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Federal R eserve Bank OF DALLAS ROBERT D. M c T E E R , J R . DA LLA S, TE X A S p r e s id e n t AND C H IE F E X E C U T IV E O F F IC E R November "2 1 Q Q C 3, 1995 7 5 2 6 5 -5 9 0 6 Notice 95-104 TO: The Chief Executive Officer of each member bank and others concerned in the Eleventh Federal Reserve District SUBJECT Schedule for Review of Major Regulations, Policy Statements, and Other Regulatory Guidance DETAILS The Board of Governors of the Federal Reserve System has issued a schedule for review of its major regulations, policy statements, and other regulatory guidance. The timetable should enable interested parties to comment meaningfully at various points in the review process, including providing suggestions for the development of regulatory proposals. Also listed are several major regulatory reviews currently under way—Regulation T (Credit by Brokers and Dealers); Regulation E (Electronic Funds Transfer); Regulation M (Consumer Leasing); and Regulation K, Subpart A (Interna tional Banking Operations). ATTACHMENT A copy of the Board’s notice as it appears on pages 53546-48, Vol. 60, No. 199, of the Federal Register dated October 16, 1995, is attached. MORE INFORMATION For more information, please contact W. Arthur Tribble at (214) 922-6226 or the Legal Department at (214) 922-5101. For additional copies of this Bank’s notice, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, Fo r additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333 -4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 53546 Federal Register / Vol. 60, No. 199 / Monday, October 16, 1995 / Proposed Rules FEDERAL RESERVE SYSTEM 12 CFR Chapter II [Docket No. R-0898] Section 303 Regulatory Review Timetable AGENCY: Board of Governors of the Federal Reserve System. ACTION: Schedule for review of regulations. SUMMARY: The Board of Governors of the Federal Reserve System (the Board) is publishing a schedule for review of its major regulations, policy statements, and other regulatory guidance pursuant to the requirem ents of section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994 (Section 303). The timetable should enable interested parties to comment meaningfully at various points in the review process, including providing suggestions for the development of regulatory proposals for comment. Any com ments received w ill be considered during the course of the individual reviews listed below. Several m ajor regulatory reviews are currently pending before the Board, and these also are set forth in the notice. The Board has already undertaken various measures since the passage of Section 303 to fulfill its mandate to streamline and improve the Board’s regulations and policies, as w ell as to work jointly with the other Federal bariking agencies to make uniform regulations'and guidelines implementing common statutory and supervisory policies. DATES: Comments may be submitted until further notice. ADDRESSES: Comments should refer to Docket No. R -0 8 9 8 , and may be m ailed to W illiam W. W iles, Secretary, Board of Governors of the Federal Reserve System, 20th and C Streets, N.W., W ashington, D.C. 20551. Comments also may be delivered to Room B -2 2 2 2 of the E ccles Building between 8:45 a.m. and 5:15 p.m. weekdays, or to the guard station in tne Eccles Building courtyard on 20th Street, N.W. (between Constitution Avenue and C Street) at any time. Comments received w ill be available for inspection in Room M P 500 of the Martin Building betw een 9:00 a.m. and 5:00 p.m. weekdays, except as provided in 12 CFR 261.8 of the Board’s Federal Register / Vol. 60, No. 199 / Monday, October 16, 1995 / Proposed Rules rules regarding the availability of information. duplicative requirem ents. The second aspect requires that the Board work jointly with the other banking agencies FOR FURTHER INFORMATION CONTACT: Thom as A. Durkin, Regulatory Planning to render uniform regulations and guidelines im plem enting common and Review Director, Office of the statutory and supervisory policies. Secretary (2 0 2 /4 5 2 -3 2 3 6 ); Stephen M. Finally, the Board and the other banking Lovette, Manager, Policy agencies must report to the Congress, by Im plem entation Section, Division of Septem ber 2 3 ,1 9 9 6 , on the progress Banking Supervision and Regulation they have made under Section 303. (2 0 2 /4 5 2 -3 6 2 2 ); Jane Ahrens, Senior The Board has placed a high priority Attorney, Division of Consumer and on, and w ill devote considerable Community Affairs (2 0 2 /4 5 2 -3 6 6 7 ); or resources to, fulfillm ent of section 3 0 3 ’s M ichael J. O ’Rourke, Senior Attorney, mandate. To that end, the Board has Legal Division (2 0 2 /4 5 2 -3 2 8 8 ); for the hearing impaired only, contact Dorothea assem bled a staff team for each of its Thom pson, Telecom m unications Device regulations and guidelines for purposes of its internal reviews for streamlining for the Deaf (TDD) (2 0 2 /4 5 2 -3 5 4 4 ), and efficiency purposes, and those Board o f Governors of the Federal teams have com m enced their reviews. Reserve System , 20th Street and Constitution Avenue, NW., W ashington, In that regard, m ajor reviews of several Board regulations Eire already in process. DC 20551. These include, among others, SU PPLEM EN T A R Y INFORMATION: Regulation T (securities credit); Regulation E (electronic funds Background transfers); Regulation M (consumer Section 303(a)(1) of the Riegle leasing); and Regulation K, Subpart A Community Development and (investm ents by foreign banking Regulatory Improvement Act of 1994 organizations in U.S. subsidiaries). requires that each Federal banking In addition, the Board proposes to agency shall, consistent w ith the undertake com prehensive reviews of principles of safety and soundness, several additional m ajor regulations statutory law and policy, and the public w ithin the next two years. These interest: include: Regulation H (membership in (1) Conduct a review of the regulations and the Federal Reserve System ); Regulation written policies of that agency to— K, generally (international banking (A) Streamline and modify those operations); and Regulation Y (bank regulations and policies in order to improve holding com panies and change in bank efficiency, reduce unnecessary costs, and control). O ther reviews of general eliminate unwarranted constraints on credit interest are listed on the schedule of availability; Board regulatory reviews appearing (B) Remove inconsistencies and outmoded below. and duplicative requirements; and The Board has already taken several (C) With respect to regulations prescribed steps to ease regulatory burden on the pursuant to section 18(o) of the Federal banking industry and the public since Deposit Insurance Act [real estate lending standards], consider the impact that such the inception of Section 303. In that standards have on the availability of credit regard, the Board has: for small business, residential, and agricultural purposes, and on low- and moderate-income communities; [?.) Work jointly with the other Federal banking agencies to make uniform all regulations and guidelines implementing comm on statutory or supervisory policies; and (3) Submit a joint report to the Congress at the end of such 2-year period [September 23, 1996] detailing the progress of the agencies in carrying out [these provisions], 12 U.S.C. 4803(a)(1) There are several aspects to section 3 0 3 's regulatory review mandate. The first com prises an internal review of the Board’s own regulations and written policies for purposes of streamlining, improving efficiency, reducing unnecessary costs, and removing inconsistencies and outmoded/ (1) Simplified and expedited procedures under Regulation Y for applications and notices; (2) Eased anti-tying restrictions to allow beneficial discount arrangements for bank products; (3) Elim inated an entire class of non control determinations under section 2(g)(3) of the Bank Holding Company Act; (4) Eased branching interpretations regarding loan production offices; and (5) Revised the Community Reinvestment Act regulations to emphasize performance, promote consistency in evaluations, and eliminate unnecessary burden. In all, the Board has undertaken over 20 separate measures since the passage of section 303 to reduce burden and sim plify its regulations, written policies, and procedures. In addition, the Board has several proposals out for comment 53547 w hich w ill further these efforts, including a recent proposal to expand the general consent authority under Regulation K regarding certain foreign investm ents by U.S. banking organizations. The Board views section 303 as an opportunity to continue these efforts on a com prehensive internal and interagency basis. In conn ection w ith section 303, the Board contem plates a com prehensive review o f all of its regulations and written policies, including policy statements, Board interpretations, m iscellaneous m aterials in the Federal Reserve Regulatory Service (F.R.R.S.), Supervisory (SR) Letters, and the like. For exam ple, Board staff will review w ell over 500 SR Letters, a substantial number of w hich can be elim inated as obsolete and the rem ainder streamlined, updated and com bined. For some of these item s, such as the Board’s regulations and policy statements, the Board intends to seek public comment during the course of their individual reviews. To this end, the Board is publishing below a schedule of the m ajor regulatory reviews over the next several years. All of the Board’s regulations, policy statements and other regulatory guidance w ill be reviewed, and additional individual item s will be put out for public comment. It is hoped that, by providing this schedule, com m enters w ill have the ability to address significant regulatory issues in an orderly and focused fashion, including providing suggestions regarding regulatory proposals for com ment. For individual items on w hich the Board may determ ine not to seek public comment, such as reviews of adm inistrative SR Letters or inform al staff interpretations, the Board proposes to conduct an internal assessm ent to identify guidance that may be inconsistent with, or rendered obsolete by, the Board’s current policies, and update or delete them as appropriate. Information about any and all Board 303 reviews may be obtained from the Board staff members listed in this notice. Interested parties have already submitted some com m ents to the Board regarding its regulations, interpretations and procedures under the impetus of Section 303, and the Board will carefully consider these com ments in the course of the appropriate individual reviews. The Board continues to welcom e com m ents prompted by Section 303. 53548 Federal Register / Vol. 60, No. 199 / Monday, October 16, 1995 / Proposed Rules F e d e r a l R e s e r v e B o a r d T e n t a t iv e S c h e d u l e Regulation/policy statement/ other regulatory guidance Reg. E, 12 CFR Part 205 .. Reg. H, 12 CFR 208.23 .... Reg. K, 12 CFR 211.5, 211.22, 211.__. Reg. U, 12 CFR Part 221 .. Reg. D, 12 CFR Part 204 . Reg. G, 12 CFR Part 207 . Reg. O, 12 CFR Part 215 . Reg. R, 12 CFR Part 218 . 4 F.R.R.S. 9-1000 ............ Reg. L, 12 CFR Part 212 . Reg. AA, 12 CFR Part 227 Reg. Y, 12 CFR Part 225, All Provisions. Reg. X, 12 CFR Part 224 .. Reg. CC, 12 CFR Part 229 SR Letters (126) ................ Reg. H, 12 CFR Part 208, All Provisions. Reg. H, Reg. Y, Apperv dices Reg. K, 12 CFR Part 211, All Provisions. Reg. B, 12 CFR Part 202 . Reg. C, 12 CFR Part 203 . SR Letters (117) ................ Reg. Z, 12 CFR Part 226 ... SR Letters (62) .................... Reg. D D, 12 CFR Part 230 of S e l e c t e d R e g u l a t o r y R e v ie w s U n d e r S e c t io n 3 0 3 Description Target review dates1 Electronic Fund Transfers (stored value cards, home banking, etc.) .......................................... Loans in Areas Having Special Flood Hazards .............................................................................. International Banking Operations: Representative Office Rules; General Consent Authority; Management of Shell Branches; Subpart B Interstate/Bank Merger Rules. Credit by Banks for the Purpose of Purchasing or Carrying Margin S to ck ................................. Reserve Requirements of Depository Institutions............... .......................... ................................ Securities Credit by Persons Other Than Banks, Brokers, or Dealers ....................................... Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks ........... Relationships-with Dealers in Securities Under Section 32 of the Banking Act of 1933 .......... Payments System Risk Policy....................................................................................................... .... Management Official Interlocks ......................................................................................................... Unfair or Deceptive Acts or Practices .............................................................................................. Bank Holding Companies and Change in Bank Control................................................................ 2nd Half 1995. 2nd Half 1995. 2nd Half 1995. Borrowers of Securities Credit ...................................................................................... Availability of Funds and Collection of C hecks........................................................... SR Letters on Securities Activities and SR Letters That Are Potentially Obsolete Membership of State Banking Institutions in the Federal Reserve System ........... 1st Half 1996. 1st Half 1996. 1st Half 1996. 2nd Half 1996. Capital Adequacy Guidelines 2nd Half 1996. International Banking Operations (Overall Comprehensive Review) 2nd Half 1996. 2nd Half 1995. 1st Half 1996. 1st Half 1996. 1st Half 1996. 1st Half 1996. 1st Half 1996. 1st Half 1996. 1st Half 1996. 1st Half 1996. Equal Credit Opportunity .................................................................................................................... 2nd Half 1996. Home Mortgage Disclosure................................................................................................................ 2nd Half 1996. SR Letters on Foreign Supervision, Foreign and Domestic Applications Processing, Enforce 2nd Half 1996. ment Activities, Trust Activities, Real Estate Lending Standards, Appraisal Standards, and Accounting Issues. Truth in Lending .................................................................................................................................. 1st Half 1997. SR Letters on Supervisory Examinations and Prompt Corrective Action.................................... 1st Half 1997. Truth in Savings ...:.............................................................................................................................. 2nd Half 1998. 1 Target Review Dates: Generally, target range to seek public comment. A review of the Board’s SR Letters is currently in process and the tar get ranges for SR Letters reflect those times by which staff expects to complete the reviews. By order of the Board of Governors of the Federal Reserve System, October 1 0 ,1 9 9 5 . W illia m W . W ile s , Secretary of the Board. [FR Doc. 9 5 -2 5 4 0 3 Filed 1 0 - 1 3 -9 5 ; 8:45 am] BILLING CODE 6210-01-P
