Attachment to SR 21-4/CA 21-2 February 26, 2021

Table with Results of Supervisory Letter Review

Letters in Which Guidance on the Roles and Responsibilities

For Boards of Directors of Holding Companies

Have Been Made Inactive, Revised, or Retained

SR/CA

letter No.

Title Disposition [See Footnote 1] Comment Institution Applicability

SR 16-17 Supervisory Expectations

for Risk Management of

Reserve-Based Energy

Lending Risk

Retained without

change

Expectations related to the responsibilities of

the board of directors in this letter are

consistent with the board effectiveness

guidance and SR letter 16-11.

Activities based. State member banks,

U.S. branches and agencies offoreign

banking organizations, and depository

institution holding companies and

nonbank subsidiaries ofsuch holding

companies involved in energy lending.

SR 14-8 Consolidated Recovery

Planning for Certain

Large Domestic Bank

Holding Companies

Retained without

change

Expectations related to the responsibilities of

board of directors in this letter are consistent

with the board effectiveness guidance.

Eight domestic bank holding companies

that may pose elevated risk to U.S.

financial stability. [See Footnote 2]

SR 13-19 /

CA 13-21

Guidance on Managing

Outsourcing Risk

Content revised Expectations related to the responsibilities of

board of directors in this letter were revised to

be consistent with the board effectiveness

guidance and SR letter 16-11.

All financial institutions supervised by the

Federal Reserve.

[Footnote 1 -“Content revised” means that the expectations relating to boards of directors contained in the letter have been revised to better align with either the final board

effectiveness guidance in SR letter 21-3/CA letter 21-1, “Supervisory Guidance on Board ofDirectors' Effectiveness,” (final board effectiveness guidance) and 

SR letter 16-11, “Supervisory Guidance for Assessing Risk Management at Supervised Institutions with Total Consolidated Assets Less than $100 Billion.” The

letters are otherwise unchanged. “Retain without change” means that the supervisory expectations for boards of directors described in the letter are consistent

with the final board effectiveness guidance and SR letter 16-11. “Made inactive” means the supervisory letter, in its entirety, was no longer relevant to the

Federal Reserve's current supervision because it contained guidance that was outdated, unnecessary, or redundant. Relevant elements of supervisory letters 

which are made inactive may be retained in the Commercial Bank Examination Manual (CBEM) or the Bank Holding Company Supervision Manual. End of Footnote 1.]

[Footnote 2 - See footnote 1 to SR letter 14-8, “Consolidated Recovery Planning for Certain Large Domestic Bank Holding Companies,” for the list of eight domestic bank

holding companies that may pose elevated risk to U.S. financial stability. End of Footnote 2.]
SR/CA

letter No.

Title Disposition [See Footnote 1] Comment Institution Applicability

SR 13-13 /

CA 13-10

Supervisory

Considerations for the

Communication of

Supervisory Findings

Retained without

change

The Board continues to consider comments to the

proposed supervisory communications guidance and 

therefore is not adopting guidance to replace SR

letter 13-13/CA 13-10 at this time.

SR 13-13/CA 13-10 applies to all financial

institutions supervised by the Federal Reserve.

SR 12-17 /

CA 12-14

Consolidated Supervision

Framework for Large

Institutions

Retained without

change

Expectations related to the responsibilities of board

of directors in this letter are consistent with the

board effectiveness guidance.

SR 12-17/CA 12-14 remains applicable to:

• Large Institution Supervision

Coordinating Committee (LISCC) firms;

• Domestic bank and savings and loan

holding companies with consolidated assets of

$50 billion or more that are not included in the

LISCC portfolio; and

• Foreign banking organizations with

combined assets of U.S. operations of $50

billion or more that are not included in the

LISCC portfolio.

SR 11-15 Disposal of Problem

Assets through

Exchanges

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and 

SR letter 16-11.

Activities based. All state member banks, bank

holding companies, and their nonbank

subsidiaries, and savings and loan holding

companies that engage in asset exchange

transactions.

SR 11-14 Supervisory Expectations

for Risk Management of

Agricultural Credit Risk

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and 

SR letter 16-11.

Activities based. All financial institutions

supervised by the Federal Reserve with

significant exposure to agriculture-related credit

risk.

SR 09-4 Applying Supervisory

Guidance and

Regulations on the

Payment of Dividends,

Stock Redemptions, and

Stock Repurchases at

Bank Holding

Companies

Retained without

change

Expectations related to the responsibilities of board

of directors in this letter are consistent with the

board effectiveness guidance and SR letter 16-11.

Bank and savings and loan holding companies

with less than $50 billion in assets.
SR/CA

letter No.

Title Disposition [See Footnote 1] Comment Institution Applicability

SR 08-9 /

CA 08-12

Consolidated Supervision

of Bank Holding

Companies and the

Combined U.S. 

Operations of Foreign

Banking Organizations

Retained without

change

Expectations related to the responsibilities of board

of directors in this letter are consistent with the

board effectiveness guidance and SR letter 16-11.

Attachment A.2 applies to regional banking

organizations.

SR 08-8 /

CA 08-11

Compliance Risk

Management Programs

and Oversight at Large

Banking Organizations

with Complex

Compliance Profiles

Content revised Expectations related to the responsibilities of board

of directors were revised to be consistent with the

board effectiveness guidance.

Applies to banking organizations with $50

billion or more in total consolidated and have

multiple legal entities. Extended to appropriate

savings and loan holding companies per SR

letter 14-9.

SR 01-13 Supervisory Guidance

Relating to a Change to

Permissible Securities

Activities of State

Member Banks

Made inactive Outdated guidance. Refer to the Commercial Bank

Examination Manual for information on securities

activities. Expectations related to the responsibilities

of board of directors will be revised in the

Commercial Bank Examination Manual consistent

with the board effectiveness guidance and SR letter

16-11.

Activities based. State member banks meeting

certain criteria as described in the GrammLeach-Bliley Act.

SR 01-8 Supervisory Guidance on

Complex Wholesale

Borrowings

Made inactive Outdated guidance. Refer to the Trading and Capital

Markets Activities Manual sections on Liquidity

Risk and Interest-Rate Risk Management; SR letter

10-6, “Interagency Policy Statement on Funding and

Liquidity Risk Management,” and Regulation YY,

as relevant.

Not applicable.

SR 00-9 Supervisory Guidance on

Equity Investment and 

Merchant Banking

Activities

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and 

SR letter 16-11.

Activities based. Applies to equity investment

activities of bank holding companies, state

member banks, and their subsidiaries and

affiliates— regardless of the statutory or

regulatory authority under which investments

are made. Extended to savings and loan holding

companies per SR letter 14-9.
SR/CA

letter No.

Title Disposition [See Footnote 1] Comment Institution Applicability

SR 99-7 Supervisory Guidance

Regarding the Investment

of Fiduciary Assets in

Mutual Funds and

Potential Conflicts of

Interest

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and 

SR letter 16-11.

Activities based. Domestic and foreign banking

organizations with asset and wealth

management activities supervised by the Federal

Reserve.

SR 98-25 Sound Credit Risk

Management and the Use

of Internal Credit Risk

Ratings at Large Banking

Organizations

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and

SR letter16-11.

The letter notes that the guidance applies to

“large and complex banking organizations.”

Extended to savings and loan holding

companies per SR letter 14-9.

SR 98-18 Lending Standards for

Commercial Loans

Made inactive Outdated guidance. Activities based.

SR 98-9 Assessment of

Information Technology

in the Risk-Focused

Frameworks for the

Supervision of

Community Banks and 

Large Complex Banking

Organizations

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and 

SR letter 16-11.

State member banks, bank holding companies,

and foreign banking organizations. Extended to

savings and loan holding companies as per SR

letter 14-9.

SR 97-25 Risk-Focused

Framework for the

Supervision of

Community Banks

Made inactive Outdated guidance. Refer to the Commercial Bank

Examination Manual for information on the

supervisory framework of community banks.

SR letter 97-25 applies to community banks.
SR/CA

letter No.

Title Disposition [See Footnote 1] Comment Institution Applicability

SR 97-24 Risk-Focused

Framework for

Supervision ofLarge

Complex Institutions

Made inactive Outdated guidance. Refer to the Bank Holding

Company Supervision Manual for information on

the supervisory framework ofbanks and holding

companies in the regional and large and foreign

banking supervision portfolios.

SR letter 97-24 applies to large complex

institutions are defined as those that generally

have a functional management structure; abroad

array ofproducts, services, and activities;

operations that span multiple supervisory

jurisdictions; and consolidated assets of $1

billion or more. These institutions may be 

domestic or foreign in origin, and include U.S.

bank holding companies (together with their

nonbank and foreign subsidiaries), state member

banks, Edge Act and agreement corporations,

and branches and agencies offoreign banks.

SR 97-21 Risk Management and

Capital Adequacy of

Exposures Arising from

Secondary Market Credit

Activities

Made inactive The letter will be made inactive and the expectations

related to the responsibilities ofboard of directors

will be revised in the Bank Holding Company

Supervision Manual to be consistent with the board

effectiveness guidance and SR letter 16-11.

Activities based. Institutions supervised by the

Federal Reserve that conduct secondary market

credit activities. Extended to savings and loan

holding companies per SR letter 14-9

SR 97-3 Conversion of Common

Trust Funds to Mutual

Funds

Content revised Expectations related to the responsibilities ofboard

of directors in this letter were revised to be

consistent with the board effectiveness guidance and

SR letter 16-11.

Activities based. State member banks and bank 

holding companies. Extended to savings and

loan holding companies per SR letter 14-9.

SR 96-10 Risk-Focused Fiduciary

Examinations

Content revised Expectations related to the responsibilities ofboard

of directors in this letter were revised to be

consistent with the board effectiveness guidance and

SR letter 16-11.

Activities based. Institutions supervised by the

Federal Reserve that conduct asset and wealth

management activities. Extended to savings and

loan holding companies per SR letter 14-9.

SR 95-51 Rating the Adequacy of

Risk Management

Processes and Internal

Controls at State Member

Banks and Bank Holding

Companies

Content revised Expectations related to the responsibilities ofboard

of directors in this letter were revised to be

consistent with the board effectiveness guidance.

SR letter 95-51 applies to state member banks

and bank holding companies with consolidated

assets of $100 billion or more. [See Footnote 3]The Board is

reviewing the existing guidance applicable to

firms with total consolidated assets between $50

billion and $100 billion.

[Footnote 3 -See SR 21-3/CA letter 21-1, “Supervisory Guidance on Board of Directors' Effectiveness” for more information regarding how the Federal Reserve will use the

guidance to inform its supervision offirm practices. End of Footnote 3.]
SR/CA

letter No.

Title Disposition [See Footnote 1] Comment Institution Applicability

SR 94-53 Investment Adviser

Activities

Content revised Expectations related to the responsibilities of board

of directors in this letter were revised to be

consistent with the board effectiveness guidance and

SR letter 16-11

Activities based. Bank holding companies, state

member banks, and state-licensed U.S. branches

and agencies of foreign banks that provide

investment advisory services to mutual funds or

trust department common investment funds.

SR 93-69 Examining Risk

Management and Internal

Controls for Trading

Activities of Banking

Organizations

Made inactive Outdated guidance. SR letter 93-69 specifically targets trading,

market making, and customer accommodation

activities in cash and derivative instruments at

State member banks, branches and agencies of

foreign banks, and Edge corporations.

SR 90-22 Policy Statement on the

Use of “Points” in

Settling Foreign

Exchange Contracts

Made inactive Outdated guidance. SR letter 90-22 is applicable to U.S. commercial

bank, Edge or Agreement corporation, and 

branch, agency and commercial lending

company associated with a foreign bank, subject

to U.S. federal bank regulatory agencies'

supervisory jurisdiction that deals in foreign

exchange.

SR 90-16 Implementation of

Examination Guidelines

for the Review of Asset

Securitization Activities

Made inactive Outdated guidance. Activities based.