Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, 8084-8109 [2024-02016]
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Federal Register / Vol. 89, No. 25 / Tuesday, February 6, 2024 / Proposed Rules
For the reasons set forth above, 5 CFR
part 1201 is proposed to be amended as
follows:
PART 1201—PRACTICES AND
PROCEDURES
1. The authority citation for part 1201
continues to read as follows:
■
Authority: 5 U.S.C. 1204, 1305, and 7701,
and 38 U.S.C. 4331, unless otherwise noted.
2. Section 1201.3 is amended by
adding paragraph (a)(12) to read as
follows:
■
§ 1201.3
Appellate jurisdiction.
(a) * * *
(12) Service or schedule changes.
Movement of an employee from the
competitive service to the excepted
service, or from one schedule in the
excepted service to a different schedule
in the excepted service, when such a
move would strip the employee of any
status or civil service protections they
had already accrued.
*
*
*
*
*
Jennifer Everling,
Deputy Clerk of the Board.
[FR Doc. 2024–02528 Filed 2–2–24; 5:00 pm]
BILLING CODE 7400–01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Chapter I
[Docket ID OCC–2023–0016]
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. OP–1828]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Chapter III
RIN 3064–ZA39
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Regulatory Publication and Review
Under the Economic Growth and
Regulatory Paperwork Reduction Act
of 1996
Office of the Comptroller of the
Currency (OCC), Treasury; Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC).
ACTION: Notice of regulatory review;
request for comments.
AGENCY:
Pursuant to the Economic
Growth and Regulatory Paperwork
SUMMARY:
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Reduction Act of 1996 (EGRPRA), the
OCC, Board, and FDIC (collectively, the
agencies) are reviewing agency
regulations to identify outdated or
otherwise unnecessary regulatory
requirements on insured depository
institutions and their holding
companies. The agencies divided their
regulations into 12 categories outlined
in the included chart. Over the next two
years, the agencies will publish four
Federal Register documents requesting
comment on multiple categories. This
first Federal Register document requests
comment on regulations concerning the
following three categories: Applications
and Reporting, Powers and Activities,
and International Operations.
DATES: Written comments must be
received no later than May 6, 2024.
ADDRESSES: Comments should be
directed to: OCC: Commenters are
encouraged to submit comments
through the Federal eRulemaking Portal.
Please use the title ‘‘Regulatory
Publication and Review Under the
Economic Growth and Regulatory
Paperwork Reduction Act of 1996’’ to
facilitate the organization and
distribution of the comments. You may
submit comments by any of the
following methods:
• Federal eRulemaking Portal—
Regulations.gov: Go to https://
regulations.gov/. Enter ‘‘Docket ID OCC–
2023–0016’’ in the Search Box and click
‘‘Search.’’ Public comments can be
submitted via the ‘‘Comment’’ box
below the displayed document
information or by clicking on the
document title and then clicking the
‘‘Comment’’ box on the top-left side of
the screen. For help with submitting
effective comments, please click on
‘‘Commenter’s Checklist.’’ For
assistance with the Regulations.gov site,
please call 1–866–498–2945 (toll free)
Monday–Friday, 9 a.m.–5 p.m. ET, or
email regulationshelpdesk@gsa.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street, SW, Suite 3E–218, Washington,
DC 20219.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2023–0016’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish the comments on the
Regulations.gov website without
change, including any business or
personal information provided such as
name and address information, email
addresses, or phone numbers.
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Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
include any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
action by the following method:
• Viewing Comments Electronically—
Regulations.gov: Go to https://
regulations.gov/. Enter ‘‘Docket ID OCC–
2023–0016’’ in the Search Box and click
‘‘Search.’’ Click on the ‘‘Dockets’’ tab
and then the document’s title. After
clicking the document’s title, click the
‘‘Browse All Comments’’ tab. Comments
can be viewed and filtered by clicking
on the ‘‘Sort By’’ drop-down on the right
side of the screen or the ‘‘Refine
Comments Results’’ options on the left
side of the screen. Supporting materials
can be viewed by clicking on the
‘‘Browse Documents’’ tab. Click on the
‘‘Sort By’’ drop-down on the right side
of the screen or the ‘‘Refine Results’’
options on the left side of the screen
checking the ‘‘Supporting & Related
Material’’ checkbox. For assistance with
the Regulations.gov site, please call 1–
866–498–2945 (toll free) Monday–
Friday, 9am–5pm ET, or email
regulationshelpdesk@gsa.gov.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
Board: You may submit comments,
identified by Docket No. OP–1828 by
any of the following methods:
• Agency Website: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Email: regs.comments@
federalreserve.gov. Include the docket
number in the subject line of the
message.
• Fax: 202–452–3819 or 202–452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
Public Inspection: In general, all
public comments will be made available
on the Board’s website at
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
and will not be modified to remove
confidential, contact or any identifiable
information. Public comments may also
be viewed electronically or in paper in
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Federal Register / Vol. 89, No. 25 / Tuesday, February 6, 2024 / Proposed Rules
Room M–4365A, 2001 C Street NW,
Washington, DC 20551, between 9:00
a.m. and 5:00 p.m. during Federal
business weekdays. For security
reasons, the Board requires that visitors
make an appointment to inspect
comments by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments. For users of
TTY–TRS, please call 711 from any
telephone, anywhere in the United
States.
FDIC: The FDIC encourages interested
parties to submit written comments.
Please include your name, affiliation,
address, email address, and telephone
number(s) in your comment. You may
submit comments to the FDIC,
identified by ‘‘EGRPRA’’ in the subject
line of your message by any of the
following methods:
• Agency Website: https://
www.fdic.gov/resources/regulations/
federal-register-publications/. Follow
instructions for submitting comments
on the FDIC’s website.
• Mail: James P. Sheesley, Assistant
Executive Secretary, Attention:
Comments/Legal OES (EGRPRA),
Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC
20429.
• Hand Delivery/Courier: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
NW, building (located on F Street NW)
on business days between 7:00 a.m. and
5:00 p.m. ET.
• Email: comments@FDIC.gov.
Include ‘‘EGRPRA’’ in the subject line of
the message.
Public Inspection: Comments
received, including any personal
information provided, may be posted
without change to https://www.fdic.gov/
resources/regulations/federal-registerpublications/. Commenters should
submit only information that the
commenter wishes to make available
publicly. The FDIC may review, redact,
or refrain from posting all or any portion
of any comment that it may deem to be
inappropriate for publication, such as
irrelevant or obscene material. The FDIC
may post only a single representative
example of identical or substantially
identical comments, and in such cases
will generally identify the number of
identical or substantially identical
comments represented by the posted
example. All comments that have been
redacted, as well as those that have not
been posted, that contain comments on
the merits of this notice will be retained
in the public comment file and will be
considered as required under all
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applicable laws. All comments may be
accessible under the Freedom of
Information Act.
FOR FURTHER INFORMATION CONTACT:
OCC: Allison Hester-Haddad, Special
Counsel, Daniel Amodeo, Counsel, or
John Cooper, Counsel, Chief Counsel’s
Office (202) 649–5490, Office of the
Comptroller of the Currency, 400 7th
Street SW, Washington DC 20219. If you
are deaf, hard of hearing, or have a
speech disability, please dial 7–1–1 to
access telecommunications relay
services.
Board: Katie Ballintine, Assistant
Director, (202) 452–2555, Maria
Jovanovic, Senior Financial Institution
Policy Analyst II, (202) 475–6327, and
Colton Hamming, Financial Institution
Policy Analyst II, (202) 452–3932,
Division of Supervision and Regulation;
Mandie Aubrey, Senior Counsel, (202)
452–2595, Division of Consumer and
Community Affairs; Dafina Stewart,
Assistant General Counsel, (202) 452–
2677 and David Cohen, Senior Attorney,
(202) 452–5259, 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.
FDIC: Karen J. Currie, Chief, Policy &
Program Development Section, (202)
898–3981, Division of Risk Management
Supervision; or William Piervincenzi,
Supervisory Counsel, (202) 898–6957,
Legal Division.
SUPPLEMENTARY INFORMATION:
I. Introduction
Congress enacted Section 2222 of
EGRPRA 1 to reduce regulatory burden
imposed upon insured depository
institutions consistent with safety and
soundness, to promote consistency
between the agencies’ regulations, and
to support consumer protection. The
statute requires that not less frequently
than once every 10 years, the Federal
Financial Institutions Examination
Council (FFIEC),2 along with the
agencies,3 conduct a review of their
1 12
U.S.C. 3311.
FFIEC is an interagency body empowered
to prescribe uniform principles, standards, and
report forms for the Federal examination of
financial institutions and to make recommendations
to promote uniformity in the supervision of
financial institutions. The FFIEC does not issue
regulations that impose burden on financial
institutions and, therefore, we have not separately
captioned the FFIEC in this notice.
3 The FFIEC is comprised of the OCC, Board,
FDIC, National Credit Union Administration
(NCUA), Consumer Financial Protection Bureau
(CFPB), and State Liaison Committee. Of these, only
the OCC, Board, and FDIC are statutorily required
to undertake the EGRPRA review. The NCUA
2 The
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regulations to identify outdated or
otherwise unnecessary regulatory
requirements imposed on insured
depository institutions. In conducting
this review, the FFIEC or the agencies
shall (a) categorize their regulations by
type and (b) at regular intervals, provide
notice and solicit public comment on
categories of regulations, requesting
commenters to identify areas of
regulations that are outdated,
unnecessary, or unduly burdensome.4
EGRPRA also requires the FFIEC or
the agencies to publish in the Federal
Register a summary of the comments
received, identifying significant issues
raised and commenting on these issues.
It also directs the agencies to eliminate
unnecessary regulations to the extent
that such action is appropriate. Finally,
the statute requires the FFIEC to submit
to Congress a report that summarizes
any significant issues raised in the
public comments and the relative merits
of those issues. The report also must
include an analysis of whether the
agencies are able to address the
regulatory burdens associated with such
issues or whether these burdens must be
addressed by legislative action.
II. The EGRPRA Review’s Targeted
Focus
The EGRPRA regulatory review
provides an opportunity for the public
and the agencies to look at groups of
related regulations and to identify
opportunities for burden reduction.5 For
example, the EGRPRA review may
facilitate the identification of statutes
and regulations that share similar goals
or complementary methods where one
or more agencies could eliminate the
overlapping regulatory requirements.
Alternatively, commenters may identify
regulations or statutes that impose
requirements that are no longer
consistent with the way business is
elected to participate in the first and second
EGRPRA reviews, and the NCUA Board again has
elected to participate in this review process.
Consistent with its approach during the first and
second EGRPRA reviews, NCUA will separately
issue notices and requests for comment on its rules.
The CFPB is required to review its significant rules
and publish a report of its review no later than five
years after they take effect. See 12 U.S.C. 5512(d).
This process is separate from the EGRPRA process.
4 Insured depository institutions are also subject
to regulations that are not reviewed under the
EGRPRA process because they were not prescribed
by the agencies. Examples include rules for which
rulemaking authority was transferred to the CFPB
and anti-money laundering regulations issued by
the Department of the Treasury’s Financial Crimes
Enforcement Network, among others. If, during the
EGRPRA process, the agencies receive a comment
about a regulation that is not subject to the EGRPRA
review, we will forward that comment to the
appropriate agency.
5 See supra note 1.
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conducted and may warrant revision or
elimination.
The EGRPRA review also provides the
agencies and the public with an
opportunity to consider how to reduce
the impact on community banks or their
holding companies. The agencies are
aware of the role that these institutions
play in providing consumers and
businesses across the nation with
essential financial services and access to
credit. The agencies are especially
concerned about the impact of
requirements on these smaller
institutions. The agencies understand
that when a new regulation is issued or
a current regulation amended, smaller
institutions may have to devote a
significant amount of their resources to
determine if and how the regulation will
affect them. Through the public
comment process, the EGRPRA review
can help the agencies identify and target
regulatory changes to reduce impacts on
these smaller institutions.
Burden reduction must be compatible
with consumer protection, the safety
and soundness of insured depository
institutions, their affiliates, and the
financial system as a whole. Burden
reduction also must be consistent with
the agencies’ statutory mandates, many
of which require the issuance of
regulations. EGRPRA recognizes that
effective burden reduction may require
statutory changes. Accordingly, as part
of this review, we specifically ask the
public to comment on the relationship
among burden reduction, regulatory
requirements, policy objectives, and
statutory mandates. We also seek
quantitative data about the impact of
rules, where available.
We note that the agencies must
consider regulatory burden each time an
agency proposes, adopts, or amends a
rule. For example, under the Paperwork
Reduction Act of 1995 6 and the
Regulatory Flexibility Act,7 the agencies
assess each rulemaking with respect to
the burdens the rule might impose. The
agencies also invite the public to
comment on proposed rules as required
by the Administrative Procedure Act.8
III. The EGRPRA Review Process
Taken together for purposes of
EGRPRA, the agencies’ regulations
covering insured depository institutions
encompass more than 100 subjects.9
6 44
U.S.C. 3501–3521.
U.S.C. 610.
8 5 U.S.C. 551–559.
9 Consistent with EGRPRA’s focus on reducing
burden on insured depository institutions, the
agencies have not included their internal,
organizational, or operational regulations in this
review. These regulations impose minimal, if any,
burden on insured depository institutions.
Consistent with the EGRPRA statute and
past practice, the agencies have grouped
these regulations into the following 12
categories listed in alphabetical order:
Applications and Reporting; Banking
Operations; Capital; Community
Reinvestment Act; Consumer
Protection; 10 Directors, Officers and
Employees; International Operations;
Money Laundering; Powers and
Activities; Rules of Procedure; Safety
and Soundness; and Securities. These
categories were used during the prior
EGRPRA reviews. The agencies
determined the categories by sorting the
regulations by type and sought to have
no category be too large or broad. These
categories remain useful for the review,
and the agencies have not modified the
categories for purposes of this review.
Over the next two years, the agencies
plan to publish four Federal Register
notices, each addressing one or more
categories of rules. Each Federal
Register notice will have a 90-day
comment period. Today, the agencies
are publishing the first of the four
notices, addressing the following
categories of regulations: Applications
and Reporting; Powers and Activities;
and International Operations. The
agencies invite the public to identify
outdated, unnecessary, or unduly
burdensome regulatory requirements
imposed on insured depository
institutions and their holding
companies in these three categories.
To assist the public’s understanding
of how the agencies have organized the
EGRPRA review, the agencies have
prepared a chart that lists the categories
of regulations with the three categories
of regulations addressed in this Federal
Register notice appearing as the first
three categories in the chart. The chart’s
left column divides the categories into
specific subject-matter areas. The
headings at the top of the chart identify
the types of institutions affected by the
regulations.
The agencies will review the
comments received and determine
whether further action is appropriate
with respect to the regulations. The
agencies will consult and coordinate
with each other and expect to generally
make this determination jointly, as
appropriate, in the case of rules that
have been issued on an interagency
basis. Similarly, as appropriate, the
agencies will undertake any rulemaking
to amend or repeal those rules on an
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10 The agencies are seeking comment only on
consumer protection regulations for which they
retain rulemaking authority for insured depository
institutions and holding companies under the
Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010) (Dodd-Frank Act).
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interagency basis. For rules issued by a
single agency, the issuing agency will
review the comments received and
independently determine whether
amendments to or repeal of its rules are
appropriate.
IV. Request for Comments on the First
Three Categories of Regulations:
Applications and Reporting, Powers
and Activities, and International
Operations
The agencies are requesting comment
on regulations in three specific
categories to identify outdated,
unnecessary, or unduly burdensome
requirements imposed on insured
depository institutions and their
holding companies. The agencies will
solicit comment on all rules finalized by
the agencies before the publication of
the last EGRPRA notice in the series. In
addition to comments on regulations in
the first three categories generally, the
agencies are requesting comments on
certain specific regulations described
below within the first three categories
issued since the last EGRPRA review.
Where possible, the agencies ask
commenters to cite to specific regulatory
language or provisions. The agencies
also welcome suggested alternative
provisions or language in support of a
comment, where appropriate. The
agencies will consider comments
submitted anonymously.
Specific Issues for Commenters To
Consider
The agencies specifically invite
comment on the following issues as they
pertain to the agencies’ Applications
and Reporting, Powers and Activities,
and International Operations rules
addressed in this notice. We will ask
these same questions for each notice we
issue in connection with the EGRPRA
process.
• Need and purpose of the
regulations.
Æ Question 1: Have there been
changes in the financial services
industry, consumer behavior, or other
circumstances that cause any
regulations in these categories to be
outdated, unnecessary, or unduly
burdensome? If so, please identify the
regulations, provide any available
quantitative analyses or data, and
indicate how the regulations should be
amended.
Æ Question 2: Do any of these
regulations impose burdens not required
by their underlying statutes? If so,
please identify the regulations and
indicate how they should be amended.
• Overarching approaches/
flexibilities.
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Æ Question 3: With respect to the
regulations in these categories, could an
agency use a different regulatory
approach to lessen the burden imposed
by the regulations and achieve statutory
intent?
Æ Question 3: Do any of these rules
impose unnecessarily inflexible
requirements? If so, please identify the
regulations and indicate how they
should be amended.
• Cumulative effects.
Æ Question 4: Looking at the
regulations in a category as a whole, are
there any requirements that are
redundant, inconsistent, or overlapping
in such a way that taken together,
impose an unnecessary burden that
could potentially be addressed? If so,
please identify those regulations,
provide any available quantitative
analyses or data, and indicate how the
regulations should be amended.
• Effect on competition.
Æ Question 5: Do any of the
regulations in these categories create
competitive disadvantages for one part
of the financial services industry
compared to another or for one type of
insured depository institution compared
to another? If so, please identify the
regulations and indicate how they
should be amended.
• Reporting, recordkeeping, and
disclosure requirements.
Æ Question 6: Do any of the
regulations in these categories impose
outdated, unnecessary, or unduly
burdensome reporting, recordkeeping,
or disclosure requirements on insured
depository institutions or their holding
companies?
Æ Question 7: Could an insured
depository institution or its holding
company fulfill any of these
requirements through new technologies
(if they are not already permitted to do
so) and experience a burden reduction?
If so, please identify the regulations and
indicate how they should be amended.
• Unique characteristics of a type of
institution.
Æ Question 8: Do any of the
regulations in these categories impose
requirements that are unwarranted by
the unique characteristics of a particular
type of insured depository institution or
holding company? If so, please identify
the regulations and indicate how they
should be amended.
• Clarity.
Æ Question 9: Are the regulations in
these categories clear and easy to
understand?
Æ Question 10: Are there specific
regulations for which clarification is
needed? If so, please identify the
regulations and indicate how they
should be amended.
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• Impact to community banks and
other small, insured depository
institutions.
Æ Question 11: Are there regulations
in these categories that impose
outdated, unnecessary, or unduly
burdensome requirements on a
substantial number of community
banks, their holding companies, or other
small, insured depository institutions or
holding companies?
Æ Question 12: Have the agencies
issued regulations pursuant to a
common statute that, as applied by the
agencies, create redundancies or impose
inconsistent requirements?
Æ Question 13: Should any of these
regulations issued pursuant to a
common statute be amended or repealed
to minimize this impact? If so, please
identify the regulations and indicate
how they should be amended.
Æ Question 14: Have the effects of any
regulations in these categories changed
over time that now have a significant
economic impact on a substantial
number of small, insured depository
institutions or holding companies? If so,
please identify the regulations and
indicate how they should be amended.
The agencies seek information on (1) the
continued need for the rule; (2) the
complexity of the rule; (3) the extent to
which the rule overlaps, duplicates or
conflicts with other Federal rules, and,
to the extent feasible, with State and
local governmental rules; and (4) the
degree to which technology, economic
conditions, or other factors have
changed in the area affected by the rule.
• Scope of rules.
Æ Question 15: Is the scope of each
rule in these categories consistent with
the intent of the underlying statute(s)?
Æ Questions 16: Could the agencies
amend the scope of a rule to clarify its
applicability or reduce the burden,
while remaining faithful to statutory
intent? If so, please identify the
regulations and indicate how they
should be amended.
Specific Interagency Regulations Issued
Since the Last EGRPRA Review
• Expanded Examination Cycle for
U.S. Branches and Agencies of Foreign
Banks. In December 2018, the agencies
expanded the number of insured
depository institutions and U.S.
branches and agencies of foreign banks
eligible for an 18-month on-site
examination cycle. As authorized by the
Economic Growth, Regulatory Relief,
and Consumer Protection Act
(EGRRCPA),11 the agencies’ final rules
11 See Economic Growth, Regulatory Relief, and
Consumer Protection Act, Public Law 115–174, 132
Stat. 1296 (2018).
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generally allow qualifying insured
depository institutions with less than $3
billion in total assets to benefit from an
extended 18-month on-site examination
cycle. The rules also make parallel
changes to the agencies’ regulations
governing the on-site examination cycle
for U.S. branches and agencies of
foreign banks.
• Reduced Reporting for Covered
Depository Institutions. In June 2019,
the agencies established a reduced
reporting requirement for certain
covered depository institutions.12
• Margin and Capital Requirements
for Covered Swap Entities. The agencies
have issued and modified provisions
related to margin and capital
requirements for covered swap entities
since the last EGRPRA review.13
• Amendments to the Regulations
Implementing Section 13 of the Bank
Holding Company Act Regarding
Proprietary Trading and Relationships
with Covered Funds. In July 2020, the
agencies adopted amendments to the
regulations implementing Section 13 of
the Bank Holding Company Act (BHC
Act),14 also known as the Volcker Rule.
The amendments continued efforts in
2014, when the agencies amended the
regulations in a manner consistent with
certain sections of the EGRRCPA.15
Section 13 of the BHC Act contains
certain restrictions on the ability of a
banking entity or nonbank financial
company supervised by the Board to
engage in proprietary trading and have
certain interests in, or relationships
with, a hedge fund or private equity
fund (covered funds). The amendments
were intended to improve and
streamline the regulations implementing
Section 13 of the BHC Act by modifying
and clarifying requirements related to
the covered fund provisions of the rules
and to be consistent with EGRRCPA.
• Computer-Security Incident
Notification Requirements. In November
2021, the agencies established
notification requirements related to
computer-security incidents that may
adversely affect insured depository
institutions.16
Specific OCC Regulations Issued Since
the Last EGRPRA Review
• Integration of Applications and
Reporting rules and Powers and
Activities rules for Federal Savings
12 84
FR 29050 (Jun. 21, 2019).
FR 74839 (Nov. 30, 2015); 83 FR 50805 (Oct.
10, 2018); 84 FR 9940 (Mar. 19, 2019); 85 FR 39464
(Jul. 1, 2020); 85 FR 39754 (Aug. 31, 2020).
14 12 U.S.C. 1851.
15 See EGRRCPA sections 203, 204. These
provisions were effective upon EGRRCPA’s
enactment.
16 86 FR 66424 (Nov. 23, 2021).
13 80
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Associations and National Banks. In
December 2020, to the extent
appropriate and consistent with
statutory charter differences, the OCC
integrated its Applications and
Reporting rules (the majority of which
are included in the OCC’s licensing
rules contained in 12 CFR part 5) for
national banks and Federal savings
associations.17 Similarly, in December
2020, to the extent appropriate and
consistent with statutory charter
differences, the OCC integrated its
Powers and Activities rules (which are
contained in 12 CFR part 7) for national
banks and Federal savings association.18
• Question 17: Are there additional
rules that could be integrated, amended,
or removed?
• Covered Savings Associations
Provisions. In 2019, as required by the
EGRRCPA,19 the OCC established
standards and procedures for Federal
savings associations that elected to
operate as a covered savings association
under Section 5a of the Home Owners’
Loan Act.20
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Specific Board Regulations Issued Since
the Last EGRPRA Review
• Modified Capital Planning
Requirements for Certain Holding
Companies. In 2021, the Board adopted
a final rule to modify the requirements
in the Board’s capital plan rule for firms
with assets of $100 billion or more.21
Among other changes, this rule
modified regulatory reporting
requirements for Large Bank Holding
Companies, Intermediate Holding
Companies, and Savings and Loan
Holding Companies.
Specific FDIC Regulations Issued Since
the Last EGRPRA Review
• Transferred Regulations from the
Office of Thrift Supervision (OTS).
Pursuant to Section 316(b) of the DoddFrank Act, rules transferred from the
OTS to the FDIC and other successor
agencies remain in effect ‘‘until
modified, terminated, set aside, or
superseded in accordance with
applicable law’’ by the relevant
successor agency, by a court of
competent jurisdiction, or by operation
of law. When the FDIC republished the
transferred OTS regulations as new
FDIC regulations applicable to state
savings associations, the FDIC stated in
its Federal Register notice that its staff
17 85 FR 80404 (Dec. 11, 2020). The OCC initially
integrated its licensing rules for national banks and
Federal savings associations in 2015. 80 FR 28345
(May 18, 2015).
18 85 FR 83686 (Dec. 22, 2020).
19 12 U.S.C. 1464a.
20 84 FR 23991 (May 24, 2019).
21 86 FR 7927 (Feb. 3, 2021).
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would evaluate the transferred OTS
rules and might later recommend
incorporating the transferred OTS
regulations into other FDIC rules,
amending them, or rescinding them.
This process began in 2013 and
continues, involving publication in the
Federal Register of a series of notices of
proposed rulemakings and final
rulemakings.22 As of the date of this
notice, only two of the transferred OTS
regulations remain. The FDIC will
consider public comments submitted
either through the EGRPRA review
process or through any notice and
comment rulemaking related to the
FDIC’s determinations regarding the
transferred OTS regulations.
• Amendments to International
Banking Regulations (Part 347). In
March 2020, the FDIC revised its
existing international banking
regulations (contained in 12 CFR part
347) to replace references to credit
ratings in the definition of investment
grade with an alternative standard of
creditworthiness and to make changes
to the eligibility criteria for the types of
assets that insured branches of foreign
banks may pledge for the benefit of the
FDIC.
• Incorporation of Existing Statement
of Policy Regarding Requests for
Participation in the Affairs of an
Insured Depository Institution by
Convicted Individuals. In August 2020,
the FDIC revised its existing regulations
pertaining to Section 19 of the FDI
Act 23 (contained in 12 CFR parts 303
and 308) regarding the FDIC’s
procedures and standards relating to
applications for the FDIC’s written
consent and to incorporate and revise
the FDIC’s existing Statement of Policy
for Section 19 of the FDI Act (SOP). The
incorporation of the SOP into the FDIC’s
regulations was intended to make the
application of the SOP more
transparent, increase certainty
concerning the FDIC’s application
process, afford regulatory relief, and
help both insured depository
institutions and affected individuals to
understand the impact of Section 19 and
to potentially seek relief from it.24
22 Final rulemakings include: 78 FR 76721 (Dec.
19, 2013); 79 FR 42182 (Jul. 21, 2014); 79 FR 42183
(Jul. 21, 2014); 79 FR 63498 (Oct. 24, 2014); 80 FR
5009 (Jan. 30, 2015); 80 FR 5015 (Jan. 30, 2015); 80
FR 65612 (Oct. 27, 2015); 80 FR 65903 (Oct. 28,
2015); 80 FR 65913 (Oct. 28, 2015); 80 FR 79250
(Dec. 21, 2015); 83 FR 13839 (Apr. 2, 2018); 83 FR
13843 (Apr. 2, 2018); 83 FR 60333 (Nov. 26, 2018);
84 FR 31171 (Jul. 1, 2019); 84 FR 65276 (Nov. 27,
2019); 85 FR 3232 (Jan. 21, 2020); 85 FR 3247 (Jan.
21, 2020); 85 FR 3250 (Jan. 21, 2020); 86 FR 8082
(Feb. 3, 2021); 86 FR 8089 (Feb. 3, 2021); 86 FR
8098 (Feb. 3, 2021).
23 12 U.S.C. 1829.
24 On December 23, 2022, the President signed
into law the Fair Hiring in Banking Act (FHBA),
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• Rule Regarding Parent Companies
of Industrial Banks and Industrial Loan
Companies (Part 354). In February 2021,
the FDIC adopted a final rule (contained
in 12 CFR part 354) that requires certain
conditions and commitments for each
deposit insurance application approval,
non-objection to a change in control
notice, and merger application approval
that would result in an insured
industrial bank or industrial loan
company becoming, on or after the
effective date of the final rule, a
subsidiary of a company that is not
subject to consolidated supervision by
the Board. The final rule also requires
that before any industrial bank or
industrial loan company may become a
subsidiary of a company that is not
subject to consolidated supervision by
the Board, such company and the
industrial bank or industrial loan
company must enter into one or more
written agreements with the FDIC.
V. The Agencies’ Review of Regulations
Under Section 610 of the Regulatory
Flexibility Act (RFA)
Consistent with past practice, the
[agencies] will use the EGRPRA review
to satisfy their respective obligations
under Section 610 of the RFA.25 To that
end, for each rule that has a significant
impact on a substantial number of small
entities issued in the last 10 years, the
[agencies] invite comment on (1) the
continued need for the rule; (2) the
complexity of the rule; (3) the extent to
which the rule overlaps, duplicates or
conflicts with other Federal rules, and,
to the extent feasible, with State and
local governmental rules; and (4) the
length of time since the rule has been
evaluated or the degree to which
which significantly revised Section 19 and was
effective immediately. The FHBA appears at
Section 5705 of the James M. Inhofe National
Defense Authorization Act for Fiscal Year 2023,
Pub. L. 117–263, 136 Stat. 2395, 3411 (2022). The
FDIC is working on a proposal to amend its Section
19 regulations under 12 CFR parts 303 and 308 to
conform with the FHBA.
25 Section 610 of the Regulatory Flexibility Act,
5 U.S.C. 610, imposes a continuing obligation on
the agencies to review regulations that may have a
significant economic impact upon a substantial
number of small entities, within 10 years after a
final rulemaking is published. A subset of the rules
the agencies will review under EGRPRA will also
be reviewed under the Section 610 review criteria.
The agencies will indicate which rules are subject
to Section 610 review. The factors the agencies
consider in evaluating a rule under 5 U.S.C. 610 are
(1) the continued need for the rule; (2) the nature
of complaints or comments received concerning the
rule from the public; (3) the complexity of the rule;
(4) the extent to which the rule overlaps, duplicates
or conflicts with other Federal rules, and, to the
extent feasible, with State and local governmental
rules; and (5) the length of time since the rule has
been evaluated or the degree to which technology,
economic conditions, or other factors have changed
in the area affected by the rule.
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technology, economic conditions, or
other factors have changed in the area
affected by the rule. The purpose of the
review will be to determine whether
such rules should be continued without
change, or should be amended or
rescinded, consistent with the stated
objectives of applicable statutes, to
minimize any significant economic
impact of the rules upon a substantial
number of such small entities.
The agencies have not identified any
rules pertaining to Applications and
Reporting, Powers and Activities, and
International Operations that would
have a significant impact on a
substantial number of small entities.
The agencies will consider public
comments submitted through the
EGRPRA review process and agency
experience to identify regulations where
the agencies can reduce burdens that
have a significant impact on a
substantial number of small, insured
depository institutions.26
BILLING CODE 4810–33–; 6210–01–; 6714–01–P
26 The review will be consistent with the
requirements of a Regulatory Flexibility Act,
Section 610 review. The [agencies] will determine
whether particular rules should be continued
without change, amended, or rescinded, consistent
with the objectives of applicable statutes, to
minimize any significant economic impact of the
rules on a substantial number of small, insured
depository institutions.
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I
12 CFR Part 303,
SubpartE
12 CFR5.50
12 CFRPart
303,Subpart
E
Frm 00008
12 CFR Part 308,
Subparts D and E
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Notice of Addition or Change 112 CFR 5.51
of Directors
12 CFR Part 225,
1 SubpartH
12 CFR Part 303,
SubpartF
12 CFR5.51
12 CFRPart
303, Subpart.
F
[Reg. Y]
12 CFR Part 225,
Subpart E [Reg. Y]
12 CFRPart238,
Subpart D [Reg
LLl
12 CFR Part 225,
Subpart. H [Reg. Y]
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12 CFR Part 238,
Subpart H [Reg
LL
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Reduced Reporting for
Covered Depository
Institutions
Computer-Security Incident
Notification Requirements
12 CFR Part 52
12 CFR Part 208,
Subpart K [Reg. H]
12 CFR Part 304,
SubpartB
12 CFR Part 52
12 CFR Part. 53
12 CFR Part 225,
Subpart N [Reg. YI
12 CFR Part. 304,
Subpart C
12 CFR Part. 53
12 CFRPart
304,Subpart
B
12 CFR Part.
304,Subpart
C
12 CFRPart5
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Savings Association Rules,
Policies, and Procedures for
Co orate Activities
Federal Savings Association
Mutual to Stock Conversions
Federal Savings Association
Offices
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112 CFR5.50
12 CFR Part 192
I
I
I
I 12 CFR 145.92
I
12 CFRPart
192
(Conversions
from Mutual
to Stock
Fann
12 CFR Part 225,
Subpart N [Reg. YI
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Change in Bank Control
(processing and notice)
12 CFR Part 225
SubpartB
IReg. YI
12 CFR Part 225,
SubpartE
[Reg. Y]
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Concentration Limits
12CFR
[Reg.XX)
PO 00000
Reg. XX
Frm 00009
12 CFR Part 225
Holding Companies Formations, Acquisitions and
Nonbanking Activities
[Reg. Y],
Subparts A, B,
C,D, I, Appx. C
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12 CFR Part 262.3
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12 CFR Part 23 8
[Reg. LL]
Subparts A, B, C,
E,F
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12 CFR Part 239
[Reg.MM]
12 CFR Part 262.3
12 CFR Part 208 [Reg.
State Member Banks
H],
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C,G
12 CFR Part 209 [Reg.
I]
12 CFR Part 262.3
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16:48 Feb 05, 2024
Federal Savings Association
Accounting and Disclosure
Standards
>tF.IUCRr
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Deposit Insurance Filing
Procedures
12 CFRPart304
1 (excluding 304.3(d))
12 CFR Part 304
1 (excluding 304.3(d))
I
I
12 CFR Part 303, Subpart 112 CFR Part 303,
1B
SubpartB
112 CFR Part 304
12 CFR Part 303,
SubpartB
12 CFR Part 304
1 (excluding 304.3(d))
12 CFR Part 303,
SubpartB
1
12 CFRPart
304
12 CFRPart
303,Subpart
B
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Extension of Corporate
Powers
12 CFRPart 333
12 CFRPart
333
Filing Procedures and
Delegations of Authority
12 CFR Part 303
12 CFRPart
303
Industrial Banks and
12 CFR Part. 354
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Proprietary Trading and
Relationships with Covered
Funds
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Retail Foreign Exchange
Transactions
12 CFR Part 48
National Bank and Federal
Savings Association Powers
12 CFRPart 7, Subpart A
National Bank Electronic
Activities
National Bank Connnunity
Development Corporations,
Community Development
12 CFRPart 7, SubpartE
12 CFR Part 24
12 CFR Part 240
fReg. NN]
12 CFR Part 349
12 CFR Part 48
12 CFR Part 7,
Subpart A
12 CFRPart
349
12 CFR Part 240
fReg.NNj
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16:48 Feb 05, 2024
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Call Reports and Other
Forms, Instructions and
Reports
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12 CFR Part 37
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National Bank Debt
Cancellation Contracts and
Debt Suspension Agreements
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National Bank Fiduciary
Activities
Investment in National Bank
or Federal Savings
Association Premises
I
12 CFR Part 9
I
12 CFR 5.37
National Bank Investment
Securities
I
12 CFR Part 1
National Bank Leasing
I
12 CFR Part 23
National Bank Real Estate
Lending
112 CFR Part 34, Subparts
A and B
National Bank Sales of Credit
Life Insurance
I
12 CFR5.37
12 CFRPart 1
12 CFR Part 2
12 CFRPart 145; See
also: 12 CFR Parts
143, 144, (Federal
Mutual Savings
Associations)
Federal Savings Association
Deposits
12 CFR Parts 157,
161 (definitions)
Federal Savings Association
Electronic Operations
12 CFR Part 155
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General
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Projects, and Other Public
Welfare Investments
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Preemption of Stale Due-On- I 12 CFR Part 191
Sale Laws (Implementation
of Garn-St Germain)
12 CFR Part 191
12 CFRPart 191
12CFRPart 191
12 CFRPart
191
I 12 CFR Part 190
12 CFR Part 190
12 CFR Part 190
12 CFR Part 190
12 CFR Part
190
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Federal Savings Association
Lending and Investment
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12 CFR Part 160
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12 CFR Part 150
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Preemption of State Usury
Laws (Implementation of
DIDMCA)
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Federal Savings Association
Subordinate Organizations
Retail Foreign Exchange
Transactions
Preemption Generallv
Covered Savings
Associations
12 CFR 5.38 and 5.59
12 CFR Part 48
12 CFR Part 48
12 CFRPart 7, SubpartD
12 CFR 7.4010
12CFRPart 101
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')fgahf ...
Bank Holding Companies,
Financial Holding
Companies,
Savings and Loan Holding
Companies
(General provisions not
included elsewhere in this
list)
12 CFRPart225,
Subparts A, F, J
[Reg. Y]
12 CFR Part 23 8,
Subparts A, G, K, I
[Reg LL]
12 CFRP,
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Fiduciary Powers
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12 CFR Part 208,
208.37,
Subparts A, G [Reg H]
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12 CFR Part 209
12 CFR Part 208,
Subpart B LReg HJ
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Community Development;
Public Welfare Investments;
Investment in Bank Premises;
Inveslmenl Securities
Fiduciary Aclivilies
Frm 00013
12 CFRPart
225.28(b)(5
12 CFRPart
225.28(b)(3) [Reg. Y]
Leasing of
Real Property
Personal Property
Real Estate Lending
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12 CFR Part 208,
Subpart E [Reg H]
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Sales of Insurance
12 CFR Part 208,
Subpart H [Reg H]
Activities of Insured State
Banks
12 CFR Part 362,
Subpart A;
12 CFR Part 303,
SubpartG
12 CFR Part 225,
Subpart G [Reg. Y]
12 CFR Part 362,
Subparts A, B, and E;
12 CFRPart 303,
SubpartG
Activities of Insured State
Savings Associations
06FEP1
12 CFRPart
362,Subparts
C andD;
Request~ for Participation in
the Affairs of an Insured
Depository Institution by
Convicted Individuals
(Section 19 of the FDI Act)
L;
12 CFR Part 301, Subpart
12 CFR Part 303,
SubpartL;
12 CFR Part 303,
SubpartL;
12 CFR Part 303,
SubpartL;
12 CFR Part 308, Subpart
M
12 CFR Part 308,
SubpartM
12 CFRPart 308,
SubpartM
12 CFR Part 308,
SubpartM
12 CFRPart
303,Subpart
H
12 CFR Part
303,Subpart
L;
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12 CFRPart
308,Subpart
M
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12 CFR Part 28, Subpart
C
12 CFR Part 211,
Subpart D
[Reg. K]
Margin and Capital
Requirements for Covered
Swap Entities
12 CFR Part 45
12 CFR Part 237 [Reg. I 12 CFR 349
KK]
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Fmt 4702
Expanded Examination Cycle
for Certain Small Insured
Depository Institutions and
U.S. Branches and
Agencies of Foreign Banks
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I 12 CFR Part 4, Subpart A
12 CFRPart211,
Subpart B [Reg. K]
12 CFR Part 211, Subpart
A LReg. KJ
12 CFR Part 211,
Subpart A LReg. KJ
12 CFR Part 347,
Subpart C
12 CFR 347, Subpart
B
12 CFRPart211,
SubpartD
[Reg. K]
12 CFRPart45
12 CFR Part 4,
Subpart A
12 CFR349
12 CFR347,
SubpartB
12 CFR Part 237
[Reg. KK]
12 CFR Part 237
eg.KK
12 CFR Part 211
[Reg. K]
Foreign Operations of
National Banks
International Operations of
U.S. Bankmg Organizations
12 CFR Part 211
Subpart A LReg.
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Kl
Edge and Agreement
Corporations
12 CFRPart211.5-7
[Reg. K]
12 CFRPart 211.5-7
[Reg. K]
12 CFRPart211.57 [Reg.K]
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Foreign Banking
Organizations
Interstate Banking Operations
Nonbanking Activities
U.S. Offices
Export Trading Companies;
International Lending
Supervision
12 CFR Part 211
Subpart B [Reg.
K]
Foreign Banking
Organizations:
Stress Tests, Risk
Committee,
12 CFR Part 252
Subparts r • ~
[Reg. yy
12 CFR Part 211,
Subparts C, D
[Reg. K]
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International Lending
Supervision
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Subpart A;
12 CFR Part 303,
Subpart J
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Assessment of Pees
12 CFRPart 8
12 CFRPartS
National Bank and Federal
Savings Associations
Operations
12 CFR Part 7,
SubpartC
12 CFR Part 7,
Subpart C
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Savings Association
Operations
Definitions for Regulations
Affecting Federal Savings
Associations
Definitions for Regulations
Affecting All Savings
Associations
······•• Bo~•···
Assessment of Fees
12 CFR Part 163
12 CFR Part 141
12 CFR Part 161
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Nonmember Banks
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12 CPR Part 229
[Reg. CC]
12 CPR Part 229
[Reg. CC]
12 CPR Part 229
[Reg. CC]
12 CPR Part 229
[Reg. CC]
12 CPR Part 229
[Reg. CC]
Collection of Checks and
Other Items by Federal
ReseJVe Banks and Funds
Transfers Throu h Fedwire
Debit Card Interchange Fees
12 CFRPart210
LReg. JJ
12 CPR Part 210
LReg. JJ
12 CPR Part 210
LReg. JJ
12 CPR Part 210
LReg. JJ
12 CPR Part 210
LReg. JJ
12 CPR Part 235
e .I
12 CFR Part.219
[Reg. SJ
12 CPR Part 235
e . II
12 CFR Part. 219
[Reg. SJ
12 CPR Part 235
e .I
12CFRPart.219
[Reg. SJ
12 CPR Part 235
e.
12CFRPart.219
[Reg. SJ
12 CPR Part 235
e .I
12 CFR Part.219
[Reg. SJ
12 CPR Part 204
[Reg. DJ
12 CPR Part 204
[Reg. DJ
12 CPR Part 204
[Reg.DJ
12 CPR Part 204
[Reg.DJ
12 CPR Part 204
[Reg. DJ
The Payment System Risk
Reduction Policy
Federal Reserve
Regulatory Service
9-1000
Federal Reserve
Regulatory Service
9-1000
Federal Reserve
Regulatory Service
9-1000
Federal Reserve
Regulatory Service
9-1000
Federal Reserve
Regulatory
Service 9-1000
Assessments
12 CPR Part 327
12 CPR Part 327
Capital Adequacy:
General Provisions
Ratio Requirements and
Buffers Definition of Capital
Transition Provisions
12 CPR Part 3,
Subparts A-C, G
12 CPR Part 217,
Subparts A-C, G
[Reg. QJ
Reimbursement for Providing
Financial Records;
Recordkeeping Requirements
for Certain Financial Records
Reserve Requirements of
Depository Institutions
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Capital Adequacy:
Risk-Weighted AssetsStandardi7ed Approach
12 CPR Part 327
12 CPR Part 324,
Subparts A-C, G
12 CPR Part 3,
Subparts A-C, G
12 CPR Part 324,
Subparts A--C, G
12 CPR Part 217,
Subparts A-C, G,
andH
[Reg. QJ
---
12 CPR Part 3,
SubpartD
12 CPR Part 217,
Subpart D LReg. QJ
12 CPR Part 324,
SubpartD
12 CPR Part 3,
SubpartD
12 CPR Part 217,
Subparts A-C, G
el?.
12 CPR Part 324, 112 CPR Part 217,
Subpart D
Subpart D LReg. QJ
12 CPRPn..,. ,.,17,
Subpart I
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Collection of Checks
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SubpartF
PO 00000
12 CFRPart6
Prompt Corrective Action
12 CFRPart217,
Subpart F [Reg. Q]
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12 CFR Part 208,
Subpart D [Reg. H];
12 CFR Part 263,
SubpartH
12 CFR Part 324,
SubpartF
12 CFR Part 324,
SubpartH
12 CFR Part 3,
SubpartF
12 CFR Part 6;
12 CFR 165.8;
12 CFR 165.9
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Capital Adequacy:
112 CFR Part 3, Subparts
Establislunent of Minimum
H-K
Capital Ratios for an
Individual Bank or Individual
Federal Savings Association
Enforcement Issuance of a
Directive Interpretations
12 CFR Part 3,
Subparts H-K
Ammal Stress Tests
Changes in Permanent Capital
of a National Bank or Federal
Savings Association;
Subordinated Debt Issued by a
National Bank or Federal
Savings Association
12 CFR Part 46
12 CFR 5.45, 5.56
I
I
12 CFR Part 46
12 CFR 5.46-.47
12 CFR Part 324,
SubpartF
12 CFR Part 324,
SubpartH
12CFRP:
SubpartE
12CFRP:
SubpartF
12 CFRPart217,
Subpart F [Reg.
12 CFR Part 208,
SubpartD
[Reg. H]
12 CFR Part 263,
SubpartH
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16:48 Feb 05, 2024
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Risk-Weighted AssetsInternal Ratings-Based and
Advanced Measurement
Approaches
Capital Adequacy:
Risk-Weighted AssetsMarket Risk
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Company Run and
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Company Requirements
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[Reg. G]
12 CFR Part 346
12 CFR Part 35
12 CFR Part 346
I
Part228
:B
12 CFR Part 207
]
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of Insurance
Community development regulations are being published for comment as part of the Powers and Activities category.
Regulations for which rulemaking authority has transferred to the CFPB are not included in this Consumer Protection category. As described in the
Supplementary Information section of this notice, the CFPB is required to review its significant rules and publish a report of its review no later than five years
after they take effect, in a process separate from the EGRPRA process.
1
2
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Loans in Identified Flood
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12 CFR Part 22
12 CFR Part 208.25
[Reg. HJ
Prohibition Against Use of
Interstate Branches Primarily
for Deposit Production
Infonnation Security
Standards
12 CFR Part 25,
SubpartE
12 CFR Part 208. 7
[Reg. HJ
12 CFR Part 30, Appx. B
12 CFR Part 208,
Appx. D-2 [Reg. Hl
12 CFR Part 364,
Appx.B
12 CFR Part 30,
Appx.B
12 CFR Part 364,
Appx.B
Fair Credit Reporting Act
Duties of Users of Consumer
Reports Regarding Address
Discrepancies and Records
Disposal
12 CPR Part 41,
Subpart I
12 CFR Part 222,
Subpart I [Reg V]
12 CFR Part 334,
Subpart I
12 CFR Part 41,
Subpart I
12 CFR Part 334,
Subpart I
Fair Credit Reporting Act
Consumer Information
12 CPR Part 41,
SubpartJ
12 CFR Part 222
Subpart J [Reg V]
12 CFR Part 334,
SubpartJ
12 CFR Part 41,
SubpartJ
12 CFR Part 334,
SubpartJ
I
I 12 CFR Part 369
12 CFR 163.27
Federal Savings Association
Advertising
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Tying Restriction Exception
I
I
I 12 CFR 163.36
I
Residential Mortgage Lending
Practices
12 CFR Part 30, Appx. C
Advertisement of Membership
12 CFR Part 328
12 CFR Part 328
12 CFR Part 328
12 CFR Part 328
12 CFR Part 328
Deposit Insurance Coverage
12 CFR Part 330
12 CFR Part 330
12 CFR Part 330
12 CFR Part 330
12 CFR Part 330
12 CFR Part 225,
Appx. F [Reg. Yl
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Operations
12 CFR Part 7, Subpart
B-C
I 12 CFR 337.3
12 CFR Part. 348
I 12 CFR Part 31
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Directors and Principal
Shareholders; Related
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Operations
12 CFR Part 163
Federal Savings Association
Restrictions on Transactions
with Officers, Directors, and
Others
12 CFR Part 31; 12
CFR 160.130
12 CFR Part 307
I 12 CFR 337.3
12 CFR Part 348
12 CFR Part 212
[Reg. L]
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Certification of Assumption of I 12 CFR Part 307
Deposits and Notification of
Changes of Insured Status
Federal Interest Rate
Authori
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12 CFR Part 21,
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[Reg. Hl
12 CFR Part 21,
SubpartB
12 CFR Part 208.62.63 [Reg. H]
I
12 CFR Part 326,
SubpartB
12 CFR Part 21,
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12 CFR Part 326,
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12 CFR 163.180(d) I 12 CFR Part 353 I 12 CFR Part
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Voluntary Liquidation of a
National Bank or Federal
Savings Association
12 CFR 5.48
Federal Savings Association
Investigative Proceedings and
Formal Examinations
12 CFR Part 112
Federal Savings Association
Removals, Suspensions and
Prohibitions Where a Crime is
Charged or Proven
12 CFR Part 108
12 CFR Part 380
Orderly Liquidation Authority
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Rules
I
12 CFR Part 360
12 CFR Part 360
12 CFR Part 360
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Recordkeeping for Timely
Deposit Insurance
Determination
I
12 CFR Part 370
12 CFR Part 370
12 CFR Part 370
12 CFR Part 370
12 CFR Part 370
Recordkeeping Requiremenls I 12 CFR Part 371
for Qualified Financial
Contracts
12 CFR Part 371
12 CFR Part 371
12 CFR Part 371
12 CFR Part 371
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[Reg. Z]
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[Reg. WW]
12 CFR Part. 249
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Federally Related
Transact.ions
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Standards
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generally; 12 CFR Part
30,Appx. A
12 CFR Part 208,
Appx. D-1 [Reg. H]
12 CFR Part 364,
Appx.A
12 CFR Part 30
generally; 12 CFR
Part 30, Appx. A
12 CFR Part 364,
Appx. A
Transactions with Affiliates
12 CFR Part 223
LReg. WJ;
12 CFR Part31
12 CFR Part 223
LReg. WJ
12 CFR Part 223 LReg.
WJ
12 C.F.R. Part223
LReg. WJ;
12 C.F.R. Part31
12 CFR Part 223
LReg. WJ
Heightened Standards
Guidelines
Lending Limits
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I 12 CFR Part 34,
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Financial Management
Policies
Federal Savings Association
Lending and Investment Additional Safety and
Soundness Limitations
12 CFR Part 30,
A x.D
12 CFR Part 32
12 CFR Part 32
12 CFR Part 30,
Appx.E
12 CFR Part 34,
SubpartE
12 CFR Part 163,
SubparlF
12 CFR Part 160
12 CFR Part 160
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Requirements for Qualified
Financial Contracts
Resolution Plans
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Financial Stability Oversight
Council
Enhanced Prudential
Standards
Risk Committee Requirement
(for certain BHCs)
Standards for BHCs
with consolidated assets $50
billion or more and less than
$100B
12 CFR Part 252,
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[Reg. YY]
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[Reg. LL]
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12 CFR.Part
252.33
[Reg. YY]
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[Reg. HHl
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16:48 Feb 05, 2024
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Appraiser Independence
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Agencies
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12 CFR Part 208.3233 [Reg. H]
12 CFR Part 308,
Subpart S
Banks as Securities Transfer
Agents
Government Securities Sales
Practices
Recordkeeping and
Confinnation of Securities
Transactions Effected by
Bauks
12 CFR 9.20
12 CFRPart208.31
rReg.Hl
12 CFR Part 208.37
rRcg.Hl
12 CFR Part 208.34
[Reg. H]
12 CFR Part 341
Reporting Requirements for
Reported Securities Under the
Securities Exchange Act of
1934
12 CFR Part 11
12 CFR Part 208.36
[Reg. H]
Securities Offerings
12 CFRPart 16
12 CFR Part 13
12 CFR Part 12
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12 CFR Part 390,
Subpart Q; 12
CFR Part 390,
Sub artW
12 CFR Part 335;
12 CFR Part 390,
Subpart Q; 12
CFR Part 390,
Sub artW
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andRe orli Re uirements
Unsafe and Unsound Banking
Practices (Standby Letters of
Credit)
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16:48 Feb 05, 2024
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Federal Savings Associations
Proxies
Federal Register / Vol. 89, No. 25 / Tuesday, February 6, 2024 / Proposed Rules
Michael J. Hsu,
Acting Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on January 16,
2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024–02016 Filed 2–5–24; 8:45 am]
BILLING CODE 4810–33–; 6210–01; 6714–01–C
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2024–0218; Project
Identifier AD–2023–00779–T]
RIN 2120–AA64
Airworthiness Directives; The Boeing
Company Airplanes
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of proposed rulemaking
(NPRM).
AGENCY:
The FAA proposes to adopt a
new airworthiness directive (AD) for all
The Boeing Company Model 787–8,
787–9, and 787–10 airplanes. This
proposed AD was prompted by a
determination that the flight deck door
decompression panel can strike the
captain’s seat headrest if a flight deck
decompression event occurs when the
seat is in a certain position. This
proposed AD would require, for certain
airplanes, replacing the affected
captain’s seat assembly. This proposed
AD would also prohibit the installation
of affected parts. The FAA is proposing
this AD to address the unsafe condition
on these products.
DATES: The FAA must receive comments
on this proposed AD by March 22, 2024.
ADDRESSES: You may send comments,
using the procedures found in 14 CFR
11.43 and 11.45, by any of the following
methods:
• Federal eRulemaking Portal: Go to
regulations.gov. Follow the instructions
for submitting comments.
• Fax: 202–493–2251.
• Mail: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE,
Washington, DC 20590.
• Hand Delivery: Deliver to Mail
address above between 9 a.m. and 5
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p.m., Monday through Friday, except
Federal holidays.
AD Docket: You may examine the AD
docket at regulations.gov under Docket
No. FAA–2024–0218; or in person at
Docket Operations between 9 a.m. and
5 p.m., Monday through Friday, except
Federal holidays. The AD docket
contains this NPRM, any comments
received, and other information. The
street address for Docket Operations is
listed above.
Material Incorporated by Reference:
• For service information identified
in this NPRM, contact Boeing
Commercial Airplanes, Attention:
Contractual & Data Services (C&DS),
2600 Westminster Blvd., MC 110–SK57,
Seal Beach, CA 90740–5600; telephone
562–797–1717; website
myboeingfleet.com.
• You may view this service
information at the FAA, Airworthiness
Products Section, Operational Safety
Branch, 2200 South 216th St., Des
Moines, WA. For information on the
availability of this material at the FAA,
call 206–231–3195. It is also available at
regulations.gov by searching for and
locating Docket No. FAA–2024–0218.
FOR FURTHER INFORMATION CONTACT:
Nicole S. Tsang, Aviation Safety
Engineer, FAA, 2200 South 216th St.,
Des Moines, WA 98198; telephone 206–
231–3959; email Nicole.S.Tsang@
faa.gov.
SUPPLEMENTARY INFORMATION:
Comments Invited
The FAA invites you to send any
written relevant data, views, or
arguments about this proposal. Send
your comments to an address listed
under ADDRESSES. Include ‘‘Docket No.
FAA–2024–0218; Project Identifier AD–
2023–00779–T’’ at the beginning of your
comments. The most helpful comments
reference a specific portion of the
proposal, explain the reason for any
recommended change, and include
supporting data. The FAA will consider
all comments received by the closing
date and may amend this proposal
because of those comments.
Except for Confidential Business
Information (CBI) as described in the
following paragraph, and other
information as described in 14 CFR
11.35, the FAA will post all comments
received, without change, to
regulations.gov, including any personal
information you provide. The agency
will also post a report summarizing each
substantive verbal contact received
about this NPRM.
Confidential Business Information
CBI is commercial or financial
information that is both customarily and
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8109
actually treated as private by its owner.
Under the Freedom of Information Act
(FOIA) (5 U.S.C. 552), CBI is exempt
from public disclosure. If your
comments responsive to this NPRM
contain commercial or financial
information that is customarily treated
as private, that you actually treat as
private, and that is relevant or
responsive to this NPRM, it is important
that you clearly designate the submitted
comments as CBI. Please mark each
page of your submission containing CBI
as ‘‘PROPIN.’’ The FAA will treat such
marked submissions as confidential
under the FOIA, and they will not be
placed in the public docket of this
NPRM. Submissions containing CBI
should be sent to Nicole S. Tsang,
Aviation Safety Engineer, FAA, 2200
South 216th St., Des Moines, WA 98198;
telephone 206–231–3959; email
Nicole.S.Tsang@faa.gov. Any
commentary that the FAA receives that
is not specifically designated as CBI will
be placed in the public docket for this
rulemaking.
Background
The flight deck door decompression
panel opens forward if a flight deck
decompression event occurs. The FAA
previously certificated flight deck doors
to include this functionality. The FAA
has since determined that the
decompression panel could strike the
captain’s head or face if the seat is in the
aft track position with full recline and
full seat pan tilt during a flight deck
decompression event. The captain’s seat
headrest is in the path of the
decompression panel when the seat is in
the aft track position with full recline
and full seat pan tilt. The
decompression panel opens in
approximately 20 to 50 milliseconds
and can strike the captain’s seat
headrest. The FAA is issuing this AD to
address the possibility that the
decompression panel could strike the
captain’s head or face. The unsafe
condition, if not addressed, could result
in serious or potentially fatal injury to
the captain after a flight deck
decompression event.
FAA’s Determination
The FAA is issuing this NPRM after
determining that the unsafe condition
described previously is likely to exist or
develop on other products of the same
type design.
Related Service Information Under 1
CFR Part 51
The FAA reviewed Boeing Special
Attention Requirements Bulletin B787–
81205–SB250294–00 RB, Issue 001,
dated June 14, 2023. This service
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]]>Agencies
[Federal Register Volume 89, Number 25 (Tuesday, February 6, 2024)]
[Proposed Rules]
[Pages 8084-8109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02016]
=======================================================================
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Chapter I
[Docket ID OCC-2023-0016]
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. OP-1828]
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Chapter III
RIN 3064-ZA39
Regulatory Publication and Review Under the Economic Growth and
Regulatory Paperwork Reduction Act of 1996
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury;
Board of Governors of the Federal Reserve System (Board); Federal
Deposit Insurance Corporation (FDIC).
ACTION: Notice of regulatory review; request for comments.
-----------------------------------------------------------------------
SUMMARY: Pursuant to the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 (EGRPRA), the OCC, Board, and FDIC (collectively,
the agencies) are reviewing agency regulations to identify outdated or
otherwise unnecessary regulatory requirements on insured depository
institutions and their holding companies. The agencies divided their
regulations into 12 categories outlined in the included chart. Over the
next two years, the agencies will publish four Federal Register
documents requesting comment on multiple categories. This first Federal
Register document requests comment on regulations concerning the
following three categories: Applications and Reporting, Powers and
Activities, and International Operations.
DATES: Written comments must be received no later than May 6, 2024.
ADDRESSES: Comments should be directed to: OCC: Commenters are
encouraged to submit comments through the Federal eRulemaking Portal.
Please use the title ``Regulatory Publication and Review Under the
Economic Growth and Regulatory Paperwork Reduction Act of 1996'' to
facilitate the organization and distribution of the comments. You may
submit comments by any of the following methods:
Federal eRulemaking Portal--Regulations.gov: Go to https://regulations.gov/. Enter ``Docket ID OCC-2023-0016'' in the Search Box
and click ``Search.'' Public comments can be submitted via the
``Comment'' box below the displayed document information or by clicking
on the document title and then clicking the ``Comment'' box on the top-
left side of the screen. For help with submitting effective comments,
please click on ``Commenter's Checklist.'' For assistance with the
Regulations.gov site, please call 1-866-498-2945 (toll free) Monday-
Friday, 9 a.m.-5 p.m. ET, or email [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, 400 7th Street
SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street, SW, Suite 3E-218,
Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2023-0016'' in your comment. In general, the OCC will
enter all comments received into the docket and publish the comments on
the Regulations.gov website without change, including any business or
personal information provided such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this action by the following method:
Viewing Comments Electronically--Regulations.gov: Go to
https://regulations.gov/. Enter ``Docket ID OCC-2023-0016'' in the
Search Box and click ``Search.'' Click on the ``Dockets'' tab and then
the document's title. After clicking the document's title, click the
``Browse All Comments'' tab. Comments can be viewed and filtered by
clicking on the ``Sort By'' drop-down on the right side of the screen
or the ``Refine Comments Results'' options on the left side of the
screen. Supporting materials can be viewed by clicking on the ``Browse
Documents'' tab. Click on the ``Sort By'' drop-down on the right side
of the screen or the ``Refine Results'' options on the left side of the
screen checking the ``Supporting & Related Material'' checkbox. For
assistance with the Regulations.gov site, please call 1-866-498-2945
(toll free) Monday-Friday, 9am-5pm ET, or email
[email protected].
The docket may be viewed after the close of the comment period in
the same manner as during the comment period.
Board: You may submit comments, identified by Docket No. OP-1828 by
any of the following methods:
Agency Website: https://www.federalreserve.gov. Follow the
instructions for submitting comments at https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include the
docket number in the subject line of the message.
Fax: 202-452-3819 or 202-452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
Public Inspection: In general, all public comments will be made
available on the Board's website at www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, and will not be modified to remove
confidential, contact or any identifiable information. Public comments
may also be viewed electronically or in paper in
[[Page 8085]]
Room M-4365A, 2001 C Street NW, Washington, DC 20551, between 9:00 a.m.
and 5:00 p.m. during Federal business weekdays. For security reasons,
the Board requires that visitors make an appointment to inspect
comments by calling (202) 452-3684. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments. For users of TTY-TRS, please call 711 from any telephone,
anywhere in the United States.
FDIC: The FDIC encourages interested parties to submit written
comments. Please include your name, affiliation, address, email
address, and telephone number(s) in your comment. You may submit
comments to the FDIC, identified by ``EGRPRA'' in the subject line of
your message by any of the following methods:
Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/. Follow instructions for
submitting comments on the FDIC's website.
Mail: James P. Sheesley, Assistant Executive Secretary,
Attention: Comments/Legal OES (EGRPRA), Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
Hand Delivery/Courier: Comments may be hand-delivered to
the guard station at the rear of the 550 17th Street NW, building
(located on F Street NW) on business days between 7:00 a.m. and 5:00
p.m. ET.
Email: [email protected]. Include ``EGRPRA'' in the
subject line of the message.
Public Inspection: Comments received, including any personal
information provided, may be posted without change to https://www.fdic.gov/resources/regulations/federal-register-publications/.
Commenters should submit only information that the commenter wishes to
make available publicly. The FDIC may review, redact, or refrain from
posting all or any portion of any comment that it may deem to be
inappropriate for publication, such as irrelevant or obscene material.
The FDIC may post only a single representative example of identical or
substantially identical comments, and in such cases will generally
identify the number of identical or substantially identical comments
represented by the posted example. All comments that have been
redacted, as well as those that have not been posted, that contain
comments on the merits of this notice will be retained in the public
comment file and will be considered as required under all applicable
laws. All comments may be accessible under the Freedom of Information
Act.
FOR FURTHER INFORMATION CONTACT:
OCC: Allison Hester-Haddad, Special Counsel, Daniel Amodeo,
Counsel, or John Cooper, Counsel, Chief Counsel's Office (202) 649-
5490, Office of the Comptroller of the Currency, 400 7th Street SW,
Washington DC 20219. If you are deaf, hard of hearing, or have a speech
disability, please dial 7-1-1 to access telecommunications relay
services.
Board: Katie Ballintine, Assistant Director, (202) 452-2555, Maria
Jovanovic, Senior Financial Institution Policy Analyst II, (202) 475-
6327, and Colton Hamming, Financial Institution Policy Analyst II,
(202) 452-3932, Division of Supervision and Regulation; Mandie Aubrey,
Senior Counsel, (202) 452-2595, Division of Consumer and Community
Affairs; Dafina Stewart, Assistant General Counsel, (202) 452-2677 and
David Cohen, Senior Attorney, (202) 452-5259, 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.
FDIC: Karen J. Currie, Chief, Policy & Program Development Section,
(202) 898-3981, Division of Risk Management Supervision; or William
Piervincenzi, Supervisory Counsel, (202) 898-6957, Legal Division.
SUPPLEMENTARY INFORMATION:
I. Introduction
Congress enacted Section 2222 of EGRPRA \1\ to reduce regulatory
burden imposed upon insured depository institutions consistent with
safety and soundness, to promote consistency between the agencies'
regulations, and to support consumer protection. The statute requires
that not less frequently than once every 10 years, the Federal
Financial Institutions Examination Council (FFIEC),\2\ along with the
agencies,\3\ conduct a review of their regulations to identify outdated
or otherwise unnecessary regulatory requirements imposed on insured
depository institutions. In conducting this review, the FFIEC or the
agencies shall (a) categorize their regulations by type and (b) at
regular intervals, provide notice and solicit public comment on
categories of regulations, requesting commenters to identify areas of
regulations that are outdated, unnecessary, or unduly burdensome.\4\
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\1\ 12 U.S.C. 3311.
\2\ The FFIEC is an interagency body empowered to prescribe
uniform principles, standards, and report forms for the Federal
examination of financial institutions and to make recommendations to
promote uniformity in the supervision of financial institutions. The
FFIEC does not issue regulations that impose burden on financial
institutions and, therefore, we have not separately captioned the
FFIEC in this notice.
\3\ The FFIEC is comprised of the OCC, Board, FDIC, National
Credit Union Administration (NCUA), Consumer Financial Protection
Bureau (CFPB), and State Liaison Committee. Of these, only the OCC,
Board, and FDIC are statutorily required to undertake the EGRPRA
review. The NCUA elected to participate in the first and second
EGRPRA reviews, and the NCUA Board again has elected to participate
in this review process.
Consistent with its approach during the first and second EGRPRA
reviews, NCUA will separately issue notices and requests for comment
on its rules. The CFPB is required to review its significant rules
and publish a report of its review no later than five years after
they take effect. See 12 U.S.C. 5512(d). This process is separate
from the EGRPRA process.
\4\ Insured depository institutions are also subject to
regulations that are not reviewed under the EGRPRA process because
they were not prescribed by the agencies. Examples include rules for
which rulemaking authority was transferred to the CFPB and anti-
money laundering regulations issued by the Department of the
Treasury's Financial Crimes Enforcement Network, among others. If,
during the EGRPRA process, the agencies receive a comment about a
regulation that is not subject to the EGRPRA review, we will forward
that comment to the appropriate agency.
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EGRPRA also requires the FFIEC or the agencies to publish in the
Federal Register a summary of the comments received, identifying
significant issues raised and commenting on these issues. It also
directs the agencies to eliminate unnecessary regulations to the extent
that such action is appropriate. Finally, the statute requires the
FFIEC to submit to Congress a report that summarizes any significant
issues raised in the public comments and the relative merits of those
issues. The report also must include an analysis of whether the
agencies are able to address the regulatory burdens associated with
such issues or whether these burdens must be addressed by legislative
action.
II. The EGRPRA Review's Targeted Focus
The EGRPRA regulatory review provides an opportunity for the public
and the agencies to look at groups of related regulations and to
identify opportunities for burden reduction.\5\ For example, the EGRPRA
review may facilitate the identification of statutes and regulations
that share similar goals or complementary methods where one or more
agencies could eliminate the overlapping regulatory requirements.
Alternatively, commenters may identify regulations or statutes that
impose requirements that are no longer consistent with the way business
is
[[Page 8086]]
conducted and may warrant revision or elimination.
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\5\ See supra note 1.
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The EGRPRA review also provides the agencies and the public with an
opportunity to consider how to reduce the impact on community banks or
their holding companies. The agencies are aware of the role that these
institutions play in providing consumers and businesses across the
nation with essential financial services and access to credit. The
agencies are especially concerned about the impact of requirements on
these smaller institutions. The agencies understand that when a new
regulation is issued or a current regulation amended, smaller
institutions may have to devote a significant amount of their resources
to determine if and how the regulation will affect them. Through the
public comment process, the EGRPRA review can help the agencies
identify and target regulatory changes to reduce impacts on these
smaller institutions.
Burden reduction must be compatible with consumer protection, the
safety and soundness of insured depository institutions, their
affiliates, and the financial system as a whole. Burden reduction also
must be consistent with the agencies' statutory mandates, many of which
require the issuance of regulations. EGRPRA recognizes that effective
burden reduction may require statutory changes. Accordingly, as part of
this review, we specifically ask the public to comment on the
relationship among burden reduction, regulatory requirements, policy
objectives, and statutory mandates. We also seek quantitative data
about the impact of rules, where available.
We note that the agencies must consider regulatory burden each time
an agency proposes, adopts, or amends a rule. For example, under the
Paperwork Reduction Act of 1995 \6\ and the Regulatory Flexibility
Act,\7\ the agencies assess each rulemaking with respect to the burdens
the rule might impose. The agencies also invite the public to comment
on proposed rules as required by the Administrative Procedure Act.\8\
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\6\ 44 U.S.C. 3501-3521.
\7\ 5 U.S.C. 610.
\8\ 5 U.S.C. 551-559.
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III. The EGRPRA Review Process
Taken together for purposes of EGRPRA, the agencies' regulations
covering insured depository institutions encompass more than 100
subjects.\9\ Consistent with the EGRPRA statute and past practice, the
agencies have grouped these regulations into the following 12
categories listed in alphabetical order: Applications and Reporting;
Banking Operations; Capital; Community Reinvestment Act; Consumer
Protection; \10\ Directors, Officers and Employees; International
Operations; Money Laundering; Powers and Activities; Rules of
Procedure; Safety and Soundness; and Securities. These categories were
used during the prior EGRPRA reviews. The agencies determined the
categories by sorting the regulations by type and sought to have no
category be too large or broad. These categories remain useful for the
review, and the agencies have not modified the categories for purposes
of this review.
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\9\ Consistent with EGRPRA's focus on reducing burden on insured
depository institutions, the agencies have not included their
internal, organizational, or operational regulations in this review.
These regulations impose minimal, if any, burden on insured
depository institutions.
\10\ The agencies are seeking comment only on consumer
protection regulations for which they retain rulemaking authority
for insured depository institutions and holding companies under the
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public
Law 111-203, 124 Stat. 1376 (2010) (Dodd-Frank Act).
---------------------------------------------------------------------------
Over the next two years, the agencies plan to publish four Federal
Register notices, each addressing one or more categories of rules. Each
Federal Register notice will have a 90-day comment period. Today, the
agencies are publishing the first of the four notices, addressing the
following categories of regulations: Applications and Reporting; Powers
and Activities; and International Operations. The agencies invite the
public to identify outdated, unnecessary, or unduly burdensome
regulatory requirements imposed on insured depository institutions and
their holding companies in these three categories.
To assist the public's understanding of how the agencies have
organized the EGRPRA review, the agencies have prepared a chart that
lists the categories of regulations with the three categories of
regulations addressed in this Federal Register notice appearing as the
first three categories in the chart. The chart's left column divides
the categories into specific subject-matter areas. The headings at the
top of the chart identify the types of institutions affected by the
regulations.
The agencies will review the comments received and determine
whether further action is appropriate with respect to the regulations.
The agencies will consult and coordinate with each other and expect to
generally make this determination jointly, as appropriate, in the case
of rules that have been issued on an interagency basis. Similarly, as
appropriate, the agencies will undertake any rulemaking to amend or
repeal those rules on an interagency basis. For rules issued by a
single agency, the issuing agency will review the comments received and
independently determine whether amendments to or repeal of its rules
are appropriate.
IV. Request for Comments on the First Three Categories of Regulations:
Applications and Reporting, Powers and Activities, and International
Operations
The agencies are requesting comment on regulations in three
specific categories to identify outdated, unnecessary, or unduly
burdensome requirements imposed on insured depository institutions and
their holding companies. The agencies will solicit comment on all rules
finalized by the agencies before the publication of the last EGRPRA
notice in the series. In addition to comments on regulations in the
first three categories generally, the agencies are requesting comments
on certain specific regulations described below within the first three
categories issued since the last EGRPRA review. Where possible, the
agencies ask commenters to cite to specific regulatory language or
provisions. The agencies also welcome suggested alternative provisions
or language in support of a comment, where appropriate. The agencies
will consider comments submitted anonymously.
Specific Issues for Commenters To Consider
The agencies specifically invite comment on the following issues as
they pertain to the agencies' Applications and Reporting, Powers and
Activities, and International Operations rules addressed in this
notice. We will ask these same questions for each notice we issue in
connection with the EGRPRA process.
Need and purpose of the regulations.
[cir] Question 1: Have there been changes in the financial services
industry, consumer behavior, or other circumstances that cause any
regulations in these categories to be outdated, unnecessary, or unduly
burdensome? If so, please identify the regulations, provide any
available quantitative analyses or data, and indicate how the
regulations should be amended.
[cir] Question 2: Do any of these regulations impose burdens not
required by their underlying statutes? If so, please identify the
regulations and indicate how they should be amended.
Overarching approaches/flexibilities.
[[Page 8087]]
[cir] Question 3: With respect to the regulations in these
categories, could an agency use a different regulatory approach to
lessen the burden imposed by the regulations and achieve statutory
intent?
[cir] Question 3: Do any of these rules impose unnecessarily
inflexible requirements? If so, please identify the regulations and
indicate how they should be amended.
Cumulative effects.
[cir] Question 4: Looking at the regulations in a category as a
whole, are there any requirements that are redundant, inconsistent, or
overlapping in such a way that taken together, impose an unnecessary
burden that could potentially be addressed? If so, please identify
those regulations, provide any available quantitative analyses or data,
and indicate how the regulations should be amended.
Effect on competition.
[cir] Question 5: Do any of the regulations in these categories
create competitive disadvantages for one part of the financial services
industry compared to another or for one type of insured depository
institution compared to another? If so, please identify the regulations
and indicate how they should be amended.
Reporting, recordkeeping, and disclosure requirements.
[cir] Question 6: Do any of the regulations in these categories
impose outdated, unnecessary, or unduly burdensome reporting,
recordkeeping, or disclosure requirements on insured depository
institutions or their holding companies?
[cir] Question 7: Could an insured depository institution or its
holding company fulfill any of these requirements through new
technologies (if they are not already permitted to do so) and
experience a burden reduction? If so, please identify the regulations
and indicate how they should be amended.
Unique characteristics of a type of institution.
[cir] Question 8: Do any of the regulations in these categories
impose requirements that are unwarranted by the unique characteristics
of a particular type of insured depository institution or holding
company? If so, please identify the regulations and indicate how they
should be amended.
Clarity.
[cir] Question 9: Are the regulations in these categories clear and
easy to understand?
[cir] Question 10: Are there specific regulations for which
clarification is needed? If so, please identify the regulations and
indicate how they should be amended.
Impact to community banks and other small, insured
depository institutions.
[cir] Question 11: Are there regulations in these categories that
impose outdated, unnecessary, or unduly burdensome requirements on a
substantial number of community banks, their holding companies, or
other small, insured depository institutions or holding companies?
[cir] Question 12: Have the agencies issued regulations pursuant to
a common statute that, as applied by the agencies, create redundancies
or impose inconsistent requirements?
[cir] Question 13: Should any of these regulations issued pursuant
to a common statute be amended or repealed to minimize this impact? If
so, please identify the regulations and indicate how they should be
amended.
[cir] Question 14: Have the effects of any regulations in these
categories changed over time that now have a significant economic
impact on a substantial number of small, insured depository
institutions or holding companies? If so, please identify the
regulations and indicate how they should be amended. The agencies seek
information on (1) the continued need for the rule; (2) the complexity
of the rule; (3) the extent to which the rule overlaps, duplicates or
conflicts with other Federal rules, and, to the extent feasible, with
State and local governmental rules; and (4) the degree to which
technology, economic conditions, or other factors have changed in the
area affected by the rule.
Scope of rules.
[cir] Question 15: Is the scope of each rule in these categories
consistent with the intent of the underlying statute(s)?
[cir] Questions 16: Could the agencies amend the scope of a rule to
clarify its applicability or reduce the burden, while remaining
faithful to statutory intent? If so, please identify the regulations
and indicate how they should be amended.
Specific Interagency Regulations Issued Since the Last EGRPRA Review
Expanded Examination Cycle for U.S. Branches and Agencies
of Foreign Banks. In December 2018, the agencies expanded the number of
insured depository institutions and U.S. branches and agencies of
foreign banks eligible for an 18-month on-site examination cycle. As
authorized by the Economic Growth, Regulatory Relief, and Consumer
Protection Act (EGRRCPA),\11\ the agencies' final rules generally allow
qualifying insured depository institutions with less than $3 billion in
total assets to benefit from an extended 18-month on-site examination
cycle. The rules also make parallel changes to the agencies'
regulations governing the on-site examination cycle for U.S. branches
and agencies of foreign banks.
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\11\ See Economic Growth, Regulatory Relief, and Consumer
Protection Act, Public Law 115-174, 132 Stat. 1296 (2018).
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Reduced Reporting for Covered Depository Institutions. In
June 2019, the agencies established a reduced reporting requirement for
certain covered depository institutions.\12\
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\12\ 84 FR 29050 (Jun. 21, 2019).
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Margin and Capital Requirements for Covered Swap Entities.
The agencies have issued and modified provisions related to margin and
capital requirements for covered swap entities since the last EGRPRA
review.\13\
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\13\ 80 FR 74839 (Nov. 30, 2015); 83 FR 50805 (Oct. 10, 2018);
84 FR 9940 (Mar. 19, 2019); 85 FR 39464 (Jul. 1, 2020); 85 FR 39754
(Aug. 31, 2020).
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Amendments to the Regulations Implementing Section 13 of
the Bank Holding Company Act Regarding Proprietary Trading and
Relationships with Covered Funds. In July 2020, the agencies adopted
amendments to the regulations implementing Section 13 of the Bank
Holding Company Act (BHC Act),\14\ also known as the Volcker Rule. The
amendments continued efforts in 2014, when the agencies amended the
regulations in a manner consistent with certain sections of the
EGRRCPA.\15\ Section 13 of the BHC Act contains certain restrictions on
the ability of a banking entity or nonbank financial company supervised
by the Board to engage in proprietary trading and have certain
interests in, or relationships with, a hedge fund or private equity
fund (covered funds). The amendments were intended to improve and
streamline the regulations implementing Section 13 of the BHC Act by
modifying and clarifying requirements related to the covered fund
provisions of the rules and to be consistent with EGRRCPA.
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\14\ 12 U.S.C. 1851.
\15\ See EGRRCPA sections 203, 204. These provisions were
effective upon EGRRCPA's enactment.
---------------------------------------------------------------------------
Computer-Security Incident Notification Requirements. In
November 2021, the agencies established notification requirements
related to computer-security incidents that may adversely affect
insured depository institutions.\16\
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\16\ 86 FR 66424 (Nov. 23, 2021).
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Specific OCC Regulations Issued Since the Last EGRPRA Review
Integration of Applications and Reporting rules and Powers
and Activities rules for Federal Savings
[[Page 8088]]
Associations and National Banks. In December 2020, to the extent
appropriate and consistent with statutory charter differences, the OCC
integrated its Applications and Reporting rules (the majority of which
are included in the OCC's licensing rules contained in 12 CFR part 5)
for national banks and Federal savings associations.\17\ Similarly, in
December 2020, to the extent appropriate and consistent with statutory
charter differences, the OCC integrated its Powers and Activities rules
(which are contained in 12 CFR part 7) for national banks and Federal
savings association.\18\
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\17\ 85 FR 80404 (Dec. 11, 2020). The OCC initially integrated
its licensing rules for national banks and Federal savings
associations in 2015. 80 FR 28345 (May 18, 2015).
\18\ 85 FR 83686 (Dec. 22, 2020).
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Question 17: Are there additional rules that could be
integrated, amended, or removed?
Covered Savings Associations Provisions. In 2019, as
required by the EGRRCPA,\19\ the OCC established standards and
procedures for Federal savings associations that elected to operate as
a covered savings association under Section 5a of the Home Owners' Loan
Act.\20\
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\19\ 12 U.S.C. 1464a.
\20\ 84 FR 23991 (May 24, 2019).
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Specific Board Regulations Issued Since the Last EGRPRA Review
Modified Capital Planning Requirements for Certain Holding
Companies. In 2021, the Board adopted a final rule to modify the
requirements in the Board's capital plan rule for firms with assets of
$100 billion or more.\21\ Among other changes, this rule modified
regulatory reporting requirements for Large Bank Holding Companies,
Intermediate Holding Companies, and Savings and Loan Holding Companies.
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\21\ 86 FR 7927 (Feb. 3, 2021).
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Specific FDIC Regulations Issued Since the Last EGRPRA Review
Transferred Regulations from the Office of Thrift
Supervision (OTS). Pursuant to Section 316(b) of the Dodd-Frank Act,
rules transferred from the OTS to the FDIC and other successor agencies
remain in effect ``until modified, terminated, set aside, or superseded
in accordance with applicable law'' by the relevant successor agency,
by a court of competent jurisdiction, or by operation of law. When the
FDIC republished the transferred OTS regulations as new FDIC
regulations applicable to state savings associations, the FDIC stated
in its Federal Register notice that its staff would evaluate the
transferred OTS rules and might later recommend incorporating the
transferred OTS regulations into other FDIC rules, amending them, or
rescinding them. This process began in 2013 and continues, involving
publication in the Federal Register of a series of notices of proposed
rulemakings and final rulemakings.\22\ As of the date of this notice,
only two of the transferred OTS regulations remain. The FDIC will
consider public comments submitted either through the EGRPRA review
process or through any notice and comment rulemaking related to the
FDIC's determinations regarding the transferred OTS regulations.
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\22\ Final rulemakings include: 78 FR 76721 (Dec. 19, 2013); 79
FR 42182 (Jul. 21, 2014); 79 FR 42183 (Jul. 21, 2014); 79 FR 63498
(Oct. 24, 2014); 80 FR 5009 (Jan. 30, 2015); 80 FR 5015 (Jan. 30,
2015); 80 FR 65612 (Oct. 27, 2015); 80 FR 65903 (Oct. 28, 2015); 80
FR 65913 (Oct. 28, 2015); 80 FR 79250 (Dec. 21, 2015); 83 FR 13839
(Apr. 2, 2018); 83 FR 13843 (Apr. 2, 2018); 83 FR 60333 (Nov. 26,
2018); 84 FR 31171 (Jul. 1, 2019); 84 FR 65276 (Nov. 27, 2019); 85
FR 3232 (Jan. 21, 2020); 85 FR 3247 (Jan. 21, 2020); 85 FR 3250
(Jan. 21, 2020); 86 FR 8082 (Feb. 3, 2021); 86 FR 8089 (Feb. 3,
2021); 86 FR 8098 (Feb. 3, 2021).
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Amendments to International Banking Regulations (Part
347). In March 2020, the FDIC revised its existing international
banking regulations (contained in 12 CFR part 347) to replace
references to credit ratings in the definition of investment grade with
an alternative standard of creditworthiness and to make changes to the
eligibility criteria for the types of assets that insured branches of
foreign banks may pledge for the benefit of the FDIC.
Incorporation of Existing Statement of Policy Regarding
Requests for Participation in the Affairs of an Insured Depository
Institution by Convicted Individuals. In August 2020, the FDIC revised
its existing regulations pertaining to Section 19 of the FDI Act \23\
(contained in 12 CFR parts 303 and 308) regarding the FDIC's procedures
and standards relating to applications for the FDIC's written consent
and to incorporate and revise the FDIC's existing Statement of Policy
for Section 19 of the FDI Act (SOP). The incorporation of the SOP into
the FDIC's regulations was intended to make the application of the SOP
more transparent, increase certainty concerning the FDIC's application
process, afford regulatory relief, and help both insured depository
institutions and affected individuals to understand the impact of
Section 19 and to potentially seek relief from it.\24\
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\23\ 12 U.S.C. 1829.
\24\ On December 23, 2022, the President signed into law the
Fair Hiring in Banking Act (FHBA), which significantly revised
Section 19 and was effective immediately. The FHBA appears at
Section 5705 of the James M. Inhofe National Defense Authorization
Act for Fiscal Year 2023, Pub. L. 117-263, 136 Stat. 2395, 3411
(2022). The FDIC is working on a proposal to amend its Section 19
regulations under 12 CFR parts 303 and 308 to conform with the FHBA.
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Rule Regarding Parent Companies of Industrial Banks and
Industrial Loan Companies (Part 354). In February 2021, the FDIC
adopted a final rule (contained in 12 CFR part 354) that requires
certain conditions and commitments for each deposit insurance
application approval, non-objection to a change in control notice, and
merger application approval that would result in an insured industrial
bank or industrial loan company becoming, on or after the effective
date of the final rule, a subsidiary of a company that is not subject
to consolidated supervision by the Board. The final rule also requires
that before any industrial bank or industrial loan company may become a
subsidiary of a company that is not subject to consolidated supervision
by the Board, such company and the industrial bank or industrial loan
company must enter into one or more written agreements with the FDIC.
V. The Agencies' Review of Regulations Under Section 610 of the
Regulatory Flexibility Act (RFA)
Consistent with past practice, the [agencies] will use the EGRPRA
review to satisfy their respective obligations under Section 610 of the
RFA.\25\ To that end, for each rule that has a significant impact on a
substantial number of small entities issued in the last 10 years, the
[agencies] invite comment on (1) the continued need for the rule; (2)
the complexity of the rule; (3) the extent to which the rule overlaps,
duplicates or conflicts with other Federal rules, and, to the extent
feasible, with State and local governmental rules; and (4) the length
of time since the rule has been evaluated or the degree to which
[[Page 8089]]
technology, economic conditions, or other factors have changed in the
area affected by the rule. The purpose of the review will be to
determine whether such rules should be continued without change, or
should be amended or rescinded, consistent with the stated objectives
of applicable statutes, to minimize any significant economic impact of
the rules upon a substantial number of such small entities.
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\25\ Section 610 of the Regulatory Flexibility Act, 5 U.S.C.
610, imposes a continuing obligation on the agencies to review
regulations that may have a significant economic impact upon a
substantial number of small entities, within 10 years after a final
rulemaking is published. A subset of the rules the agencies will
review under EGRPRA will also be reviewed under the Section 610
review criteria. The agencies will indicate which rules are subject
to Section 610 review. The factors the agencies consider in
evaluating a rule under 5 U.S.C. 610 are (1) the continued need for
the rule; (2) the nature of complaints or comments received
concerning the rule from the public; (3) the complexity of the rule;
(4) the extent to which the rule overlaps, duplicates or conflicts
with other Federal rules, and, to the extent feasible, with State
and local governmental rules; and (5) the length of time since the
rule has been evaluated or the degree to which technology, economic
conditions, or other factors have changed in the area affected by
the rule.
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The agencies have not identified any rules pertaining to
Applications and Reporting, Powers and Activities, and International
Operations that would have a significant impact on a substantial number
of small entities. The agencies will consider public comments submitted
through the EGRPRA review process and agency experience to identify
regulations where the agencies can reduce burdens that have a
significant impact on a substantial number of small, insured depository
institutions.\26\
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\26\ The review will be consistent with the requirements of a
Regulatory Flexibility Act, Section 610 review. The [agencies] will
determine whether particular rules should be continued without
change, amended, or rescinded, consistent with the objectives of
applicable statutes, to minimize any significant economic impact of
the rules on a substantial number of small, insured depository
institutions.
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Michael J. Hsu,
Acting Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on January 16, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-02016 Filed 2-5-24; 8:45 am]
BILLING CODE 4810-33-; 6210-01; 6714-01-C
