Proposed Rule2022-15652
Semiannual Regulatory Flexibility Agenda
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 8, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board is issuing this agenda under the Regulatory Flexibility Act and the Board's Statement of Policy Regarding Expanded Rulemaking Procedures. The Board anticipates having under consideration regulatory matters as indicated below during the period May 1, 2022, through October 31, 2022. The next agenda will be published in fall 2022.
Full Text
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<title>Federal Register, Volume 87 Issue 151 (Monday, August 8, 2022)</title>
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[Federal Register Volume 87, Number 151 (Monday, August 8, 2022)]
[Proposed Rules]
[Pages 48414-48415]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15652]
[[Page 48413]]
Vol. 87
Monday,
No. 151
August 8, 2022
Part XXIV
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 87 , No. 151 / Monday, August 8, 2022 / UA:
Reg Flex Agenda
[[Page 48414]]
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FEDERAL RESERVE SYSTEM
12 CFR Ch. II
Semiannual Regulatory Flexibility Agenda
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Board is issuing this agenda under the Regulatory
Flexibility Act and the Board's Statement of Policy Regarding Expanded
Rulemaking Procedures. The Board anticipates having under consideration
regulatory matters as indicated below during the period May 1, 2022,
through October 31, 2022. The next agenda will be published in fall
2022.
DATES: Comments about the form or content of the agenda may be
submitted any time during the next 6 months.
ADDRESSES: Comments should be addressed to Ann E. Misback, Secretary of
the Board, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
FOR FURTHER INFORMATION CONTACT: A staff contact for each item is
indicated with the regulatory description below.
SUPPLEMENTARY INFORMATION: The Board is publishing its spring 2022
agenda as part of the Spring 2022 Unified Agenda of Federal Regulatory
and Deregulatory Actions, which is coordinated by the Office of
Management and Budget under Executive Order 12866. The agenda also
identifies rules the Board has selected for review under section 610(c)
of the Regulatory Flexibility Act, and public comment is invited on
those entries. The complete Unified Agenda will be available to the
public at the following website: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Participation by the
Board in the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into four sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next 6 months. The second section, Final Rule
Stage, reports on matters that have been proposed and are under Board
consideration. The third section, Completed Actions, reports on
regulatory matters the Board has completed or is not expected to
consider further. And a fourth section, Long-Term Actions, reports on
matters where the next action is undetermined, 00/00/0000, or will
occur more than 12 months after publication of the Agenda. A dot
(<bullet>) preceding an entry indicates a new matter that was not a
part of the Board's previous agenda.
Ann Misback,
Secretary of the Board.
Federal Reserve System--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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358....................... Regulation LL--Savings and 7100-AD80
Loan Holding Companies
and Regulation MM--Mutual
Holding Companies (Docket
No: R-1429).
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Federal Reserve System--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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359....................... Source of Strength 7100-AE73
(Section 610 Review).
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FEDERAL RESERVE SYSTEM (FRS)
Final Rule Stage
358. Regulation LL--Savings and Loan Holding Companies and Regulation
MM--Mutual Holding Companies (Docket No: R-1429) [7100-AD80]
Legal Authority: 5 U.S.C. 552; 5 U.S.C. 559; 5 U.S.C. 1813; 5
U.S.C. 1817; 5 U.S.C. 1828
Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection
Act (the Dodd-Frank Act) transferred responsibility for supervision of
Savings and Loan Holding Companies (SLHCs) and their non-depository
subsidiaries from the Office of Thrift Supervision (OTS) to the Board
of Governors of the Federal Reserve System (the Board), on July 21,
2011. The Act also transferred supervisory functions related to Federal
savings associations and State savings associations to the Office of
the Comptroller of the Currency (OCC) and the Federal Deposit Insurance
Corporation (FDIC), respectively. The Board on August 12, 2011,
approved an interim final rule for SLHCs, including a request for
public comment. The interim final rule transferred from the OTS to the
Board the regulations necessary for the Board to supervise SLHCs, with
certain technical and substantive modifications. The interim final rule
has three components: (1) New Regulation LL (part 238), which sets
forth regulations generally governing SLHCs; (2) new Regulation MM
(part 239), which sets forth regulations governing SLHCs in mutual
form; and (3) technical amendments to existing Board regulations
necessary to accommodate the transfer of supervisory authority for
SLHCs from the OTS to the Board. The structure of interim final
Regulation LL closely follows that of the Board's Regulation Y, which
governs bank holding companies, in order to provide an overall
structure to rules that were previously found in disparate locations.
In many instances, interim final Regulation LL incorporated OTS
regulations with only technical modifications to account for the shift
in supervisory responsibility from the OTS to the Board. Interim final
Regulation LL also reflects statutory changes made by the Dodd-Frank
Act with respect to SLHCs, and incorporates Board precedent and
practices with respect to applications processing procedures and
control issues, among other matters. Interim final Regulation MM
organized existing OTS regulations governing SLHCs in mutual form
(MHCs) and their subsidiary holding companies into a single part of the
Board's regulations. In many instances, interim final Regulation MM
incorporated OTS regulations with only technical modifications to
account for the shift in supervisory responsibility from the OTS to the
Board. Interim final Regulation MM also reflects statutory changes made
by the Dodd-Frank Act with respect to MHCs. The interim final rule also
made technical amendments to Board rules to facilitate supervision of
SLHCs, including to rules implementing Community Reinvestment Act
requirements and to Board procedural and administrative rules. In
addition, the Board made technical amendments to implement section
312(b)(2)(A) of the
[[Page 48415]]
Act, which transfers to the Board all rulemaking authority under
section 11 of the Home Owner's Loan Act relating to transactions with
affiliates and extensions of credit to executive officers, directors,
and principal shareholders. These amendments include revisions to parts
215 (Insider Transactions) and part 223 (Transactions with Affiliates)
of Board regulations.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 09/13/11 76 FR 56508
Board Expects Further Action........ 12/00/22
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Keisha Patrick, Sr. Special Counsel, Federal
Reserve System, Legal Division, Washington, DC 20551, Phone: 202 452-
3559.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
359. Source of Strength (Section 610 Review) [7100-AE73]
Legal Authority: 12 U.S.C. 1831(o)
Abstract: The Board of Governors of the Federal Reserve System
(Board), the Office of the Comptroller of the Currency (OCC), and the
Federal Deposit Insurance Corporation (FDIC) plan to issue a proposed
rule to implement section 616(d) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act. Section 616(d) requires that bank holding
companies, savings and loan holding companies, and other companies that
directly or indirectly control an insured depository institution serve
as a source of strength for the insured depository institution.
Timetable:
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Action Date FR Cite
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Undetermined.
Agency Contact: Melissa Clark, Lead Financial Institution Policy
Analyst, Federal Reserve System, Division of Supervision and
Regulation, Washington, DC 20551, Phone: 202 452-2277.
Jay Schwarz, Assistant General Counsel, Federal Reserve System,
Legal Division, Washington, DC 20551, Phone: 202 452-2970.
Claudia Von Pervieux, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 452-2552.
RIN: 7100-AE73
[FR Doc. 2022-15652 Filed 8-5-22; 8:45 am]
BILLING CODE 6210-01-P
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