Federal Reserve System April 2012 – Federal Register Recent Federal Regulation Documents
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Proposed Agency Information Collection Activities; Comment Request
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 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.
Payment System Risk Policy; Daylight Overdraft Posting Rules
The Board of Governors of the Federal Reserve System (Board) has revised its Policy on Payment System Risk (PSR Policy) to modify the posting rules to conform with procedural changes to the redemption of separately-sorted savings bonds and to eliminate a reference to the contractual clearing balance program.
Definition of “Predominantly Engaged in Financial Activities”; Correction
On April 10, 2012, the Board published in the Federal Register a supplemental notice of proposed rulemaking and request for comment that would establish the criteria for determining whether a company is ``predominantly engaged in financial activities'' for purposes of Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. That Federal Register notice omitted the instructions for submitting comments. This document corrects that omission.
Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire: Elimination of “As-of Adjustments” and Other Clarifications
The Board is amending Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire). The final rule eliminates references to ``as-of adjustments'' consistent with the Board's final amendments to Regulation D to simplify reserves administration; clarifies that an institution's Administrative Reserve Bank is deemed to have accepted deposit of a check or other item even if the institution sends the item directly to another Federal Reserve Bank; further clarifies that Regulation J continues to apply to a Fedwire funds transfer even if the funds transfer also meets the definition of ``remittance transfer'' under the Electronic Fund Transfer Act; and makes other conforming revisions.
Reserve Requirements of Depository Institutions: Reserves Simplification
The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to simplify the administration of reserve requirements. The final rule creates a common two-week maintenance period for all depository institutions, creates a penalty-free band around reserve balance requirements in place of carryover and routine penalty waivers, discontinues as-of adjustments related to deposit report revisions, replaces all other as-of adjustments with direct compensation, and eliminates the contractual clearing balance program. The amendments are designed to reduce the administrative and operational costs associated with reserve requirements for depository institutions, the Board, and Federal Reserve Banks.
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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.
Definition of “Predominantly Engaged in Financial Activities”
On February 11, 2011, the Board published a notice of proposed rulemaking (``February 2011 NPR'') that would amend Regulation Y to establish the criteria for determining whether a company is ``predominantly engaged in financial activities'' and define the terms ``significant nonbank financial company'' and ``significant bank holding company'' for purposes of Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the ``Dodd-Frank Act'' or ``Act''). Based on comments received, the Board believes that clarification is needed regarding the scope of activities that would be considered to be financial activities under that proposal. Accordingly, this notice supplements the February 2011 NPR amending specific portions of the regulation for clarity.
Agency Information Collection Activities: Notice; Correction
The Board of Governors of the Federal Reserve System published in the Federal Register of March 16, 2012, a document finalizing proposed revisions to the Consolidated Financial Statements for Bank Holding Companies (BHC). This document corrects typographical errors in the document.
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