76850 Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / 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, 2014, through April 

30, 2015. The next agenda will be 

published in spring 2015. 

DATES: Comments about the form or 

content of the agenda may be submitted 

anytime during the next six months. 

ADDRESSES: Comments should be 

addressed to Robert deV. Frierson, 

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 2014 agenda as part 

of the Fall 2014 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 

Web site: www.reginfo.gov. Participation 

by the Board in the Unified Agenda is 

on a voluntary basis. 

The Board’s agenda is divided into 

four sections. The first, Pre-rule Stage, 

reports on matters the Board is 

considering for future rulemaking. The 

second section, Proposed Rule Stage, 

reports on matters the Board may 

consider for public comment during the 

next six months. The third section, 

Final Rule Stage, reports on matters that 

have been proposed and are under 

Board consideration. 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. 

Margaret McCloskey Shanks, 

Deputy Secretary of the Board. 

FEDERAL RESERVE SYSTEM—PROPOSED RULE STAGE

Sequence No. Title 

Regulation 

Identifier 

No. 

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

FEDERAL RESERVE SYSTEM—FINAL RULE STAGE

Sequence No. Title 

Regulation 

Identifier 

No. 

546 .................... Regulation HH—Financial Market Utilities (Docket No: R–1477) ................................................................... 7100–AE09 

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

(Docket No: R–1429).

7100–AD80 

548 .................... Regulation WW—Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring 

(Docket No: R–1466).

7100–AE03 

FEDERAL RESERVE SYSTEM—COMPLETED ACTIONS

Sequence No. Title 

Regulation 

Identifier 

No. 

549 .................... Regulation KK—Margin and Capital Requirements for Covered Swap Entities (Docket No: R–1415) .......... 7100–AD74 

550 .................... Regulations H and Q—Regulatory Capital Rules (Docket No: R–1460) ........................................................ 7100–AD99 

551 .................... Regulation P—Privacy of Consumer Information (Docket No: R–1483) ......................................................... 7100–AE13 

552 .................... Regulation V—Fair Credit Reporting (Docket No: R–1484) ............................................................................ 7100–AE14 

FEDERAL RESERVE SYSTEM (FRS) 

Proposed Rule Stage 

545. Regulation CC—Availability of 

Funds and Collection of Checks (Docket 

No: R–1409) 

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

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

Abstract: The Federal Reserve Board 

(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 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 the funds availability 

schedule provisions to reflect the fact 

that there are no longer any nonlocal 

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: 

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Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Unified Agenda 76851 

Action Date FR Cite 

Board Requested 

Comment.

03/25/11 76 FR 16862 

Board Requested 

Comment on 

Revised Proposal.

02/04/14 79 FR 6673 

Board Expects 

Further Action.

03/00/15 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Clinton Chen, 

Attorney, Federal Reserve System, Legal 

Division, Phone: 202 452–3952. 

RIN: 7100–AD68 

FEDERAL RESERVE SYSTEM (FRS) 

Final Rule Stage 

546. Regulation HH—Financial Market 

Utilities (Docket No: R–1477) 

Legal Authority: 12 U.S.C. 5464 

(a)(1)(A) 

Abstract: The Federal Reserve Board 

(Board) is in the process of finalizing 

amendments to the risk-management 

standards currently in the Board’s 

Regulation HH, Part 234 of Title 12 of 

the Code of Federal Regulations, by 

replacing the current risk-management 

standards in section 234.3 (for payment 

systems) and section 234.4 (for central 

securities depositories and central 

counterparties) with a common set of 

risk-management standards applicable 

to all types of designated FMUs in 

proposed section 234.3. The Board is 

also in the process of finalizing related 

amendments to definitions in section 

234.2. 

Timetable: 

Action Date FR Cite 

Board Requested Comments.01/31/14 79 FR 3666 

Board Expects 

Further Action.

11/00/14 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Jennifer A. Lucier, 

Deputy Associate Director, Federal 

Reserve System, Reserve Bank 

Operations and Payment Systems, 

Phone: 202 872–7581. 

Chris Clubb, Special Counsel, Federal 

Reserve System, Legal Division, Phone: 

202 452–3904. 

RIN: 7100–AE09 

547. Regulation LL—Savings and Loan 

Holding Companies and Regulation 

MM—Mutual Holding Companies 

(Docket No: R–1429) 

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 Act Wall 

Street Reform and Consumer Protection 

Act (the 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 (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.

12/00/14 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Tate Wilson, Senior 

Attorney, Federal Reserve System, Legal 

Division, Phone: 202 452–3696. 

Claudia Von Pervieux, Counsel, 

Federal Reserve System, Legal Division, 

Phone: 202 452–2552. 

RIN: 7100–AD80 

548. Regulation WW—Liquidity 

Coverage Ratio: Liquidity Risk 

Measurement, Standards, and 

Monitoring (Docket No: R–1466) 

Legal Authority: 12 U.S.C. 248(a); 12 

U.S.C. 321; 12 U.S.C. 481; 12 U.S.C. 

1818; . . . 

Abstract: The Office of the 

Comptroller of the Currency (OCC), the 

Board of Governors of the Federal 

Reserve System (Board), and the Federal 

Deposit Insurance Corporation (FDIC), 

have finalized a rule that implements 

quantitative liquidity requirement 

consistent with the liquidity coverage 

ratio standard established by the Basel 

Committee on Banking Supervision. The 

requirement is designed to promote 

short-term resilience of the liquidity risk 

profile of internationally active banking 

organizations thereby improving the 

banking sectors ability to absorb shocks 

arising from financial and economic 

stress as well as improvements in the 

measurement of liquidity risk. The rule 

applies to all internationally active 

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76852 Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Unified Agenda 

banking organizations generally bank 

holding companies certain savings and 

loan holding companies and depository 

institutions with more than $250 billion 

in total assets or more than $10 billion 

in on-balance sheet foreign exposure 

and to their consolidated subsidiary 

depository institutions with $10 billion 

or more in total consolidated assets. The 

rule will become effective January 1, 

2015. The Board also finalized on its 

own a modified liquidity coverage ratio 

standard that is less stringent than the 

full LCR by reducing net outflows by 

30%. The modified LCR applies to bank 

holding companies and certain savings 

and loan holding companies that have 

$50 billion or more in consolidated 

assets but do not meet the threshold 

described above. The modified LCR 

becomes effective January 1, 2016. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comment.

11/29/13 78 FR 71818 

Board Expects 

Further Action.

11/00/14 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Anna Lee Hewko, 

Deputy Associate Director, Federal 

Reserve System, Division of Banking 

Supervision and Regulation, Phone: 202 

530–6260, 

David Emmel, Manager, Federal 

Reserve System, Banking Supervision 

and Regulation, Phone: 202 912–4612. 

April C. Snyder, Senior Counsel, 

Federal Reserve System, Legal Division, 

Phone: 202 452–3099. 

RIN: 7100–AE03 

FEDERAL RESERVE SYSTEM (FRS) 

Completed Actions 

549. Regulation KK—Margin and 

Capital Requirements for Covered 

Swap Entities (Docket No: R–1415) 

Legal Authority: 7 U.S.C. 6s; 15 U.S.C. 

780–10 

Abstract: The Office of the 

Comptroller of the Currency, the Federal 

Reserve Board, the Federal Deposit 

Insurance Corporation, the Farm Credit 

Administration, and the Federal 

Housing Finance Agency (the Agencies) 

are requesting comment on a proposal to 

establish minimum margin and capital 

requirements for registered swap 

dealers, major swap participants, 

security-based swap dealers, and major 

security-based swap participants for 

which one of the Agencies is the 

prudential regulator. This proposed rule 

implements sections 731 and 764 of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act, which require 

the Agencies to adopt rules jointly to 

establish capital requirements and 

initial and variation margin 

requirements for such entities on all 

non-cleared swaps and non-cleared 

security-based swaps in order to offset 

the greater risk to such entities and the 

financial system arising from the use of 

swaps and security-based swaps that are 

not cleared. 

On September 3, 2014, the Board 

voted unanimously to propose a rule 

that builds on the one originally 

released by the Agencies in 2011. The 

proposed rule includes some 

modifications that were made in light of 

comments received. The Agencies 

requested comments on the proposed 

rule no later than 60 days after the date 

of its publication in the Federal 

Register. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comment.

04/12/11 76 FR 27564 

Comment Period 

End.

07/11/11 76 FR 37029 

Board Reopened 

Comment Period.

10/02/12 77 FR 60057 

Adopted Final 

Rule.

09/24/14 79 FR 57348 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Victoria Szybillo, 

Counsel, Federal Reserve System, Legal 

Division, Phone: 202 475–6325. 

Stephanie Martin, Associate General 

Counsel, Federal Reserve System, Legal 

Division, Phone: 202 452–3198. 

Anna Harrington, Senior Attorney, 

Federal Reserve System, Legal Division, 

Phone: 202 452–6406. 

RIN: 7100–AD74 

550. Regulations H and Q—Regulatory 

Capital Rules (Docket No: R–1460) 

Legal Authority: 12 U.S.C. 1344(b); 12 

U.S.C. 329; 12 U.S.C. 3907; 12 U.S.C. 

3909; . . . 

Abstract: The Office of the 

Comptroller of the Currency (OCC), the 

Board of Governors of the Federal 

Reserve System (Board), and the Federal 

Deposit Insurance Corporation (FDIC) 

(collectively, the Agencies), are seeking 

comment on a proposal that would 

strengthen the agencies’ leverage ratio 

standards for large, interconnected U.S. 

banking organizations. The proposal 

would apply to any U.S. top-tier bank 

holding company (BHC) with at least 

$700 billion in total consolidated assets 

or at least $10 trillion in assets under 

custody (covered BHC) and any insured 

depository institution (IDI) subsidiary of 

these BHCs. In the revised capital 

approaches adopted by the agencies in 

July, 2013 (2013 revised capital 

approaches), the agencies established a 

minimum supplementary leverage ratio 

of 3 percent (supplementary leverage 

ratio), consistent with the minimum 

leverage ratio adopted by the Basel 

Committee on Banking Supervision 

(BCBS), for banking organizations 

subject to the advanced approaches riskbased capital rules. In this notice of 

proposed rulemaking (proposal or 

proposed rule), the agencies are 

proposing to establish a ‘‘well 

capitalized’’ threshold of 6 percent for 

the supplementary leverage ratio for any 

IDI that is a subsidiary of a covered 

BHC, under the agencies’ prompt 

corrective action (PCA) framework. The 

Board also proposes to establish a new 

leverage buffer for covered BHCs above 

the minimum supplementary leverage 

ratio requirement of 3 percent (leverage 

buffer). The leverage buffer would 

function like the capital conservation 

buffer for the risk-based capital ratios in 

the 2013 revised capital approaches. A 

covered BHC that maintains a leverage 

buffer of tier 1 capital in an amount 

great than 2 percent of its total leverage 

exposure would not be subject to 

limitations on distributions and 

discretionary bonus payments. The 

proposal would take effect beginning on 

January 1, 2018. The agencies seek 

comment on all aspects of this proposal. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comment.

08/20/13 78 FR 51101 

Board Adopted 

Final Rule.

05/01/14 79 FR 24528 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Benjamin 

McDonough, Senior Counsel, Federal 

Reserve System, Legal Division, Phone: 

202 452–2036. 

April C. Snyder, Senior Counsel, 

Federal Reserve System, Legal Division, 

Phone: 202 452–3099. 

RIN: 7100–AD99 

551. Regulation P—Privacy of 

Consumer Information (Docket No: R– 

1483) 

Legal Authority: 12 U.S.C. 5581 

Abstract: The Board of Governors of 

the Federal Reserve System (Board) 

repealed its Regulation P, 12 CFR part 

216, which was issued to implement 

section 504 of the Gramm-Leach-Bliley 

Act (GLB Act). Title X of the Doddmstockstill on DSK4VPTVN1PROD with PROPOSALS6

Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Unified Agenda 76853 

Frank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act) 

transferred rulemaking authority for a 

number of consumer financial 

protection laws from the Board, and six 

other Federal agencies, to the Bureau of 

Consumer Financial Protection 

(Bureau), including rulemaking 

authority for the provisions in Subtitle 

A of Title V of the GLB Act that were 

implemented in the Board’s Regulation 

P. In December 2011, the Bureau 

published an interim final rule 

establishing its own Regulation P to 

implement these provisions of the GLB 

Act (Bureau Interim Final Rule). The 

Bureau’s Regulation P covers those 

entities previously subject to the Board’s 

Regulation P. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comments.

02/14/14 79 FR 8904 

Action Date FR Cite 

Board Issued 

Final Rule.

05/29/14 79 FR 30708 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Vivian W. Wong, 

Counsel, Federal Reserve System, 

Consumer & Community Affairs 

Division, Phone: 202 452–3667. 

RIN: 7100–AE13 

552. Regulation V—Fair Credit 

Reporting (Docket No: R–1484) 

Legal Authority: 12 U.S.C. 1681(m) 

Abstract: The Board of Governors of 

the Federal Reserve System amended its 

Identity Theft Red Flags rule, which 

implements section 615(e) of the Fair 

Credit Reporting Act (FCRA). The Red 

Flag Program Clarification Act of 2010 

(Clarification Act) added a definition of 

‘‘creditor’’ in FCRA section 615(e) that 

is specific to section 615(e). 

Accordingly, the final rule amended the 

definition of ‘‘creditor’’ in the Identity 

Theft Red Flags rule to reflect the 

definition of that term as added by the 

statute. The final rule also updated a 

cross-reference in the Identity Theft Red 

Flags rule to reflect a statutory change 

in rulemaking authority. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comments.

02/20/14 79 FR 9645 

Board Issued 

Final Rule.

05/29/14 79 FR 30709 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Mandie Aubrey, 

Counsel, Federal Reserve System, 

Division of Consumer and Community 

Affairs, Phone: 202 973–7315. 

RIN: 7100–AE14 

[FR Doc. 2014–28990 Filed 12–19–14; 8:45 am] 

BILLING CODE 6210–01–P 

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Vol. 79 Monday, 

No. 245 December 22, 2014 

Part XXIV 

Nuclear Regulatory Commission 

Semiannual Regulatory Agenda 

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