Proposed Rule2023-02040
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
February 22, 2023
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 December 2022 through May 2023. The next agenda will be published in spring 2023.
Full Text
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<title>Federal Register, Volume 88 Issue 35 (Wednesday, February 22, 2023)</title>
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[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Proposed Rules]
[Pages 11366-11367]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-02040]
[[Page 11365]]
Vol. 88
Wednesday,
No. 35
February 22, 2023
Part XXIII
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 88 , No. 35 / Wednesday, February 22, 2023 /
UA: Reg Flex Agenda
[[Page 11366]]
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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 December 2022
through May 2023. The next agenda will be published in spring 2023.
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 fall 2022 agenda
as part of the Fall 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 E. 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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579....................... 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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580....................... Source of Strength 7100-AE73
(Section 610 Review).
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Federal Reserve System--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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581....................... Regulation II--Debit Card 7100-AG15
Interchange Fees and
Routing (Docket No: R-
1748).
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FEDERAL RESERVE SYSTEM (FRS)
Final Rule Stage
579. 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
[[Page 11367]]
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 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........ 06/00/23
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Scott Tkacz, Sr., Special Counsel, Federal Reserve
System, Legal Division, Washington, DC 20551, Phone: 202 452-2744.
Victoria Szybillo, Senior Counsel, Federal Reserve System, Legal
Division, Washington, DC 20551, Phone: 202 475-6325.
RIN: 7100-AD80
FEDERAL RESERVE SYSTEM (FRS)
Long-Term Actions
580. 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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Board Expects Further Action........ 12/00/23
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Regulatory Flexibility Analysis Required: Undetermined.
Agency Contact: Kathryn Ballintine, Manager, Federal Reserve
System, Division of Supervision and Regulation, Washington, DC 20551,
Phone: 202 452-2555.
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
FEDERAL RESERVE SYSTEM (FRS)
Completed Actions
581. Regulation II--Debit Card Interchange Fees and Routing (Docket No:
R-1748) [7100-AG15]
Legal Authority: 12 U.S.C. 1693o-2
Abstract: The Board of Governors is adopting a final rule that
amends Regulation II to specify that the requirement that each debit
card transaction must be able to be processed on at lease two
unaffiliated payment card networks applies to card-not-present
transactions, clarify the requirement that debit card issuers ensure
that at least two unaffiliated networks have been enabled to process a
debit card transaction, and standardize and clarify the use of certain
terminology.
Timetable:
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Action Date FR Cite
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Board Requested Comment............. 05/13/21 86 FR 26189
Board Extended Comment Period....... 06/30/21 86 FR 34644
Board Adopted Final Rule............ 10/11/22 87 FR 61217
Final Rule Effective................ 07/01/23
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Cody Gaffney, Attorney, Federal Reserve System,
Legal Division, Washington, DC 20551, Phone: 202 452-2674.
RIN: 7100-AG15
[FR Doc. 2023-02040 Filed 2-21-23; 8:45 am]
BILLING CODE 6210-01-P
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