Federal Reserve System April 2008 – Federal Register Recent Federal Regulation Documents
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Voluntary Testing and Enrollment for a New Method of Submitting Applications, Notices, and Other Requests for Regulatory Authorization
The Board of Governors of the Federal Reserve System (Federal Reserve) proposes to implement an electronic system for the submission of applications, notices, and other requests for regulatory authorization to the Federal Reserve System by insured depository institutions, bank holding companies (BHCs), foreign banking organizations (FBOs), other entities, individuals, or groups (collectively, filers) under the Federal Reserve Act, Bank Holding Company Act, Bank Merger Act, Change in Bank Control Act, the International Banking Act of 1978, and the Federal Reserve's regulations implementing these statutes. As a part of this process the Federal Reserve would implement an authentication system to authorize filers and their designated agents to access the Electronic Applications system (E-Apps) and submit filings. To identify any unresolved issues with (E-Apps), the Federal Reserve proposes to establish a testing program involving a limited number of filers that would be willing to provide written and oral feedback regarding the authentication and testing processes.
Definitions of Terms and Exemptions Relating to the “Broker” Exceptions for Banks
The Board and the Commission jointly are adopting technical amendments to Regulation R, which the Agencies jointly adopted in September 2007. Regulation R implements certain of the exceptions for banks from the definition of the term ``broker'' in section 3(a)(4) of the Securities Exchange Act of 1934 (``Exchange Act''), as amended by the Gramm-Leach-Bliley Act (``GLBA''). The technical amendments correct cross-references and other typographical errors in the regulation.
Public Meetings; Application by Bank of America Corporation, Charlotte, NC, To Acquire Countrywide Financial Corporation, Calabasas, CA
The Board will hold public meetings in Los Angeles, California, and Chicago, Illinois, regarding the notice submitted by Bank of America Corporation, Charlotte, North Carolina, to acquire Countrywide Financial Corporation, Calabasas, California, and Countrywide Bank, FSB, Alexandria, Virginia, as well as certain other nonbanking subsidiaries, pursuant to the Bank Holding Company Act (``BHC Act'') and related statutes. The purpose of the public meetings is to collect information relating to factors the Board is required to consider under the BHC Act.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, 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. On January 15, 2008, the Board, under the auspices of the Federal Financial Institutions Examination Council (FFIEC) and on behalf of the agencies, published a notice in the Federal Register (73 FR 2491) requesting public comment for 60 days to extend, with revision, 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), which are currently approved information collections. The comment period for this notice expired on March 17, 2008. After receiving four comment letters, the FFIEC and the agencies have made no modifications to the proposal, but are delaying implementation to September 30, 2008, except for certain changes for which a transition period begins June 30, 2008. The Board hereby gives notice that it plans to submit to OMB on behalf of the agencies a request for approval of the FFIEC 002 and the FFIEC 002S.
Rules Regarding Equal Opportunity
The Board of Governors of the Federal Reserve System (the Board) has adopted a final rule that amends the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board's requirements for the security of its information. The amendment to this rule was first published on November 8, 2005, as an immediately effective interim rule with opportunity for public comment. The Board received no comments on the rule. On its own initiative, to address additional operational issues, the Board made further changes to the rule and on August 7, 2006, published a new immediately effective interim rule with opportunity for public comment. The Board received no comments on the rule. With the changes discussed below, the Board is now adopting the August 7, 2006, interim rule as the final rule.
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