Federal Reserve System 2011 – Federal Register Recent Federal Regulation Documents

Under authority delegated to the Board of Governors of the Federal Reserve System (Board) by the Office of Management and Budget (OMB) under the Paperwork Reduction Act (PRA), the Board is requesting comment on four surveys related to its obligations under section 920(a) of the Electronic Fund Transfer Act (EFTA). Two surveys request information about the prevalence of the use of general-use prepaid cards in federal, state, and local government-administered payment programs and the interchange and cardholder fees charged with respect to this use. The Board is proposing to conduct these surveys to collect information necessary to meet its obligation under EFTA section 920(a)(7)(D) to submit an annual report to the Congress on such programs and fees. One of these surveys will require information from issuers of government-administered, general-use prepaid cards, in accordance with the Board's information collection authority in section 920(a)(3)(B) of the EFTA. The other survey, which is voluntary, will be directed to state governments that administer general-use prepaid cards. The Board is also requesting comment on two mandatory surveys, one for debit card issuers and one for payment card networks, that will collect information on costs, debit card usage, and interchange fees. These surveys will enable the Board to meet its obligation under EFTA section 920(a)(3) to disclose aggregate or summary information concerning the costs incurred and interchange fees charged or received by issuers or payment card networks in connection with the authorization, clearance or settlement of electronic debit transactions.

The Board of Governors of the Federal Reserve System (``Board'') is publishing an interim final rule with a request for public comment that sets forth regulations for savings and loan holding companies (``SLHCs''). On July 21, 2011, the responsibility for supervision and regulation of SLHCs transferred from the Office of Thrift Supervision (``OTS'') to the Board pursuant to section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''). This interim final rule provides for the corresponding transfer from the OTS to the Board of the regulations necessary for the Board to administer the statutes governing SLHCs. Technical changes to other regulations have also been made to account for the transfer of authority over SLHCs to the Board.

On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). As part of the comprehensive package of financial regulatory reform measures enacted, Title III of the Dodd-Frank Act transfers the powers, authorities, rights and duties of the Office of Thrift Supervision (OTS) to other banking agencies, including the OCC and the Board on the ``transfer date.'' The transfer date is one year after the date of enactment of the Dodd-Frank Act, July 21, 2011. The Dodd-Frank Act also abolishes the OTS ninety days after the transfer date. As a result of the Dodd-Frank Act, OTS transferred all of its information collections to either the OCC or the Board, as appropriate.

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), pursuant to its regulations, 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 its regulations. 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.

The Board is issuing a proposed rule to implement section 618 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), which permits nonbank companies that own at least one registered securities broker or dealer, and that are required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision, to register with the Board and subject themselves to supervision by the Board. The proposed rule outlines the requirements that a securities holding company must satisfy to make an effective election, including filing the appropriate form with the responsible Reserve Bank, providing all additional required information, and satisfying the statutory waiting period of 45 days or such shorter period the Board determines appropriate.

In accordance with the requirements of the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC, (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. The agencies, as part of their continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995. On July 21, 2010, President Barack Obama signed into law the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). As part of the comprehensive package of financial regulatory reform measures enacted, Title III of the Dodd-Frank Act transfers the powers, authorities, rights and duties of the Office of Thrift Supervision (OTS) to other banking agencies, including the Office of the Comptroller of the Currency (OCC), on the ``transfer date.'' The transfer date is one year after the date of enactment of the Dodd-Frank Act, July 21, 2011. The Dodd-Frank Act also abolishes the OTS ninety days after the transfer date. As a result of the Dodd-Frank Act, OTS transferred this information collection to the OCC. Notice is hereby given of the final approval of proposed information collection by the Board under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). The OCC and FDIC are also giving notice that they have sent the collection to OMB for review and approval.