Proposed Rule2023-26202
Long-Term Debt Requirements for Large Bank Holding Companies, Certain Intermediate Holding Companies of Foreign Banking Organizations, and Large Insured Depository Institutions; Extension of Comment Period
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
November 29, 2023
Effective
September 19, 2023
Issuing agencies
Treasury DepartmentComptroller of the CurrencyFederal Reserve SystemFederal Deposit Insurance Corporation
Abstract
On September 19, 2023, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the "agencies") published in the Federal Register a proposal to require certain large depository institution holding companies, U.S. intermediate holding companies of foreign banking organizations, and insured depository institutions, to issue and maintain outstanding a minimum amount of long-term debt. The agencies have determined that an extension of the comment period until January 16, 2024, is appropriate.
Full Text
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<title>Federal Register, Volume 88 Issue 228 (Wednesday, November 29, 2023)</title>
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[Federal Register Volume 88, Number 228 (Wednesday, November 29, 2023)]
[Proposed Rules]
[Pages 83364-83365]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-26202]
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 88, No. 228 / Wednesday, November 29, 2023 /
Proposed Rules
[[Page 83364]]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 3 and 54
[Docket ID OCC-2023-0011]
RIN 1557-AF21
FEDERAL RESERVE SYSTEM
12 CFR Parts 216, 217, 238, and 252
[Regulations P, Q, LL, and YY; Docket No. R-1815]
RIN 7100-AG66
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Parts 324 and 374
RIN 3064-AF86
Long-Term Debt Requirements for Large Bank Holding Companies,
Certain Intermediate Holding Companies of Foreign Banking
Organizations, and Large Insured Depository Institutions; Extension of
Comment Period
AGENCY: Office of the Comptroller of the Currency, Department of the
Treasury; Board of Governors of the Federal Reserve System; and Federal
Deposit Insurance Corporation.
ACTION: Notice of proposed rulemaking; extension of comment period.
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SUMMARY: On September 19, 2023, the Board of Governors of the Federal
Reserve System (Board), the Federal Deposit Insurance Corporation
(FDIC), and the Office of the Comptroller of the Currency (OCC)
(collectively, the ``agencies'') published in the Federal Register a
proposal to require certain large depository institution holding
companies, U.S. intermediate holding companies of foreign banking
organizations, and insured depository institutions, to issue and
maintain outstanding a minimum amount of long-term debt. The agencies
have determined that an extension of the comment period until January
16, 2024, is appropriate.
DATES: The comment period for the proposed rule published at 88 FR
64524 (September 19, 2023) is extended. Comments must be received by
January 16, 2024.
ADDRESSES: Comments should be directed to:
OCC: Commenters are encouraged to submit comments through the
Federal eRulemaking Portal. Please use the title ``Long-Term Debt
Requirements for Large Bank Holding Companies, Certain Intermediate
Holding Companies of Foreign Banking Organizations, and Large Insured
Depository Institutions'' to facilitate the organization and
distribution of the comments. You may submit comments by any of the
following methods:
<bullet> Federal eRulemaking Portal--<a href="http://Regulations.gov">Regulations.gov</a>:
Go to <a href="https://regulations.gov/">https://regulations.gov/</a>. Enter ``Docket ID OCC-2023-0011''
in the Search Box and click ``Search.'' Public comments can be
submitted via the ``Comment'' box below the displayed document
information or by clicking on the document title and then clicking the
``Comment'' box on the top-left side of the screen. For help with
submitting effective comments, please click on ``Commenter's
Checklist.'' For assistance with the <a href="http://Regulations.gov">Regulations.gov</a> site, please call
1-866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. ET, or email
<a href="/cdn-cgi/l/email-protection#50223537253c3124393f3e2338353c203435233b103723317e373f26"><span class="__cf_email__" data-cfemail="c9bbacaebca5a8bda0a6a7baa1aca5b9adacbaa289aebaa8e7aea6bf">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, 400 7th Street
SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2023-0011'' in your comment. In general, the OCC will
enter all comments received into the docket and publish the comments on
the <a href="http://Regulations.gov">Regulations.gov</a> website without change, including any business or
personal information provided such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this action by the following method:
<bullet> Viewing Comments Electronically--<a href="http://Regulations.gov">Regulations.gov</a>:
Go to <a href="https://regulations.gov/">https://regulations.gov/</a>. Enter ``Docket ID OCC-2023-0011''
in the Search Box and click ``Search.'' Click on the ``Dockets'' tab
and then the document's title. After clicking the document's title,
click the ``Browse All Comments'' tab. Comments can be viewed and
filtered by clicking on the ``Sort By'' drop-down on the right side of
the screen or the ``Refine Comments Results'' options on the left side
of the screen. Supporting materials can be viewed by clicking on the
``Browse Documents'' tab. Click on the ``Sort By'' drop-down on the
right side of the screen or the ``Refine Results'' options on the left
side of the screen checking the ``Supporting & Related Material''
checkbox. For assistance with the <a href="http://Regulations.gov">Regulations.gov</a> site, please call 1-
866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. ET, or email
<a href="/cdn-cgi/l/email-protection#d1a3b4b6a4bdb0a5b8bebfa2b9b4bda1b5b4a2ba91b6a2b0ffb6bea7"><span class="__cf_email__" data-cfemail="50223537253c3124393f3e2338353c203435233b103723317e373f26">[email protected]</span></a>.
The docket may be viewed after the close of the comment period in
the same manner as during the comment period.
Board: You may submit comments, identified by Docket No. R-1815,
RIN 7100-AG66 by any of the following methods:
Agency Website: <a href="https://www.federalreserve.gov">https://www.federalreserve.gov</a>. Follow the
instructions for submitting comments at <a href="https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm">https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</a>.
Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>. Follow the
instructions for submitting comments.
Email: <a href="/cdn-cgi/l/email-protection#2d5f484a5e034e4240404843595e6d4b4849485f4c415f485e485f5b48034a425b"><span class="__cf_email__" data-cfemail="c6b4a3a1b5e8a5a9ababa3a8b2b586a0a3a2a3b4a7aab4a3b5a3b4b0a3e8a1a9b0">[email protected]</span></a>. Include the docket number
and RIN in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the Federal
Reserve System, 20th Street and Constitution Avenue NW, Washington, DC
20551.
In general, all public comments will be made available on the
Board's website at <a href="http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm">www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</a> as
[[Page 83365]]
submitted, and will not be modified to remove confidential, contact or
any identifiable information. Public comments may also be viewed
electronically or in paper in Room M-4365A, 2001 C Street NW,
Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal business
weekdays.
FDIC: The FDIC encourages interested parties to submit written
comments. Please include your name, affiliation, address, email
address, and telephone number(s) in your comment. You may submit
comments to the FDIC, identified by RIN 3064-AF86, by any of the
following methods:
Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications">https://www.fdic.gov/resources/regulations/federal-register-publications</a>. Follow instructions for submitting comments on
the FDIC's website.
Mail: James P. Sheesley, Assistant Executive Secretary, Attention:
Comments/Legal OES (RIN 3064-AF86), Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
Hand Delivered/Courier: Comments may be hand-delivered to the guard
station at the rear of the 550 17th Street NW building (located on F
Street NW) on business days between 7 a.m. and 5 p.m.
Email: <a href="/cdn-cgi/l/email-protection#accfc3c1c1c9c2d8dfeceae8e5ef82cbc3da"><span class="__cf_email__" data-cfemail="accfc3c1c1c9c2d8dfeceae8e5ef82cbc3da">[email protected]</span></a>. Include ``RIN 3064-AF86'' on the subject
line of the message.
Public Inspection: Comments received, including any personal
information provided, may be posted without change to <a href="https://www.fdic.gov/resources/regulations/federal-register-publications">https://www.fdic.gov/resources/regulations/federal-register-publications</a>.
Commenters should submit only information that the commenter wishes to
make available publicly. The FDIC may review, redact, or refrain from
posting all or any portion of any comment that it may deem to be
inappropriate for publication, such as irrelevant or obscene material.
The FDIC may post only a single representative example of identical or
substantially identical comments, and in such cases will generally
identify the number of identical or substantially identical comments
represented by the posted example. All comments that have been
redacted, as well as those that have not been posted, that contain
comments on the merits of this document will be retained in the public
comment file and will be considered as required under all applicable
laws. All comments may be accessible under the Freedom of Information
Act.
FOR FURTHER INFORMATION CONTACT:
OCC: Andrew Tschirhart, Risk Expert, Capital and Regulatory Policy,
(202) 649-6370; or Carl Kaminski, Assistant Director, or Joanne
Phillips, Counsel, Chief Counsel's Office, (202) 649-5490, Office of
the Comptroller of the Currency, 400 7th Street SW, Washington, DC
20219. If you are deaf, hard of hearing, or have a speech disability,
please dial 7-1-1 to access telecommunications relay services.
Board: Molly Mahar, Senior Associate Director, (202) 973-7360, Juan
Climent, Assistant Director, (202) 872-7526, Tudor Rus, Manager, (202)
475-6359, Francis Kuo, Lead Financial Institution Policy Analyst (202)
530-6224, Lesley Chao, Lead Financial Institution Policy Analyst, (202)
974-7063, Lars Arnesen, Senior Financial Institution Policy Analyst,
(202) 452-2030, Division of Supervision and Regulation; or Charles
Gray, Deputy General Counsel, (202) 510-3484, Reena Sahni, Associate
General Counsel, (202) 452-3236, Jay Schwarz, Assistant General
Counsel, (202) 452-2970, Josh Strazanac, Senior Counsel, (202) 452-
2457, Brian Kesten, Counsel, (202) 475-6650, Jacob Fraley, Attorney,
(202) 452-3127, Vivien Lee, Attorney, (202) 452-2029, Legal Division,
Board of Governors of the Federal Reserve System, 20th Street and
Constitution Avenue NW, Washington, DC 20551. For users of TTY-TRS,
please call 711 from any telephone, anywhere in the United States.
FDIC: Andrew J. Felton, Deputy Director, (202) 898-3691; Ryan P.
Tetrick, Deputy Director, (202) 898-7028; Elizabeth Falloon, Senior
Advisor, (202) 898-6626; Julia E. Paris, Senior Cross-Border
Specialist, (202) 898-3821, Division of Complex Institution Supervision
and Resolution; R. Penfield Starke, Acting Deputy General Counsel,
<a href="/cdn-cgi/l/email-protection#e795949386958c82a781838e84c9808891"><span class="__cf_email__" data-cfemail="cdbfbeb9acbfa6a88daba9a4aee3aaa2bb">[email protected]</span></a>; Celia P. Van Gorder, Acting Assistant General
Counsel, (202) 898-6749; F. Angus Tarpley III, Counsel, (202) 898-8521;
Dena S. Kessler, Counsel, (202) 898-3833, Legal Division; Federal
Deposit Insurance Corporation, 550 17th Street NW, Washington, DC
20429.
SUPPLEMENTARY INFORMATION: On September 19, 2023, the agencies
published in the Federal Register a proposal to require certain large
depository institution holding companies, U.S. intermediate holding
companies of foreign banking organizations, and insured depository
institutions, to issue and maintain outstanding a minimum amount of
long-term debt.\1\ The notice of proposed rulemaking stated that the
comment period would close on November 30, 2023. The agencies have
received requests to extend the comment period. An extension of the
comment period will provide additional opportunity for the public to
consider the proposal and prepare comments, including to address the
questions posed by the agencies. Therefore, the agencies are extending
the end of the comment period for the proposal from November 30, 2023,
to January 16, 2024.
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\1\ Long-Term Debt Requirements for Large Bank Holding
Companies, Certain Intermediate Holding Companies of Foreign Banking
Organizations, and Large Insured Depository Institutions, 88 FR
64524 (September 19, 2023), <a href="https://www.federalregister.gov/documents/2023/09/19/2023-19265/long-term-debt-requirements-for-large-bank-holding-companies-certain-intermediate-holding-companies">https://www.federalregister.gov/documents/2023/09/19/2023-19265/long-term-debt-requirements-for-large-bank-holding-companies-certain-intermediate-holding-companies</a>.
Michael J. Hsu,
Acting Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 20, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-26202 Filed 11-28-23; 8:45 am]
BILLING CODE 4810-33-6210-01-6714-01-P
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