2014 Federal Register / Vol. 83, No. 9 / Friday, January 12, 2018 / Unified 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 November 1, 2017, through April 

30, 2018. The next agenda will be 

published in spring 2018. 

DATES: Comments about the form or 

content of the agenda may be submitted 

any time during the next six 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 2017 agenda as part 

of the Fall 2017 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 

five sections. The first, Pre-rule Stage, 

reports on matters the Board is 

considering for future rulemaking. The 

second, Proposed Rule Stage, reports on 

matters the Board may consider for 

public comment during the next 6 

months. The third section, Final Rule 

Stage, reports on matters that have been 

proposed and are under Board 

consideration. The fourth section, LongTerm 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 fifth 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—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

477 .................... Regulation CC—Availability of Funds and Collection of Checks (Docket No: R–1409) ................................. 7100–AD68 

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

(Docket No: R–1429).

7100–AD80 

FEDERAL RESERVE SYSTEM—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

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

FEDERAL RESERVE SYSTEM (FRS) 

Proposed Rule Stage 

477. Regulation CC—Availability of 

Funds and Collection of Checks (Docket 

No: R–1409) 

E.O. 13771 Designation: Independent 

agency. 

Legal Authority: 12 U.S.C. 4001 to 

4010; 12 U.S.C. 5001 to 5018 

Abstract: The Board of Governors of 

the Federal Reserve System (the Board) 

proposed amendments to Regulation CC 

to facilitate the banking industry’s 

ongoing transition to fully electronic 

interbank check collection and return, 

including proposed amendments to 

subpart C to condition a depositary 

bank’s right of expeditious return on the 

depositary bank agreeing to accept 

returned checks electronically, either 

directly or indirectly, from the paying 

bank. The Board also proposed 

amendments to subpart B, the funds 

availability schedule provisions to 

reflect the fact that there are no longer 

any non-local checks. The Board 

proposed to revise the model forms in 

appendix C that banks may use in 

disclosing their funds availability 

policies to their customers and to 

update the preemption determinations 

in appendix F. Finally, the Board 

requested comment on whether it 

should consider future changes to the 

regulation to improve the check 

collection system, such as decreasing 

the time afforded to a paying bank to 

decide whether to pay a check in order 

to reduce the risk to a depositary bank 

of needing to make funds available for 

withdrawal before learning whether a 

deposited check has been returned 

unpaid. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comment.

03/25/11 76 FR 16862 

Action Date FR Cite 

Board Requested 

Comment on 

Revised Proposal.

02/04/14 79 FR 6673 

Board Expects 

Further Action 

on Subpart C.

06/15/17 82 FR 27552 

Board Expects 

Further Action 

on Subpart B.

01/00/18 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Clinton Chen, 

Attorney, Federal Reserve System, Legal 

Division, Washington, DC 20551, Phone: 

202 452–3952. 

RIN: 7100–AD68 

478. Regulation LL—Savings and Loan 

Holding Companies and Regulation 

MM—Mutual Holding Companies 

(Docket No: R–1429) 

E.O. 13771 Designation: Independent 

agency. 


sradovich on DSK3GMQ082PROD with PROPOSALS
Federal Register / Vol. 83, No. 9 / Friday, January 12, 2018 / Unified Agenda 2015 

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 

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.

06/00/18 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: C. Tate Wilson, 

Senior Counsel, Federal Reserve 

System, Legal Division, Washington, DC 

20551, Phone: 202 452–3696. 

Claudia Von Pervieux, Counsel, 

Federal Reserve System, Legal Division, 

Washington, DC 20551, Phone: 202 452– 

2552. 

RIN: 7100–AD80 

FEDERAL RESERVE SYSTEM (FRS) 

Long-Term Actions 

479. 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 by September 2018. 

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 

Notice of Proposed Rulemaking.11/00/18 

Regulatory Flexibility Analysis 

Required: Undetermined. 

Agency Contact: Conni Allen, 

Counsel, Federal Reserve System, 

Division of Supervision and Regulation, 

Washington, DC 20551, Phone: 202 912– 

4334. 

Melissa Clark, Sr. Supervisory 

Financial Analyst, Federal Reserve 

System, Division of Supervision and 

Regulations, 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, Senior Counsel, Federal 

Reserve System, Legal Division, 

Washington, DC 20551, Phone: 202 452– 

2970. 

Will Giles, Senior Counsel, Federal 

Reserve System, Legal Division, 

Washington, DC 20551, Phone: 202 452– 

3351. 

Claudia Von Pervieux, Counsel, 

Federal Reserve System, Legal Division, 

Washington, DC 20551, Phone: 202 452– 

2552. 

RIN: 7100–AE73 

[FR Doc. 2017–28245 Filed 1–11–18; 8:45 am] 

BILLING CODE 6210–01–P 


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