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$T~I0523
FEDERAL RESERVE SYSTEM
Semiannual Regulatory Flexibility Agenda
April 1, 1992 - October 1, 1992
BOARD OF GOVERNORS' SEMIANNUAL
REGULATORY FLEXIBILITY AGENDA
The Semiannual Regulatory Flexibility Agenda provides information on those regulatory matters that the
Board now has under consideration or anticipates considering over the next six months. It is divided into three
parts: (1) regulatory matters that the Board may consider for public comment during the next six months; (2) matters
that have been proposed and are under consideration; and (3) regulatory matters that the Board has completed or
is not expected to consider further.
The Agenda is published twice a year in the F ederal Register. Comments regarding any of the Agenda
items should be submitted directly to the Board of Governors.
Circulars Division
FEDERAL RESERVE BANK OF NEW YORK
March 1992
4/-/&5Z<3
FEDERAL RESERVE SYSTEM
12 CFR Chap. II
Notice of Semiannual Regulatory Flexibility Agenda
AGENCY:
Board of Governors of the Federal Reserve System.
ACTION:
Semiannual 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 from April 1 through October 1, 1992.
The next
Semiannual Agenda will be published in October 1992.
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 William W. Wiles,
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 April
1992 Agenda as part of the April 1992 Unified Agenda of Federal
Regulations, which is coordinated by the Office of Management and
Budget under Executive Order 12291.
Participation by the Board
in the Unified Agenda is on a voluntary basis.
The Board's Agenda is divided into three sections.
The
first, Proposed Rule Stage, reports on matters the Board may
consider for public comment during the next six months.
The
second section, Final Rule Stage, reports on matters that have
been proposed and are under Board consideration.
A third
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.
___ (signed) __Barbara
R. Lowrev________
Barbara R. Lowrey,
Associate Secretary of the Board.
-2 -
ftI-105&
Section 1
Proposed Rule Stage
-3 -
1.
TITLE:
Regulation: B - Equal Credit Opportunity
LEGAL AUTHORITY:
15 USC 1691b
CFR CITATION:
12 CFR 202
ABSTRACT:
Section 223 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 amended the Equal Credit Opportunity Act
(ECOA) to require that upon written request a creditor must
provide a credit applicant with a copy of the appraisal report
used in connection with an application for a loan secured by a
lien on residential real property. In addition, the enforcement
provisions of the ECOA are amended to require the federal
financial supervisory agencies responsible for enforcing the ECOA
to refer certain matters involving credit discrimination to the
Department of Justice or the Department of Housing and Urban
Development.
In May 1992 the Board is expected to consider issuing for public
comment proposed revisions to Regulation B that would implement
the ECOA amendments. The proposal is not expected to have a
substantial economic impact on small banks.
TIMETABLE:
ACTION
Board is expected to consider
publishing a proposal by
DATE
05/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Adrienne D. Hurt
Senior Attorney
Division of Consumer and Community Affairs
202 452-2412
-4 -
FR CITE
frl-lObl,3
• 2.
TITLE:
Regulation: C - Home Mortgage Disclosure
LEGAL AUTHORITY:
12 USC 2804
12 USC 2808
CFR CITATION:
12 CFR 203
ABSTRACT:
Section 224 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 changes the exemption provisions in
section 309 of the Home Mortgage Disclosure Act. Section 224
eliminates the current exemption for nondepository mortgage
lenders with assets less than $10 million; and directs the Board,
in consultation with the U.S. Department of Housing and Urban
Development, to instead exempt nondepository mortgage lenders
that are "comparable within their respective industries" to
depository institutions that are exempt. It is expected that the
Board will consider issuing for public comment proposed revisions
to Regulation C within the next three months.
Depending upon the criteria used in the proposed new exemption,
the revisions may have an impact on small institutions. Some
nondepository mortgage lenders with assets under $10 million that
now are exempt are likely to be covered by Regulation C under the
proposed exemption rules, but the number and size of such lenders
are not presently known.
TIMETABLE:
ACTION
Board is expected to consider
requesting comment by
DATE
05/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
John C. Wood
Senior Attorney
Division of Consumer and Community Affairs
202 452-2412
-5-
FR CITE
3.
TITLES
Regulation: E - Electronic Fund Transfers
LEGAL AUTHORITY:
15 USC 1693 et seq "Electronic Fund Transfer Act"
CFR CITATIONS
12 CFR 205
ABSTRACT:
The Board is conducting a review of Regulation E, which
implements the Electronic Fund Transfer Act, and establishes the
basic rights, liabilities, and responsibilities of consumers who
use electronic fund transfer services and of financial
institutions that offer these services (whether or not these
institutions hold the consumer's account). The review will
consider whether any provisions of the regulation are in need of
updating, whether any substantive changes are necessary because
of technological and other developments, and whether special
rules to govern the electronic delivery of government benefits to
recipients should be proposed. The Board will also consider
whether to make any legislative recommendations for statutory
changes.
Public comment will be requested on any regulatory proposals that
may be developed following the review. It is not anticipated that
the revisions would have a significant economic impact on a
substantial number of small banks.
TIMETABLE:
ACTION
Board may consider revisions to
Regulation E
DATE
05/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Dolores S. Smith
Assistant Director
Division of Consumer and Community Affairs
202 452-2412
RIN: 7100-AA77
-6-
FR CITE
Ai -1052c3
TITLE:
Regulation: H - Membership of State Banking Institutions in the
Federal Reserve System
LEGAL AUTHORITY:
12 USC 18310
CFR CITATION:
12 CFR 208
ABSTRACT:
Section 131 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 requires the federal banking agencies to
take prompt regulatory action regarding banks based on the
capital level of the bank. The statute requires the Board to
promulgate rules implementing this section as it is to be applied
to state member banks. These rules will apply to banks of all
sizes, including small banks that have capital levels below the
Board's minimum capital adequacy guidelines. The Board is
expected to consider requesting public comment within the next
two months.
TIMETABLE:
ACTION
Board is expected to request
public comment
DATE
04/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Scott G. Alvarez
Associate General Counsel
Legal Division
202 452-3583
FR CITE
5.
TITLES
Regulation: H - Membership of State Banking Institutions in, the
Federal Reserve System; and Regulations Y - Bank Holding
Companies and Change in Bank Control
LEGAL AUTHORITY:
12 USC 1831m
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
During 1992, staff will consult with the other federal banking
agencies regarding the implementation of Section 112, the bank
auditing requirements, of the Federal Deposit Insurance
Corporation Improvement Act of 1991. This includes requirements
for insured commercial banks to receive audits of their annual
reports by independent public accountants, requirements for banks
and their auditors to report certain information to the Board,
and requirements for independent audit committees for banks. In
some cases, these requirements can be satisfied by comparable
arrangements at the bank holding company level.
Within the next four months the Board will consider requesting
public comment on proposed regulations. The Act generally exempts
insured depository institutions from these requirements when
their total assets are less than $150 million.
TIMETABLE:
ACTION
Board may consider amendments to
Regulations H and Y by
DATE
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Rhoger H. Pugh
Manager
Division of Banking Supervision and Regulation
202 728-5883
-8-
FR CITE
•
mcsz3
6.
TITLE:
Regulation: H - Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: Y - Bank Holding
Companies and Chauige in Bank Control
LEGAL AUTHORITY:
12 USC 1831n
12 USC 1833d
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
During 1992, the staff will consult with the other federal
banking agencies regarding the implementation of Section 121, the
bank accounting requirements, of the Federal Deposit Insurance
Corporation Improvement Act of 1991. These requirements include
the implementation of disclosures of the fair market value of
assets and liabilities and certain projects, which may result in
the revision of reporting requirements for banks and bank holding
companies. The accounting provisions of the Act do not include
exemptions for small institutions. Thus, any changes to
regulations and reporting requirements would likely affect
smaller state member banks.
The Board is expected to consider requesting public comment on
any proposed regulations within the next four months.
TIMETABLE:
ACTION
Board may consider amendments to
Regulations H and Y by
DATE
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Rhoger H. Pugh
Manager
Division of Banking Supervision and Regulation
202 728-5883
-9-
FR CITE
7.
TITLES
Regulation: K - International Banking Operations
LEGAL AUTHORITY:
12 USC 3105
12 USC 3108
CFR CITATIONS
12 CFR 211
ABSTRACT:
Sections 202-204 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA) amend the International Banking
Act of 1978 to provide for the prior approval of the Board for
the establishment of branches, agencies, and representative
offices by foreign banks in the United States. It is expected
that the Board will consider issuing for comment by April 1992
amendments to Regulation K to implement these provisions. It is
not expected that the proposals will have a significant economic
impact on small institutions.
The Board will also consider, within the next four months, what
action to take to implement section 214(a) of FDICIA with respect
to U.S. deposit-taking activities of foreign banks. It is
undetermined what economic impact proposals in this area would
have on small institutions.
TIMETABLE:
ACTION
Board will consider issuing
proposals to implement
Sections 202-204 by
Board will consider action on
Section 214(a) by
DATE
04/00/92
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Undetermined
AGENCY CONTACT:
Kathleen O'Day
Assistant General Counsel
Legal Division
202 452-3786
-10-
FR CITE
fsr 10523
•
« .
TITLE:
Regulation: T - Credit by Brokers and Dealers
LEGAL
15
15
15
AUTHORITY:
USC 78g "Securities
USC 78h "Securities
USC 78w "Securities
Exchange Act of 1934, as amended"
Exchange Act of 1934, as amended"
Exchange Act of 1934, as amended"
CFR CITATION:
12 CFR 220
ABSTRACT:
The Board is conducting a review of Regulation T, which regulates
extensions of credit by and to brokers and dealers. The review
will consider whether any provisions of the regulation are in
need of updating and whether any substantive changes are
necessary because of developments in the securities markets,
including the development of new products and services.
Public comment will be requested on any regulatory proposals that
may be developed following the review. It is not anticipated that
the revisions will have a significant economic impact on the
overall lending activities of a substantial number of small
brokerage firms.
TIMETABLE:
ACTION
Board may consider revisions to
Regulation T
DATE
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Laura Homer
Securities Credit Officer
Division of Banking Supervision and Regulation
202 452-2781
-11-
FR CITE
9.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
LEGAL AUTHORITY:
12 USC 1834a
12 USC 1834b
CFR CITATION:
12 CFR 225
ABSTRACT:
Sections 233 and 234 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 require the Board and other regulatory
agencies to become involved in an effort to get banks to
participate in certain types of lending activities in designated
distressed communities. Banks that do the appropriate type of
lending in the appropriate "distressed communities" will receive
assessment credits for their FDIC insurance premiums. The lav
requires the Board to receive notice of the banks7 intent to
involve themselves in these activities, to assist the baulks to
define and locate the appropriate communities, and to define
certain terms by regulation. To accomplish the mandates of the
statute, it may be necessary to amend Regulation Y for purposes
of receiving notice of the banks7 and holding companies7 intent
to form the types of entities discussed in the lav and to do the
type of lending intended by the lav. It may also be necessary to
amend the regulation to provide the definitions of "nonprofit
organization" and "small business" called for by the statute. It
is not expected that any proposed regulation vould have a
significant economic impact on small institutions.
These provisions only take effect if, and vhen, Congress
appropriates funds to cover the impact they may have on the Bank
Insurance Fund. Consequently, the timing is somevhat uncertain.
TIMETABLE:
ACTION
Date of action undetermined
DATE
00/00/00
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Glenn E. Loney
Assistant Director
Division of Consumer and Community Affairs
202 452-3585
-12-
FR CITE
#06523
10
.
TITLE:
Regulation: BB - Community Reinvestment
LEGAL AUTHORITY:
12 USC 2901 et seq
CFR CITATION:
12 CFR 228
ABSTRACT:
Section 402 of the Resolution Trust Corporation Refinancing,
Restructuring, and Improvement Act amends the Community
Reinvestment Act to specifically provide that an institution that
donates, sells on favorable terms, or provides rent free branch
facilities to women or minority owned institutions will receive
favorable consideration in its CRA assessment by the regulatory
agencies. Regulation BB currently contains a set of 12 assessment
factors used in evaluating an institution's performance under the
CRA. The Board will consider whether to amend those assessment
factors to specifically recognize this statutory mandate. It is
likely that this will be done jointly by the regulatory agencies,
probably under the auspices of the Federal Financial Institutions
Examination Council (FFIEC) within the next three months. It is
not expected that the proposal will have a significant economic
impact on a substantial number of small institutions.
TIMETABLE:
ACTION
Joint agency proposals for public
comment expected by
DATE
05/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Glenn E. Loney
Assistant Director
Division of Consumer and Community Affairs
202 452-3585
-1 3 -
FR CITE
11
.
TITLE:
Determinations Under FDICIA Netting Provisions
LEGAL AUTHORITY:
12 USC 4401 et seq
CFR CITATION:
00 CFR None
ABSTRACT:
Section 401 et seq of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA) contains provisions to validate ;
netting contracts between and among financial institutions for .v
the purpose of improving efficiency and reducing systemic risk in
the banking system and financial markets. The FDICIA defines
"financial institution" to include securities brokers or dealers,
depository institutions, futures commission merchants, and any
other institution as determined by the Board, such as
broker-dealer affiliates that engage in netting.
The Board expects to receive requests for "financial institution"
determinations and will likely seek public comment within the
next four months on the criteria under which such determinations
should be made. These determinations will affect small entities
only to the extent that they engage in netting activities and
request a Board determination that they are financial
institutions for purposes of the FDICIA netting provisions.
TIMETABLE:
ACTION
Board is expected to consider
requesting comment by
DATE
06/30/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Stephanie Martin
Senior Attorney
Legal Division
202 452-3198
-14-
FR CITE
fifl0523
12.
TITLE:
Interbank Liabilities
LEGAL AUTHORITY:
12 USC 37lb-2
CFR CITATION:
00 CFR None
ABSTRACT:
Section 308 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA), which adds a new section 23 to
the Federal Reserve Act, requires the Board to develop standards
to limit risks posed by an insured depository institution's
exposure (as defined in FDICIA) to the failure of a large
depository institution. It is expected that the Board will
consider seeking public comment during the next four months on
proposals in this area. Staff has not yet determined whether such
proposals would have a significant economic impact on small
depository institutions.
TIMETABLE:
ACTION
Board is expected to consider
requesting comment by
DATE
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Undetermined
AGENCY CONTACT:
Oliver Ireland
Associate General Counsel
Legal Division
202 452-3625
-15-
FR CITE
13.
TITLES
Lifeline Accounts
LEGAL AUTHORITY:
12 USC 1817
12 USC 1834
CFR CITATION:
00 CFR None
ABSTRACT:
Section 232 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 requires the Board with the FDIC to
establish minimum requirements for "lifeline" transaction
accounts. An insured depository institution that chooses to offer
accounts that meet these requirements will be assessed deposit
insurance premiums on those deposits at a rate of 1/2 the maximum
assessment rate. The Act sets forth factors that the Board and
the FDIC must consider in setting the account requirements, such
as whether the amount of the fee, if any, that is charged for
routine transactions does not exceed a minimal level.
Section 232 is not effective until the Congress appropriates funds
specifically for its implementation. Therefore, it cannot be
determined when the Board's and the FDIC's responsibility to
establish account requirements will arise.
It is not anticipated that implementation of the law, due to its
voluntary character, will have a significant impact on a
substantial number of small institutions.
TIMETABLE:
ACTION
Date for action undetermined;
action dependent upon
appropriations
DATE
00/00/00
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Michael S. Bylsma
Senior Attorney
Division of Consumer and Community Affairs
202 452-3667
-1 6 -
FR CITE
BTI0513
14.
TITLE:
Standards for Real Estate Lending
LEGAL AUTHORITY:
12 USC 371(a)
12 USC 1828(0)
CFR CITATION:
00 CFR None
ABSTRACT:
Section 304 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA) contains an amendment to the
Federal Deposit Insurance Act and a conforming amendment to the
Federal Reserve Act requiring the federal banking agencies to
adopt uniform regulations prescribing standards for real estate
lending. The FDICIA defines real estate lending as extensions of
credit secured by liens on interests in real estate or made for
the purpose of financing the construction of a building or other
improvements to real estate. The agencies may differentiate among
types of loans as may be required by federal statute, or as may
be warranted by risk to the deposit insurance fund, or by safety
and soundness considerations.
The agencies are directed in developing such standards not to
evaluate adversely investments or loans or consider a loan to be
nonperforming solely because the loan or investment is made in
' commercial, residential, or industrial property, unless such
investment or loan may affect the institution's safety and
soundness•
The provisions of the Act do not include exemptions for small
institutions. Thus, new regulations for real estate underwriting
standards would likely affect smaller state member banks. The
Board is expected to consider issuing a proposal for comment
within the next two months.
TIMETABLE:
ACTION
Board is expected to consider
requesting comment by
DATE
04/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes .
AGENCY CONTACT:
Fred Struble
Associate Director
Division of Banking Supervision and Regulation
202 452-3794
-1 7 -
FR CITE
15.
TITLE:
Truth in Savings
t
LEGAL AUTHORITY:
12 USC 4308
CFR CITATION:
12 CFR 230
ABSTRACT:
Sections 261-275 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (Truth in Savings Act) require depository
institutions to provide a schedule of terms, rates and fees for ,
deposit accounts offered by the institution. The lav also sets
forth rules for advertisements for deposit accounts. Within the
next two months, the Board will consider issuing for public
comment regulations to implement the Truth in Savings Act.
The regulations will apply to all depository institutions (both
large and small)• The impact on small institutions will depend
upon the extent of the disclosures and the options for compliance
offered by the regulations; it is expected that the regulations
will include model forms to ease compliance burdens on the
institutions somewhat.
TIMETABLE:
ACTION
Board is expected to request
comment by
Board is expected to issue final
regulation by
DATE
04/00/92
09/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Leonard Chanin
Senior Attorney
Division of Consumer and Community Affairs
202-452-3667
-18-
FR CITE.
M 1D5Z3
Section 2
Final Rule Stage
-19-
16.
TITLE:
Regulation: D - Reserve Requirements of Depository Institutions
(Docket Number: R-0729)
LEGAL AUTHORITY:
12 USC 465
GFR CITATION:
12 CFR 204
ABSTRACT:
In April 1991, the Board published for comment several proposed
amendments to Regulation D, as well as a number of proposed
interpretations concerning reserve requirements (56 FR 15522,
April 17, 1991). The proposed amendments and interpretations are
intended primarily to close loopholes in reserve requirements on
transaction accounts, and concern the following types of
transactions or accounts: (1) teller's checks; (2) time deposit
open accounts; (3) certain sweep arrangements involving
transaction accounts and commingled time deposits; (4) multiple
or linked money market deposit accounts ("MMDAs"); (5) netting of
trust balances in commingled transaction accounts; and (6)
certain uses of ndue from" or "cash items in the process of
collection" deductions.
It is not expected that the proposals will have a significant
economic impact on a substantial number of small institutions.
Following review of the public comments, the Board is expected to
take further action within the next six months.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
04/17/91
10/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Oliver Ireland
Associate General Counsel
Legal Division
202 452-3625
RIN: 7100-AB25
-2 0 -
FR CITE
56 FR 15522
fiT-toszs
17.
TITLE:
Regulation: D -.Reserve Requirements of Depository Institutions
LEGAL AUTHORITY:
12 USC 465
CFR CITATION:
12 CFR 204
ABSTRACT:
On February 18, 1992, the Board approved issuing for public
comment proposed amendments to Regulation D concerning reserve
requirements (Federal Register cite unavailable). The proposed
amendments include a proposal to double the carryover allowance
for reserve balances to the larger of $50,000 or 4 percent of
required reserves plus required clearing balances. This will
provide institutions with more flexibility in managing reserves
from one maintenance period to another. An additional proposal
will shorten by two weeks the lag in counting vault cash toward
required reserves in order to reduce the decline in required
reserve balances early in the year.
It is not expected that the proposals will have a significant
economic impact on a substantial number of small institutions.
Following review of the public comments, the Board is expected to
take further action within the next six months.
TIMETABLE:
ACTION
Board approved requesting public
comment
Further Board action by
DATE
02/18/92
10/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Oliver Ireland
Associate General Counsel
Legal Division
202 452-3625
-21-
FR CITE
18.
TITLE:
Regulation: H - Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: Y - Bank Holding
Companies and Change in Bank Control (Docket Number: R-0711)
LEGAL AUTHORITY:
12 USC 3331 et seq
CFR CITATION:
12 CFR 225, Subpart G
ABSTRACT:
In November 1990, the Board issued for public comment a proposed
amendment to its real estate appraisal rule that would lower the
dollar amount of transactions below which a certified or licensed
appraiser would not be required (55 FR 49057, November 26, 1990).
Currently, this amount is $100,000; the Board sought comment on a
proposal to lower it to $50,000. This proposal would conform the
Board's real estate appraisal rule to those of the other federal
financial institutions regulatory agencies.
This change is expected to increase the costs of federally
related transactions having a transaction value between $50,000
and $100,000. These costs will either have to be absorbed by the
regulated institutions or be passed on to their customers.
Following review of the public comments and coordination with
other affected agencies, the Board is expected to take further
action on this proposal by year-end 1992.
TIMETABLE:
ACTION
Board requested comment
Further Board action expected by
DATE
11/26/90
12/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Michael O'Rourke
Senior Attorney
Legal Division
202 452-3288
RIN: 7100-AB20
-2 2 -
FR CITE
55 FR 49057
• ••
$r-l05Z3
19.
TITLE:
Regulation: H - Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: Y - Bank Holding
Companies and Change in Bank Control (Docket Number: R-0720)
LEGAL AUTHORITY:
12 USC 3331 et seq
CFR CITATION:
12 CFR 225, Subpart G
ABSTRACT:
In December 1990, the Board, along with the other federal
financial institutions regulatory agencies, issued an interim
common rule and request for public comment regarding those
applicable provisions of the Uniform Standards of Professional
Appraisal Practice ("USPAP") that are required to be incorporated
into each agency's real estate appraisal rules (55 FR 53609,
December 31, 1990). The provisions were published as an interim
rule because the agencies' existing appraisal regulations already
require compliance with the USPAP, as mandated by Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act of
1989.
The USPAP was undergoing revision when the agencies initially
promulgated their appraisal regulations. This proposal will
permit the agencies to consider and receive comment on the
revisions to USPAP. It is not expected that the proposal will
have a significant economic impact on a substantial number of
small entities. Following review of the public comments and
coordination with other affected agencies, the Board is expected
to take further action on this proposal by year-end 1992.
TIMETABLE:
ACTION
Board requested public comment
Further Board action expected by
DATE
12/31/90
12/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Michael O'Rourke
Senior Attorney
Legal Division
202 452-3288
RIN: 7100 AB27
-23-
FR CITE
55 FR 53609
•
20.
TITLE:
Regulation: H - Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: Y - Bank Holding
Companies and Change in Bank Control (Docket Number: R-0748)
LEGAL AUTHORITY:
PL 102-242, Sec 475 "Federal Deposit Insurance Corporation
Improvement Act of 1991"
CFR CITATION:
12 CFR 208, Appendix A
12 CFR 225, Appendix A
ABSTRACT:
On January 21, 1992, the Board approved issuing for public
comment proposed revisions to Regulation H, Appendix A and
Regulation Y, Appendix A that will provide guidance on the
regulatory capital treatment of identifiable intangible assets
for state member banks and bank holding companies (Federal
Register cite unavailable). The proposal, developed in
coordination with the FDIC, OCC, and OTS, would implement section
475 of the Federal Deposit Insurance Corporation Improvement Act
of 1991, which requires each federal baulking agency to determine
the capital treatment of purchased mortgage servicing rights. The
proposed revisions also are aimed at achieving uniformity in the
treatment of identifiable intangible assets among the federal
banking agencies.
x
It is not anticipated that the proposed revisions will have a
significant impact on a substantial number of small institutions,
the vast majority of which have few identifiable intangible
assets. Following review of the public comments, the Board is
expected to take further action within the next four months.
TIMETABLE:
ACTION
Board approved requesting comment
Further Board action by
DATE
01/21/92
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Norah Barger
Supervisory Financial Analyst
Division of Banking Supervision and Regulation
202 452-2402
-24-
FR CITE
$FlOSZ3
21.
TITLE:
Regulation: J - Collection of Checks and Other Items and Wire
Transfers of Funds by Federal Reserve Banks (Docket Number:
R-0722)
LEGAL
12
12
12
12
12
12
12
AUTHORITY:
USC 248(i)
USC 248 (j)
USC 248(0)
USC 342
USC 360
USC 464
USC 4008
CFR CITATION:
12 CFR 210
ABSTRACT:
In January 1991, the Board requested comment on a proposed
amendment to Regulation J to require paying banks that receive
presentment of checks from a Federal Reserve Bank to make the
proceeds of settlement for those checks available to the Reserve
Bank by as early as one hour after receipt of the checks
(56 FR 3047, January 28, 1991). This amendment would be necessary
to implement the proposed daylight overdraft measurement
procedure u n d e r the Board's payments system risk reduction
program. (See Docket Number: R-0721.)
It is not expected that this proposal would have a significant
economic impact on a substantial number of small entities because
small entities do not usually incur large daylight overdrafts,
and many small entities are exempt from filing for an overdraft
cap and would be exempt from pricing under the Board's proposed
pricing program.
Following review of the public comments, the Board is expected to
take further action within the next four months.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
01/28/91
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Stephanie Martin
Senior Attorney
Legal Division
202 452-3198
RIN: 7100-AB21
-25-
FR CITE
56 FR 3047
22.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
(Docket Number: R-0652)
LEGAL AUTHORITY:
12 USC 1843 "Bank Holding Company Act"
12 USC 1844(b) "Bank Holding Company Act"
CFR CITATION:
12 CFR 225
ABSTRACT:
A provision of Regulation Y permits a State bank subsidiary of a
bank holding company to engage through a nonbank subsidiary in
any activity that is permissible under State lav for the bank
subsidiary itself, subject to the same limits as if the bank
engages in the activity directly. (A similar rule applies to
national bank subsidiaries regarding activities permissible for
such banks under Federal lav.) The Board received comments on
this provision in connection vith its general request for
comments in May 1983 regarding the proposed revision of
Regulation Y. Some of the commenters challenged the Board's
authority to issue this provision, although it has been part of
Regulation Y since 1971. In taking final action on the revision
of Regulation Y, the Board deferred consideration of the comments
on this provision and alloved the existing rule to remain in
effect in the interim (49 FR 794, January 5, 1984).
In December 1988, the Board requested public comment regarding
vhether this rule, as it applies to nonbanking companies ovned by
state banks in a holding company system, continues to be valid
and appropriate in light of enactment of the Garn-St Germain Act
and certain recent court decisions (53 FR 48915, December 5,
1988) • The Board also held an informal public hearing on this
matter on April 7, 1989. The Board has not proposed revising its
current rule regarding subsidiaries of national banks in a
holding company.
A determination to reverse the Board's state bank rule could have
an adverse impact on small banks that are subsidiaries of holding
companies because they might be required to restructure their
nonbanking activities or to take other action.
The issue of the validity of the Board's state bank rule vas
recently raised in litigation involving the permissibility of
insurance activities of a nonbank subsidiary of Citicorp's
Delavare bank. In that case, the U.S. Court of Appeals for the
Second Circuit found that the Bank Holding Company Act does not
apply to nonbank companies ovned by holding company banks. The
U.S. Supreme Court subsequently declined to reviev an appeal on
this matter.
The Board has not determined vhat further action is appropriate.
-26-
fir 10513
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
(Docket Number: R-0652)
TIMETABLE:
ACTION
Board requested comments
Board allows existing rule to
remain in effect
Board requested comment
Further Board action to be
determined
DATE
05/25/83
01/05/84
FR CITE
48 FR 23520
49 FR 794
12/05/88
10/00/92
53 FR 48915
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Scott G. Alvarez
Associate General Counsel
Legal Division
202 452-3583
RIN: 7100-AA41
-2 7 -
23.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
(Docket Number: R-0664)
LEGAL AUTHORITY:
12 USC 1843(C)(8)
CFR CITATION:
12 CFR 225
ABSTRACT:
In December 1988, the Board requested public comment on an
application by a bank holding company to provide armored car
transportation services to non-affiliated customers and on
whether the proposed armored car activities may be deemed to be
closely related to banking and a proper incident thereto for
purposes of section 4(c)(8) of the Bank Holding Company Act (53
FR 50292, December 14, 1988).
The National Armored Car Association submitted comments in
opposition to the application and requested a hearing on whether
the proposal would meet section 4(c)(8) of the Bank Holding
Company Act. A formal, public hearing before a hearing officer
was held on June 16 and July 11, 1989, at the offices of the
Board in Washington, D.C. On January 23, 1990, the hearing
officer recommended that the application be denied, based on his
determination that the proposed armored car services were not
closely related to banking under section 4(c)(8). On June 18,
1990, the Board reversed this finding and remanded the case to v
the hearing officer for a recommended decision on whether the
proposed services were a "proper incident" to banking and whether
they constitute illegal branch banking.
After two days of additional hearings, the administrative law
judge filed a supplemental recommended decision, again
recommending denial of the application. The Board is expected to
take final action within the next two months.
The application, if approved, would permit a small bank holding
company that currently operates an armored car for internal
automatic teller machine servicing to utilize excess capacity in
the armored car to serve non-affiliated financial institutions
and other customers in the East Moline, Illinois, trading area,
an activity not currently permitted under 12 CFR 225.
TIMETABLE:
ACTION
Board issued proposal for comment
Board will review further
DATE
12/14/88
04/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Katherine H. Wheatley
Senior Attorney
Legal Division
202 452-3779
RIN: 7100-AB03
-28-
FR CITE
53 FR 50292
ffr/0523
24.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
(Docket Number: R-0686)
LEGAL AUTHORITY:
PL 101-73, 103 Stat 183
CFR CITATION:
12 CFR Part 225, Subpart H
ABSTRACT:
In February 1990, the Board approved issuing for public comment a
proposed regulation, which implements section 914 of the
Financial Institutions Reform, Recovery, and Enforcement Act of
1989, requiring banks and bank holding companies to provide
notice to the Federal Reserve System 30 days before adding any
individual to the institution's board of directors or employing
any individual as a senior executive officer under certain
circumstances (55 FR 6787, February 27, 1990). Notice would be
required if the institution is failing to meet minimum capital
standards or is otherwise in a troubled condition, has undergone
a change in control within the past two years, or has received a
bank charter within the past two years. The regulation defines
"senior executive officer," "troubled condition," and "change in
control."
The proposal is not expected to have a significant economic
impact on a substantial number of small business entities. State
member banks and bank holding companies will be affected if they
meet one of the criteria that triggers the notice requirements.
Following review of public comments, the Board is expected to
take further action within the next two months.
TIMETABLE:
ACTION
Board approved proposal for
comment
Further Board action by
DATE
02/27/90
04/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Scott G. Alvarez
Associate General Counsel
Legal Division
202 452-3583
RIN: 7100-AB07
-29-
FR CITE
55 FR 6787
25.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control*.
(Docket Number: R-0706)
LEGAL AUTHORITY:
12 USC 1843
12 USC 1844(b)
CFR CITATION:
12 CFR 225
ABSTRACT:
In September 1990, the Board issued for public comment a proposal
to add full service brokerage and financial advisory activities
to the laundry list in Regulation Y (55 FR 36282, September 5,
1990). The Board has previously determined by order that bank
holding companies may provide these activities.
Adoption of the proposal would not result in any significant
economic impact on bank holding companies, and would, in many
cases, shorten the regulatory review process for bank holding
companies that seek to engage in these activities. Following
review of public comments, the Board is expected to take further
action within the next six months.
TIMETABLE:
ACTION
Board issued proposal for comment
Further Board action by
DATE
09/05/90
10/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Scott Alvarez
Associate General Counsel
Legal Division
202-452-3583
RIN: 7100-AB09
-30-
FR CITE
55 FR 36282
0TJO523
26.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
(Docket Number: R-0694)
LEGAL AUTHORITY:
12 USC 1843(C)(8)
CFR CITATION:
12 CFR 225, Subpart C
ABSTRACT:
In May 1990, the Board approved issuing for comment a proposal to
amend the provision in Regulation Y governing leasing
transactions by bank holding companies to relax the limitation on
reliance on the residual value of leasing property (55 FR 22348,
June 1, 1990)*. The Board is proposing to raise the maximum
estimated residual value of leased personal property on which
bank holding companies may rely for their compensation in
recovering the full cost of leasing transactions from 20 percent
to up to 100 percent of the acquisition cost of the leased
property. Section 108 of the Competitive Equality Banking Act of
1987 granted similar authority to national banks subject to a
volume limitation. These higher residual value leasing
transactions by bank holding companies would also be subject to
certain volume limitations, and would remain subject to the
prudential limitations currently set forth in Regulation Y.
The proposal is not expected to have a significant economic
impact on a substantial number of small business entities.
Following review of public comments, the Board is expected to
take further action within the next six months.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
06/01/90
10/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Thomas M. Corsi
Senior Attorney
Legal Division
202 452-3275
RIN: 7100-AB12
-31-
FR CITE
55 FR 22348
1
27.
TITLE:
Regulation: Y - Bank Holding Companies and Change in Bank Control
(Docket Number: R-0698)
LEGAL AUTHORITY:
12 USC 1841 et seq
CFR CITATION:
12 CFR 225.125
ABSTRACT:
In June 1990, the Board approved issuing for comment a proposed
revision to a Board interpretation of the Glass-Steagall Act and
the Bank Holding Company Act that would permit bank holding
companies to broker and recommend shares of investment companies
that are advised by a bank holding company or its subsidiaries
(55 FR 25849, June 25, 1990). The revision would permit bank
holding companies the authority to perform greater services for
investment companies and brokerage customers. The proposal would
enable bank holding companies to enhance competition in the
brokerage industry by clarifying permissible activities for bank
holding companies.
The proposal is not expected to have a significant economic
impact on a substantial number of small business entities.
Following review of the public comments, the Board is expected to
take further action within the next six months.
TIMETABLE:
ACTION
DATE
Board approved proposal for comment 06/25/90
Further Board action by
10/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Thomas M. Corsi
Senior Attorney
Legal Division
202 452-3275
RIN: 7100-AB13
32-
FR CITE
55 FR 25849
4T/0623
28.
TITLE:
Regulation: Z -Tru t h in Lending (Docket Number: R-0743)
LEGAL AUTHORITY:
12 USC 1604 "Truth in Lending Act, as amended"
CFR CITATION:
12 CFR 226
ABSTRACT:
In July 1991, the U.S. Court of Appeals for the District of
Columbia issued a decision in Consumers Union v. Federal Reserve
Board. The Court remanded to the Board for further consideration
two issues dealing with disclosure of the discounted rate and
payment examples for a creditor's home equity line of credit.
Following the Court's decision, the Board, in December 1991,
issued for public comment revisions to Regulation Z relating to
home equity lines of credit (56 FR 67233, December 30, 1991). It
is not anticipated that any revisions will have a significant
impact on a substantial number of small institutions. Following
review of the public comments, the Board is expected to take
further action within the next five months.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
12/30/91
07/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Leonard Chanin
Senior Attorney
Division of Consumer and Community Affairs
202 452-3667
RIN: 7100-AB24
-33-
FR CITE
56 FR 67233
29.
TITLE:
Regulation: CC - Availability of Funds and Collection of Checks
(Docket Number: R-0723)
LEGAL AUTHORITY:
12 USC 4008
CFR CITATION:
12 CFR 229
ABSTRACT:
In February 1991, the Board published for comment a proposed
amendment to Regulation CC to require paying banks to provide
same-day settlement for checks presented by 8:00 a.m. local time
at specified locations (56 FR 4743, February 6, 1991). The
proposal would eliminate presentment fees for these checks and
thereby facilitate their collection, consistent with the
provisions of the Expedited Funds Availability Act.
As a secondary effect of the proposal, small banks may experience
increased check collection fees, over the long run, as volume
shifts from the Federal Reserve to the private sector. However,
because the primary purpose of the proposal is to increase the
efficiency of the check collection process, to exclude small
banks from the requirement of making same-day settlement would be
counter to the chief objective of the proposal.
Following review of the public comments, the Board is expected to
take further action within the next four months.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
02/06/91
06/00/92
FR CITE
56 FR 4743
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Louise Roseman
Assistant Director
Division of Reserve Bank Operations and Payment Systems
202 452-3874
RIN: 7100-AB22
-34-
ar-iDSii
30.
TITLE:
Regulation: CC - Availability of Funds and Collection of Checks
(Docket Numbers: R-0744 and R-0745)
LEGAL AUTHORITY:
12 USC 4011 et seg
CFR CITATION:
12 CFR Part 229
ABSTRACT:
Section 225 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA) amended the Expedited Funds
Availability Act to allow banks to extend holds on an exception
basis, to certain "low-risk" checks and to allow one-time notices
of exception holds in certain cases. In January 1992, the Board
adopted conforming changes to Regulation CC on an interim basis
and requested public comment on the interim rule (Docket No.
R-0744) (57 FR 3277, January 29, 1992). Section 227 of the FDICIA
also made permanent the current availability schedules for
deposits at nonproprietary ATMs and expanded administration
enforcement coverage over U.S. offices and branches of foreign
banks. The Board requested comment on conforming changes to
Regulation CC (Docket No. R-0745) (57 FR 3365, January 29, 1992).
The interim and proposed rules should not have a significant
economic impact on a substantial number of small entities, but
instead should decrease risk and cost for all depository
institutions.
Following review of the public comments, the Board is expected to
take further action within the next four months.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
01/29/92
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Stephanie Martin
Senior Attorney
Legal Division
202 452-3198
-35-
FR CITE
57 FR 3365
31.
TITLE:
Proposals to Modify the Payments System Risk Reduction Program
(Docket Numbers: R-0661 and R-0668)
LEGAL AUTHORITY:
12 USC 221 et seq
CFR CITATION:
00 CFR None
ABSTRACT:
In June 1989, the Board requested comment on several proposals
that would modify its payments system risk reduction program
(54 FR 26090, June 21, 1989), including pricing and measurement
of daylight overdrafts (R-0668). In January 1991, the Board
issued a revised proposal on measuring daylight overdrafts (see
Docket Number: R-0721). The Board expects to take action on
pricing and measurement in the first half of 1992.
In addition, in March 1989, the Board requested comment on
changes in the way the Federal Reserve Banks treat automated
clearing house transactions (Docket R-0661, 54 FR 8822, March 2,
1989). The Board expects to take further action on this proposal
when other aspects of its risk reduction program are finalized, r
It is not expected that these actions will have a significant
economic impact on a substantial number of small entities because
small entities do not usually incur large daylight overdrafts,
and many small entities are exempt from filing for an overdraft
cap and would be exempt from pricing under the Board's proposed
pricing program.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
06/21/89
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Edward C. Ettin
Deputy Director
Division of Research and Statistics
202 452-3368
RIN: 7100-AA76
-36-
FR CITE
54 FR 26090
fV -/0523
32.
TITLE:
Proposals to Modify the Payments System Risk Reduction Program
(Docket Number: R-0693)
LEGAL AUTHORITY:
12 USC 221 et seg
CFR CITATION:
000 CFR None
ABSTRACT:
In May 1990, as part of its payments system risk reduction
program, the Board requested comment on a proposed risk reduction
policy that would prohibit bankers' banks and Edge corporations
from incurring funds or book-entry overdrafts on Fedwire (55 FR
22086, May 31,. 1990). The Board proposed that Reserve Banks
assess a penalty fee when these or other institutions with
imposed zero caps incur inadvertent daylight or overnight
overdrafts on Fedwire.
It is not expected that these proposals would have a significant
economic impact on a substantial number of small entities,
because small entities do not usually participate in large-dollar
wire transfer systems. Furthermore, this proposal is limited to a
small subset of Fedwire participants.
The Board is expected to take further action by mid-1992.
TIMETABLE:
ACTION
Board requested comment •
Further Board action by
DATE
05/31/90
06/00/92
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Stephanie Martin
Senior Attorney
Legal Division
202-452-3198
RIN:
7100-AB17
-37-
FR CITE
55 FR 22086
33.
TITLES
Proposal to Modify the Payments System Risk Reduction Program
(Docket Number: R-0721)
LEGAL AUTHORITY:
12 USC 221 et seg
CFR CITATIONS
00 CFR none
ABSTRACT:
In January 1991, the Board requested comment on a proposed method
for posting debits and credits to depository institutions'
accounts at Federal Reserve Banks in order to measure daylight
overdrafts accurately under the Board's payments system risk
reduction program (56 FR 3098, January 28, 1991). Accurate
measurement of daylight overdrafts will be necessary in order to
assess fees for daylight overdrafts, which the Board anticipates
implementing in the future. The overdraft measurement proposal is
a revision of the proposal issued for comment in June 1989 (54 FR
26090, June 21, 1989).
It is not expected that this proposal would have a significant
economic impact on a substantial number of small entities because
small entities do not usually incur large daylight overdrafts,
and many small entities are exempt from filing for an overdraft
cap and would be exempt from pricing under the Board's proposed
pricing program.
Following review of the public comments, the Board is expected to
take further action within the next four months.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
01/28/91
06/00/92
FR CITE
56 FR 3098
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Florence Young
Assistant Director
Division of Reserve Bank Operations and Payment Systems
202 452-3926
RIN: 7100-AB18
-38-
/
Section 3
Completed Section
-39-
W-J05Z3
34.
TITLE:
Regulation: G - Securities Credit by Persons Other Than Banks,
Brokers, or Dealers; and Regulation: U - Credit by Banks for the
Purpose of Purchasing or Carrying Margin Stocks (Docket Number:
R-0730)
LEGAL
15
15
15
AUTHORITY:
USC 78g "Securities Exchange Act of 1934, as amended"
USC 78h "Securities Exchange Act of 1934, as amended"
USC 78w "Securities Exchange Act of 1934, as amended"
CFR CITATION:
12 CFR 207
12 CFR 221
ABSTRACT:
In May 1991, the Board issued for public comment amendments to
Regulations G and U to permit lenders subject to these
regulations to transfer a margin loan between them without
treating the transaction as creating a new extension of credit. :
The regulations had only permitted a transfer between lenders
subject to the same regulation. In September 1991, following
review of the public comments, the Board adopted the amendments
in substantially the form proposed (56 FR 46110, September 10,
1991). In light of questions raised in the comments about related
matters, the Board also issued an interpretation of the
"single-credit rule" in Regulations G and U. The interpretation
indicates that a bank or lender that acquired a margin loan by
transfer, such as the purchase of a loan participation, need not
aggregate that credit with other unrelated loans to the same
borrower as long as the lead bank or lender monitors compliance
with the restrictions on withdrawals of collateral for the
syndicated loan as a whole.
It is not expected that this proposal will affect a significant
portion of overall lending activities of a substantial number of
small firms.
TIMETABLE:
ACTION
Board requested comment
Board adopted amendments and
interpretation
DATE
05/21/91
09/10/91
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Scott Holz
Senior Attorney
Division of Banking Supervision and Regulation
202 452-2781
RIN: 7100-AA99
-40-
FR CITE
56 FR 23252
5 6 F R 46110
/J7VA52-3
35.
TITLES
Regulations G - Securities Credit by Persons Other than Banks,
Brokers, or Dealers; and Regulation: T - Credit by Brokers and
Dealers (Docket Number: R-0732)
LEGAL
15
15
15
AUTHORITY:
USC 78g "Securities Exchange
USC 78h "Securities Exchange
USC 78w "Securities Exchange
Act of 1934,
Act of 1934,
Act of 1934,
as amended"
as Mended"
as Mended"
CFR CITATION:
12 CFR 207
12 CFR 220
ABSTRACT:
In May 1991, the Board issued for public comment Mendments to
Regulations G and T to accommodate deposits of margin stock at
clearing agencies for futures markets regulated by the Commodity
Futures Trading Commission. The Mendments will allow a clearing
agency to accept margin stock from its clearing members to meet
margin obligations in connection with financial and nonfinancial
futures and options positions without requiring the clearing
agency to register with the Board under Regulation G. Such
treatment has already been permitted in the securities area for
The Options Clearing Corporation. In September 1991, following
review of the public comments, the Board adopted the Mendments
in substantially the form proposed (56 FR 46109, September 10,
1991).
It is not anticipated that this proposal will affect a significant
portion of the overall lending activities of a substantial number
of small firms.
TIMETABLE:
ACTION
Board requested public comment
Board adopted amendments
DATE
06/05/91
09/10/91
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Laura Homer
Securities Credit Officer
Division of Banking Supervision and Regulation
202 452-2781
RIN: 7100-AB26
-41-
FR CITE
56 FR 25641
56 FR 46109
@FedFRASER