Semiannual Regulatory Flexibility Agenda, 40444-40445 [2017-17013]

Download as PDF 40444 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda Comments should be addressed to Ann E. Misback, 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 Board of Governors of the Federal Reserve System. ACTION: Semiannual regulatory agenda. AGENCY: 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 June 1, 2017, through October 31, 2017. The next agenda will be published in fall 2017. DATES: Comments about the form or content of the agenda may be submitted any time during the next 6 months. SUMMARY: A staff contact for each item is indicated with the regulatory description below. FOR FURTHER INFORMATION CONTACT: The Board is publishing its spring 2017 agenda as part of the Spring 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 Web site: www.reginfo.gov. Participation SUPPLEMENTARY INFORMATION: 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 fourth 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. Yao-Chin Chao, Assistant Secretary of the Board. FEDERAL RESERVE SYSTEM—PROPOSED RULE STAGE Regulation Identifier No. Sequence No. Title 375 .................... Regulation CC—Availability of Funds and Collection of Checks (Docket No: R–1409) ................................. 7100–AD68 FEDERAL RESERVE SYSTEM—FINAL RULE STAGE Regulation Identifier No. Sequence No. Title 376 .................... Regulation LL—Savings and Loan Holding Companies and Regulation MM—Mutual Holding Companies (Docket No: R–1429). FEDERAL RESERVE SYSTEM (FRS) mstockstill on DSK30JT082PROD with PROPOSAL26 Proposed Rule Stage 375. 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 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 VerDate Sep<11>2014 18:33 Aug 23, 2017 Jkt 241001 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: Action Date Board Requested Comment. Board Requested Comment on Revised Proposal. Board Expects Further Action on Subpart C. PO 00000 Frm 00002 FR Cite 03/25/11 76 FR 16862 02/04/14 79 FR 6673 06/00/17 Fmt 4701 Sfmt 4702 Action Board Expects Further Action on Subpart B. Date 7100–AD80 FR Cite 06/00/17 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 FEDERAL RESERVE SYSTEM (FRS) Final Rule Stage 376. 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 E:\FR\FM\24AUP26.SGM 24AUP26 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda mstockstill on DSK30JT082PROD with PROPOSAL26 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 VerDate Sep<11>2014 18:33 Aug 23, 2017 Jkt 241001 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 PO 00000 Frm 00003 Fmt 4701 Sfmt 9990 40445 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: Action Board Requested Comment. Board Expects Further Action. Date 09/13/11 FR Cite 76 FR 56508 12/00/17 Regulatory Flexibility Analysis Required: Yes. Agency Contact: C. Tate Wilson, 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 [FR Doc. 2017–17013 Filed 8–23–17; 8:45 am] BILLING CODE 6210–01–P E:\FR\FM\24AUP26.SGM 24AUP26

Agencies

[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)]
[Unknown Section]
[Pages 40444-40445]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17013]



[[Page 40443]]

Vol. 82

Thursday,

No. 163

August 24, 2017

Part XXVI





Federal Reserve System





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 Semiannual Regulatory Agenda

Federal Register / Vol. 82 , No. 163 / Thursday, August 24, 2017 / 
Unified Agenda

[[Page 40444]]


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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.

-----------------------------------------------------------------------

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 June 1, 2017, 
through October 31, 2017. The next agenda will be published in fall 
2017.

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 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 spring 2017 
agenda as part of the Spring 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 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 fourth 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.

Yao-Chin Chao,
Assistant Secretary of the Board.

               Federal Reserve System--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
375.......................  Regulation CC--                    7100-AD68
                             Availability of Funds and
                             Collection of Checks
                             (Docket No: R-1409).
------------------------------------------------------------------------


                Federal Reserve System--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
376.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No: R-1429).
------------------------------------------------------------------------

FEDERAL RESERVE SYSTEM (FRS)

Proposed Rule Stage

375. 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 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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
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        06/00/17  .......................
 Subpart C.
Board Expects Further Action on        06/00/17  .......................
 Subpart B.
------------------------------------------------------------------------

    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

FEDERAL RESERVE SYSTEM (FRS)

Final Rule Stage

376. 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

[[Page 40445]]

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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comment.............   09/13/11  76 FR 56508
Board Expects Further Action........   12/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: C. Tate Wilson, 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

[FR Doc. 2017-17013 Filed 8-23-17; 8:45 am]
 BILLING CODE 6210-01-P