Federal Reserve System October 8, 2009 – Federal Register Recent Federal Regulation Documents

Sunshine Act Meeting
Document Number: E9-24369
Type: Notice
Date: 2009-10-08
Agency: Federal Reserve System, Agencies and Commissions
Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies
Document Number: E9-24276
Type: Notice
Date: 2009-10-08
Agency: Federal Reserve System, Agencies and Commissions
Extensions of Credit by Federal Reserve Banks
Document Number: E9-24252
Type: Proposed Rule
Date: 2009-10-08
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors (Board) is publishing for public comment a proposed amendment to Regulation A that would provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies and the ratings they issue for use in the Term Asset-Backed Securities Loan Facility, which is maintained by the Federal Reserve Bank of New York and for which the Board has expressly set a particular credit rating requirement for collateral offered by the borrower. The proposed rule would not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the rule would only apply to asset-backed securities that are not backed by commercial real estate. This proposed amendment is designed to provide the Federal Reserve Bank of New York with a consistent framework for determining the eligibility of ratings issued by individual credit rating agencies when used in conjunction with a separate asset-level risk assessment process. The proposed amendment does not represent a change in the stance of monetary policy. The Board solicits comment on all aspects of the proposal, as well as specific aspects of the proposal as set out in the preamble.