Vol. 82 Thursday, 

No. 163 August 24, 2017 

Part XXVI 

Federal Reserve System 

Semiannual Regulatory Agenda 

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40444 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / 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 June 1, 2017, through October 31, 

2017. The next agenda will be published 

in fall 2017. 

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 spring 2017 agenda as 

part of the Spring 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 

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 6 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 and which the 

Board has not completed. 

Yao-Chin Chao, 

Assistant Secretary of the Board. 

FEDERAL RESERVE SYSTEM—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

375 .................... 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. 

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

(Docket No: R–1429).

7100–AD80 

FEDERAL RESERVE SYSTEM (FRS) 

Proposed Rule Stage 

375. 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 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 

Board Requested 

Comment on 

Revised Proposal.

02/04/14 79 FR 6673 

Board Expects 

Further Action 

on Subpart C.

06/00/17 

Action Date FR Cite 

Board Expects 

Further Action 

on Subpart B.

06/00/17 

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 

FEDERAL RESERVE SYSTEM (FRS) 

Final Rule Stage 

376. 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 

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Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda 40445 

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.

12/00/17 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: C. Tate Wilson, 

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 

[FR Doc. 2017–17013 Filed 8–23–17; 8:45 am] 

BILLING CODE 6210–01–P 

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