Notice2023-13460
Guidelines for Evaluating Account and Services Requests
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
June 26, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is withdrawing proposed amendments to its Guidelines for Evaluating Account and Services Requests (Account Access Guidelines) that would have required the Federal Reserve Banks (Reserve Banks) to publish a periodic list of depository institutions with access to Reserve Bank accounts and/or financial services. Because a new section 11C of the Federal Reserve Act (the Act) was recently enacted that requires disclosures substantially similar to those in the Board's proposal, the Board believes finalizing the proposed amendments to its Account Access Guidelines is unnecessary. ---------------------------------------------------------------------------
Full Text
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<title>Federal Register, Volume 88 Issue 121 (Monday, June 26, 2023)</title>
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[Federal Register Volume 88, Number 121 (Monday, June 26, 2023)]
[Notices]
[Pages 41402-41403]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-13460]
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FEDERAL RESERVE SYSTEM
[Docket No. OP-1788]
Guidelines for Evaluating Account and Services Requests
AGENCY: Board of Governors of the Federal Reserve System. ACTION:
Notice.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is withdrawing proposed amendments to its Guidelines for Evaluating
Account and Services Requests (Account Access Guidelines) that would
have required the Federal Reserve Banks (Reserve Banks) to publish a
periodic list of depository institutions with access to Reserve Bank
accounts and/or financial services. Because a new section 11C of the
Federal Reserve Act (the Act) was recently enacted that requires
disclosures substantially similar to those in the Board's proposal, the
Board believes finalizing the proposed amendments to its Account Access
Guidelines is unnecessary.
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\1\ The reporting period always begins the day after the closing
date of the last report filed. If the committee is new and has not
previously filed a report, the first report must cover all activity
that occurred before the committee registered as a political
committee up through the close of books for the first report due.
\2\ Notice that this filing deadline falls on a weekend or
federal holiday. Filing deadlines are not extended when they fall on
nonworking days. Accordingly, reports filed on paper by methods
other than registered, certified or overnight mail must be received
before the Commission's close of business on the last business day
before the deadline.
DATES: The Board is withdrawing the proposal published November 16,
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2022 (87 FR 68691) as of June 16, 2023.
FOR FURTHER INFORMATION CONTACT: Jason Hinkle, Assistant Director (202-
912-7805), Division of Reserve Bank Operations and Payment Systems; or
Corinne Milliken Van Ness, Senior Counsel (202-452- 2421) or Gavin
Smith, Senior Counsel (202-452-3474); for users of TTY-TRS, please call
711 from any telephone, anywhere in the United States; Board of
Governors of the Federal Reserve System, 20th and C Streets NW,
Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
I. Background
A. Board's Proposed Amendments to the Account Access Guidelines
On November 16, 2022, the Board published proposed amendments to
its Account Access Guidelines that would have required disclosure of
institutions with access to Reserve Bank accounts and/or financial
services (accounts and services).\1\ This information historically
[[Page 41403]]
has not been disclosed publicly. The development and publication of the
Account Access Guidelines, however, prompted the Board to consider the
potential benefits of disclosing the names of institutions that have
access to accounts and services.
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\1\ See 87 FR 68691.
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The Board proposed for public comment a requirement for Reserve
Banks to publish periodically a list of depository institutions with
access to accounts and services, including whether each depository
institution with access to accounts and services is federally insured
and in which Reserve Bank district the depository institution is
located. In addition, the Board proposed to have the Reserve Banks
publish a list of depository institutions that have, since the prior
publication, received access to accounts and services or no longer have
access to accounts and services.\2\
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\2\ The Board proposed that the list of depository institutions
that no longer have access to accounts and/or services would include
both depository institutions that lost access to accounts and
services and those that gave up their access to accounts and
services voluntarily.
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B. Subsequent Amendment to the Federal Reserve Act
Subsequent to the publication of the proposal, the James M. Inhofe
National Defense Authorization Act for Fiscal Year 2023 amended the Act
by adding a new Section 11C. New Section 11C of the Act requires the
Board, not later than 180 days after December 23, 2022, to create and
``maintain a public, online and searchable database'' of entities that
have, or that are requesting, account and service access, along with
the status of any request for an account and services.\3\ For each
entity that has, or is requesting access to, accounts and services, new
Section 11C of the Act also requires the database to indicate if the
entity is a federally insured bank or credit union or a non-federally
insured depository institution.
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\3\ See 12 U.S.C. 248c. The new Section 11C excludes official
accountholders from the list of entities published on the database
and defines ``Official accountholders'' as foreign states (as
defined in section 25B of the Act), central banks (as defined in
section 25B of the Act) other than a commercial bank, public
international organizations entitled to enjoy privileged examples
and immunities as an international organization under the
International Organizations Immunities Act (22 U.S.C. 288 et seq.),
and any governmental entity for which the Secretary of Treasury has
directed a Reserve Bank to receive deposits as fiscal agent of the
United States under section 15 of the Act.
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II. Notice That the Board Will Not Adopt the Proposed Amendments to the
Account Access Guidelines
The Board has determined that the disclosure requirements in the
Act's new Section 11C substantially supplant the Board's proposal to
incorporate a disclosure requirement into the Account Access
Guidelines. Therefore, the Board will not adopt its proposed amendments
to the Account Access Guidelines.
By order of the Board of Governors of the Federal Reserve
System.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2023-13460 Filed 6-23-23; 8:45 am]
BILLING CODE P
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