Federal Reserve System 2014 – Federal Register Recent Federal Regulation Documents

The Board is adopting a final rule to require a bank holding company with total consolidated assets of $50 billion or more to estimate its tier 1 common ratio using the exiting definition for purposes of the Board's capital plan and stress test rules; defer until October 1, 2015, the use of the Board's advanced approaches rule for purposes of the Board's capital planning and stress testing rules; maintain the one-year transition period in the current stress test cycle during which bank holding companies and most state member banks with more than $10 billion but less than $50 billion in total consolidated assets are not required to incorporate the Board's Basel III-based revised regulatory capital framework that the Board approved on July 2, 2013 (revised capital framework); and make minor, conforming changes to the Board's capital plan rule and stress test rules. The final rule maintains all the changes to the Board's capital plan rule and stress test rules that were required under two interim final rules that the Board issued in September 2013, except that under the final rule, no banking organization is required to use the advanced approaches rule for purposes of the capital planning and stress testing rules until 2015.

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.

On January 21, 2014, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register an advance notice of proposed rulemaking inviting public comment on various issues related to physical commodity activities conducted by financial holding companies and the restrictions imposed on these activities to ensure they are conducted in a safe and sound manner and consistent with applicable law. Due to the range and complexity of the issues addressed in the advance notice of proposed rulemaking, the Board has determined that an extension of the public comment period until April 16, 2014, is appropriate. This action will allow interested persons additional time to analyze the notice and prepare their comments.

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.

The Board of Governors of the Federal Reserve System (Board) is proposing to amend its Identity Theft Red Flags rule, which implements section 615(e) of the Fair Credit Reporting Act (FCRA). The Red Flag Program Clarification Act of 2010 (Clarification Act) added a definition of ``creditor'' in FCRA section 615(e) that is specific to section 615(e). Accordingly, the proposed rule would amend the definition of ``creditor'' in the Identity Theft Red Flags rule to reflect the definition of that term as added by the statute. The proposed rule would also update a cross-reference in the Identity Theft Red Flags rule to reflect a statutory change in rulemaking authority.

On March 25, 2011, the Board published a notice of proposed rulemaking (``2011 proposal'') intended to facilitate the banking industry's ongoing transition to fully electronic interbank check collection and return. Based on its analysis of the comments received in response to the 2011 proposal, the Board is revising its proposed amendments to subparts C and D of Regulation CC and is requesting comment on a revised proposed rule that would, among other things, encourage depositary banks to receive and paying banks to send returned checks electronically. The Board is requesting comment on two alternative frameworks for return requirements. Under Alternative 1, the expeditious-return requirement currently imposed on paying banks and returning banks for returned checks would be eliminated; a paying bank returning a check would be required to provide the depositary bank with a notice of nonpayment of the checkregardless of the amount of the check being returnedonly if the paying bank sends the returned check in paper form. Under Alternative 2, the current expeditious- return requirementusing the current two-day testwould be retained for checks being returned to a depositary bank electronically via another bank, but the notice-of-nonpayment requirement would be eliminated. The Board is proposing to retain, without change, the regulation's current same-day settlement rule for paper checks. In addition, the Board is also requesting comment on applying Regulation CC's existing check warranties to checks that are collected electronically and on new warranties and indemnities related to checks collected electronically and to electronically-created items.

The Board of Governors of the Federal Reserve System (Board) published in the Federal Register of September 13, 2011, technical changes to the Board's rules regarding availability of information and other regulations that been made to account for the transfer of authority over Savings and Loans Holding Companies (SLHCs) to the Board. The publication inadvertently resulted in the omission of language in the Board's rules regarding availability of information. This document reinstates that language.

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 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.