17032 Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 

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 (•) 

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

Sequence No. Title Regulation 

Identifier No. 

471 .................... Source of Strength (Section 610 Review) ...................................................................................................... 7100–AE73 

472 .................... Regulation LL—Savings and Loan Holding Companies and Regulation MM—Mutual Holding Companies 

(Docket No: R–1429).

7100–AD80 

FEDERAL RESERVE SYSTEM—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

473 .................... Regulation O—Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks 

(Docket No: R–1722).

7100–AF93 

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 DoddFrank 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 


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

alison.thro@frb.gov. 

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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