Federal Reserve System May 29, 2014 – Federal Register Recent Federal Regulation Documents

Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
Document Number: 2014-12361
Type: Notice
Date: 2014-05-29
Agency: Federal Reserve System, Agencies and Commissions
Identity Theft Red Flags (Regulation V)
Document Number: 2014-12358
Type: Rule
Date: 2014-05-29
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors of the Federal Reserve System is amending its rule on identity theft ``red flags'' (``Red Flags rule''), which implements section 615(e) of the Fair Credit Reporting Act (FCRA). The Red Flag Program Clarification Act of 2010 (the Clarification Act) added a definition of ``creditor'' in FCRA section 615(e) that is specific to section 615(e). Accordingly, the final rule amends the definition of ``creditor'' in the Red Flags rule to reflect the definition of that term as added by the Clarification Act. The final rule also updates a cross-reference in the Red Flags rule to reflect a statutory change in rulemaking authority.
Privacy of Consumer Information (Regulation P)
Document Number: 2014-12357
Type: Rule
Date: 2014-05-29
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation P, 12 CFR part 216, which was issued to implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from the Board, and six other Federal agencies, to the Bureau of Consumer Financial Protection (Bureau), including rulemaking authority for the provisions in Subtitle A of Title V of the GLB Act that were implemented in the Board's Regulation P. In December 2011, the Bureau published an interim final rule establishing its own Regulation P to implement these provisions of the GLB Act. The Bureau's Regulation P covers those entities previously subject to the Board's Regulation P. Accordingly, the Board is repealing its Regulation P.
Truth in Savings (Regulation DD)
Document Number: 2014-12356
Type: Rule
Date: 2014-05-29
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation DD, 12 CFR part 230, which was issued to implement the Truth in Saving Act (TISA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including TISA, from the Board to the Bureau of Consumer Financial Protection (Bureau). In December 2011, the Bureau published an interim final rule establishing its own Regulation DD to implement TISA (Bureau Interim Final Rule). The Bureau Interim Final Rule substantially duplicates the Board's Regulation DD. Under section 1029 of the Dodd-Frank Act, the Board retains authority to issue rules for certain motor vehicle dealers that offer consumer financial services and are not subject to the Bureau's regulatory authority. The Board is not aware of any entities that are motor vehicle dealers engaging in activities subject to TISA that would be subject to the Board's rulemaking authority under section 1029 of the Dodd-Frank Act. Accordingly, the Board is repealing its Regulation DD.