Semiannual Regulatory Flexibility Agenda
| Published date | 22 February 2023 |
| Record Number | 2023-02040 |
| Citation | 88 FR 11366 |
| Court | Federal Reserve System |
| Section | Proposed rules |
11366
Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
FEDERAL RESERVE SYSTEM
12 CFR Ch. II
Semiannual Regulatory Flexibility
Agenda
AGENCY
: Board of Governors of the
Federal Reserve System.
ACTION
: Semiannual Regulatory Agenda.
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: www.reginfo.gov. 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 (•) 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.
F
EDERAL
R
ESERVE
S
YSTEM
—F
INAL
R
ULE
S
TAGE
Sequence No. Title Regulation
Identifier No.
579 .................... Regulation LL—Savings and Loan Holding Companies and Regulation MM—Mutual Holding Companies
(Docket No: R–1429). 7100–AD80
F
EDERAL
R
ESERVE
S
YSTEM
—L
ONG
-T
ERM
A
CTIONS
Sequence No. Title Regulation
Identifier No.
580 .................... Source of Strength (Section 610 Review) ...................................................................................................... 7100–AE73
F
EDERAL
R
ESERVE
S
YSTEM
—C
OMPLETED
A
CTIONS
Sequence No. Title Regulation
Identifier No.
581 .................... Regulation II—Debit Card Interchange Fees and Routing (Docket No: R–1748) .......................................... 7100–AG15
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
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11367
Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
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:
Action Date FR Cite
Board Requested
Comment. 09/13/11 76 FR 56508
Board Expects
Further Action. 06/00/23
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:
Action Date FR Cite
Board Expects
Further Action. 12/00/23
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:
Action Date FR Cite
Board Requested
Comment. 05/13/21 86 FR 26189
Board Extended
Comment Pe-
riod.
06/30/21 86 FR 34644
Board Adopted
Final Rule. 10/11/22 87 FR 61217
Final Rule Effec-
tive. 07/01/23
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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