Proposed Rule2024-00481
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 9, 2024
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 November 2023 through April 2024. The next agenda will be published in spring 2024.
Full Text
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<title>Federal Register, Volume 89 Issue 28 (Friday, February 9, 2024)</title>
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[Federal Register Volume 89, Number 28 (Friday, February 9, 2024)]
[Proposed Rules]
[Pages 9718-9719]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00481]
[[Page 9717]]
Vol. 89
Friday,
No. 28
February 9, 2024
Part XXIII
Federal Reserve System
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Semiannual Regulatory Agenda
Federal Register / Vol. 89 , No. 28 / Friday, February 9, 2024 / UA:
Reg Flex Agenda
[[Page 9718]]
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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 November 2023
through April 2024. The next agenda will be published in spring 2024.
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 2023 agenda
as part of the Fall 2023 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 three sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next 6 months. The second section, Completed
Actions, reports on regulatory matters the Board has completed or is
not expected to consider further. And a third 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--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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601....................... Source of Strength 7100-AE73
(Section 610 Review).
602....................... 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 (FRS)
Long-Term Actions
601. 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........ 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.
Vivian Joel, Lead Financial Institution Policy Analyst, Federal
Reserve System, Division of Supervision and Regulation, Washington, DC
20551, Phone: 202 912-4313.
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
602. 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
[[Page 9719]]
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 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
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Board Expects Further Action........ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Scott Tkacz, Senior 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
[FR Doc. 2024-00481 Filed 2-8-24; 8:45 am]
BILLING CODE 6210-01-P
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