Federal Reserve Policy on Payment System Risk; U.S. Branches and Agencies of Foreign Banking Organizations, 19077 [2020-06482]
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19077
Rules and Regulations
Federal Register
Vol. 85, No. 66
Monday, April 6, 2020
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. OP–1589]
Federal Reserve Policy on Payment
System Risk; U.S. Branches and
Agencies of Foreign Banking
Organizations
Board of Governors of the
Federal Reserve System.
ACTION: Notification of delay.
AGENCY:
The Board of Governors of the
Federal Reserve System (‘‘Board’’) is
delaying the implementation date of
changes to part II of the Federal Reserve
Policy on Payment System Risk (‘‘PSR
policy’’) related to procedures for
determining the net debit cap and
maximum daylight overdraft capacity of
a U.S. branch or agency of a foreign
banking organization (‘‘FBO’’).
DATES: The implementation date of the
amendments to the PSR policy
published on April 1, 2019 (84 FR
12049), has been delayed from April 1,
2020 to October 1, 2020.
FOR FURTHER INFORMATION CONTACT:
Jeffrey Walker, Deputy Associate
Director (202–721–4559), Jason Hinkle,
Assistant Director (202–912–7805); or
Brajan Kola, Senior Financial Institution
and Policy Analyst (202–736–5683),
Division of Reserve Bank Operations
and Payment Systems; or Evan
Winerman, Senior Counsel (202–872–
7578), Legal Division, Board of
Governors of the Federal Reserve
System. For users of
Telecommunications Device for the Deaf
(TDD) only, please call 202–263–4869.
SUPPLEMENTARY INFORMATION: On April
1, 2019, the Board approved
amendments to part II of the PSR policy,
which establishes the maximum levels
of daylight overdrafts that depository
institutions may incur in their Federal
Reserve accounts.10 These amendments
jbell on DSKJLSW7X2PROD with RULES
SUMMARY:
10 84
FR 12049 (April 1, 2019).
VerDate Sep<11>2014
16:25 Apr 03, 2020
will remove references to the Strength of
Support Assessment (‘‘SOSA’’) ranking;
remove references to FBOs’ financial
holding company (‘‘FHC’’) status; and
adopt alternative methods for
determining an FBO’s eligibility for a
positive net debit cap, the size of its net
debit cap, and its eligibility to request
a streamlined procedure to obtain
maximum daylight overdraft capacity.
The Board selected April 1, 2020, as the
implementation date for these
amendments in response to a comment
requesting that the Board delay
implementation for at least 12 months.
The Board stated ‘‘that a transition
period would help FBOs adjust to these
changes.’’ 11
The availability of intraday credit
from the Federal Reserve Banks
supports the smooth functioning of
payment systems and the settlement and
clearing of transactions across a range of
credit markets. The coronavirus
outbreak has disrupted economic
activity and financial markets in the
United States. In light of these ongoing
disruptions, the Board believes that, out
of an abundance of caution, it should
extend the transition period to October
1, 2020. This additional time will allow
FBOs and the Reserve Banks to focus on
other heightened priorities rather than
establishing new arrangements for
accessing intraday credit.
Accordingly, the Board is delaying the
implementation date of the amendments
to the PSR policy from April 1, 2020, to
October 1, 2020.
By order of the Board of Governors of the
Federal Reserve System, March 24, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020–06482 Filed 4–3–20; 8:45 am]
BILLING CODE 6210–01–P
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2018–0019; Product
Identifier 2017–SW–074–AD; Amendment
39–19881; AD 2020–06–12]
RIN 2120–AA64
Airworthiness Directives; Airbus
Helicopters
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
The FAA is adopting a new
airworthiness directive (AD) for Airbus
Helicopters Model AS332L2 and
EC225LP helicopters. This AD requires
determining the accumulated hours
time-in-service (TIS) of certain partnumbered main gearbox (MGB)
suspension bar attachment bolts and
fittings, applying a life limit add-on
factor, and inspecting the torque of
certain MGB suspension bar attachment
nuts. This AD was prompted by a report
of torque loss on an MGB suspension
bar bolt. The actions of this AD are
intended to address an unsafe condition
on these products.
DATES: This AD is effective May 11,
2020.
The Director of the Federal Register
approved the incorporation by reference
of certain documents listed in this AD
as of May 11, 2020.
ADDRESSES: For service information
identified in this final rule, contact
Airbus Helicopters, 2701 N Forum
Drive, Grand Prairie, TX 75052;
telephone 972–641–0000 or 800–232–
0323; fax 972–641–3775; or at https://
www.airbus.com/helicopters/services/
technical-support.html. You may view
this referenced service information at
the FAA, Office of the Regional Counsel,
Southwest Region, 10101 Hillwood
Pkwy., Room 6N–321, Fort Worth, TX
76177. It is also available on the internet
at https://www.regulations.gov by
searching for and locating Docket No.
FAA–2018–0019.
SUMMARY:
Examining the AD Docket
11 Id.
Jkt 250001
DEPARTMENT OF TRANSPORTATION
PO 00000
You may examine the AD docket on
the internet at https://
www.regulations.gov in Docket No.
FAA–2018–0019; or in person at Docket
Operations between 9 a.m. and 5 p.m.,
at 12056.
Frm 00001
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]]>Agencies
[Federal Register Volume 85, Number 66 (Monday, April 6, 2020)]
[Rules and Regulations]
[Page 19077]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06482]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
========================================================================
Federal Register / Vol. 85, No. 66 / Monday, April 6, 2020 / Rules
and Regulations
[[Page 19077]]
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. OP-1589]
Federal Reserve Policy on Payment System Risk; U.S. Branches and
Agencies of Foreign Banking Organizations
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notification of delay.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System
(``Board'') is delaying the implementation date of changes to part II
of the Federal Reserve Policy on Payment System Risk (``PSR policy'')
related to procedures for determining the net debit cap and maximum
daylight overdraft capacity of a U.S. branch or agency of a foreign
banking organization (``FBO'').
DATES: The implementation date of the amendments to the PSR policy
published on April 1, 2019 (84 FR 12049), has been delayed from April
1, 2020 to October 1, 2020.
FOR FURTHER INFORMATION CONTACT: Jeffrey Walker, Deputy Associate
Director (202-721-4559), Jason Hinkle, Assistant Director (202-912-
7805); or Brajan Kola, Senior Financial Institution and Policy Analyst
(202-736-5683), Division of Reserve Bank Operations and Payment
Systems; or Evan Winerman, Senior Counsel (202-872-7578), Legal
Division, Board of Governors of the Federal Reserve System. For users
of Telecommunications Device for the Deaf (TDD) only, please call 202-
263-4869.
SUPPLEMENTARY INFORMATION: On April 1, 2019, the Board approved
amendments to part II of the PSR policy, which establishes the maximum
levels of daylight overdrafts that depository institutions may incur in
their Federal Reserve accounts.\10\ These amendments will remove
references to the Strength of Support Assessment (``SOSA'') ranking;
remove references to FBOs' financial holding company (``FHC'') status;
and adopt alternative methods for determining an FBO's eligibility for
a positive net debit cap, the size of its net debit cap, and its
eligibility to request a streamlined procedure to obtain maximum
daylight overdraft capacity. The Board selected April 1, 2020, as the
implementation date for these amendments in response to a comment
requesting that the Board delay implementation for at least 12 months.
The Board stated ``that a transition period would help FBOs adjust to
these changes.'' \11\
---------------------------------------------------------------------------
\10\ 84 FR 12049 (April 1, 2019).
\11\ Id. at 12056.
---------------------------------------------------------------------------
The availability of intraday credit from the Federal Reserve Banks
supports the smooth functioning of payment systems and the settlement
and clearing of transactions across a range of credit markets. The
coronavirus outbreak has disrupted economic activity and financial
markets in the United States. In light of these ongoing disruptions,
the Board believes that, out of an abundance of caution, it should
extend the transition period to October 1, 2020. This additional time
will allow FBOs and the Reserve Banks to focus on other heightened
priorities rather than establishing new arrangements for accessing
intraday credit.
Accordingly, the Board is delaying the implementation date of the
amendments to the PSR policy from April 1, 2020, to October 1, 2020.
By order of the Board of Governors of the Federal Reserve
System, March 24, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-06482 Filed 4-3-20; 8:45 am]
BILLING CODE 6210-01-P
