Federal Reserve Policy on Payment System Risk; U.S. Branches and Agencies of Foreign Banking Organizations, 19077 [2020-06482]

Download as PDF 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 Fmt 4700 Sfmt 4700 E:\FR\FM\06APR1.SGM 06APR1

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