This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

5943 

Vol. 81, No. 23 

Thursday, February 4, 2016 

1See Total Loss-Absorbing Capacity, Long-Term 

Debt, and Clean Holding Company Requirements 

for Systemically Important U.S. Bank Holding 

Companies and Intermediate Holding Companies of 

Systemically Important Foreign Banking 

Organizations; Regulatory Capital Deduction for 

Investments in Certain Unsecured Debt of 

Systemically Important U.S. Bank Holding 

Companies, 80 FR 74925 (Nov. 30, 2015). 

2 Id. 

3See Comment letter to the Board from the 

American Bankers Association et al. (Jan. 25, 2016). 

FEDERAL RESERVE SYSTEM 

12 CFR Part 217 and 252 

[Regulations Q and YY; Docket No. R–1523] 

RIN 7100–AE37 

Total Loss-Absorbing Capacity, LongTerm Debt, and Clean Holding 

Company Requirements for 

Systemically Important U.S. Bank 

Holding Companies and Intermediate 

Holding Companies of Systemically 

Important Foreign Banking 

Organizations; Regulatory Capital 

Deduction for Investments in Certain 

Unsecured Debt of Systemically 

Important U.S. Bank Holding 

Companies 

AGENCY: Board of Governors of the 

Federal Reserve System (Board). 

ACTION: Proposed rulemaking; extension 

of comment period. 

SUMMARY: On November 30, 2015, the 

Board published in the Federal Register 

a notice of proposed rulemaking 

inviting public comment on a proposed 

rule to promote financial stability by 

improving the resolvability and 

resiliency of large, interconnected U.S. 

bank holding companies and the U.S. 

operations of large, interconnected 

foreign banking organizations pursuant 

to section 165 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (Dodd-Frank Act) and related 

deduction requirements for all banking 

organizations subject to the Board’s 

capital rules. 

Due to the range and complexity of 

the issues addressed in the notice of 

proposed rulemaking, the Board has 

determined that an extension of the 

public comment period until February 

19, 2016, is appropriate. This action will 

allow interested persons additional time 

to analyze the notice and prepare their 

comments. 

DATES: The comment period for the 

proposed rule published on November 

30, 2015 (80 FR 74925), is extended. 

Comments on the proposed rule must be 

received on or before February 19, 2016. 

ADDRESSES: You may submit comments 

by any of the methods identified in the 

notice of proposed rulemaking.1 Please 

submit your comments using only one 

method. 

FOR FURTHER INFORMATION CONTACT: 

Constance M. Horsley, Assistant 

Director, (202) 452–5239, Thomas 

Boemio, Senior Project Manager, (202) 

452–2982, Juan C. Climent, Manager, 

(202) 872–7526, Felton Booker, Senior 

Supervisory Financial Analyst, (202) 

912–4651, Sean Healey, Senior 

Financial Analyst, (202) 912–4611, or 

Mark Savignac, Senior Financial 

Analyst, (202) 475–7606, Division of 

Banking Supervision and Regulation; or 

Laurie Schaffer, Associate General 

Counsel, (202) 452–2272, Benjamin 

McDonough, Special Counsel, (202) 

452–2036, Jay Schwarz, Senior Counsel, 

(202) 452–2970, Will Giles, Counsel, 

(202) 452–3351, Mark Buresh, Senior 

Attorney, (202) 452–5270, or Greg 

Frischmann, Senior Attorney, (202) 

452–2803, Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th and C Streets NW., 

Washington, DC 20551. For the hearing 

impaired only, Telecommunications 

Device for the Deaf (TDD) users may 

contact (202) 263–4869. 

SUPPLEMENTARY INFORMATION: On 

November 30, 2015, the Board 

published in the Federal Register a 

notice of proposed rulemaking inviting 

public comment on a proposed rule to 

promote financial stability by improving 

the resolvability and resiliency of large, 

interconnected U.S. bank holding 

companies and the U.S. operations of 

large, interconnected foreign banking 

organizations pursuant to section 165 of 

the Dodd-Frank Act and related 

deduction requirements for all banking 

organizations subject to the Board’s 

capital rules. Under the proposed rule, 

a U.S. top-tier bank holding company 

identified by the Board as a global 

systemically important banking 

organization (covered BHC) would be 

required to maintain outstanding a 

minimum amount of loss-absorbing 

instruments, including a minimum 

amount of unsecured long-term debt, 

and related buffer. Similarly, the 

proposed rule would require the top-tier 

U.S. intermediate holding company of a 

global systemically important foreign 

banking organization with $50 billion or 

more in U.S. non-branch assets (covered 

IHC) to maintain outstanding a 

minimum amount of intra-group lossabsorbing instruments, including a 

minimum amount of unsecured longterm debt, and related buffer. The 

proposed rule would also impose 

restrictions on the other liabilities that 

a covered BHC or covered IHC may have 

outstanding. Finally, the proposed rule 

would require state member banks, bank 

holding companies, and savings and 

loan holding companies that are subject 

to the Board’s capital rules to apply a 

regulatory capital deduction treatment 

to their investments in unsecured debt 

issued by covered BHCs. 

In recognition of the complexities of 

the issues involved and the variety of 

considerations involved in its impact 

and implementation, the Board 

requested that commenters respond to 

numerous questions. The proposed rule 

stated that the public comment period 

would close on February 1, 2016.2

The Board has received a request from 

the public for an extension of the 

comment period to allow for additional 

time for comments related to the 

provisions of the proposed rule.3 The 

Board believes that the additional 

period for comment will facilitate 

public comment on the questions posed 

by the Board in the proposed rule. 

Therefore, the Board is extending the 

end of the comment period for the 

proposed rule from February 1, 2016, to 

February 19, 2016. 

By order of the Board of Governors of the 

Federal Reserve System, acting through the 

Secretary of the Board under delegated 

authority, January 29, 2016. 

Robert deV. Frierson, 

Secretary of the Board. 

[FR Doc. 2016–02113 Filed 2–3–16; 8:45 am] 

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