financial
institutions and other persons subject to its
jurisdiction, the Federal Trade Commission shall
have authority to prescribe such regulations with
respect to any financial institution that is a motor
vehicle dealer described in section 1029(a) of the
Dodd-Frank Act. See 15 U.S.C. 6804(a)(1)(C).
6 79 FR 8904 (Feb. 20, 2014).
E:\FR\FM\29MYR1.SGM
29MYR1
emcdonald on DSK67QTVN1PROD with RULES
Federal Register / Vol. 79, No. 103 / Thursday, May 29, 2014 / Rules and Regulations
II. Final Regulatory Flexibility Analysis
The Regulatory Flexibility Act (5
U.S.C. 601 et seq.) (RFA) generally
requires an agency to perform an
assessment of the impact a rule is
expected to have on small entities.
Based on its analysis, and for the
reasons stated below, the Board believes
that this final rule will not have a
significant economic impact on a
substantial number of small entities.
1. Statement of the need for, and
objectives of, the final rule. Title X of
the Dodd-Frank Act transferred
rulemaking authority for a number of
consumer financial protection laws from
the Board to the Bureau, effective July
21, 2011, including the Board’s
rulemaking authority over the privacy
provisions of the GLB Act. The Bureau
issued the Bureau Interim Final Rule to
implement the privacy provisions of the
GLB Act in connection with the transfer
of this rulemaking authority to the
Bureau. All of the entities formerly
subject to the Board’s Regulation P are
covered by the Bureau Interim Final
Rule. Consequently, the Board’s repeal
of the Board’s Regulation P, 12 CFR part
216, will not have any effect on entities
that were formerly subject to the Board’s
rule.
2. Summary of issues raised by
comments in response to the initial
regulatory flexibility analysis. The
Board did not receive any comments on
the initial regulatory flexibility analysis.
3. Small entities affected by the final
rule. The final rule repeals the Board’s
Regulation P, 12 CFR part 216, because
the Board no longer has rulewriting
authority for the provisions of the GLB
Act that were implemented in this
regulation. All of the entities previously
subject to the Board’s Regulation P are
now subject to the Bureau Interim Final
Rule. Consequently, the repeal would
not affect any entity, including any
small entity.
4. Recordkeeping, reporting, and
compliance requirements. The final rule
repeals the Board’s Regulation P, 12
CFR part 216, and would therefore not
impose any recordkeeping, reporting, or
compliance requirements on any
entities. Existing requirements remain
the same under the Bureau Interim Final
Rule.
5. Significant alternatives to the final
revisions. Because the repeal of the
Board’s Regulation P (12 CFR part 216)
will have no impact, there are no
significant alternatives that would
further minimize the economic impact
of the final rule on small entities.
III. Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (PRA) of 1995 (44 U.S.C.
VerDate Mar<15>2010
16:05 May 28, 2014
Jkt 232001
3506; 5 CFR part 1320 Appendix A.1),
the Board reviewed the rule under the
authority delegated to the Federal
Reserve by the Office of Management
and Budget. The final rule contains no
requirements subject to the PRA.
List of Subjects in 12 CFR Part 216
Banks, banking, Consumer protection,
Foreign banking, Holding companies,
Privacy, Reporting and recordkeeping
requirements.
Authority and Issuance
For the reasons set forth in the
preamble, based on the transfer of
authority under 12 U.S.C. 5581, the
Board removes and reserves Regulation
P, 12 CFR part 216 as follows:
PART 216—[REMOVED AND
RESERVED]
By order of the Board of Governors of the
Federal Reserve System, May 22, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014–12357 Filed 5–28–14; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 222
[Docket No. R–1484]
RIN 7100 AE14
Identity Theft Red Flags (Regulation V)
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System is amending its
rule on identity theft ‘‘red flags’’ (‘‘Red
Flags rule’’), which implements section
615(e) of the Fair Credit Reporting Act
(FCRA). The Red Flag Program
Clarification Act of 2010 (the
Clarification Act) added a definition of
‘‘creditor’’ in FCRA section 615(e) that
is specific to section 615(e).
Accordingly, the final rule amends the
definition of ‘‘creditor’’ in the Red Flags
rule to reflect the definition of that term
as added by the Clarification Act. The
final rule also updates a cross-reference
in the Red Flags rule to reflect a
statutory change in rulemaking
authority.
SUMMARY:
The final rule is effective June
30, 2014.
FOR FURTHER INFORMATION CONTACT:
Mandie K. Aubrey, Counsel, Division of
Consumer and Community Affairs, at
(202) 452–3667, Board of Governors of
the Federal Reserve System, 20th and C
DATES:
PO 00000
Frm 00007
Fmt 4700
Sfmt 4700
30709
Streets NW., Washington, DC 20551. For
users of Telecommunications Device for
the Deaf (TDD) only, contact (202) 263–
4869.
SUPPLEMENTARY INFORMATION:
I. Background
On November 9, 2007, the Board of
Governors of the Federal Reserve
System (Board), along with the other
banking agencies,1 National Credit
Union Administration (NCUA), and the
Federal Trade Commission (FTC)
(collectively, the ‘‘Agencies’’),
published final rules and guidelines on
identity theft ‘‘red flags’’ (‘‘Red Flags
rule’’) to implement section 615(e) of
the Fair Credit Reporting Act (FCRA)
(15 U.S.C. 1681m(e)).2 The Red Flags
rule requires each financial institution
and creditor that holds any consumer
account, or other account for which
there is a reasonably foreseeable risk of
identity theft, to develop and implement
an identity theft prevention program in
connection with new and existing
accounts. The program must include
reasonable policies and procedures for
detecting, preventing, and mitigating
identity theft. The Agencies also issued
guidelines to assist financial institutions
and creditors in developing and
implementing a program, including a
supplement that provides examples of
red flags.
The Red Flags rule, implemented in
the Board’s Regulation V, Subpart J,
defines the terms ‘‘credit’’ and
‘‘creditor’’ by cross-reference to FCRA
section 603(r)(5). 15 U.S.C. 1681a(r)(5).
Section 603(r)(5) defines the terms
‘‘credit’’ and ‘‘creditor’’ by crossreference to section 702 of the Equal
Credit Opportunity Act (ECOA). ECOA
section 702 defines ‘‘creditor’’ as ‘‘any
person who regularly extends, renews,
or continues credit; any person who
regularly arranges for the extension,
renewal, or continuation of credit; or
any assignee of an original creditor who
participates in the decision to extend,
renew, or continue credit.’’ 15 U.S.C.
1691a(e). The ECOA defines ‘‘credit’’ as
‘‘the right granted by a creditor to a
debtor to defer payment of debt or to
incur debts and defer its payment or to
purchase property or services and defer
1 The other banking agencies included the Office
of the Comptroller of the Currency; Federal Deposit
Insurance Corporation; and Office of Thrift
Supervision. The Dodd-Frank Wall Street Reform
and Consumer Protection Act (Dodd-Frank Act)
added the Commodity Futures Trading Commission
(CFTC) and the Securities and Exchange
Commission (SEC) to the list of agencies with
rulemaking and enforcement authority under the
Fair Credit Reporting Act with respect to the Red
Flags rule. Public Law 111–203, 124 Stat. 1376
(2010).
2 72 FR 63718 (Nov. 9, 2007).
E:\FR\FM\29MYR1.SGM
29MYR1
]]>Agencies
[Federal Register Volume 79, Number 103 (Thursday, May 29, 2014)]
[Rules and Regulations]
[Pages 30708-30709]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-12357]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 216
[Docket No. R-1483]
RIN 7100 AE13
Privacy of Consumer Information (Regulation P)
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is repealing its Regulation P, 12 CFR part 216, which was issued to
implement the privacy provisions 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. The Bureau's Regulation P covers those entities previously
subject to the Board's Regulation P. Accordingly, the Board is
repealing its Regulation P.
DATES: The final rule is effective June 30, 2014.
FOR FURTHER INFORMATION CONTACT: Vivian W. Wong, Counsel, Division of
Consumer and Community Affairs, at (202) 452-3667, Board of Governors
of the Federal Reserve System, 20th and C Streets NW., Washington, DC
20551. For users of Telecommunications Device for the Deaf (TDD) only,
contact (202) 263-4869.
SUPPLEMENTARY INFORMATION:
I. Discussion
Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLB Act), 15
U.S.C. 6801-6809, titled ``Disclosure of Nonpublic Personal
Information,'' limits the circumstances in which a financial
institution can disclose nonpublic personal information about a
consumer to nonaffiliated third parties and requires financial
institutions to provide certain privacy notices to their customers who
are consumers. Prior to July 21, 2011, rulemaking authority for the
subtitle was shared by eight Federal agencies, including the Board of
Governors of the Federal Reserve System (Board).\1\ Each of the
agencies issued consistent and comparable rules to implement the GLB
Act's privacy provisions; the Board implemented its rule as Regulation
P, 12 CFR part 216.
---------------------------------------------------------------------------
\1\ The other Federal agencies included the Federal Deposit
Insurance Corporation, the Federal Trade Commission, the National
Credit Union Administration, the Office of the Comptroller of the
Currency, the Office of Thrift Supervision, the Securities and
Exchange Commission, and the Commodity Futures Trading Commission.
---------------------------------------------------------------------------
Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act) \2\ transferred rulemaking authority
for a number of consumer financial protection laws, including the
authority to prescribe regulations under the privacy provisions of the
GLB Act, to the Bureau of Consumer Financial Protection (Bureau).\3\
This transfer of rulemaking authority from the Board and other Federal
agencies to the Bureau became effective on July 21, 2011. In connection
with the transfer, the Bureau published an interim final rule to
establish its own Regulation P, 12 CFR part 1016, to implement the
privacy provisions of the GLB Act (Bureau Interim Final Rule).\4\ The
Bureau Interim Final Rule substantially duplicates the Board's
Regulation P and covers financial institutions and other persons for
which the Bureau has rulemaking authority pursuant to section
504(a)(1)(A) of the GLB Act, as amended by the Dodd-Frank Act. The
Bureau Interim Final Rule does not impose any new substantive
obligations on regulated entities.
---------------------------------------------------------------------------
\2\ The Dodd-Frank Act, Public Law 111-203, 124 Stat. 1376, was
signed into law on July 21, 2010.
\3\ The Dodd-Frank Act did not transfer the Board's authority
under section 501(b) of the GLB Act to establish information
security standards for financial institutions subject to its
jurisdiction. 15 U.S.C. 6801(b). Therefore, the Bureau does not have
authority to prescribe regulations for GLB Act section 505 as it
applies to section 501(b).
\4\ 76 FR 79025 (Dec. 21, 2011).
---------------------------------------------------------------------------
The scope of the Board's Regulation P is set forth in Sec.
216.1(b)(1) and states that the part applies to state member banks,
bank holding companies and certain of their nonbank subsidiaries or
affiliates, state uninsured branches and agencies of foreign banks,
commercial lending companies owned or controlled by foreign banks, and
Edge and agreement corporations. As a result, all of the entities
formerly subject to the Board's rule are covered by the Bureau Interim
Final Rule.\5\ Consequently, the Board published a proposal in February
2014 to repeal its Regulation P, 12 CFR part 216 (Proposed Rule).\6\
The Board received four comments on the Proposed Rule.
---------------------------------------------------------------------------
\5\ Furthermore, the Board notes that section 1093 of the Dodd-
Frank Act revises the GLB Act to provide that notwithstanding the
authority of the Bureau to prescribe regulations to implement the
privacy provisions with respect to financial institutions and other
persons subject to its jurisdiction, the Federal Trade Commission
shall have authority to prescribe such regulations with respect to
any financial institution that is a motor vehicle dealer described
in section 1029(a) of the Dodd-Frank Act. See 15 U.S.C.
6804(a)(1)(C).
\6\ 79 FR 8904 (Feb. 20, 2014).
---------------------------------------------------------------------------
Almost all commenters supported the Board's proposal to repeal its
Regulation P in order to avoid confusion and duplication. One
commenter, however, suggested that the regulation be retained in case
the law changes. Based on the comments the Board received and because
the Bureau Interim Final Rule covers all of the entities formerly
subject to the Board's rule, the Board is repealing its Regulation P.
[[Page 30709]]
II. Final Regulatory Flexibility Analysis
The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) (RFA)
generally requires an agency to perform an assessment of the impact a
rule is expected to have on small entities. Based on its analysis, and
for the reasons stated below, the Board believes that this final rule
will not have a significant economic impact on a substantial number of
small entities.
1. Statement of the need for, and objectives of, the final rule.
Title X of the Dodd-Frank Act transferred rulemaking authority for a
number of consumer financial protection laws from the Board to the
Bureau, effective July 21, 2011, including the Board's rulemaking
authority over the privacy provisions of the GLB Act. The Bureau issued
the Bureau Interim Final Rule to implement the privacy provisions of
the GLB Act in connection with the transfer of this rulemaking
authority to the Bureau. All of the entities formerly subject to the
Board's Regulation P are covered by the Bureau Interim Final Rule.
Consequently, the Board's repeal of the Board's Regulation P, 12 CFR
part 216, will not have any effect on entities that were formerly
subject to the Board's rule.
2. Summary of issues raised by comments in response to the initial
regulatory flexibility analysis. The Board did not receive any comments
on the initial regulatory flexibility analysis.
3. Small entities affected by the final rule. The final rule
repeals the Board's Regulation P, 12 CFR part 216, because the Board no
longer has rulewriting authority for the provisions of the GLB Act that
were implemented in this regulation. All of the entities previously
subject to the Board's Regulation P are now subject to the Bureau
Interim Final Rule. Consequently, the repeal would not affect any
entity, including any small entity.
4. Recordkeeping, reporting, and compliance requirements. The final
rule repeals the Board's Regulation P, 12 CFR part 216, and would
therefore not impose any recordkeeping, reporting, or compliance
requirements on any entities. Existing requirements remain the same
under the Bureau Interim Final Rule.
5. Significant alternatives to the final revisions. Because the
repeal of the Board's Regulation P (12 CFR part 216) will have no
impact, there are no significant alternatives that would further
minimize the economic impact of the final rule on small entities.
III. Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (PRA) of 1995 (44
U.S.C. 3506; 5 CFR part 1320 Appendix A.1), the Board reviewed the rule
under the authority delegated to the Federal Reserve by the Office of
Management and Budget. The final rule contains no requirements subject
to the PRA.
List of Subjects in 12 CFR Part 216
Banks, banking, Consumer protection, Foreign banking, Holding
companies, Privacy, Reporting and recordkeeping requirements.
Authority and Issuance
For the reasons set forth in the preamble, based on the transfer of
authority under 12 U.S.C. 5581, the Board removes and reserves
Regulation P, 12 CFR part 216 as follows:
PART 216--[REMOVED AND RESERVED]
By order of the Board of Governors of the Federal Reserve
System, May 22, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-12357 Filed 5-28-14; 8:45 am]
BILLING CODE 6210-01-P
