Federal Reserve System December 2005 – Federal Register Recent Federal Regulation Documents
Results 1 - 43 of 43
Interagency Guidance on Nontraditional Mortgage Products
The OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comment on this proposed Interagency Guidance on Nontraditional Mortgage Products (Guidance). The Agencies expect institutions to effectively assess and manage the risks associated with their credit activities, including those associated with nontraditional mortgage loan products. Institutions should use this guidance in their efforts to ensure that their risk management and consumer protection practices adequately address these risks.
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Background Notice is hereby given of the final approval of proposed information collections by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the OMB 83-Is and supporting statements and approved collection of information instrument(s) are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number.
Fair Credit Reporting Medical Information Regulations; Correction
The OCC, Board, FDIC, OTS, and NCUA (Agencies) published a final rule to implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The intent of that final rule was to finalize, with changes, the interim regulations published on June 10, 2005 and to republish the remaining requirements. However, due to technical errors in the formatting of the November 22, 2005 document, duplicate provisions were added. To correct this error, this document revises the amendatory instructions which added duplicative text.
Home Mortgage Disclosure
The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure). The staff commentary is amended to increase the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The adjustment from $34 million to $35 million reflects the increase of that index by 3.51 percent during the twelve-month period ending in November 2005. Thus, depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006.
Extensions of Credit by Federal Reserve Banks
The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
Availability of Funds and Collection of Checks
The Board of Governors is amending appendix A of Regulation CC to delete the reference to the New Orleans branch office of the Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta, and to correct typographical errors in the routing symbols listed under the Helena branch office of the Federal Reserve Bank of Minneapolis. The Board also is providing notice that the previously announced transfer of the Nashville branch office's check-processing operations to the Atlanta head office will be delayed until 2007. Finally, the Board is providing advance notice concerning future appendix A changes affecting the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphia.
Agency Information Collection Activities: Proposed Collection; Comment Request
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the ``agencies'') may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has approved the agencies' publication for public comment of a proposal to extend, without revision, the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a), which are currently approved information collections. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the FFIEC should modify the reports. The agencies will then submit the reports to OMB for review and approval.
Availability of Funds and Collection of Checks
The Board of Governors is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Boston and reassign the Federal Reserve routing symbols currently listed under that office to the Windsor Locks office of the Federal Reserve Bank of Boston. These amendments will ensure that the information in appendix A accurately describes the actual structure of check processing operations within the Federal Reserve System.
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