Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, 60075-60077 [2015-25258]
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60075
Proposed Rules
Federal Register
Vol. 80, No. 192
Monday, October 5, 2015
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Chapter I
[Docket ID FFIEC–2014–0001]
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. R–1510]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Chapter III
Regulatory Publication and Review
Under the Economic Growth and
Regulatory Paperwork Reduction Act
of 1996
Office of the Comptroller of
the Currency (‘‘OCC’’), Treasury; Board
of Governors of the Federal Reserve
System (‘‘Board’’); and Federal Deposit
Insurance Corporation (‘‘FDIC’’).
ACTION: Notice of outreach meeting.
AGENCIES:
The OCC, Board, and FDIC
(together ‘‘we’’ or ‘‘Agencies’’) announce
the fifth in a series of outreach meetings
on the Agencies’ interagency process to
review their regulations under the
Economic Growth and Regulatory
Paperwork Reduction Act of 1996
(‘‘EGRPRA’’).
DATES: An outreach meeting will be
held in Chicago, Illinois on Monday,
October 19, 2015, beginning at 9:00 a.m.
Central Daylight Time (CDT). Online
registrations will be accepted through
October 13, 2015, or until all seats are
filled, whichever is earlier. If seats are
available after the close of online
registration, individuals may register in
person at the Federal Reserve Bank of
Chicago on the day of the meeting. The
sixth outreach meeting is scheduled for
December 2, 2015, in the Washington,
DC, area.
ADDRESSES: The Agencies will hold the
October 19, 2015, outreach meeting at
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the Federal Reserve Bank of Chicago,
230 S. LaSalle St., Chicago, Illinois
60604. Live video of this meeting will
be streamed at https://egrpra.ffiec.gov/.
Participants attending in person should
register at https://egrpra.ffiec.gov/
outreach/outreach-index.html.
In addition, to enhance participation,
interested persons anywhere in the
country will have the opportunity to
view and participate in the meeting
online using their computers. Members
of the public watching online will be
able to submit written comments at any
time during the meeting using the text
chat feature. In addition to the online
option, a toll-free telephone number
(888–431–3632) is available for
members of the public who would like
only to listen to the meeting, and who
may choose later to submit written
comments. Information regarding these
additional participation options is
described in the meeting details section
for the Chicago meeting at https://
egrpra.ffiec.gov/outreach/outreachmeeting-details-chicago.html.
Any interested individual may submit
comments through the EGRPRA Web
site during open comment periods at:
https://egrpra.ffiec.gov/submit-comment/
submit-comment-index.html. On this
site, click ‘‘Submit a Comment’’ and
follow the instructions. Alternatively,
comments also may be submitted
through the Federal eRulemaking Portal
‘‘Regulations.gov’’ at: https://
www.regulations.gov. Enter ‘‘Docket ID
FFIEC–2014–0001’’ in the Search Box,
click ‘‘Search,’’ and click ‘‘Comment
Now.’’ Those who wish to submit their
comments by an alternate means may do
so as indicated by each agency below.
OCC
The OCC encourages commenters to
submit comments through the Federal
eRulemaking Portal, Regulations.gov, in
accordance with the previous
paragraph. Alternatively, comments
may be emailed to regs.comments@
occ.treas.gov or sent by mail to
Legislative and Regulatory Activities
Division, Office of the Comptroller of
the Currency, Mail Stop 9W–11, 400 7th
Street SW., Washington, DC 20219.
Comments also may be faxed to (571)
465–4326 or hand delivered or sent by
courier to 400 7th Street SW.,
Washington, DC 20219. For comments
submitted by any means other than
Regulations.gov, you must include
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‘‘OCC’’ as the agency name and ‘‘Docket
ID FFIEC–2014–0001’’ in your
comment.
In general, the OCC will enter all
comments received into the docket and
publish them without change on
Regulations.gov. Comments received,
including attachments and other
supporting materials, as well as any
business or personal information you
provide, such as your name and
address, email address, or phone
number, are part of the public record
and subject to public disclosure.
Therefore, please do not include any
information with your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
You may inspect and photocopy in
person all comments received by the
OCC at 400 7th Street SW., Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect or photocopy
comments. You may make an
appointment by calling (202) 649–6700
or, for persons who are deaf or hard of
hearing, TTY (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to a security
screening.
Board
The Board encourages commenters to
submit comments regarding the Board’s
regulations by any of the following
methods:
• Agency Web site: https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx. Follow the
instructions for submitting comments
on the Agency Web site.
• Federal eRulemaking Portal, in
accordance with the directions above.
• Email: regs.comments@
federalreserve.gov. Include ‘‘EGRPRA’’
and Docket No. R–1510 in the subject
line of the message.
• FAX: (202) 452–3819.
• Mail: Robert deV. Frierson,
Secretary, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue NW., Washington,
DC 20551.
In general, the Board will enter all
comments received into the docket and
publish them without change on the
Board’s public Web site,
www.federalreserve.gov;
Regulations.gov; and https://
egrpra.ffiec.gov. Comments received,
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Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 / Proposed Rules
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including attachments and other
supporting materials, as well as any
business or personal information you
provide, such as your name and
address, email address, or phone
number, are part of the public record
and subject to public disclosure.
Therefore, please do not enclose any
information with your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
You may inspect and photocopy in
person all comments received by the
Board in Room 3515, 1801 K Street NW.
(between 18th and 19th Street NW.),
Washington, DC 20006, between 9:00
a.m. and 5:00 p.m. on weekdays. For
security reasons, the Board requires that
visitors make an appointment to inspect
comments. You may make an
appointment by calling (202) 452–3000.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and submit to a security
screening.
FDIC
The FDIC encourages commenters to
submit comments through the Federal
eRulemaking Portal, ‘‘Regulations.gov,’’
in accordance with the directions above.
Alternatively, you may submit
comments by any of the following
methods:
• Agency Web site: https://
www.fdic.gov/regulations/laws/federal.
Follow instructions for submitting
comments on the Agency Web site.
• Email: Comments@FDIC.gov.
Include ‘‘EGRPRA’’ in the subject line of
the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
• Hand Delivery/Courier: Guard
station at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7:00 a.m. and
5:00 p.m. (EDT).
The FDIC will post all comments
received to https://www.fdic.gov/
regulations/laws/federal without
change, including any personal
information provided. Comments may
be inspected and photocopied in the
FDIC Public Information Center, 3501
North Fairfax Drive, Room E–1002,
Arlington, VA 22226, between 9:00 a.m.
and 5:00 p.m. (EDT) on business days.
Paper copies of public comments may
be ordered from the Public Information
Center by calling (877) 275–3342.
FOR FURTHER INFORMATION CONTACT:
OCC: Heidi M. Thomas, Special
Counsel, (202) 649–5490; for persons
who are deaf or hard of hearing, TTY
(202) 649–5597.
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Board: Kevin Wilson, Financial
Analyst, (202) 452–2362; Claudia Von
Pervieux, Counsel (202) 452–2552; for
persons who are deaf or hard of hearing,
TTY (202) 263–4869.
FDIC: Ruth R. Amberg, Assistant
General Counsel, (202) 898–3736; for
persons who are deaf or hard of hearing,
TTY 1–800–925–4618.
SUPPLEMENTARY INFORMATION:
EGRPRA 1 directs the Agencies, along
with the Federal Financial Institutions
Examination Council (Council), not less
frequently than once every ten years, to
conduct a review of their regulations to
identify outdated or otherwise
unnecessary regulations imposed on
insured depository institutions. As part
of this review, the Agencies are holding
a series of six outreach meetings to
provide an opportunity for bankers,
consumer and community groups, and
other interested persons to present their
views directly to senior management
and staff of the Agencies on any of 12
specific categories of the Agencies’
regulations, as further described below.
The Agencies held the first of these
outreach meetings on December 2, 2014,
in Los Angeles, California; the second
outreach meeting on February 4, 2015,
in Dallas, Texas; the third outreach
meeting on May 4, 2015, in Boston,
Massachusetts; and the fourth outreach
meeting, which focused on rural banks
and their communities, on August 4,
2015, in Kansas City, Missouri.
Additional details, including videos and
transcripts of the first four outreach
meetings, are available on the EGRPRA
Web site at https://egrpra.ffiec.gov/
outreach/outreach-index.html.
The fifth outreach meeting will be
held on October 19, 2015, in Chicago,
Illinois, and will be streamed live at
https://egrpra.ffiec.gov/. FDIC Chairman
Martin J. Gruenberg, Comptroller of the
Currency Thomas J. Curry, and FRB
Governor Lael Brainard are scheduled to
attend, along with senior staff members
of the Agencies. The meeting will
consist of panels of bankers and
consumer and community groups who
will present particular issues. There will
be limited time after each panel for
comments from meeting attendees. In
addition, there will be a session at the
end of the meeting during which
audience members may present views
on any of the regulations under review.
The Agencies reserve the right to limit
the time of individual commenters, if
needed, in order to accommodate the
number of persons desiring to speak.
Comments made by panelists,
audience members, and online
1 Public Law 104–208 (1996), 110 Stat. 3009–414,
codified at 12 U.S.C. 3311.
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participants at this meeting will be
reflected in the public comment file.
Audience members who do not wish to
comment orally may submit written
comments at the meeting. As noted
above, any interested person may
submit comments through the EGRPRA
Web site during open comment periods
at: https://egrpra.ffiec.gov/submitcomment/submit-comment-index.html
or directly to the Agencies through any
of the other manners specified above.
All participants attending in person
should register for the Chicago outreach
meeting at https://egrpra.ffiec.gov/
outreach/outreach-index.html. Because
of space constraints, on-site attendance
will be limited. Online registrations will
be accepted through October 13, 2015,
or until all seats are filled, whichever is
earlier. If seats are available, individuals
may register in person at the Federal
Reserve Bank of Chicago on the day of
the meeting. Individuals do not need to
register to view the live-stream
broadcast.
We note that the meeting will be
video-recorded and publicly webcast in
order to increase education and
outreach. By participating in person at
the meeting, you consent to appear in
such recordings.
Additional Background on EGRPRA
Section 2222 of EGRPRA directs the
Agencies, along with the Council, to
conduct a review of their regulations not
less frequently than once every ten years
to identify outdated or otherwise
unnecessary regulatory requirements
imposed on insured depository
institutions. In conducting this review,
the Agencies are required to categorize
their regulations by type and, at regular
intervals, provide notice and solicit
public comment on categories of
regulations, requesting commenters to
identify areas of regulations that are
outdated, unnecessary, or unduly
burdensome. The statute requires the
Agencies to publish in the Federal
Register a summary of the comments
received, identifying significant issues
raised and commenting on these issues.
The statute also directs the Agencies to
eliminate unnecessary regulations to the
extent that such action is appropriate.
Finally, section 2222 requires the
Council, of which the Agencies are
members, to submit a report to Congress
that summarizes any significant issues
raised in the public comments and the
relative merits of such issues. The report
also must include an analysis of
whether the Agencies are able to
address the regulatory burdens
associated with such issues by
regulation or whether these burdens
must be addressed by legislative action.
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For purposes of this review, the
Agencies have grouped our regulations
into 12 categories: Applications and
Reporting; Banking Operations; Capital;
Community Reinvestment Act;
Consumer Protection; Directors, Officers
and Employees; International
Operations; Money Laundering; Powers
and Activities; Rules of Procedure;
Safety and Soundness; and Securities.
On June 4, 2014, we published a
Federal Register notice announcing the
start of the EGRPRA review process and
also asking for public comment on three
of these categories—Applications and
Reporting; Powers and Activities; and
International Operations regulations.2 In
that notice we published a chart, listing
the Agencies’ regulations in the 12
categories included in the EGRPRA
review. On February 13, 2015, we
published a Federal Register notice
asking for public comment on three
additional categories—Banking
Operations; Capital; and the Community
Reinvestment Act.3 The comment
period for the second Federal Register
notice closed on May 14, 2015. On June
5, 2015, the Agencies published a third
Federal Register notice asking for
public comment on three additional
categories—Consumer Protection;
Directors, Officers and Employees; and
Money Laundering.4 The comment
period for the third notice closed on
September 3, 2015. As noted in the third
Federal Register notice, the Agencies’
will take comment on all of our
regulations issued in final form up to
the date that we publish the last
EGRPRA notice for public comment. In
the third notice, we published an
additional chart, listing the rules
included in the review that had not
been reflected in prior charts. Before the
end of the year, the Agencies intend to
issue the final Federal Register notice,
requesting comment on regulations in
the last three categories—Rules of
Procedure; Safety and Soundness; and
Securities, as well as on any other final
rules not covered by one of the prior
Federal Register notices.
Dated: September 25, 2015.
Thomas J. Curry,
Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System, September 28, 2015.
Robert deV. Frierson,
Secretary of the Board.
Dated: September 29, 2015.
2 79
FR 32172.
FR 7980.
4 80 FR 32046.
3 80
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Federal Deposit Insurance Corporation by
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2015–25258 Filed 10–2–15; 8:45 am]
BILLING CODE 4810–33P; 6210–01–P; 6714–01–P
SMALL BUSINESS ADMINISTRATION
13 CFR Part 107
RIN 3245–AG67
Small Business Investment
Companies; Passive Business
Expansion & Technical Clarifications
U.S. Small Business
Administration.
ACTION: Proposed rule.
AGENCY:
The U.S. Small Business
Administration (SBA) proposes to revise
the regulations for the Small Business
Investment Company (SBIC) program to
expand the use of Passive Businesses
and provide further clarification with
regard to investments in such
businesses. SBICs are generally
prohibited from investing in passive
businesses under the Small Business
Investment Act of 1958, as amended
(Act). SBIC program regulations provide
for two exceptions that allow an SBIC to
structure an investment utilizing a
passive small business as a passthrough. The first exception provides
conditions under which an SBIC may
structure an investment through up to
two levels of passive entities to make an
investment in a non-passive business
that is a subsidiary of the passive
business directly financed by the SBIC.
The second exception enables a
partnership SBIC, with SBA’s prior
approval, to provide financing to a small
business through a passive, whollyowned C corporation, but only if a
direct financing would cause the SBIC’s
investors to incur Unrelated Business
Taxable Income (UBTI). A passive C
corporation formed under the second
exception is commonly known as a
blocker corporation. This proposed rule
would clarify the first exception, and
would expand the permitted use of
blocker corporations and eliminate the
prior approval requirement in the
second exception. The rule also
proposes to add new reporting and other
requirements for passive investments to
help protect SBA’s financial interests
and ensure adequate oversight and make
minor technical amendments.
DATES: Comments on the proposed rule
must be received on or before December
4, 2015.
SUMMARY:
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60077
You may submit comments,
identified by RIN 3245–AG67, by any of
the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail, Hand Delivery/Courier: Javier
Saade, Associate Administrator for
Investment and Innovation, U.S. Small
Business Administration, 409 Third
Street SW., Washington, DC 20416.
SBA will post comments on https://
www.regulations.gov. If you wish to
submit confidential business
information (CBI) as defined in the User
Notice at https://www.regulations.gov,
please submit the information to
Theresa Jamerson, Office of Investment
and Innovation, 409 Third Street SW.,
Washington, DC 20416. Highlight the
information that you consider to be CBI
and explain why you believe this
information should be held confidential.
SBA will review the information and
make the final determination of whether
it will publish the information or not.
FOR FURTHER INFORMATION CONTACT:
Theresa Jamerson, Office of Investment
and Innovation, (202) 205–7563 or sbic@
sba.gov.
SUPPLEMENTARY INFORMATION:
ADDRESSES:
A. Passive Businesses
Section 107.720 Small Businesses
That May Be Ineligible for Financing
The Small Business Investment Act of
1958, as amended, and the SBIC
program regulations prohibit an SBIC
from making passive investments. The
implementing regulation at 13 CFR
107.720(b) defines a business as passive
if: (1) It is not engaged in a regular and
continuous business operation; (2) its
employees do not carry on the majority
of day-to-day operations, and the
company does not exercise day-to-day
control and supervision over contract
workers; or (3) the business passes
through substantially all financing
proceeds to another entity.
The current regulation provides for
two exceptions that allow an SBIC to
structure an investment utilizing a
passive small business as a passthrough. The first exception, identified
in § 107.720(b)(2), permits an
investment utilizing up to two passive
entities, as long as substantially all of
the financing proceeds are passed
through to one or more active
‘‘subsidiary companies,’’ each of which
is an eligible small business. The
regulation defines a subsidiary company
as one in which the financed passive
business directly or indirectly owns at
least 50% of the outstanding voting
securities. As an example, this
exception allows an SBIC to finance
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]]>Agencies
[Federal Register Volume 80, Number 192 (Monday, October 5, 2015)]
[Proposed Rules]
[Pages 60075-60077]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-25258]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 /
Proposed Rules
[[Page 60075]]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Chapter I
[Docket ID FFIEC-2014-0001]
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. R-1510]
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Chapter III
Regulatory Publication and Review Under the Economic Growth and
Regulatory Paperwork Reduction Act of 1996
AGENCIES: Office of the Comptroller of the Currency (``OCC''),
Treasury; Board of Governors of the Federal Reserve System (``Board'');
and Federal Deposit Insurance Corporation (``FDIC'').
ACTION: Notice of outreach meeting.
-----------------------------------------------------------------------
SUMMARY: The OCC, Board, and FDIC (together ``we'' or ``Agencies'')
announce the fifth in a series of outreach meetings on the Agencies'
interagency process to review their regulations under the Economic
Growth and Regulatory Paperwork Reduction Act of 1996 (``EGRPRA'').
DATES: An outreach meeting will be held in Chicago, Illinois on Monday,
October 19, 2015, beginning at 9:00 a.m. Central Daylight Time (CDT).
Online registrations will be accepted through October 13, 2015, or
until all seats are filled, whichever is earlier. If seats are
available after the close of online registration, individuals may
register in person at the Federal Reserve Bank of Chicago on the day of
the meeting. The sixth outreach meeting is scheduled for December 2,
2015, in the Washington, DC, area.
ADDRESSES: The Agencies will hold the October 19, 2015, outreach
meeting at the Federal Reserve Bank of Chicago, 230 S. LaSalle St.,
Chicago, Illinois 60604. Live video of this meeting will be streamed at
https://egrpra.ffiec.gov/. Participants attending in person should
register at https://egrpra.ffiec.gov/outreach/outreach-index.html.
In addition, to enhance participation, interested persons anywhere
in the country will have the opportunity to view and participate in the
meeting online using their computers. Members of the public watching
online will be able to submit written comments at any time during the
meeting using the text chat feature. In addition to the online option,
a toll-free telephone number (888-431-3632) is available for members of
the public who would like only to listen to the meeting, and who may
choose later to submit written comments. Information regarding these
additional participation options is described in the meeting details
section for the Chicago meeting at https://egrpra.ffiec.gov/outreach/outreach-meeting-details-chicago.html.
Any interested individual may submit comments through the EGRPRA
Web site during open comment periods at: https://egrpra.ffiec.gov/submit-comment/submit-comment-index.html. On this site, click ``Submit
a Comment'' and follow the instructions. Alternatively, comments also
may be submitted through the Federal eRulemaking Portal
``Regulations.gov'' at: https://www.regulations.gov. Enter ``Docket ID
FFIEC-2014-0001'' in the Search Box, click ``Search,'' and click
``Comment Now.'' Those who wish to submit their comments by an
alternate means may do so as indicated by each agency below.
OCC
The OCC encourages commenters to submit comments through the
Federal eRulemaking Portal, Regulations.gov, in accordance with the
previous paragraph. Alternatively, comments may be emailed to
regs.comments@occ.treas.gov or sent by mail to Legislative and
Regulatory Activities Division, Office of the Comptroller of the
Currency, Mail Stop 9W-11, 400 7th Street SW., Washington, DC 20219.
Comments also may be faxed to (571) 465-4326 or hand delivered or sent
by courier to 400 7th Street SW., Washington, DC 20219. For comments
submitted by any means other than Regulations.gov, you must include
``OCC'' as the agency name and ``Docket ID FFIEC-2014-0001'' in your
comment.
In general, the OCC will enter all comments received into the
docket and publish them without change on Regulations.gov. Comments
received, including attachments and other supporting materials, as well
as any business or personal information you provide, such as your name
and address, email address, or phone number, are part of the public
record and subject to public disclosure. Therefore, please do not
include any information with your comment or supporting materials that
you consider confidential or inappropriate for public disclosure.
You may inspect and photocopy in person all comments received by
the OCC at 400 7th Street SW., Washington, DC 20219. For security
reasons, the OCC requires that visitors make an appointment to inspect
or photocopy comments. You may make an appointment by calling (202)
649-6700 or, for persons who are deaf or hard of hearing, TTY (202)
649-5597. Upon arrival, visitors will be required to present valid
government-issued photo identification and submit to a security
screening.
Board
The Board encourages commenters to submit comments regarding the
Board's regulations by any of the following methods:
Agency Web site: https://www.federalreserve.gov/apps/foia/proposedregs.aspx. Follow the instructions for submitting comments on
the Agency Web site.
Federal eRulemaking Portal, in accordance with the
directions above.
Email: regs.comments@federalreserve.gov. Include
``EGRPRA'' and Docket No. R-1510 in the subject line of the message.
FAX: (202) 452-3819.
Mail: Robert deV. Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue NW.,
Washington, DC 20551.
In general, the Board will enter all comments received into the
docket and publish them without change on the Board's public Web site,
www.federalreserve.gov; Regulations.gov; and https://egrpra.ffiec.gov.
Comments received,
[[Page 60076]]
including attachments and other supporting materials, as well as any
business or personal information you provide, such as your name and
address, email address, or phone number, are part of the public record
and subject to public disclosure. Therefore, please do not enclose any
information with your comment or supporting materials that you consider
confidential or inappropriate for public disclosure.
You may inspect and photocopy in person all comments received by
the Board in Room 3515, 1801 K Street NW. (between 18th and 19th Street
NW.), Washington, DC 20006, between 9:00 a.m. and 5:00 p.m. on
weekdays. For security reasons, the Board requires that visitors make
an appointment to inspect comments. You may make an appointment by
calling (202) 452-3000. Upon arrival, visitors will be required to
present valid government-issued photo identification and submit to a
security screening.
FDIC
The FDIC encourages commenters to submit comments through the
Federal eRulemaking Portal, ``Regulations.gov,'' in accordance with the
directions above. Alternatively, you may submit comments by any of the
following methods:
Agency Web site: https://www.fdic.gov/regulations/laws/federal. Follow instructions for submitting comments on the Agency Web
site.
Email: Comments@FDIC.gov. Include ``EGRPRA'' in the
subject line of the message.
Mail: Robert E. Feldman, Executive Secretary, Attention:
Comments, Federal Deposit Insurance Corporation, 550 17th Street NW.,
Washington, DC 20429.
Hand Delivery/Courier: Guard station at the rear of the
550 17th Street Building (located on F Street) on business days between
7:00 a.m. and 5:00 p.m. (EDT).
The FDIC will post all comments received to https://www.fdic.gov/regulations/laws/federal without change, including any personal
information provided. Comments may be inspected and photocopied in the
FDIC Public Information Center, 3501 North Fairfax Drive, Room E-1002,
Arlington, VA 22226, between 9:00 a.m. and 5:00 p.m. (EDT) on business
days. Paper copies of public comments may be ordered from the Public
Information Center by calling (877) 275-3342.
FOR FURTHER INFORMATION CONTACT:
OCC: Heidi M. Thomas, Special Counsel, (202) 649-5490; for persons
who are deaf or hard of hearing, TTY (202) 649-5597.
Board: Kevin Wilson, Financial Analyst, (202) 452-2362; Claudia Von
Pervieux, Counsel (202) 452-2552; for persons who are deaf or hard of
hearing, TTY (202) 263-4869.
FDIC: Ruth R. Amberg, Assistant General Counsel, (202) 898-3736;
for persons who are deaf or hard of hearing, TTY 1-800-925-4618.
SUPPLEMENTARY INFORMATION:
EGRPRA \1\ directs the Agencies, along with the Federal Financial
Institutions Examination Council (Council), not less frequently than
once every ten years, to conduct a review of their regulations to
identify outdated or otherwise unnecessary regulations imposed on
insured depository institutions. As part of this review, the Agencies
are holding a series of six outreach meetings to provide an opportunity
for bankers, consumer and community groups, and other interested
persons to present their views directly to senior management and staff
of the Agencies on any of 12 specific categories of the Agencies'
regulations, as further described below. The Agencies held the first of
these outreach meetings on December 2, 2014, in Los Angeles,
California; the second outreach meeting on February 4, 2015, in Dallas,
Texas; the third outreach meeting on May 4, 2015, in Boston,
Massachusetts; and the fourth outreach meeting, which focused on rural
banks and their communities, on August 4, 2015, in Kansas City,
Missouri. Additional details, including videos and transcripts of the
first four outreach meetings, are available on the EGRPRA Web site at
https://egrpra.ffiec.gov/outreach/outreach-index.html.
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\1\ Public Law 104-208 (1996), 110 Stat. 3009-414, codified at
12 U.S.C. 3311.
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The fifth outreach meeting will be held on October 19, 2015, in
Chicago, Illinois, and will be streamed live at https://egrpra.ffiec.gov/. FDIC Chairman Martin J. Gruenberg, Comptroller of
the Currency Thomas J. Curry, and FRB Governor Lael Brainard are
scheduled to attend, along with senior staff members of the Agencies.
The meeting will consist of panels of bankers and consumer and
community groups who will present particular issues. There will be
limited time after each panel for comments from meeting attendees. In
addition, there will be a session at the end of the meeting during
which audience members may present views on any of the regulations
under review. The Agencies reserve the right to limit the time of
individual commenters, if needed, in order to accommodate the number of
persons desiring to speak.
Comments made by panelists, audience members, and online
participants at this meeting will be reflected in the public comment
file. Audience members who do not wish to comment orally may submit
written comments at the meeting. As noted above, any interested person
may submit comments through the EGRPRA Web site during open comment
periods at: https://egrpra.ffiec.gov/submit-comment/submit-comment-index.html or directly to the Agencies through any of the other manners
specified above.
All participants attending in person should register for the
Chicago outreach meeting at https://egrpra.ffiec.gov/outreach/outreach-index.html. Because of space constraints, on-site attendance will be
limited. Online registrations will be accepted through October 13,
2015, or until all seats are filled, whichever is earlier. If seats are
available, individuals may register in person at the Federal Reserve
Bank of Chicago on the day of the meeting. Individuals do not need to
register to view the live-stream broadcast.
We note that the meeting will be video-recorded and publicly
webcast in order to increase education and outreach. By participating
in person at the meeting, you consent to appear in such recordings.
Additional Background on EGRPRA
Section 2222 of EGRPRA directs the Agencies, along with the
Council, to conduct a review of their regulations not less frequently
than once every ten years to identify outdated or otherwise unnecessary
regulatory requirements imposed on insured depository institutions. In
conducting this review, the Agencies are required to categorize their
regulations by type and, at regular intervals, provide notice and
solicit public comment on categories of regulations, requesting
commenters to identify areas of regulations that are outdated,
unnecessary, or unduly burdensome. The statute requires the Agencies to
publish in the Federal Register a summary of the comments received,
identifying significant issues raised and commenting on these issues.
The statute also directs the Agencies to eliminate unnecessary
regulations to the extent that such action is appropriate. Finally,
section 2222 requires the Council, of which the Agencies are members,
to submit a report to Congress that summarizes any significant issues
raised in the public comments and the relative merits of such issues.
The report also must include an analysis of whether the Agencies are
able to address the regulatory burdens associated with such issues by
regulation or whether these burdens must be addressed by legislative
action.
[[Page 60077]]
For purposes of this review, the Agencies have grouped our
regulations into 12 categories: Applications and Reporting; Banking
Operations; Capital; Community Reinvestment Act; Consumer Protection;
Directors, Officers and Employees; International Operations; Money
Laundering; Powers and Activities; Rules of Procedure; Safety and
Soundness; and Securities. On June 4, 2014, we published a Federal
Register notice announcing the start of the EGRPRA review process and
also asking for public comment on three of these categories--
Applications and Reporting; Powers and Activities; and International
Operations regulations.\2\ In that notice we published a chart, listing
the Agencies' regulations in the 12 categories included in the EGRPRA
review. On February 13, 2015, we published a Federal Register notice
asking for public comment on three additional categories--Banking
Operations; Capital; and the Community Reinvestment Act.\3\ The comment
period for the second Federal Register notice closed on May 14, 2015.
On June 5, 2015, the Agencies published a third Federal Register notice
asking for public comment on three additional categories--Consumer
Protection; Directors, Officers and Employees; and Money Laundering.\4\
The comment period for the third notice closed on September 3, 2015. As
noted in the third Federal Register notice, the Agencies' will take
comment on all of our regulations issued in final form up to the date
that we publish the last EGRPRA notice for public comment. In the third
notice, we published an additional chart, listing the rules included in
the review that had not been reflected in prior charts. Before the end
of the year, the Agencies intend to issue the final Federal Register
notice, requesting comment on regulations in the last three
categories--Rules of Procedure; Safety and Soundness; and Securities,
as well as on any other final rules not covered by one of the prior
Federal Register notices.
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\2\ 79 FR 32172.
\3\ 80 FR 7980.
\4\ 80 FR 32046.
Dated: September 25, 2015.
Thomas J. Curry,
Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, September 28, 2015.
Robert deV. Frierson,
Secretary of the Board.
Dated: September 29, 2015.
Federal Deposit Insurance Corporation by
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2015-25258 Filed 10-2-15; 8:45 am]
BILLING CODE 4810-33P; 6210-01-P; 6714-01-P
