Rules Regarding Delegation of Authority, 32621-32623 [2023-10502]
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Rules and Regulations
Federal Register
Vol. 88, No. 98
Monday, May 22, 2023
This section of the FEDERAL REGISTER
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BUDGET
2 CFR Part 200
Uniform Administrative Requirements,
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Deidre A. Harrison,
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[FR Doc. 2023–10954 Filed 5–19–23; 8:45 am]
BILLING CODE 3110–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 265
[Docket No. R–1778]
RIN 7100–AG37
Rules Regarding Delegation of
Authority
Board of Governors of the
Federal Reserve System (Board).
AGENCY:
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Final rule; correcting
amendments.
ACTION:
The Board is updating its
Rules Regarding Delegation of Authority
to add delegations of authority
previously approved by the Board and
make certain technical corrections.
SUMMARY:
Effective May 22, 2023.
DATES:
FOR FURTHER INFORMATION CONTACT:
Andrew Hartlage, Special Counsel, (202)
452–6483; Amory Goldberg, Senior
Counsel, (202) 452–3124; or Brian
Kesten, Senior Attorney, (202) 843–
4079, Legal Division, Board of
Governors of the Federal Reserve
System, 20th Street and Constitution
Avenue NW, Washington, DC 20551.
For users of TTY–TRS, please call 711
from any telephone, anywhere in the
United States.
Section
11(k) of the Federal Reserve Act
authorizes the Board to delegate, by
published order or rule and subject to
the Administrative Procedure Act, any
of its functions, other than those related
to rulemaking or pertaining principally
to monetary and credit policies, to one
or more administrative law judges,
members or staff of the Board, or the
Reserve Banks.1 The Board has
delegated authority to Board members
(in their individual capacity and as
chairs of committees of the Board),
Board staff, and the Federal Reserve
Banks to take certain actions under the
various statutes that the Board
administers. The Board’s Rules
Regarding Delegation of Authority
(delegation rules) implement section
11(k) of the Federal Reserve Act and
enumerate the actions that the Board
has determined to delegate. By
delegating actions that do not raise
significant legal, supervisory, or policy
issues, the Board can respond more
efficiently to applications, requests, and
other matters.
The Board published a final rule in
2022 that comprehensively revised the
delegation rules.2 The Board is
amending the delegation rules to
publish delegations of authority
previously approved by the Board and
make certain technical corrections,
including cross-references that
SUPPLEMENTARY INFORMATION:
1 12
U.S.C. 248(k).
Regarding Delegation of Authority, 87 FR
53988 (September 1, 2022).
2 Rules
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Federal Register / Vol. 88, No. 98 / Monday, May 22, 2023 / Rules and Regulations
erroneously used the letter ‘‘l’’ in place
of the number ‘‘1’’.
List of Subjects in 12 CFR Part 265
Authority delegations (Government
agencies); Banks, Banking.
Authority and Issuance
For the reasons stated in the preamble
the Board of Governors of the Federal
Reserve System amends 12 CFR part 265
as follows:
PART 265—RULES REGARDING
DELEGATION OF AUTHORITY
1. The authority citation for part 265
continues to read as follows:
■
Authority: 12 U.S.C. 248(i) and (k).
Subpart B—Delegations of Authority
2. In § 265.4, in paragraph (a)(3)(i),
remove the words ‘‘the Primary Dealer
Credit Facility,’’ and add, in their place,
the words ‘‘the Bank Term Funding
Program, Primary Dealer Credit
Facility,’’.
■ 3. In § 265.7:
■ a. In paragraph (d)(7)(ii)(E)(1), remove
‘‘252.156(g)(l)(i)’’ and add in its place
‘‘252.156(g)(1)(i)’’ in two places;
■ b. Add paragraph (e)(9);
■ c. In paragraph (j)(3)(i), remove
‘‘115.8(h)(1)’’ and add in its place
‘‘225.8(h)(1)’’;
■ d. In paragraph (k)(3)(ii)(A), remove
‘‘§ 217.20(c)(l)(v)(C) and (d)(l)(v)(C) of
Regulation Q (12 CFR 217.20(c)(l)(v)(C)
and (d)(l)(v)(C))’’ and add in their place
‘‘§ 217.20(c)(1)(v)(C) and (d)(1)(v)(C) of
Regulation Q (12 CFR 217.20(c)(1)(v)(C)
and (d)(1)(v)(C))’’;
■ e. In paragraph (k)(3)(iii)(A), remove
‘‘§ 217.20(b)(l)(iii), (c)(l)(vi), or (d)(l)(x)
of Regulation Q (12 CFR 217.20(b)(l)(iii),
(c)(l)(vi), (d)(l)(x))’’ and add in their
place ‘‘§ 217.20(b)(1)(iii), (c)(1)(vi), or
(d)(1)(x) of Regulation Q (12 CFR
217.20(b)(1)(iii), (c)(1)(vi), (d)(1)(x))’’;
■ f. In paragraph (k)(3)(iii)(B), remove
‘‘§ 217.20(c)(l)(v)(A) or (d)(l)(v)(A) of
Regulation Q (12 CFR 217.20(c)(l)(v)(A),
(d)(l)(v)(A))’’ and add in their place
‘‘§ 217.20(c)(1)(v)(A) or (d)(1)(v)(A) of
Regulation Q (12 CFR 217.20(c)(1)(v)(A),
(d)(1)(v)(A))’’;
■ g. In paragraph (k)(5)(iii)(M), remove
‘‘§ 217.131(e)(l)(i) of Regulation Q (12
CFR 217.131(e)(l)(i))’’ and add in their
place ‘‘§ 217.131(e)(1)(i) of Regulation Q
(12 CFR 217.131(e)(1)(i))’’; and
■ h. Add paragraph (r).
The additions read as follows:
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■
§ 265.7. Functions delegated to the
Director of the Division of Supervision and
Regulation.
*
*
*
(e) * * *
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*
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(9) Bank-affiliate transactions. With
the concurrence of the General Counsel,
to approve, or to make the requisite
findings for approval of, requests for an
exemption from the requirements of
section 23A of the Federal Reserve Act
(12 U.S.C. 371c) and the Board’s
Regulation W (12 CFR part 223) for the
purchase of assets by a State bank or
other insured depository institution
from an affiliate, provided that the
purchase of assets is:
(i) Part of a one-time corporate
reorganization;
(ii) Does not involve the purchase of
low-quality assets;
(iii) Is accompanied by a commitment
to repurchase any assets that have
become low quality within two years of
the transfer; and
(iv) Has been approved by the Federal
Deposit Insurance Corporation and the
institution’s appropriate Federal
banking agency.
*
*
*
*
*
(r) Submission of reports. (1) With the
concurrence of the General Counsel, to
prepare and submit to Congress reports
under section 165(b)(5) of the DoddFrank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5365(b)(5)).
(2) With the concurrence of the
General Counsel, to prepare and submit
to Congress reports under section 37(c)
of the Federal Deposit Insurance Act (12
U.S.C. 1831n(c)), and to submit such
reports to the Federal Register for
publication.
■ 4. In § 265.10, revise paragraph (b) to
read as follows:
§ 265.10. Functions delegated to the
Director of the Division of Monetary Affairs.
*
*
*
*
*
(b) Form FR 2900. With the
concurrence of the General Counsel—
(1) To reassess the deposit reporting
threshold each year, starting in February
2022, as is necessary to maintain a
weekly reporting panel of 1,000
institutions comprised of foreign-related
reporters and the largest M2 deposit
holders for the weekly Report of
Deposits and Vault Cash (Form FR
2900); and
(2) To determine the frequency with
which the deposit reporting threshold is
reassessed (e.g., annually or less
frequently than annually) consistent
with maintaining a stable panel of
weekly reporters for the Form FR 2900
and enabling accurate construction of
the monetary aggregates.
§ 265.11
[Amended]
5. In § 265.11, in paragraph (a)(1),
remove the words ‘‘Dodd-Frank Act’’
and add in their place the words ‘‘Dodd-
■
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Frank Wall Street Reform and Consumer
Protection Act’’.
§ 265.13
[Amended]
6. In § 265.13, in paragraph (b)(1)(i),
remove ‘‘115.8(h)(1)’’ and add, in its
place, ‘‘225.8(h)(1)’’.
■ 7. In § 265.20:
■ a. In paragraph (a)(6)(i), remove the
words ‘‘§ 225.22(c)(1) of Regulation Y
(12 CFR 225.22(c)(1))’’ and add in their
place the words ‘‘§ 225.22(d)(1) of
Regulation Y (12 CFR 225.22(d)(1))’’.
■ b. In paragraph (c)(6)(iv)(E), remove
the words ‘‘Regulation LL (12 CFR
238.41)’’ and add in their place the
words ‘‘Regulation LL (12 CFR 238.31)’’.
■ c. Add paragraph (c)(14)(xvi);
■ d. In paragraph (l)(1)(i)(A), remove the
words ‘‘§ 217.20(b)(l)(iii),
§ 217.20(c)(l)(vi), or § 217.20(d)(l)(x) of
Regulation Q (12 CFR 217.20(b)(l)(iii),
217.20(c)(l)(vi), or 217.20(d)(l)(x))’’ and
add in their place the words
‘‘§ 217.20(b)(1)(iii), § 217.20(c)(1)(vi), or
§ 217.20(d)(1)(x) of Regulation Q (12
CFR 217.20(b)(1)(iii), 217.20(c)(1)(vi), or
217.20(d)(1)(x))’’; and
■ e. In paragraph (l)(1)(i)(B), remove the
words ‘‘§ 217.20(c)(l)(v)(A) or
§ 217.20(d)(l)(v)(A) of Regulation Q (12
CFR 217.20(c)(l)(v)(A) and
217.20(d)(l)(v)(A))’’ and add in their
place the words ‘‘§ 217.20(c)(1)(v)(A) or
§ 217.20(d)(1)(v)(A) of Regulation Q (12
CFR 217.20(c)(1)(v)(A) and
217.20(d)(1)(v)(A))’’.
The addition reads as follows:
■
§ 265.20 Functions delegated to Federal
Reserve Banks.
*
*
*
*
*
(c) * * *
(14) * * *
(xvi) To grant a request to waive the
application of § 239.59(d)(1), (h), (j), and
(p)(2) of Regulation MM (12 CFR
239.59(d)(1), (h), (j), and (p)(2)) as those
provisions relate to applications and
notices seeking the Board’s prior
approval to conduct a stock issuance
pursuant to § 239.24 of Regulation MM
(12 CFR 239.24) related to a
reorganization to mutual holding
company form pursuant to section
10(o)(3) of the Home Owners’ Loan Act
(12 U.S.C. 1467a(o)(3)), or subsequent to
a mutual holding company
reorganization, and that do not raise any
significant legal, policy, or supervisory
concerns, except that the authority to
grant waiver requests under this
paragraph (c)(14)(xvi) is limited to
requests by firms that—
(A) Do not qualify for federal
preemption of state securities filing
requirements;
(B) Propose to register their shares in
states with ten or more eligible account
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Federal Register / Vol. 88, No. 98 / Monday, May 22, 2023 / Rules and Regulations
holders, as that term is defined in
§ 239.52(c) of Regulation MM (12 CFR
239.52(c)); and
(C) Would make a proposed stock
offering available to account holders
eligible to participate in the offering in
states where the offering would qualify
for an exemption from state securities
filing requirements.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, acting through the
Secretary of the Board under delegated
authority.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2023–10502 Filed 5–19–23; 8:45 am]
BILLING CODE 6201–01–P
SMALL BUSINESS ADMINISTRATION
13 CFR Part 120
RIN 3245–AH92
Small Business Lending Company
Application Process
U.S. Small Business
Administration.
ACTION: Notification.
AGENCY:
The purpose of this
notificaton is to announce that SBA’s
Office of Capital Access (OCA) is
opening the application period for new
Small Business Lending Companies
(SBLC) licenses from June 1, 2023, to
July 31, 2023, and share the process by
which interested entities may apply.
SBA is not accepting applications for
Community Advantage SBLCs (CA
SBLCs) at this time; however, qualified
entities may apply under the
Community Advantage pilot authority
until September 30, 2023.
DATES: This document is effective on
June 1, 2023. SBA will accept
applications for new SBLC licenses from
June 1, 2023, to July 31, 2023.
Comment Date: Comments must be
received on or before June 21, 2023.
ADDRESSES: You may submit comments,
identified by SBA docket number SBA–
2023–0006, by any of the following
methods:
• Federal eRulemaking Portal:
https://www.regulations.gov/. Follow
the instructions for submitting
comments.
• Mail: Jihoon Kim, Office of
Financial Program Operations, U.S.
Small Business Administration, 409
Third Street SW, Washington, DC
20416.
• Hand Delivery/Courier: Darrel
Eddingfield, Office of Financial
Assistance, U.S. Small Business
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SUMMARY:
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17:13 May 19, 2023
Jkt 259001
Administration, 409 Third Street SW,
Washington, DC 20416.
SBA will post all 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 Jihoon Kim, Office of
Financial Program Operations, U.S.
Small Business Administration, 409
Third Street SW, Washington, DC
20416; or send an email to SBLCApps@
sba.gov. Highlight the information that
you consider to be CBI and explain why
you believe SBA should hold this
information as confidential. SBA will
review the information and make the
final determination as to whether it will
publish the information.
FOR FURTHER INFORMATION CONTACT:
Jihoon Kim, Director, Office of Financial
Program Operations (OFPO), Office of
Capital Access, Small Business
Administration, at 202–205–6024 or
Jihoon.Kim@sba.gov. The phone number
above may also be reached by
individuals who are deaf or hard of
hearing, or who have speech
disabilities, through the Federal
Communications Commission’s TTYBased Telecommunications Relay
Service teletype service at 711.
SUPPLEMENTARY INFORMATION:
I. Background Information
On April 12, 2023, SBA published the
Final Rule on Small Business Lending
Company (SBLC) Moratorium
Rescission and Removal of the
Requirement for a Loan Authorization
(88 FR 21890, effective May 12, 2023).
Through that rule, SBA lifted the selfimposed moratorium on licensing new
SBLCs and established the plan to
approve three SBLCs in the first year
following implementation. An SBLC, as
defined in 13 CFR 120.10, is a nondepository lending institution
authorized by SBA to make loans
pursuant to section 7(a) of the Small
Business Act and loans to
Intermediaries in SBA’s Microloan
program. An SBLC is:
• Supervised and examined solely by
SBA at the federal level, although the
entity may be subject to state
supervision;
• Subject to additional SBA Loan
Program Requirements, as defined in 13
CFR 120.10, including but not limited to
regulations specific to SBLCs regarding
formation, capitalization, and
enforcement actions; and
• Subject to all other 7(a) Loan
Program Requirements including but
not limited to, those specific to
origination, servicing, and liquidation.
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32623
This SBLC moratorium was put in
place in 1982, prior to access to modern
digital tools that enhance oversight and
mitigate risk. For 41 years, SBA has
overseen the application and approval
process approximately 60 times for the
transfer of the existing SBLC licenses
including determining the capability
and experience of the acquiring entity’s
leadership; the financial capacity to
make, service, and liquidate loans; and
the safety and soundness of its portfolio.
This ensures compliance with SBA’s
regulatory requirements and origination
of loans based on standards consistent
with similarly sized commercial loans
made by other lenders.
As stated above, the purpose of this
notification is to announce that SBA’s
Office of Capital Access is opening the
application period for new Small
Business Lending Companies (SBLC)
licenses. SBA is also maintaining the
process for purchasing one of the
existing lending authorities from a
current SBLC in accordance with 13
CFR 120.468.
Although SBA is not accepting
applications for Community Advantage
SBLCs (CA SBLCs) in this open period,
SBA will continue to accept
applications for new lenders in SBA’s
Community Advantage (CA) Pilot
Program through the end of the CA Pilot
Program, which will sunset on
September 30, 2023. Entities that are
interested in applying to become a CA
Pilot lender should follow the
application instructions in the
Community Advantage Participant
Guide, version 7, effective May 31,
2022. In accordance with SBA
Information Notice 5000–846918,
Community Advantage Small Business
Lending Company Conversion, effective
May 1, 2023, SBA will continue to work
with all CA Pilot lenders to transition
them to CA SBLCs.
II. SBLC Requirements
SBLCs must comply with SBA’s
requirements for SBA Lenders, SBA
Supervised Lenders, and the additional
requirements presented in 13 CFR part
120, subpart D, §§ 120.470 through 490
specifically for SBLCs.
SBLCs must:
1. Submit to the D/OCRM via
OCRMSBLC@sba.gov for review their
credit policy that demonstrates
compliance with Title 13 of the CFR and
SBA’s Standard Operating Procedures
(SOPs) for origination, servicing, and
liquidation of 7(a) loans, and which
must be acceptable to SBA in its
discretion.
2. Submit to the D/OCRM via
OCRMSBLC@sba.gov for review and
approval annual validation, with
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]]>Agencies
[Federal Register Volume 88, Number 98 (Monday, May 22, 2023)]
[Rules and Regulations]
[Pages 32621-32623]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10502]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 265
[Docket No. R-1778]
RIN 7100-AG37
Rules Regarding Delegation of Authority
AGENCY: Board of Governors of the Federal Reserve System (Board).
ACTION: Final rule; correcting amendments.
-----------------------------------------------------------------------
SUMMARY: The Board is updating its Rules Regarding Delegation of
Authority to add delegations of authority previously approved by the
Board and make certain technical corrections.
DATES: Effective May 22, 2023.
FOR FURTHER INFORMATION CONTACT: Andrew Hartlage, Special Counsel,
(202) 452-6483; Amory Goldberg, Senior Counsel, (202) 452-3124; or
Brian Kesten, Senior Attorney, (202) 843-4079, Legal Division, Board of
Governors of the Federal Reserve System, 20th Street and Constitution
Avenue NW, Washington, DC 20551. For users of TTY-TRS, please call 711
from any telephone, anywhere in the United States.
SUPPLEMENTARY INFORMATION: Section 11(k) of the Federal Reserve Act
authorizes the Board to delegate, by published order or rule and
subject to the Administrative Procedure Act, any of its functions,
other than those related to rulemaking or pertaining principally to
monetary and credit policies, to one or more administrative law judges,
members or staff of the Board, or the Reserve Banks.\1\ The Board has
delegated authority to Board members (in their individual capacity and
as chairs of committees of the Board), Board staff, and the Federal
Reserve Banks to take certain actions under the various statutes that
the Board administers. The Board's Rules Regarding Delegation of
Authority (delegation rules) implement section 11(k) of the Federal
Reserve Act and enumerate the actions that the Board has determined to
delegate. By delegating actions that do not raise significant legal,
supervisory, or policy issues, the Board can respond more efficiently
to applications, requests, and other matters.
---------------------------------------------------------------------------
\1\ 12 U.S.C. 248(k).
---------------------------------------------------------------------------
The Board published a final rule in 2022 that comprehensively
revised the delegation rules.\2\ The Board is amending the delegation
rules to publish delegations of authority previously approved by the
Board and make certain technical corrections, including cross-
references that
[[Page 32622]]
erroneously used the letter ``l'' in place of the number ``1''.
---------------------------------------------------------------------------
\2\ Rules Regarding Delegation of Authority, 87 FR 53988
(September 1, 2022).
---------------------------------------------------------------------------
List of Subjects in 12 CFR Part 265
Authority delegations (Government agencies); Banks, Banking.
Authority and Issuance
For the reasons stated in the preamble the Board of Governors of
the Federal Reserve System amends 12 CFR part 265 as follows:
PART 265--RULES REGARDING DELEGATION OF AUTHORITY
0
1. The authority citation for part 265 continues to read as follows:
Authority: 12 U.S.C. 248(i) and (k).
Subpart B--Delegations of Authority
0
2. In Sec. 265.4, in paragraph (a)(3)(i), remove the words ``the
Primary Dealer Credit Facility,'' and add, in their place, the words
``the Bank Term Funding Program, Primary Dealer Credit Facility,''.
0
3. In Sec. 265.7:
0
a. In paragraph (d)(7)(ii)(E)(1), remove ``252.156(g)(l)(i)'' and add
in its place ``252.156(g)(1)(i)'' in two places;
0
b. Add paragraph (e)(9);
0
c. In paragraph (j)(3)(i), remove ``115.8(h)(1)'' and add in its place
``225.8(h)(1)'';
0
d. In paragraph (k)(3)(ii)(A), remove ``Sec. 217.20(c)(l)(v)(C) and
(d)(l)(v)(C) of Regulation Q (12 CFR 217.20(c)(l)(v)(C) and
(d)(l)(v)(C))'' and add in their place ``Sec. 217.20(c)(1)(v)(C) and
(d)(1)(v)(C) of Regulation Q (12 CFR 217.20(c)(1)(v)(C) and
(d)(1)(v)(C))'';
0
e. In paragraph (k)(3)(iii)(A), remove ``Sec. 217.20(b)(l)(iii),
(c)(l)(vi), or (d)(l)(x) of Regulation Q (12 CFR 217.20(b)(l)(iii),
(c)(l)(vi), (d)(l)(x))'' and add in their place ``Sec.
217.20(b)(1)(iii), (c)(1)(vi), or (d)(1)(x) of Regulation Q (12 CFR
217.20(b)(1)(iii), (c)(1)(vi), (d)(1)(x))'';
0
f. In paragraph (k)(3)(iii)(B), remove ``Sec. 217.20(c)(l)(v)(A) or
(d)(l)(v)(A) of Regulation Q (12 CFR 217.20(c)(l)(v)(A),
(d)(l)(v)(A))'' and add in their place ``Sec. 217.20(c)(1)(v)(A) or
(d)(1)(v)(A) of Regulation Q (12 CFR 217.20(c)(1)(v)(A),
(d)(1)(v)(A))'';
0
g. In paragraph (k)(5)(iii)(M), remove ``Sec. 217.131(e)(l)(i) of
Regulation Q (12 CFR 217.131(e)(l)(i))'' and add in their place ``Sec.
217.131(e)(1)(i) of Regulation Q (12 CFR 217.131(e)(1)(i))''; and
0
h. Add paragraph (r).
The additions read as follows:
Sec. 265.7. Functions delegated to the Director of the Division of
Supervision and Regulation.
* * * * *
(e) * * *
(9) Bank-affiliate transactions. With the concurrence of the
General Counsel, to approve, or to make the requisite findings for
approval of, requests for an exemption from the requirements of section
23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's
Regulation W (12 CFR part 223) for the purchase of assets by a State
bank or other insured depository institution from an affiliate,
provided that the purchase of assets is:
(i) Part of a one-time corporate reorganization;
(ii) Does not involve the purchase of low-quality assets;
(iii) Is accompanied by a commitment to repurchase any assets that
have become low quality within two years of the transfer; and
(iv) Has been approved by the Federal Deposit Insurance Corporation
and the institution's appropriate Federal banking agency.
* * * * *
(r) Submission of reports. (1) With the concurrence of the General
Counsel, to prepare and submit to Congress reports under section
165(b)(5) of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (12 U.S.C. 5365(b)(5)).
(2) With the concurrence of the General Counsel, to prepare and
submit to Congress reports under section 37(c) of the Federal Deposit
Insurance Act (12 U.S.C. 1831n(c)), and to submit such reports to the
Federal Register for publication.
0
4. In Sec. 265.10, revise paragraph (b) to read as follows:
Sec. 265.10. Functions delegated to the Director of the Division of
Monetary Affairs.
* * * * *
(b) Form FR 2900. With the concurrence of the General Counsel--
(1) To reassess the deposit reporting threshold each year, starting
in February 2022, as is necessary to maintain a weekly reporting panel
of 1,000 institutions comprised of foreign-related reporters and the
largest M2 deposit holders for the weekly Report of Deposits and Vault
Cash (Form FR 2900); and
(2) To determine the frequency with which the deposit reporting
threshold is reassessed (e.g., annually or less frequently than
annually) consistent with maintaining a stable panel of weekly
reporters for the Form FR 2900 and enabling accurate construction of
the monetary aggregates.
Sec. 265.11 [Amended]
0
5. In Sec. 265.11, in paragraph (a)(1), remove the words ``Dodd-Frank
Act'' and add in their place the words ``Dodd-Frank Wall Street Reform
and Consumer Protection Act''.
Sec. 265.13 [Amended]
0
6. In Sec. 265.13, in paragraph (b)(1)(i), remove ``115.8(h)(1)'' and
add, in its place, ``225.8(h)(1)''.
0
7. In Sec. 265.20:
0
a. In paragraph (a)(6)(i), remove the words ``Sec. 225.22(c)(1) of
Regulation Y (12 CFR 225.22(c)(1))'' and add in their place the words
``Sec. 225.22(d)(1) of Regulation Y (12 CFR 225.22(d)(1))''.
0
b. In paragraph (c)(6)(iv)(E), remove the words ``Regulation LL (12 CFR
238.41)'' and add in their place the words ``Regulation LL (12 CFR
238.31)''.
0
c. Add paragraph (c)(14)(xvi);
0
d. In paragraph (l)(1)(i)(A), remove the words ``Sec.
217.20(b)(l)(iii), Sec. 217.20(c)(l)(vi), or Sec. 217.20(d)(l)(x) of
Regulation Q (12 CFR 217.20(b)(l)(iii), 217.20(c)(l)(vi), or
217.20(d)(l)(x))'' and add in their place the words ``Sec.
217.20(b)(1)(iii), Sec. 217.20(c)(1)(vi), or Sec. 217.20(d)(1)(x) of
Regulation Q (12 CFR 217.20(b)(1)(iii), 217.20(c)(1)(vi), or
217.20(d)(1)(x))''; and
0
e. In paragraph (l)(1)(i)(B), remove the words ``Sec.
217.20(c)(l)(v)(A) or Sec. 217.20(d)(l)(v)(A) of Regulation Q (12 CFR
217.20(c)(l)(v)(A) and 217.20(d)(l)(v)(A))'' and add in their place the
words ``Sec. 217.20(c)(1)(v)(A) or Sec. 217.20(d)(1)(v)(A) of
Regulation Q (12 CFR 217.20(c)(1)(v)(A) and 217.20(d)(1)(v)(A))''.
The addition reads as follows:
Sec. 265.20 Functions delegated to Federal Reserve Banks.
* * * * *
(c) * * *
(14) * * *
(xvi) To grant a request to waive the application of Sec.
239.59(d)(1), (h), (j), and (p)(2) of Regulation MM (12 CFR
239.59(d)(1), (h), (j), and (p)(2)) as those provisions relate to
applications and notices seeking the Board's prior approval to conduct
a stock issuance pursuant to Sec. 239.24 of Regulation MM (12 CFR
239.24) related to a reorganization to mutual holding company form
pursuant to section 10(o)(3) of the Home Owners' Loan Act (12 U.S.C.
1467a(o)(3)), or subsequent to a mutual holding company reorganization,
and that do not raise any significant legal, policy, or supervisory
concerns, except that the authority to grant waiver requests under this
paragraph (c)(14)(xvi) is limited to requests by firms that--
(A) Do not qualify for federal preemption of state securities
filing requirements;
(B) Propose to register their shares in states with ten or more
eligible account
[[Page 32623]]
holders, as that term is defined in Sec. 239.52(c) of Regulation MM
(12 CFR 239.52(c)); and
(C) Would make a proposed stock offering available to account
holders eligible to participate in the offering in states where the
offering would qualify for an exemption from state securities filing
requirements.
* * * * *
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2023-10502 Filed 5-19-23; 8:45 am]
BILLING CODE 6201-01-P
