Federal Reserve System 2008 – Federal Register Recent Federal Regulation Documents

Minimum Capital Ratios; Capital Adequacy Guidelines; Capital Maintenance; Capital: Deduction of Goodwill Net of Associated Deferred Tax Liability
Document Number: E8-30780
Type: Rule
Date: 2008-12-30
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are amending their regulatory capital rules to permit banks, bank holding companies, and savings associations (collectively, banking organizations) to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill. For a banking organization that elects to apply this final rule, the amount of goodwill the banking organization must deduct from tier 1 capital would reflect the maximum exposure to loss in the event that such goodwill is impaired or derecognized for financial reporting purposes.
Extensions of Credit by Federal Reserve Banks
Document Number: E8-30819
Type: Rule
Date: 2008-12-29
Agency: Federal Reserve System, Agencies and Commissions
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 a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action.
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-30687
Type: Notice
Date: 2008-12-24
Agency: Federal Reserve System, Agencies and Commissions
Policy on Payment System Risk; Daylight Overdraft Posting Rules
Document Number: E8-30628
Type: Notice
Date: 2008-12-24
Agency: Federal Reserve System, Agencies and Commissions
The Board has decided not to pursue at this time its proposal to change the posting time to 8:30 a.m. for commercial and government automated clearinghouse (ACH) debit transfers that are processed by the Federal Reserve Banks' (Reserve Banks) FedACH service. (All times are eastern time.) The proposal would have aligned the posting time for ACH debit transfers with the posting time for ACH credit transfers, which are currently posted at 8:30 a.m. on the settlement date. Commercial and government ACH debit transfers processed by the Reserve Banks' FedACH service will continue to be posted at 11 a.m., while commercial and government ACH credit transfers will continue to be posted at 8:30 a.m. The credit and debit accounting entries associated with ACH credit transfers and ACH debit transfers are posted simultaneously at the appointed posting time. In line with this decision, the Board will not move the posting time for Treasury Tax and Loan (TT&L) investments associated with Electronic Federal Tax Payment System (EFTPS) ACH debit transfers. These transactions will continue to be posted at 11 a.m. The Board will reconsider the proposal in the future.
Policy on Payment System Risk
Document Number: E8-30627
Type: Notice
Date: 2008-12-24
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors of the Federal Reserve System (Board) has adopted revisions to part II of its Policy on Payment System Risk (PSR) that are designed to improve intraday liquidity management and payment flows for the banking system, while also helping to mitigate credit exposures of the Federal Reserve Banks (Reserve Banks) from daylight overdrafts. The adopted changes to the PSR policy are substantially the same as those proposed for comment, including a new approach that explicitly recognizes the role of the central bank in providing intraday balances and credit to healthy depository institutions, a zero fee for collateralized daylight overdrafts, a 50 basis point (annual rate) charge for uncollateralized daylight overdrafts, and a biweekly daylight overdraft fee waiver of $150. The implementation of the changes will take place between the fourth quarter of 2010 and first quarter of 2011. A specific date will be announced by the Board at least 90 days in advance. The Board also approved for foreign banking organizations (FBO) an interim policy change related to the calculation of the deductible amount from daylight overdraft fees under the existing policy and early implementation of the proposed streamlined procedure for maximum daylight overdraft capacity (max cap). The interim policy change for the deductible and streamlined max cap procedure will be effective on March 26, 2009. In addition, the Board endorsed a four-prong strategy, which includes these policy changes, through which the Federal Reserve and industry will address related intraday liquidity, operational, and credit risks in the wholesale payment system.
Proposed Agency Information Collection Activities; Comment Request
Document Number: E8-30555
Type: Notice
Date: 2008-12-23
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, the FDIC, and the OTS (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, with revision, the Consolidated Reports of Condition and Income (Call Report) for banks, the Thrift Financial Report (TFR) for savings associations, the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), and the Report of Assets and Liabilities of a Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S), all of which are currently approved collections of information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the FFIEC and the agencies should modify the proposed revisions prior to giving final approval. The agencies will then submit the revisions to OMB for review and approval.
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Document Number: E8-30493
Type: Notice
Date: 2008-12-23
Agency: Federal Reserve System, Agencies and Commissions
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 Paperwork Reduction Act Submission, 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.
Proposed Agency Information Collection Activities; Comment Request
Document Number: E8-30475
Type: Notice
Date: 2008-12-23
Agency: Federal Reserve System, Agencies and Commissions
Background. On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), as per 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instruments 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.
Reserve Requirements of Depository Institutions
Document Number: E8-30471
Type: Rule
Date: 2008-12-23
Agency: Federal Reserve System, Agencies and Commissions
The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate for earnings on required reserve balances and excess balances of eligible institutions and to provide that the rates may be revised by the Board from time to time.
Home Mortgage Disclosure
Document Number: E8-30361
Type: Rule
Date: 2008-12-23
Agency: Federal Reserve System, Agencies and Commissions
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 $37 million to $39 million reflects the increase of that index by 4.49% percent during the twelve-month period ending in November 2008. Thus, depository institutions with assets of $39 million or less as of December 31, 2008, are exempt from collecting data in 2009.
Community Reinvestment Act Regulations
Document Number: E8-30433
Type: Rule
Date: 2008-12-22
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Department of Treasury, Office of the Comptroller of the Currency, Department of the Treasury, Office of Thrift Supervision
The OCC, the Board, the FDIC, and the OTS (collectively, the ``agencies'') are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ``small bank'' or ``small savings association'' and ``intermediate small bank'' or ``intermediate small savings association.'' As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index.
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-30244
Type: Notice
Date: 2008-12-22
Agency: Federal Reserve System, Agencies and Commissions
Availability of Funds and Collection of Checks
Document Number: E8-30085
Type: Rule
Date: 2008-12-19
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of St. Louis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.
Regulation Z; Truth in Lending
Document Number: E8-30084
Type: Proposed Rule
Date: 2008-12-19
Agency: Federal Reserve System, Agencies and Commissions
On December 10, 2008, the Board published a proposal to amend Regulation Z that would conform the regulation to reflect recent amendments to the Truth in Lending Act (73 FR 74989). The Board is extending the public comment period on the proposal.
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-30083
Type: Notice
Date: 2008-12-18
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-29914
Type: Notice
Date: 2008-12-17
Agency: Federal Reserve System, Agencies and Commissions
Sunshine Act Meeting
Document Number: E8-29823
Type: Notice
Date: 2008-12-16
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-29707
Type: Notice
Date: 2008-12-16
Agency: Federal Reserve System, Agencies and Commissions
Proposed Agency Information Collection Activities; Comment Request
Document Number: E8-29563
Type: Notice
Date: 2008-12-15
Agency: Federal Reserve System, Agencies and Commissions
Background. On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), as per 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR part 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements, and approved collection of information instruments 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.
Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies
Document Number: E8-29461
Type: Notice
Date: 2008-12-12
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-29227
Type: Notice
Date: 2008-12-10
Agency: Federal Reserve System, Agencies and Commissions
Truth in Lending
Document Number: E8-29123
Type: Proposed Rule
Date: 2008-12-10
Agency: Federal Reserve System, Agencies and Commissions
On July 30, 2008, the Board published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). The July 2008 final rule requires creditors to give consumers transaction-specific cost disclosures shortly after application for closed-end loans secured by a consumer's principal dwelling. The disclosures must be provided before the consumer pays any fee, other than a fee for obtaining the consumer's credit history. Also on July 30, 2008, the Congress enacted the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act of 2008 (MDIA). On October 3, 2008, the Congress amended the MDIA in connection with its enactment of the Emergency Economic Stabilization Act of 2008 (``Stabilization Act''). The Board is now proposing revisions to Regulation Z to implement the provisions of the MDIA, as amended. The MDIA broadens and adds to the requirements of the Board's July 2008 final rule. Among other things, the MDIA requires early, transaction-specific disclosures for mortgage loans secured by dwellings other than the consumer's principal dwelling and requires waiting periods between the time when disclosures are given and consummation of the transaction. Moreover, these requirements of the MDIA will become effective on July 30, 2009, about two months earlier than the Board's regulatory amendments adopted in the July 2008 final rule. Consistent with the MDIA, the proposed amendments to Regulation Z would require creditors to deliver good faith estimates of the required mortgage disclosures or place them in the mail no later than three business days after receiving a consumer's application for a dwelling- secured closed-end loan. The delivery or mailing of these disclosures would have to occur at least seven business days before consummation. If the annual percentage rate provided in the good faith estimates changes beyond a stated tolerance, creditors must provide corrected disclosures, which the consumer must receive at least three business days before consummation of the transaction. The proposal would allow consumers to expedite consummation to meet a bona fide personal financial emergency. The MDIA, as amended by the Stabilization Act, specifies different requirements for providing early disclosures for mortgage transactions secured by a consumer's interest in a timeshare plan.
Sunshine Act Meeting
Document Number: E8-29259
Type: Notice
Date: 2008-12-09
Agency: Federal Reserve System, Agencies and Commissions
Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies
Document Number: E8-29104
Type: Notice
Date: 2008-12-09
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction
Document Number: E8-29103
Type: Notice
Date: 2008-12-09
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-28933
Type: Notice
Date: 2008-12-08
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-28831
Type: Notice
Date: 2008-12-05
Agency: Federal Reserve System, Agencies and Commissions
Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies
Document Number: E8-28716
Type: Notice
Date: 2008-12-04
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-28715
Type: Notice
Date: 2008-12-04
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-28520
Type: Notice
Date: 2008-12-02
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-28449
Type: Notice
Date: 2008-12-01
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-28250
Type: Notice
Date: 2008-11-28
Agency: Federal Reserve System, Agencies and Commissions
Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies
Document Number: E8-27819
Type: Notice
Date: 2008-11-24
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-27783
Type: Notice
Date: 2008-11-24
Agency: Federal Reserve System, Agencies and Commissions
Availability of Funds and Collection of Checks
Document Number: E8-27736
Type: Rule
Date: 2008-11-21
Agency: Federal Reserve System, Agencies and Commissions
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Des Moines office of the Federal Reserve Bank of Chicago and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Chicago. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-27584
Type: Notice
Date: 2008-11-20
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-27470
Type: Notice
Date: 2008-11-19
Agency: Federal Reserve System, Agencies and Commissions
Proposed Interagency Appraisal and Evaluation Guidelines
Document Number: E8-27401
Type: Notice
Date: 2008-11-19
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision
The OCC, FRB, FDIC, OTS, and NCUA (the Agencies), request comment on the proposed Interagency Appraisal and Evaluation Guidelines (proposed Guidelines). The proposed Guidelines, which would supersede the 1994 Interagency Appraisal and Evaluation Guidelines (1994 Guidelines), reflect revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) and the evolution of collateral valuation practices, such as the use of automated valuation models (AVMs). The proposed Guidelines also incorporate refinements made by the Agencies to the supervision of regulated institutions' appraisal and evaluation programs since 1994 and reflect the participation of the NCUA, which was not a party to the 1994 Guidelines. The proposed Guidelines are intended to clarify the Agencies' real estate appraisal regulations and promote a safe and sound real estate collateral valuation program.
Prohibition on Funding of Unlawful Internet Gambling
Document Number: E8-27181
Type: Rule
Date: 2008-11-18
Agency: Department of the Treasury, Federal Reserve System, Agencies and Commissions
This final rule with comment period revises the Medicare hospital outpatient prospective payment system to implement applicable statutory requirements and changes arising from our continuing experience with this system, and to implement a number of changes made by the Medicare Improvement for Patients and Providers Act of 2008. In this final rule with comment period, we describe the changes to the amounts and factors used to determine the payment rates for Medicare hospital outpatient services paid under the prospective payment system. These changes are applicable to services furnished on or after January 1, 2009. In addition, this final rule with comment period updates the revised Medicare ambulatory surgical center (ASC) payment system to implement applicable statutory requirements and changes arising from our continuing experience with this system. In this final rule with comment period, we set forth the applicable relative payment weights and amounts for services furnished in ASCs, specific HCPCS codes to which these changes apply, and other pertinent ratesetting information for the CY 2009 ASC payment system. These changes are applicable to services furnished on or after January 1, 2009. In this document, we are responding to public comments on a proposed rule and finalizing updates to the ASC Conditions for Coverage to reflect current ASC practices and new requirements in the conditions to promote and protect patient health and safety. Further, this final rule also clarifies policy statements included in responses to public comments set forth in the preamble of the March 30, 2007 final rule regarding the Secretary's ability to terminate Medicare providers and suppliers (that is, transplant centers) during an appeal of a determination that affects participation in the Medicare program.
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-27183
Type: Notice
Date: 2008-11-17
Agency: Federal Reserve System, Agencies and Commissions
Reserve Requirements of Depository Institutions
Document Number: E8-26727
Type: Rule
Date: 2008-11-17
Agency: Federal Reserve System, Agencies and Commissions
The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on required reserve balances and on excess balances of eligible institutions are calculated. The remainder of the interim final rule, including the period during which comments may be submitted, is unchanged from the interim final rule as published on October 9, 2008.
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-27074
Type: Notice
Date: 2008-11-14
Agency: Federal Reserve System, Agencies and Commissions
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Document Number: E8-27071
Type: Notice
Date: 2008-11-14
Agency: Federal Reserve System, Agencies and Commissions