Policy on Payment System Risk, 46668-46669 [2017-21602]

Download as PDF 46668 Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Rules and Regulations for unrestricted use at the time of license termination. Two bases for this confidence are that no new legacy sites have been identified since the NRC’s financial assurance regulations were promulgated in 1988, and no sites have had to make adjustments to their decommissioning funds due to the identification of significant residual radioactivity since implementation of the DPR. The staff also found in SECY–16–0121 that residual radioactivity detected to date has been limited mostly to onsite areas, and there has not been a significant impact on public health and safety. Under current regulations, this is unlikely to change. In addition to complying with applicable dose standards, for example, licensees also must comply with the requirement in 10 CFR 20.1101(b) to ‘‘use, to the extent practical, procedures and engineering controls . . . to achieve . . . doses to members of the public as low as reasonably achievable (ALARA).’’ By requiring public doses to be ALARA, existing NRC regulations provide ample assurance that the need for a prompt remediation rule is unlikely to grow with time. Based on these considerations, earlier assessments, and its conclusions from the 2 additional years of operating experience, the NRC staff in SECY–16– 0121 recommended that further work on a prompt remediation rule be discontinued. On December 21, 2016, in SRM–SECY–16–0121 (ADAMS Accession No. ML16356A583), the Commission accepted the staff’s recommendation. From the staff’s evaluation of how licensees are complying with the DPR and other NRC regulations limiting doses to members of the public, the Commission has determined that licensees are operating their facilities to minimize leaks and spills, monitor for residual radioactivity, adjust decommissioning funding to account for residual surface and subsurface radioactivity, and maintain doses to the public within regulatory limits, including ALARA requirements. Compliance with these regulations protects public health and safety and significantly reduces the potential for additional legacy sites. III. Availability of Documents The documents identified in the following table are available to interested persons through one or more of the following methods, as indicated. ADAMS Accession No./ Federal Register citation Document Decommissioning Planning; Proposed Rule (January 22, 2008) ........................................................................................... Decommissioning Planning; Final Rule (June 17, 2011) ........................................................................................................ SRM—SECY–07–0177—Proposed Rule: Decommissioning Planning .................................................................................. Draft Proposed Technical Basis For Prompt Remediation, Rev. 4 ........................................................................................ FEDERAL REGISTER document ‘‘Consideration of Rulemaking to Address Prompt Remediation of Residual Radioactivity During Operations.’’ (July 18, 2011). Draft Technical Basis For Prompt Remediation, Rev. 3 ......................................................................................................... SRM–SECY–12–0046, ‘‘Options for Revising the Regulatory Approach to Groundwater Protection’’ .................................. SECY–13–0108, ‘‘Staff Recommendations for Addressing Remediation of Residual Radioactivity During Operations’’ ...... SRM–SECY–13–0108 ‘‘Staff Recommendations For Addressing Remediation Of Residual Radioactivity During Operations’’. Nuclear Energy Institute, NEI 07–07, ‘‘Industry Groundwater Protection Initiative’’ ............................................................... SECY–16–0121, ‘‘Staff Recommendations For Rulemaking To Address Remediation Of Residual Radioactivity During Operation’’. SRM–SECY–16–0121, ‘‘Staff Recommendations For Rulemaking To Address Remediation Of Residual Radioactivity During Operation’’. asabaliauskas on DSKBBXCHB2PROD with RULES IV. Conclusion The NRC is no longer pursuing revisions to its regulations in 10 CFR part 20 for the reasons discussed in this document. In the next edition of the Unified Agenda, the NRC will update the entry for this rulemaking activity and reference this document to indicate that it is no longer being pursued. This rulemaking activity will appear in the ‘‘Completed Actions’’ section of that edition of the Unified Agenda, but will not appear in future editions. If the NRC decides to pursue similar or related rulemaking activities in the future, it will inform the public through a new rulemaking entry in the Unified Agenda. Dated at Rockville, Maryland, this 2nd day of October 2017. VerDate Sep<11>2014 16:21 Oct 05, 2017 Jkt 244001 For the Nuclear Regulatory Commission. Annette L. Vietti-Cook, Secretary of the Commission. [FR Doc. 2017–21546 Filed 10–5–17; 8:45 am] BILLING CODE 7590–01–P FEDERAL RESERVE SYSTEM 12 CFR Chapter II [Docket No. OP–1572] Policy on Payment System Risk Board of Governors of the Federal Reserve System. ACTION: Policy statement. AGENCY: The Board of Governors of the Federal Reserve System (Board) has revised part II of the Federal Reserve Policy on Payment System Risk (PSR policy) related to the transaction posting times used for measuring balances intraday in institutions’ accounts at the SUMMARY: PO 00000 Frm 00014 Fmt 4700 Sfmt 4700 73 FR 3812 76 FR 35512 ML073440549 ML111580353 76 FR 42074 ML120190685 ML121450704 ML13217A230 ML13354B759 ML072610036 ML16235A298 ML16356A583 Federal Reserve Banks (Reserve Banks) to conform to amendments to regulations governing the use of the Automated Clearing House (ACH) Network by Federal agencies announced by the Department of the Treasury, Bureau of the Fiscal Service (Fiscal Service). Specifically, the amended posting rules conform to the decision of the Fiscal Service to allow Federal agencies to originate and receive sameday entries beginning September 15, 2017. This policy revision is applicable beginning on September 15, 2017. FOR FURTHER INFORMATION CONTACT: Jeffrey D. Walker, Assistant Director (202–721–4559), Jason Hinkle, Manager, Financial Risk Management (202–912– 7805), or Ian C.B. Spear, Senior Financial Services Analyst (202–452– 3959), Division of Reserve Bank Operations and Payment Systems; for users of Telecommunication Devices for DATES: E:\FR\FM\06OCR1.SGM 06OCR1 Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Rules and Regulations the Deaf (TDD) only, contact 202–263– 4869; Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. SUPPLEMENTARY INFORMATION: Background The Board’s PSR policy establishes the procedures for measuring balances intraday in institutions’ accounts at the Reserve Banks by setting forth the times at which credits and debits for various types of transactions are posted to those accounts (‘‘the posting rules’’).1 The application of these posting rules determines an institution’s intraday account balance and whether it has incurred a negative balance (daylight overdraft). On September 23, 2015, the Board approved enhancements to the Reserve Banks’ FedACH® SameDay Service (FedACH SameDay Service) in light of amendments to NACHA—The Electronic Payments Association’s Operating Rules and Guidelines.2 The NACHA amendments, as incorporated into Operating Circular 4, become effective in three phases, beginning with same-day credits in September 2016, same-day debits in September 2017, and faster funds availability in March 2018. Next-day settlement remains available. The Board is revising the PSR policy’s posting rules for same-day ACH transactions to conform to amendments to 31 CFR part 210 (part 210) announced on September 11, 2017 by Fiscal Service.3 Specifically, the amended posting rules conform to the decision of the Fiscal Service to allow Federal agencies to originate and receive sameday entries beginning September 15, 2017.4 Policy on Payment System Risk asabaliauskas on DSKBBXCHB2PROD with RULES The Federal Reserve Policy on Payment System Risk, section II.A, under the heading ‘‘Procedures for Measuring Daylight Overdrafts’’ and the 1 The Board’s PSR policy is available at https:// www.federalreserve.gov/paymentsystems/files/psr_ policy.pdf. 2 80 FR 58248 (Sep. 28, 2015). NACHA, whose membership consists of insured financial institutions and regional payment associations, establishes network-wide ACH rules through its Operating Rules and Guidelines. As an ACH operator, the Reserve Banks, through Operating Circular 4, incorporate NACHA’s Operating Rules and Guidelines as rules that govern clearing and settlement of commercial ACH items by the Reserve Banks, except for those provisions specifically excluded in the Operating Circular. 3 The Fiscal Service amended part 210 to address changes to the NACHA Operating Rules, including NACHA’s same-day amendments. See 82 FR 42597 (Sep. 11, 2017). Part 210 governs the use of ACH by Federal agencies and incorporates the NACHA Operating Rules, with certain exceptions. 4 31 CFR 210.2(d)(7) (as amended Sept. 11, 2017). VerDate Sep<11>2014 16:21 Oct 05, 2017 Jkt 244001 46669 subheadings ‘‘Post at 8:30 a.m. eastern time,’’ ‘‘Post by 1:00 p.m. eastern time,’’ ‘‘Post at 5:00 p.m. eastern time,’’ and ‘‘Post at 5:30 p.m. eastern time,’’ is amended as follows: Post at 8:30 a.m. eastern time: +/¥ Term deposit maturities and accrued interest +/¥ Government and commercial ACH transactions, including return items 5 +/¥ Commercial check transactions, including returned checks 6 + Treasury checks, postal money orders, local Federal Reserve Bank checks, and savings bond redemptions in separately sorted deposits; these items must be deposited by the latest applicable deposit deadline preceding the posting time + Advance-notice Treasury investments ¥ Penalty assessments for tax payments from the Treasury Investment Program (TIP).7 Post by 1:00 p.m. eastern time: +/¥ Commercial check transactions, including returned checks +/¥ Government and commercial FedACH SameDay Service transactions, including return items 8 + Same-day Treasury investments. Post at 5:00 p.m. eastern time: +/¥ Government and commercial FedACH SameDay Service transactions, including return items 9 + Treasury checks, postal money orders, and savings bond redemptions in separately sorted deposits; these items must be deposited by the latest applicable deposit deadline preceding the posting time + Local Federal Reserve Bank checks; these items must be presented before 3:00 p.m. eastern time Post at 5:30 p.m. eastern time: +/¥ Government and commercial FedACH SameDay Service return transactions 10 +/¥ Commercial check transactions, including returned checks 5 With the exception of paper returns and paper notifications of change of prior-dated items that only post at 5:00 p.m.; and paper returns of sameday forward items that only post at 5:30 p.m. Institutions that are monitored in real time must fund the total amount of their commercial ACH credit originations in order for the transactions to be processed. If the Federal Reserve receives commercial ACH credit transactions from institutions monitored in real time after the scheduled close of the Fedwire Funds Service, these transactions will be processed at 12:30 a.m. the next business day, or by the ACH deposit deadline, whichever is earlier. The Account Balance Monitoring System provides intraday account information to the Reserve Banks and institutions and is used primarily to give authorized Reserve Bank personnel a mechanism to control and monitor account activity for selected institutions. For more information on ACH transaction processing, refer to the ACH Settlement Day Finality Guide available through the Federal Reserve Financial Services Web site at http:// www.frbservices.org. 6 For the three commercial check transaction posting times, the Reserve Banks will post credits and debits to institutions’ accounts for checks deposited and presented, respectively, at least 30 minutes before the posting time. 7 The Reserve Banks will identify and notify institutions with Treasury-authorized penalties on Thursdays. In the event that Thursday is a holiday, the Reserve Banks will identify and notify institutions with Treasury-authorized penalties on the following business day. Penalties will then be posted on the business day following notification. 8 With the exception of paper returns and paper notifications of change (NOCs) of prior-dated items that only post at 5:00 p.m.; paper returns of sameday forward items that only post at 5:30 p.m.; and FedLine Web returns and FedLine Web NOCs that only post at 8:30 a.m. and 5:00 p.m., depending on when the item is received by Reserve Banks. DEPARTMENT OF TRANSPORTATION PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division of Reserve Bank Operations and Payment Systems under delegated authority, October 3, 2017. Ann E. Misback, Secretary of the Board. [FR Doc. 2017–21602 Filed 10–5–17; 8:45 am] BILLING CODE P Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2017–0254; Product Identifier 2017–NE–10–AD; Amendment 39– 19066; AD 2017–20–09] RIN 2120–AA64 Airworthiness Directives; General Electric Company Turbofan Engines Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: We are adopting a new airworthiness directive (AD) for all General Electric Company (GE) CF34–8E model turbofan engines. This AD was prompted by a report that using a certain repair procedure for the fan outlet guide vane (OGV) frame could alter the strength capability of the fan OGV frame. This AD requires replacement of all fan OGV frames SUMMARY: 9 With the exception of paper returns of same-day forward items that only post at 5:30 p.m. 10 With the exception of paper returns and paper notifications of change (NOCs) of prior-dated items that only post at 5:00 p.m.; and FedLine Web returns and FedLine Web NOCs that only post at 8:30 a.m. and 5:00 p.m., depending on when the item is received by Reserve Banks. E:\FR\FM\06OCR1.SGM 06OCR1

Agencies

[Federal Register Volume 82, Number 193 (Friday, October 6, 2017)]
[Rules and Regulations]
[Pages 46668-46669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-21602]


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FEDERAL RESERVE SYSTEM

12 CFR Chapter II

[Docket No. OP-1572]


Policy on Payment System Risk

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Policy statement.

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

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
has revised part II of the Federal Reserve Policy on Payment System 
Risk (PSR policy) related to the transaction posting times used for 
measuring balances intraday in institutions' accounts at the Federal 
Reserve Banks (Reserve Banks) to conform to amendments to regulations 
governing the use of the Automated Clearing House (ACH) Network by 
Federal agencies announced by the Department of the Treasury, Bureau of 
the Fiscal Service (Fiscal Service). Specifically, the amended posting 
rules conform to the decision of the Fiscal Service to allow Federal 
agencies to originate and receive same-day entries beginning September 
15, 2017.

DATES: This policy revision is applicable beginning on September 15, 
2017.

FOR FURTHER INFORMATION CONTACT: Jeffrey D. Walker, Assistant Director 
(202-721-4559), Jason Hinkle, Manager, Financial Risk Management (202-
912-7805), or Ian C.B. Spear, Senior Financial Services Analyst (202-
452-3959), Division of Reserve Bank Operations and Payment Systems; for 
users of Telecommunication Devices for

[[Page 46669]]

the Deaf (TDD) only, contact 202-263-4869; Board of Governors of the 
Federal Reserve System, 20th and C Streets NW., Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Background

    The Board's PSR policy establishes the procedures for measuring 
balances intraday in institutions' accounts at the Reserve Banks by 
setting forth the times at which credits and debits for various types 
of transactions are posted to those accounts (``the posting 
rules'').\1\ The application of these posting rules determines an 
institution's intraday account balance and whether it has incurred a 
negative balance (daylight overdraft).
---------------------------------------------------------------------------

    \1\ The Board's PSR policy is available at https://www.federalreserve.gov/paymentsystems/files/psr_policy.pdf.
---------------------------------------------------------------------------

    On September 23, 2015, the Board approved enhancements to the 
Reserve Banks' FedACH[supreg] SameDay Service (FedACH SameDay Service) 
in light of amendments to NACHA--The Electronic Payments Association's 
Operating Rules and Guidelines.\2\ The NACHA amendments, as 
incorporated into Operating Circular 4, become effective in three 
phases, beginning with same-day credits in September 2016, same-day 
debits in September 2017, and faster funds availability in March 2018. 
Next-day settlement remains available.
---------------------------------------------------------------------------

    \2\ 80 FR 58248 (Sep. 28, 2015). NACHA, whose membership 
consists of insured financial institutions and regional payment 
associations, establishes network-wide ACH rules through its 
Operating Rules and Guidelines. As an ACH operator, the Reserve 
Banks, through Operating Circular 4, incorporate NACHA's Operating 
Rules and Guidelines as rules that govern clearing and settlement of 
commercial ACH items by the Reserve Banks, except for those 
provisions specifically excluded in the Operating Circular.
---------------------------------------------------------------------------

    The Board is revising the PSR policy's posting rules for same-day 
ACH transactions to conform to amendments to 31 CFR part 210 (part 210) 
announced on September 11, 2017 by Fiscal Service.\3\ Specifically, the 
amended posting rules conform to the decision of the Fiscal Service to 
allow Federal agencies to originate and receive same-day entries 
beginning September 15, 2017.\4\
---------------------------------------------------------------------------

    \3\ The Fiscal Service amended part 210 to address changes to 
the NACHA Operating Rules, including NACHA's same-day amendments. 
See 82 FR 42597 (Sep. 11, 2017). Part 210 governs the use of ACH by 
Federal agencies and incorporates the NACHA Operating Rules, with 
certain exceptions.
    \4\ 31 CFR 210.2(d)(7) (as amended Sept. 11, 2017).
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Policy on Payment System Risk

    The Federal Reserve Policy on Payment System Risk, section II.A, 
under the heading ``Procedures for Measuring Daylight Overdrafts'' and 
the subheadings ``Post at 8:30 a.m. eastern time,'' ``Post by 1:00 p.m. 
eastern time,'' ``Post at 5:00 p.m. eastern time,'' and ``Post at 5:30 
p.m. eastern time,'' is amended as follows:

Post at 8:30 a.m. eastern time:
    +/- Term deposit maturities and accrued interest
    +/- Government and commercial ACH transactions, including return 
items \5\
---------------------------------------------------------------------------

    \5\ With the exception of paper returns and paper notifications 
of change of prior-dated items that only post at 5:00 p.m.; and 
paper returns of same-day forward items that only post at 5:30 p.m.
     Institutions that are monitored in real time must fund the 
total amount of their commercial ACH credit originations in order 
for the transactions to be processed. If the Federal Reserve 
receives commercial ACH credit transactions from institutions 
monitored in real time after the scheduled close of the Fedwire 
Funds Service, these transactions will be processed at 12:30 a.m. 
the next business day, or by the ACH deposit deadline, whichever is 
earlier. The Account Balance Monitoring System provides intraday 
account information to the Reserve Banks and institutions and is 
used primarily to give authorized Reserve Bank personnel a mechanism 
to control and monitor account activity for selected institutions. 
For more information on ACH transaction processing, refer to the ACH 
Settlement Day Finality Guide available through the Federal Reserve 
Financial Services Web site at http://www.frbservices.org.
---------------------------------------------------------------------------

    +/- Commercial check transactions, including returned checks \6\
---------------------------------------------------------------------------

    \6\ For the three commercial check transaction posting times, 
the Reserve Banks will post credits and debits to institutions' 
accounts for checks deposited and presented, respectively, at least 
30 minutes before the posting time.
---------------------------------------------------------------------------

    + Treasury checks, postal money orders, local Federal Reserve Bank 
checks, and savings bond redemptions in separately sorted deposits; 
these items must be deposited by the latest applicable deposit deadline 
preceding the posting time
    + Advance-notice Treasury investments
    - Penalty assessments for tax payments from the Treasury Investment 
Program (TIP).\7\
---------------------------------------------------------------------------

    \7\ The Reserve Banks will identify and notify institutions with 
Treasury-authorized penalties on Thursdays. In the event that 
Thursday is a holiday, the Reserve Banks will identify and notify 
institutions with Treasury-authorized penalties on the following 
business day. Penalties will then be posted on the business day 
following notification.
---------------------------------------------------------------------------

Post by 1:00 p.m. eastern time:
    +/- Commercial check transactions, including returned checks
    +/- Government and commercial FedACH SameDay Service transactions, 
including return items \8\
---------------------------------------------------------------------------

    \8\ With the exception of paper returns and paper notifications 
of change (NOCs) of prior-dated items that only post at 5:00 p.m.; 
paper returns of same-day forward items that only post at 5:30 p.m.; 
and FedLine Web returns and FedLine Web NOCs that only post at 8:30 
a.m. and 5:00 p.m., depending on when the item is received by 
Reserve Banks.
---------------------------------------------------------------------------

    + Same-day Treasury investments.
Post at 5:00 p.m. eastern time:
    +/- Government and commercial FedACH SameDay Service transactions, 
including return items \9\
---------------------------------------------------------------------------

    \9\ With the exception of paper returns of same-day forward 
items that only post at 5:30 p.m.
---------------------------------------------------------------------------

    + Treasury checks, postal money orders, and savings bond 
redemptions in separately sorted deposits; these items must be 
deposited by the latest applicable deposit deadline preceding the 
posting time
    + Local Federal Reserve Bank checks; these items must be presented 
before 3:00 p.m. eastern time
Post at 5:30 p.m. eastern time:
    +/- Government and commercial FedACH SameDay Service return 
transactions \10\
---------------------------------------------------------------------------

    \10\ With the exception of paper returns and paper notifications 
of change (NOCs) of prior-dated items that only post at 5:00 p.m.; 
and FedLine Web returns and FedLine Web NOCs that only post at 8:30 
a.m. and 5:00 p.m., depending on when the item is received by 
Reserve Banks.
---------------------------------------------------------------------------

    +/- Commercial check transactions, including returned checks

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Director of the Division of Reserve Bank 
Operations and Payment Systems under delegated authority, October 3, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-21602 Filed 10-5-17; 8:45 am]
BILLING CODE P