[Federal Register Volume 86, Number 60 (Wednesday, March 31, 2021)]
[Proposed Rules]
[Pages 17032-17033]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04325]



[[Page 17031]]

Vol. 86

Wednesday,

No. 60

March 31, 2021

Part XXV





 Federal Reserve System





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Semiannual Regulatory Agenda

Federal Register / Vol. 86 , No. 60 / Wednesday, March 31, 2021 / UA: 
Reg Flex Agenda

[[Page 17032]]


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FEDERAL RESERVE SYSTEM

12 CFR Chapter 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 November 1, 
2020, through April 30, 2020. The next agenda will be published in 
spring 2021.

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 2020 agenda 
as part of the Fall 2020 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, as 
an independent Agency, 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, 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. And a fourth section, 
Completed Actions, reports on regulatory matters the Board has 
completed or is not expected to consider further. A dot (<bullet>) 
preceding an entry indicates a new matter that was not a part of the 
Board's previous agenda.

Yao-Chin Chao,
Assistant Secretary of the Board.

                Federal Reserve System--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
471.......................  Source of Strength                 7100-AE73
                             (Section 610 Review).
472.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No: R-1429).
------------------------------------------------------------------------


                Federal Reserve System--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
473.......................  Regulation O--Loans to             7100-AF93
                             Executive Officers,
                             Directors, and Principal
                             Shareholders of Member
                             Banks (Docket No: R-1722).
------------------------------------------------------------------------

FEDERAL RESERVE SYSTEM (FRS)

Long-Term Actions

471. Source of Strength (Section 610 Review)

    E.O. 13771 Designation: Independent agency.
    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
------------------------------------------------------------------------
Next Action Undetermined............  To Be Determined
------------------------------------------------------------------------

    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.
    Barbara Bouchard, Senior Associate Director, Federal Reserve 
System, Division of Supervision and Regulation, Washington, DC 20551, 
Phone: 202 452-3072.
    Jay Schwarz, Special 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

472. Regulation LL--Savings and Loan Holding Companies and Regulation 
MM--Mutual Holding Companies (Docket No: R-1429)

    E.O. 13771 Designation: Independent agency.
    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

[[Page 17033]]

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 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........   12/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Keisha Patrick, Special Counsel, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 452-3559.
    RIN: 7100-AD80

FEDERAL RESERVE SYSTEM (FRS)

Completed Actions

473. <bullet> Regulation O--Loans to Executive Officers, Directors, and 
Principal Shareholders of Member Banks (Docket No: R-1722)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 375
    Abstract: On April 17, 2020, the Board of Governors of the Federal 
Reserve System issued an interim final rule to except certain loans 
made by June 30, 2020, that are guaranteed under the Small Business 
Administration's Paycheck Protection Program from the requirements of 
section 22(h) of the Federal Reserve Act and the corresponding 
provisions of the Board's Regulation O. The Board is issuing this 
interim final rule to expand the exception to apply to PPP loans made 
through August 8, 2020.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Interim Final Rule Effective........   07/16/20  .......................
Board Adopted Interim Final Rule....   07/16/20  85 FR 39464
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Laurie Schaffer, Deputy General Counsel, Federal 
Reserve System, Legal Division, Washington, DC 20551, Phone: 202 452-
2272.
    Alison Thro, Deputy Associate General Counsel, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 452-3236, 
Email: <a href="/cdn-cgi/l/email-protection#385954514b5756164c504a57785e4a5a165f574e"><span class="__cf_email__" data-cfemail="9ffef3f6ecf0f1b1ebf7edf0dff9edfdb1f8f0e9">[email protected]</span></a>.
    Benjamin McDonough, Assistant General Counsel, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 452-2036.
    Daniel Hickman, Counsel, Federal Reserve System, Legal Division, 
Washington, DC 20552, Phone: 202 973-7432.
    Joshua Strazanac, Senior Attorney, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2457.
    Anna Lee Hewko, Associate Director, Federal Reserve System, 
Division of Supervision and Regulation, Washington, DC 20551, Phone: 
202 530-6260.
    Constance Horsley, Deputy Associate Director, Federal Reserve 
System, Division of Supervision and Regulation, Washington, DC 20551, 
Phone: 202 452-5239.
    Juan Climent, Assistant Director, Federal Reserve System, Division 
of Supervision and Regulation, Washington, DC 20551, Phone: 202 872-
7526.
    Kathryn Ballintine, Manager, Federal Reserve System, Division of 
Supervision and Regulation, Washington, DC 20551, Phone: 202 452-2555.
    RIN: 7100-AF93

[FR Doc. 2021-04325 Filed 3-30-21; 8:45 am]
BILLING CODE 6210-01-P


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