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A T-IO W
FEDERAL RESERVE SYSTEM
Semiannual Regulatory Flexibility Agenda
April 1, 1995 - October 1, 1995
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 Federal 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 1995
February 24, 1995
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 April 1 through October 1, 1995.
The next Semiannual
Agenda will be published in October 1995.
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
1995 Agenda as part of the April 1995 Unified Agenda of Federal
Regulations, which is coordinated by the Office of Management and
Budget under Executive Order 12866.
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 -
Section 1
Proposed Rule Stage
-3-
•l.
TITLE:
Regulation H — Membership of State Banking Institutions in the
Federal Reserve System
LEGAL AUTHORITY;
42 USC 4001 et seq
CFR CITATION:
12 CFR 208
ABSTRACT;
The National Flood Insurance Reform Act of 1994 (Title V of the
Riegle Community Development and Regulatory Improvement Act of
1994) includes a number of amendments to the Flood Disaster
Protection Act of 1973. The amendments are intended to improve
compliance with existing flood insurance purchase requirements,
including provisions concerning forced placement of policies,
escrowing of insurance premiums, standard determination forms,
notification requirements, penalties of noncompliance, and
compliance examination requirements. All state member banks,
including small institutions, will be subject to the amended
provisions.
Under the statute, the federal banking agencies are to consult
and coordinate on the development of implementing regulations
through the Federal Financial Institutions Examination Council.
It is expected the Board will consider issuing regulations
implementing the statute within the next six months.
TIMETABLE:
ACTION
Board may consider amendments to
Regulation H by
DATE
08/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Lawranne Stewart
Senior Attorney
Legal Division
202 452-3513
-4-
FR CITE
TITLE:
Regulation: H — Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: 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, the Board's staff consulted 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. The section 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. The Act generally exempts insured depository institutions
from these requirements when their total assets are less than
$150 million, unless a higher threshold is chosen by the Federal
Deposit Insurance Corporation (FDIC).
The FDIC, the agency with primary responsibility for implementing
this mandate through regulations, finalized its regulation in May
1993, which applied to all FDIC-insured banks and thrifts. The
FDIC's regulation applied these requirements to depository
institutions with total assets of $500 million or more. The FDIC,
as well as the Board, issued implementing examiner guidelines in
October 1993 and January 1994, respectively.
The Board has joint rulemaking authority with the other banking
agencies regarding the enforcement provisions of section 112. It
is expected that the Board and the other agencies will develop a
notice of proposed rulemaking for public comment by year-end.
TIMETABLE:
ACTION
Board may consider amendments to
Regulations H and Y by
DATE
12/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Gerald A. Edwards, Jr.
Assistant Director
Division of Banking Supervision and Regulation
202 452-2741
RIN: 7100-AB39
-5-
FR CITE
3.
TITLE:
Regulation: H — Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: Y — Bank Holding
Companies and Change in Bank Control
LEGAL AUTHORITY:
12 USC 1831n
12 USC 1833d
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
During 1992 and 1993, the Board's staff consulted 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, 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 Federal Financial Institutions Examination Council (FFIEC)
requested public comment on proposed reporting requirements, and
the comment period expired on June 14, 1993. Furthermore, the
FFIEC proposed on March 9, 1994, new Call Report items for
derivative instruments, including new information on their market
values. The comment period for this proposal expired on May 9,
1994, and the FFIEC has included new information about market
values of derivative instruments in its Call Report requirements
for March 1995. Following this final action by the FFIEC, the
Board may consider requesting public comment by year-end on
changes to its regulations in order to implement certain aspects
of section 121.
TIMETABLE:
ACTION
Board may consider amendments to
Regulations H and Y by
DATE
12/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Gerald A. Edwards, Jr.
Assistant Director
Division of Banking Supervision and Regulation
202 452-2741
RIN: 7 100-AB41
- 6 -
FR CITE
4.
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-0835)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
AUTHORITY:
u se 36
u s e 2 4 8 (a)
u s e 2 4 8 (c)
u se 321-338a
u s e 371d
u se 461
u se 481-486
u se 601
u se 611
u se 1814
u se 1817(j )(13)
u se 1818
u se 1823 (j)
u se 1828(o)
u se 1831i
CFR CITATION:
12 CFR 208, app A
12 CFR 225, app A
ABSTRACT:
In May 1994, the Board issued for public comment two proposals on
the capital treatment of recourse arrangements and direct credit
substitutes. The first proposal (1) formally defines recourse and
direct credit substitutes, (2) reduces the risk-based capital
charge for low-level recourse arrangements to the maximum amount
of possible loss under the recourse obligation up to the
effective capital charge, and (3) requires the same risk-based
capital charge for first loss direct credit substitutes as is
currently applied to recourse transactions (59 FR 27115, May 25,
1994) .
Subsequent to the issuance of this proposal, the Congress
mandated, under section 350 of the Riegle Community Development
and Regulatory Improvement Act of 1994, that the Board issue
regulations limiting, as of March 22, 1995, the amount of riskbased capital an insured depository institution is required to
hold for assets transferred with recourse to the maximum amount
of recourse for which the institution is contractually liable.
The portion of the Board's proposal dealing with low-level
recourse transactions satisfies the minimum requirements of
section 350, and, accordingly, in February 1995, the Board
adopted that portion of the proposal (60 FR 8177, February 13,
1995) .
The second proposal, an advance notice of proposed rulemaking,
sought public comment on an approach to assessing risk-based
capital on banking organizations' risk exposures associated with
certain asset securitizations. Under this approach, the capital
charge would be based upon the relative risk of loss. The Board
will continue to consider the advanced notice of proposed
rulemaking, as well as the outstanding issues addressed in the
-7-
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-0835)
ADDITIONAL INFORMATION:
ABSTRACT CONT: first proposal and is expected to take further
action within the next six months. Small entities would be
affected by the final rule and the two proposals only to the
extent that they engage in extending recourse arrangements or
direct credit substitutes; it is not expected that the proposals
will have a significant economic impact.
TIMETABLE:
ACTION
Board requested public comment
Board adopted one aspect of the proposal
Further Board action within the next
six months
DATE
05/25/94
02/13/95
10/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Thomas R. Boemio
Supervisory Financial Analyst
Division of Banking Supervision and Regulation
202 452-2982
RIN: 7100-AB77
- 8 -
FR CITE
59 FR 27115
60 FR 8177
• 5.
TIT LE:
Regulation: H — Membership of State Banking Institutions in the
Federal Reserve System; and Regulation: Y — Bank Holding
Companies and Change in Bank Control
LEGAL
12
12
12
12
12
AUTHORITY:
USC 36
USC 321
USC 1828
USC 183lu
USC 1842
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
Sections 101, 102, and 103 of the Riegle-Neal Interstate Banking
and Branching Efficiency Act of 1994 establish conditions under
which bank holding companies and national banks will be permitted
to engage in interstate banking and branching through
acquisitions, mergers, and establishment of de novo branches.
Under section 9 of the Federal Reserve Act, the limitations and
conditions on branching by national banks also are applicable to
state member banks. Section 101 of the Riegle-Neal Act also
permits a bank to receive deposits and provide certain other
services as agent for any affiliated depository institution
without the bank being considered to be a branch of the
affiliated depository institution.
The Board is considering whether it is necessary to amend its
Regulations H and Y to reflect the statutory changes.
The statutory changes reduce restrictions currently applicable to
bank holding companies and state member banks of all sizes,
including small institutions, and will not significantly increase
regulatory burden on small banks.
TIMETABLE:
ACTION
Board is expected to act on a proposed
rule by
DATE
06/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Undetermined
AGENCY CONTACT:
Lawranne Stewart
Senior Attorney
Legal Division
202 452-3513
-9-
FR CITE
• 6.
TITLE:
Regulation: K -- International Banking Operations
LEGAL AUTHORITY:
12 USC 3105(k)
CFR CITATION:
12 CFR 211
ABSTRACT:
During the next two months, the Board will consider issuing for
public comment a proposed amendment to Regulation K to implement
the provision of the Riegle-Neal Interstate Banking and Branching
Efficiency Act of 1994 that amended the International Banking Act
of 1978 by adding a new subsection regarding the management of
shell branches. The relevant subsection prohibits foreign banks
from using their U.S. branches or agencies to manage types of
activities through offshore shell branches that could not be
managed by a U.S. bank at its foreign branches or subsidiaries.
It is not anticipated that the proposal will have a significant
economic impact on a substantial number of small entities subject
to the Board's regulation.
TIMETABLE:
ACTION
Board will consider proposal by
DATE
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Janet Crossen
Senior Attorney
Legal Division
202 452-3281
-1 0 -
FR CITE
TITLE:
Regulation: K —
International Banking Operations
LEGAL AUTHORITY:
12 USC 1841 et seq
12 USC 3101 et seq
CFR CITATION:
12 CFR 211
ABSTRACT:
The Riegle-Neal Interstate Banking and Branching Act of 1994
contains provisions affecting foreign banks with U.S. operations,
including, among other matters, interstate banking and branching
and the selection of home states by foreign banks. By the end of
April 1995, the Board is expected to consider issuing for public
comment amendments to Regulation K to implement the statutory
changes. It is not expected that any rulemaking will have a
significant economic impact on a substantial number of small
banks.
TIMETABLE:
ACTION
The Board is expected to consider
amendments to Regulation K by
DATE
05/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Douglas M. Ely
Senior Attorney
Legal Division
202 452-5289
-1 1 -
FR CITE
TITLE:
Regulation: L —
Management Official Interlocks
LEGAL AUTHORITY:
PL 103-325
CFR CITATION:
12 CFR 212
ABSTRACT:
Regulation L implements provisions of the Depository Institutions
Management Interlocks Act (DIMIA), which regulates management
interlocks among depository institutions. Section 338 of the
Riegle Community Development and Regulatory Improvement Act of
1994 amended certain sections of DIMIA. Specifically, section 338
extends the grandfather provision allowing prohibited management
interlocks that began prior to November 10, 1978, to continue
until November 1998. The section requires that the regulatory
agencies review all grandfathered interlocks to determine whether
the interlock meets the criteria set forth in section 338 to
qualify for an extension. Section 338 also amended DIMIA with
respect to the regulatory agencies' authority to create
exemptions to DIMIA through general regulation. The section sets
forth criteria that the regulatory agencies must consider before
exempting an interlock on a case-by-case basis.
It is expected that the Board, with the other regulatory
agencies, will issue for public comment a proposal by mid-year to
implement section 338. It is not anticipated that the proposal
will have a significant impact on a substantial number of small
institutions.
TIMETABLE:
ACTION
Board action expected by
DATE
07/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Tina Woo
Staff Attorney
Legal Division
202 452-3890
-1 2 -
FR CITE
9.
TITLE:
Regulation: M —
Consumer Leasing (Docket Number: R-0815)
LEGAL AUTHORITY:
15 USC 1604
CFR CITATION:
12 CFR 213
ABSTRACT:
The Board is proposing to undertake a complete review of
Regulation M, under the Board's Regulatory Planning and Review
Program. The Program calls for the periodic review of Board
regulations to determine whether a regulation should be
eliminated, simplified, updated, or otherwise revised. To gather
information needed for this review and to ensure the
participation of interested parties at the beginning of the
process, in November 1993, the Board approved issuing for public
comment an advance notice of the proposed rulemaking, soliciting
comment, generally, on revisions to the regulation, while also
soliciting comment on specific issues dealing with early
termination penalties, advertising, and segregation of disclosure
terms from other information (58 FR 61035, November 19, 1993).
The comment period closed on February 24, 1994. Following review
of the public comments, the Board is expected to take further
action by the end of the first quarter of 1994. It is not
anticipated that any revisions will have a significant economic
impact on a substantial number of small entities.
The Reigle Community Development and Regulatory Improvement Act
of 1994 amended the Consumer Leasing Act to allow an alternative
disclosure scheme for radio advertisements. It is contemplated
that these new rules will be implemented as part of the
Regulation M review.
TIMETABLE:
ACTION
Board approved requesting comment
Further Board action by
DATE
11/19/93
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Adrienne D. Hurt
Managing Counsel - Financial Services Section
Division of Consumer and Community Affairs
202 452-2412
RIN: 7100-AB74
-13-
FR CITE
58 FR 61035
10.
T I T LE :
Regulation: T —
R-0772)
LEGAL
15
15
15
Credit by Brokers and Dealers
(Docket Number:
AUTHORITY:
u s e 78g Securities Exchange Act of 1934 , as amended
u s e 78h Securities Exchange Act of 1 9 3 4 , as amended
u s e 78w Securities Exchange Act of 1 9 3 4 , as amended
CFR CITATION:
12 CFR 220
ABSTRACT:
The Board is conducting a periodic review of Regulation T, which
regulates extensions of credit by and to brokers and dealers. In
August 1992, the Board approved a general request for comments to
aid in its review (57 FR 37109, August 18, 1992). In July 1994,
the Board proposed amendments in two specific areas of Regulation
T (Docket Number R-0840; RIN 7100-AB78). Those amendments were
adopted in October 1994. Following completion of the evaluation
of the public comments, the Board will again seek comment on any
additional regulatory proposals that may be developed. It is not
anticipated that the revisions would have a significant economic
impact on the overall lending activities of a substantial number
of small brokerage firms.
TIMETABLE:
ACTION
Board approved requesting comment
Further Board action expected by
DATE
08/18/92
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Laura Homer
Assistant Director
Division of Banking Supervision and Regulation
202 452-2781
RIN: 7 100-AB28
-14-
FR CITE
57 FR 37109
11.
TITLE:
Regulation: U — Credit by Banks for the Purpose of Purchasing or
Carrying Margin Stocks
LEGAL AUTHORITY:
15 u s e 78g Securities Exchange Act of 1934 , as amended
15 u s e 78h Securities Exchange Act of 1934, as amended
15 u s e 78w Securities Exchange Act of 1934, as amended
CFR CITATION:
12 CFR 221
ABSTRACT:
During the first half of 1995, the Board plans to begin a review
of Regulation U, which generally regulates bank extensions of
credit that are secured by publicly traded stock. 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 banking and securities markets.
Public comment will be requested for 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
banks.
TIMETABLE:
ACTION
Board may issue advanced notice of
proposed rulemaking and request for
comment by
DATE
06/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Laura Homer
Assistant Director
Division of Banking Supervision and Regulation
202 452-2781
RIN: 7 100-AB65
-15-
FR CITE
Section 2
Final Rule Stage
-16-
12 .
TITLES
Regulation: E —
R-0830)
Electronic Fund Transfers
(Docket Number:
LEGAL AUTHORITY:
15 USC 1693 et seq "Electronic Fund Transfer Act"
CFR CITATIONS
12 CFR 205
ABSTRACT S
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 is part of
the Board's Regulatory Planning and Review Program, which
provides for the periodic review of Board regulations to
determine whether a regulation should be eliminated, simplified,
updated, or otherwise revised.
In February 1994, the Board approved issuing for public comment a
revised Regulation E that includes, among other things,
simplified language and format (59 FR 10684, March 7, 1994). As
part of the proposal, the scope of several exemptions would be
expanded. A small institution exemption would apply to
institutions with assets under $100,000; currently the exemption
applies to institutions with assets under $25,000. Also under the
proposal, the staff commentary to Regulation E would be
significantly improved to facilitate compliance. As a whole, the
proposed changes to Regulation E would likely reduce regulatory
burden within the limits of a very specific statute, without
sacrificing consumer benefits. The proposals are not expected to
have a significant economic impact on small institutions.
Following review of the public comments, the Board is expected to
take further action within the next three months.
TIMETABLE:
ACTION
Board approved requesting comment
Further Board action by
DATE
03/07/94
05/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Adrienne D. Hurt
Managing Counsel - Financial Services Section
Division of Consumer and Community Affairs
202 452-2412
RIN: 7100-AA77
-17-
FR CITE
59 FR 10684
T I T LE :
Regulation: E —
R-0859)
Electronic Fund Transfers
(Docket Number:
LEGAL AUTHORITY:
15 USC 1693
CFR CITATION:
12 CFR 205
ABSTRACT:
In December 1994, the Board published for comment an interim rule
amending Regulation E to eliminate the requirement that an
electronic terminal receipt disclose a number or code that
uniquely identifies the consumer, the consumer's account, or the
access device (59 FR 61787, December 2, 1994). This requirement
posed a significant security risk for consumers and financial
institutions by making information accessible to criminals that
they then used to withdraw funds from consumers' accounts. By
deleting the requirement for a unique identifier, the Board
enabled institutions to truncate card and account numbers. With a
truncated number, it becomes less feasible for a criminal to
duplicate a card with an account number that matches the
consumer's number. The amendment will reduce fraud without
compromising consumer's ability to identify transactions at ATMs.
By helping to prevent fraud, the proposed amendment will have a
positive economic effect on small entities and will reduce
regulatory burden for many state member banks by removing the
restriction on required disclosures.
Following review of public comments, the Board is expected to
adopt the rule in final.
TIMETABLE:
ACTION
Board adopted interim rule with request
for comment
Further Board action by
DATE
12/02/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Jane Jensen Gell
Attorney
Division of Consumer and Community Affairs
202 452-2084
-18-
FR CITE
59 FR 61787
14 .
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-0845)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
AUTHORITY:
u se 36
u se 2 4 8 (c)
u se 371(d)
u se 461
u se 601
u se 611
u s e 1817(j )(13)
u se 1818
u se 1823 (j)
u se 1828(o)
u se 183 li
u se 1843 ( C ) (8)
u se 1972(i)
u se 3105
u se 3106
CFR CITATION:
12 CFR 208, app A
12 CFR 225, app A
ABSTRACT:
In August 1994, the Board approved issuing for public comment a
proposal to amend the risk-based capital treatment of certain
derivative transactions (59 FR 43508, August 24, 1994). The
effect of the proposal, if adopted, would be twofold. First, the
proposal would revise and expand the set of conversion factors
used to calculate the potential future exposure of derivative
contracts. Under this part of the proposal, long-dated interest
and exchange rate contracts would be subject to new, higher
conversion factors, and new conversion factors would be applied
to equity, precious metal, and other commodity derivative
contracts. The second part of the proposal would recognize
effects of bilateral netting arrangements in the calculation of
potential future exposure for derivative contracts subject to
qualifying netting arrangements. It is not expected that this
proposal will 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 four months.
TIMETABLE:
ACTION
Board approved request for public comment
Further Board action by
DATE
08/24/94
06/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
-19-
FR CITE
59 FR 43508
T I T LE :
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-0845)
AGENCY CONTACT:
Roger Cole
Deputy Associate Director
Division of Banking Supervision and Regulation
202 452-2618
RIN:
7100-AB85
-2 0 -
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-0849)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
AUTHORITY:
u se 36
u se 2 4 8 (a),
u se 2 4 8 ( C)
u se 321-338a
u se 371d
u se 461
u s e 481-486
u s e 601
u se 611
u se 1814
u se 1817 (j) (13)
u se 1818
u se 1823 (j)
u se 1828 (O)
u se 183 li
CFR CITATION:
12 CFR 208, app A
12 CFR 208, app B
12 CFR 225, app A
ABSTRACT:
In October 1994, the Board, in conjunction with the Office of the
Comptroller of the Currency, issued for public comment a proposal
that would amend its risk-based capital guidelines for state
member banks and bank holding companies by modifying the criteria
used to define the Organization for Economic Cooperation and
Development (OECD)-based group of countries (59 FR 52100, October
14, 1994). Under the guidelines, claims on the OECD-based group
of countries are eligible for lower risk weight treatment. The
OECD-based group of countries would continue to be defined as
countries that are full members of the OECD (or that have
concluded special lending arrangements with the International
Monetary Fund (IMF) associated with the IMF's General Arrangement
to Borrow) but would exclude any country within this group that
has rescheduled its external sovereign debt within the previous
five years. The proposed amendment is based on a recent
announcement by the Basle Supervisors' Committee that it intends
to revise the Basle Accord definition of the OECD-based group of
countries. The proposed revision 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 during the next six months.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
-2 1 -
DATE
10/14/94
10/00/95
FR CITE
59 FR 52100
TIT LE :
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-0849)
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Robert Motyka
Supervisory Financial Analyst
Division of Banking Supervision and Regulation
202 452-3621
-2 2 -
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-0870)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
AUTHORITY:
u se 36
u se 2 4 8 (a)
u s e 2 4 8 (c)
u se 321-338a
u se 371d
u se 461
u s e 481-486
u s e 601
u s e 611
u se 1814
u s e 1817 (j) (13)
u se 1818
u s e 1823 (j)
u se 1828(o)
u se 183 li
CFR CITATION:
12 CFR 208, app A
12 CFR 225, app A
ABSTRACT:
In January 1995, the Board approved issuing for public comment a
proposal to amend its risk-based and leverage capital guidelines
for state member banks and its risk-based capital guidelines for
bank holding companies to reduce the capital requirement for
small business obligations transferred with recourse by qualified
banking organizations (60 FR 6042, February 1, 1995). This
amendment is being proposed to implement section 208 of the
Riegle Community Development and Regulatory Improvement Act of
1994.
Under the proposal, qualifying institutions that transfer small
business obligations with recourse would be required to maintain
capital only against the amount of recourse retained, provided
certain criteria are met. The total outstanding amount of
recourse retained on transfers of small business obligations
receiving the preferential capital treatment generally could not
exceed 15 percent of an institution's total risk-based capital.
It is not expected that this proposal would have a significant
economic impact on a substantial number of small banking
organizations. Following review of the public comments, the Board
is expected to take further action within the next two months.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
02/01/95
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
-23-
FR CITE
60 FR 6042
TIT LE :
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-0870)
AGENCY CONTACT:
Thomas R. Boemio
Supervisory Financial Analyst
Division of Banking Supervision and Regulation
202 452-2982
-24-
17 .
TIT LE:
Regulation: K —
R-0754)
International Banking Operations
(Docket Number:
LEGAL AUTHORITY:
12 USC 3105
12 USC 3108
CFR CITATION:
12 CFR 211
ABSTRACT:
In January 1993, following review of the public comments, the
Board issued a final rule implementing sections 202-204 and 206
of Title II of the Federal Deposit Insurance Corporation
Improvement Act of 1991, which, among other things, require prior
approval of the Board for the establishment of branches,
agencies, commercial lending companies, and representative
offices by foreign banks in the United States (58 FR 6348,
January 28, 1993). It is not expected that the final rule will
have a significant economic impact on small institutions.
The Board also requested additional public comment on those
portions of the final rule that deal with representative offices
of foreign banks. Comments were sought on the definition of
representative office and on the standards that should govern the
activities that a representative office may conduct. Following
review of the public comments, the Board is expected to take
further action by mid-year.
DATE
04/15/92
01/28/93
TIMETABLE:
ACTION
Board issued an interim rule
Board issued a final rule and
request for comment
Further Board action by
06/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Ann Misback
Managing Senior Counsel
Legal Division
202 452-3788
RIN: 7 100-AB31
-25-
FR CITE
57 FR 12992
58 FR 6348
18 .
TI T L E :
Regulation: K —
R-0862)
International Banking Operations (Docket Number:
LEGAL AUTHORITY:
12 USC 3105
CFR CITATION:
12 CFR 211
ABSTRACT:
In December 1994, the Board issued for public comment proposed
criteria to implement a portion of section 202(a) of the Federal
Deposit Insurance Corporation Improvement Act of 1991 with
respect to the criteria to be used in evaluating the operations
of foreign banks that the Board has determined are not subject to
comprehensive supervision or regulation on a consolidated basis
(59 FR 64171, December 18, 1994). The proposed criteria would not
have a significant economic impact on a substantial number of
small entities subject to the Board's regulation. Following
review of the public comments, the Board, in consultation with
the Secretary of the Treasury, will consider a final rule.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
12/13/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Sandy Richardson
Managing Senior Counsel
Legal Division
202 452-6406
RIN:
7 100-AB58
-26-
FR CITE
59 FR 64171
19.
TITLE:
Regulation: L —
R-0825)
Management Official Interlocks
(Docket Number:
LEGAL AUTHORITY:
12 USC 3207
CFR CITATION:
12 CFR 212
ABSTRACT:
Regulation L implements provisions of the Depository Institution
Management Interlock Act (DIMIA), which regulates management
interlocks among depository institutions. Among DIMIA's
prohibitions are provisions barring management interlocks between
depository organizations with offices in the same community or
metropolitan statistical area (MSA). In November 1993, the Board
approved soliciting comment on an amendment to Regulation L that
would permit interlocks otherwise prohibited under the community
or MSA provisions if the institutions involved hold in the
aggregate less than 20 percent of the deposits in the community
or MSA (59 FR 7909, February 17, 1994). The amendment should
benefit smaller organizations by giving them access to a larger
pool of potential management officials. It is not expected that
the proposal will have a significant economic impact on a
substantial number of depository 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
02/17/94
07/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Thomas M. Corsi
Senior Attorney
Legal Division
202 452-3275
RIN: 7100-AB7 2
-27-
FR CITE
59 FR 7909
T I T LE :
Regulation: Y — Bank Holding Companies and Change in Bank
Control (Docket Number: R-0851)
LEGAL AUTHORITY:
12 USC 1972(1)
CFR CITATION:
12 CFR 225.7
ABSTRACT:
In October 1994, the Board issued for public comment a proposed
exception to the anti-tying restrictions of section 106 of the
Bank Holding Company Act and the Board's Regulation Y (59 FR
53761, October 26, 1994). The proposal would establish by
regulation a "safe harbor" permitting a bank to offer a discount
on any product or package of products if a customer maintains a
combined balance in deposits and other products specified by the
bank. The Board previously granted a similar exception by order
to Fleet Financial Group, Inc., Providence, Rhode Island.
Following review of the public comments, the Board is expected to
take final action. The proposal is not expected to have a
significant economic impact on small institutions.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
10/26/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Greg Baer
Managing Senior Counsel
Legal Division
202 452-3236
FR CITE
59 FR 53761
TITLE:
Regulation: Y — Bank Holding Companies and Change in Bank
Control (Docket Number: R-0868)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
AUTHORITY:
u se 1817(j )(13)
u se 1818
u se 1831(i)
u se 1843(c)(8)
u s e 1844(b)
u s e 3106
u se 3108
u se 3907
u s e 3909
u s e 3310
u se 3331-3351
CFR CITATION:
12 CFR 225.125(g)
ABSTRACT:
Section 225.25(b)(4) of the Board's Regulation Y authorizes bank
holding companies to act as investment adviser to registered
investment companies. Bank holding companies that provide such
services are subject to certain restrictions set forth in the
Board's interpretation regarding investment adviser activities.
In December 1994, the Board approved issuing for public comment a
proposal to amend the limitations in the investment adviser
interpretation to permit bank holding companies that advise an
investment company to purchase, in a fiduciary capacity,
securities of the investment company if the purchase is
specifically authorized by the terms of the instrument creating
the fiduciary relationship, by court order, or by the law of the
jurisdiction under which the trust is administered (59 FR 67654,
December 30, 1994).
It is not anticipated that amending the investment adviser
interpretation will have a significant impact on a substantial
number of small institutions as it will relax an existing
restriction. Following review of the public comments, the Board
is expected to take final action.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
12/30/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Timothy Byrne
Staff Attorney
Legal Division
202 452-3565
-29-
FR CITE
59 FR 67654
•
22 .
TITLE:
Regulation: Z -- Truth in Lending (Docket Number: R-0858)
LEGAL
15
15
15
AUTHORITY:
USC 3806
USC 1604
USC 1637(c)(5)
CFR CITATION:
12 CFR 226
ABSTRACT:
Sections 151 to 154 of the Riegle Community Development and
Regulatory Improvement Act of 1994 amend the Truth in Lending Act
to impose on creditors disclosure requirements about the
potential cost of reverse mortgage transactions and disclosure
requirements and substantive limitations on home mortgage
transactions with high rates or high fees. To implement sections
151 to 154, in December 1994, the Board published for comment
amendments to Regulation Z (59 FR 61832, December 2, 1994). The
types of mortgages that trigger these new requirements are not
typically offered by small institutions; thus, the requirements
would not have a significant economic impact on those
institutions.
The Board is expected to take further action following review of
the public comments.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
12/02/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Jane Ahrens
*Senior Attorney
Division of Consumer and Community Affairs
202 452-3667
-30-
FR CITE
59 FR 61832
23 .
TITLE:
Regulation: BB —
LEGAL
12
12
12
12
12
Community Reinvestment (Docker Number: R-0822)
AUTHORITY:
USC 321
USC 325
USC 1814
USC 1816
USC 1828
CFR CITATION:
12 CFR 228
ABSTRACT:
In December 1993, the Board and the other financial supervisory
agencies proposed for public comment amendments to the
regulations implementing the Community Reinvestment Act (CRA).
The proposed regulations would replace the existing regulations.
The purpose of the proposal was to develop more objective and
enforceable regulatory requirements while reducing regulatory
burden. To do this, the proposal called for a new set of tests of
banks' CRA-related performance based on their lending, services,
and investments in low- and moderate-income communities. It would
also have required the collection of new data for larger banks
but would have provided for a streamlined assessment of the
performance of smaller banks.
In October 1994, following review of the public comments, the
Board and the other agencies issued a revised proposal for
comment (59 FR 51232, October 7, 1994). One significant element
of the revised proposal was the addition of a requirement that
larger banks collect data on the race and gender of the owners of
small farms and businesses who receive or, in some instances,
unsuccessfully apply for credit. In order to coordinate
collection of those data with collection of data already required
by the Home Mortgage Disclosure Act, technical conforming
amendments were simultaneously proposed by the Board for its
Regulation C (Home Mortgage Disclosure). The Board is expected to
take further action by mid-year on both proposals.
All insured depositories would be subject to the proposed
regulation. It is the purpose of this regulatory action to reduce
regulatory burden, particularly on smaller institutions, and it
is not expected to have a significant economic impact on a
substantial number of small banks.
TIMETABLE:
ACTION
Board requested public comment
Board requested public comment on
revised proposal
Further Board action by
DATE
12/21/93
10/07/94
06/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
-31-
FR CITE
58 FR 67465
59 FR 51232
TITLE:
Regulation: BB —
V
Community Reinvestment
(Docker Number: R-0822)
AGENCY CONTACT:
Glenn E. Loney
Associate Director
Division of Consumer and Community Affairs
202 452-3585
RIN: 7 100-AB7 5
-32-
TIT LE :
Regulation: DD — Truth in Savings
Docket Number: R-0869)
(Docket Number: R-0836 and
LEGAL AUTHORITY:
12 USC 4301 et seq
CFR CITATION:
12 CFR 230
ABSTRACT:
Sections 261 to 275 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 require depository institutions to
provide a schedule of terms, rates, and fees for deposit accounts
offered by the institution. The law also sets forth rules for
advertisements for deposit accounts.
In May 1994, the Board issued for public comment proposed
amendments that would affect institutions' compounding and
crediting practices and would have the effect of producing an
annual percentage yield (APY) that reflects the timing of
interest payments as well as the timing of compounding (59 FR
35271, July 11, 1994). At the same time, the Board solicited
comment on an alternative approach for disclosing the APY. (The
APY would be equal to the contract interest rate for
noncompounding multi-year time accounts that pay out interest at
least annually.) In the context of considering the May and July
proposals, on January 4, 1995, the Board adopted the portion of
the May proposal that produces an APY reflecting the timing of
interest payments. The provisions relating to compounding and
crediting, along with the July alternative approach, were not
adopted. Upon request, the Board reconsidered its January 4
action and issued as a proposal for public comment the amendments
adopted on January 4 (60 FR 5142, January 26, 1995). The proposal
also solicits comment on an alterative method of calculating the
APY (an internal rate of return formula). At the same time, the
Board adopted an interim rule that permits institutions and
deposit brokers advertising noncompounding multi-year time
accounts that require interest payouts at least annually to
disclose an APY equal to the interest rate (60 FR 5128, January
26, 1995). The economic impact on small institutions will depend
upon the variety of deposit products offered, the extent of the
disclosures, and the options for compliance offered by the final
rule.
The Board is expected to take further action following review of
the public comments.
TIMETABLE:
ACTION
Board requested comment
Board extended comment period
Board adopted an interim rule
Board requested further public comment
Further Board action by
DATE
05/11/94
07/11/94
01/26/95
01/26/95
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
-33-
59
59
60
60
FR CITE
FR 24378
FR 35271
FR 5128
FR 5142
TIT LE :
Regulation: DD — Truth in Savings
Docket Number: R-0869)
(Docket Number: R-0836 and
AGENCY CONTACT:
Jane Aherns
Senior Attorney
Division of Consumer and Community Affairs
202 452-3667
RIN:
7100-AB80
-34-
TIT LE:
Federal Reserve Bank Book-Entry Securities Transfer Services
(Docket Number: R-0866)
LEGAL AUTHORITY:
12 USC 221 et seq
CFR CITATION:
None
ABSTRACT:
In December 1994, the Board approved requesting public comment on
the effects of opening the Fedwire on-line book-entry securities
transfer service earlier in the day, on new service capabilities
related to earlier opening, and on establishment of a firm
closing time for the service (60 FR 123, January 3, 1995). An
earlier opening time could benefit the financial markets by
facilitating international transactions, providing increased
liquidity, and reducing risk. Participation in the proposed
early-hour service would be voluntary; therefore, the service
should not have a significant economic effect on a substantial
number of small entities.
Following review of the public comments, the Board is expected to
take further action by October 1995.
TIMETABLE:
ACTION
Board requested comment
Further Board action by
DATE
01/03/95
10/00/95
FR CITE
60 FR 123
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Lisa Hoskins
Project Leader
Division of Reserve Bank Operations and Payment Systems
202 452-3437
-35-
• 26.
TITLE:
Internal Appeals Process
(Docket Number: R-0867)
LEGAL AUTHORITY:
12 USC 4806
CFR CITATION:
None
ABSTRACT:
Section 309 of the Riegle Community Development and Regulatory
Improvement Act of 1994 requires the federal banking agencies to
adopt an independent internal appeals process. In December 1994,
the Board requested public comment on procedures similar to those
currently in use by the Federal Reserve Banks (59 FR 67297,
December 29, 1994). The procedures are available to any
institution supervised by the Federal Reserve that wishes to
appeal a material supervisory determination. Under the
procedures, an institution wishing to appeal can have that appeal
heard by a disinterested person or persons at the Reserve Bank,
with a further right of appeal to the Reserve Bank President and
to the Board of Governors. The procedures set forth deadlines to
ensure that all appeals are heard and decided expeditiously.
Following review of the public comments, the Board is expected to
adopt these procedures in a policy statement. It is not expected
that the procedures will have a significant economic impact on
small institutions.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
12/29/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Greg Baer
Managing Senior Counsel
Legal Division
202 452-3236
-36-
FR CITE
59 FR 67297
TITLE:
Risk-Based Capital Standards: Interest Rate Risk (Docket Number:
R-0802)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
12
12
12
15
AUTHORITY:
u se 36
u se 2 4 8 (a)
u s e 2 4 8 (c)
u s e 321-338
u se 461
u s e 481-486
u se 601
u se 611
u se 1814
u se 1823 (j)
u se 3105
u se 3310
u se 3331-3351
u se 3906-3909
u se 78(b)
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
Section 305 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA) requires each federal banking
agency to revise its risk-based capital standards for the
depository institutions it regulates in order to ensure that
those standards take adequate account of interest rate risk
(IRR), concentration of credit risk, and the risks of
nontraditional activities.
In March 1993, following a review of comments received from an
advanced notice of proposed rulemaking issued in 1992 and after
staff discussions with the other agencies, the Board approved for
public comment a notice of proposed rulemaking for IRR (58 FR
48206, September 14, 1993). This proposal would allow
institutions to use internal risk models to measure IRR (if the
models are acceptable to examiners) and would require additional
capital of institutions identified as having excess IRR.
In September 1994, the Riegle Community Development and
Regulatory Improvement Act of 1994 amended section 305 of FDICIA
by adding a new subparagraph instructing the banking agencies to
"take into account the size and activities of the institutions
and do not cause undue reporting burdens." Following review of
the public comments and the recently enacted legislation, the
Board and the other banking agencies are expected to take further
action within the next two months. Such action is expected to
take into account a bank's size and activities as well as the
related reporting burden in carrying out the mandate of section
305.
-37-
TITLE:
Risk-Based Capital Standards (Docket Number: R-0802)
TIMETABLE:
ACTION
Board requested public comment
on an ANPRM
Board approved requesting comment on
proposed rulemaking
Further Board action expected by
DATE
08/10/92
FR CITE
57 FR 35507
09/14/93
04/00/95
58 FR 48206
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
James Embersit
Manager
Division of Banking Supervision and Regulation
202 452-5249
RIN: 7 100-AB50
-38-
28.
TIT LE:
Standards for Safety and Soundness
(Docket Number: R-0766)
LEGAL AUTHORITY:
PL 102-242
CFR CITATION:
12 CFR Chapter II
ABSTRACT:
Section 132 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA) directs each federal banking
agency to prescribe standards regarding operations, management,
asset quality, earnings, stock valuation (to the extent
feasible), and employee compensation. In July 1992, the Board
requested public comment on an interagency advance notice of
proposed rulemaking (57 FR 31336, July 15, 1992). After
considering the public's comments, a notice of proposed
rulemaking was developed that contains broad principle-based
standards that leave the method for meeting such standards
largely in the province of management.
A draft notice of proposed rulemaking was approved by the Board
in April 1993, and an interagency notice was published in
November 1993 (58 FR 60802, November 18, 1993).
In September 1994, the Riegle Community Development and
Regulatory Improvement Act of 1994 modified section 132 by: (1)
providing the agencies with the option to promulgate standards as
guidelines rather than regulations; (2) removing bank holding
companies from the scope of section 132; and (3) giving each
agency discretion to prescribe standards relating to earnings,
asset quality, and stock valuation that it deems appropriate.
Although the legislative changes allow the standards to be issued
as guidelines, the enforcement provisions relating to compliance
plans must be issued as regulations. Accordingly, on February 2,
1994, following review of the public comments, the Board adopted
a final rule and guidelines for section 132 taking into account
these changes. The final rule is not expected to have a
significant economic impact on small institutions.
The Board also approved for comment proposed guidelines for asset
quality and earnings that represent broader, more comprehensive
standards than the rigid ratios or minimums originally mandated
by section 132. The final rule and guidelines and proposed
guidelines are expected to be published in a joint notice when
the other agencies have completed their approval processes.
Following review of the public comments, the Board is expected to
take further action on the guidelines by mid-year.
TIMETABLE:
ACTION
Board requested public comment
Board issued notice of proposed rulemaking
Board adopted rule and guidelines
Board requested public comment on
additional guidelines
Further Board action by
-39-
DATE
07/15/92
11/18/93
02/02/95
02/02/95
06/00/95
FR CITE
57 FR 31336
58 FR 60802
TITLE:
Standards for Safety and Soundness (Docket Number: R-0766)
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Roger T. Cole
Deputy Associate Director
Division of Banking Supervision and Regulation
202 452-2618
RIN: 7100-AB52
-40-
TIT LE :
Ten Percent Revenue Limit on Bank-Ineligible Activities of
Subsidiaries of Bank Holding Companies (Docket Number: R-0841)
LEGAL AUTHORITY:
12 USC 377
CFR CITATION:
None
ABSTRACT:
Section 20 of the Glass-Steagall Act prohibits a member bank from
being affiliated with a company that is "engaged principally" in
underwriting and dealing in securities that a bank may not
underwrite and deal in directly ("ineligible securities"). In
July 1994, the Board issued for public comment a proposal to
provide an alternative to the current indexed revenue test used
to measure compliance with the "engaged principally" standard (59
FR 35516, July 12, 1994). The current test limits to 10 percent
revenue earned from ineligible securities activities relative to
the total revenue of a bank holding company subsidiary engaged,
to a limited extent, in underwriting and dealing in ineligible
securities ("section 20 subsidiary"). Comments were solicited on
whether asset values or sales volume data, or a combination of
both measures, should be used as a new alternative test. In 1993,
the Board solicited comment on a proposed test based on asset
values, then deferred a decision to adopt such a test. The
current proposal would allow section 20 subsidiaries additional
flexibility in the conduct of their securities operations and
arises due to the Board's increased experience in reviewing and
monitoring the activities and operations of these subsidiaries.
The proposal would not have a significant economic impact on
small entities nor on a substantial number of bank holding
companies.
Following review of the public comments, the Board is expected to
take further action.
TIMETABLE:
ACTION
Board requested public comment
Further Board action by
DATE
07/12/94
04/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Thomas Corsi
Senior Attorney
Legal Division
202 452-3275
RIN:
7100-AB82
-41-
FR CITE
59 FR 35516
J
Section 3
Completed Actions
-42-
30.
TIT LE:
Regulation: C —
Home Mortgage Disclosure (Docket Number R-0839)
LEGAL AUTHORITY:
12 USC 2804
CFR CITATION:
12 CFR 203
ABSTRACT:
Regulation C implements the Home Mortgage Disclosure Act (HMDA),
which requires certain lenders to report information in
connection with applications they receive for mortgage and other
housing-related loans. In June 1994, the Board approved issuing
for public comment proposed amendments to Regulation C to set an
earlier deadline for reporting HMDA data to supervisory agencies;
require data submission to be in machine-readable form; require
lenders to keep their records of data current during the year as
the data are being collected; and make a number of other changes
(59 FR 30310, June 13, 1994).
In December 1994, following review of the public comments, the
Board adopted amendments in final form (59 FR 63689, December 9,
1994) . The final amendments differed from the proposal in some
respects; principally the Board decided not to adopt the proposal
to set an earlier reporting deadline.
The revisions are expected to have an economic impact on some
portion of small lenders. (Only lenders with assets under $10
million or that make fewer than 100 home purchase loans and
mortgage refinancings are exempt from the reporting requirements
of Regulation C.)
DATE
06/13/94
12/09/94
TIMETABLE:
ACTION
Board requested comment
Board took final action
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
John Wood
Senior Attorney
Division of Consumer and Community Affairs
202 452-2412
RIN: 7100-AB63
-43-
FR CITE
59 FR 30310
59 FR 63698
TITLE:
Regulation H — Membership of State Banking Institutions in the
Federal System (Docket Number R-0838)
LEGAL AUTHORITY:
12 USC 338a
CFR CITATION:
12 CFR 208
ABSTRACT:
Section 6(b) of the Depository Institutions Disaster Relief Act
of 1992 authorizes state member banks to make investments
designed primarily to promote the public welfare to the extent
permissible under state law and subject to regulation by the
Board. To implement section 6(b), in May 1994, the Board
published for comment an amendment to Regulation H to be
incorporated in a new section entitled Community Development and
Public Welfare Investments. Following review of the public
comments, in December 1994 the Board adopted a slightly modified
version of the proposed rule (59 FR 63706, December 9, 1994). The
proposed amendment will not have a significant economic impact on
a substantial number of small entities and will reduce regulatory
burden for many state member banks, including small institutions,
by permitting them to make certain investments that had
previously required Board approval, and will have no effect in
other cases.
TIMETABLE:
ACTION
Board requested public comment
Board adopted final rule
DATE
05/26/94
12/09/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Stephanie Martin
Senior Attorney
Legal Division
202 452-3198
RIN:
7100-AB83
-44-
FR CITE
59 FR 27247
59 FR 63706
TIT LE:
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-0795)
LEGAL AUTHORITY:
12 USC 1844(b)
12 USC 3909
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
In February 1993, the Board issued for public comment a proposed
limitation on deferred tax assets for risk-based and leverage
capital purposes (58 FR 8007, February 11, 1993). This proposal
is in response to the adoption, by the Financial Accounting
Standards Board, of Statement No. 109 (FASB 109), which provides
new accounting guidance on deferred tax assets. This proposal
will affect the treatment of these assets for capital purposes
for all state member banks and bank holding companies regardless
of size. However, it is not expected that the proposal will have
a significant economic impact on a substantial number of small
banking organizations, as the vast majority of small banking
organizations currently have very limited amounts of net deferred
tax assets as a component of their capital structures.
Following review of the public comments and discussions with the
other federal banking agencies on the appropriate treatment of
deferred tax assets, in December 1994, the Board adopted a final
rule substantially as proposed (59 FR 65920, December 22, 1994).
TIMETABLE:
ACTION
Board requested public comment
Board adopted rule
DATE
02/11/93
12/22/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Charles Holm
Project Manager
Division of Banking Supervision and Regulation
202 452-3502
RIN: 7100-AB57
-45-
FR CITE
58 FR 8007
59 FR 65920
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-0823)
LEGAL
12
12
12
AUTHORITY:
USC 221 et seq
USC 1841 et seq
USC 3901 et seq
CFR CITATION:
12 CFR 208
12 CFR 225
ABSTRACT:
In December 1994, following review of the public comments, the
Board adopted a final rule amending its risk-based capital
guidelines (59 FR 63241, December 8, 1994). Under this final
rule, institutions are generally directed to not include in
regulatory capital the "net unrealized holding gains (losses) on
securities available for sale," the new common stockholders'
equity account created by Statement of Financial Accounting
Standards Number 115 (FAS 115), Accounting for Certain
Investments in Debt and Equity Securities. Net unrealized losses
on marketable equity securities (i.e., equity securities with
readily determinable fair values), however, continue to be
deducted from Tier 1 capital. This rule has the general effect of
valuing available-for-sale securities at amortized cost (i.e.,
based on historical cost), rather than at fair value (i.e.,
generally at market value), for purposes of calculating the riskbased and leverage capital ratios. The final rule differs from
the proposal issued for public comment in December 1993 (58 FR
68563, December 28, 1993). In the proposal, the risk-based
capital guidelines were to be amended to include in Tier 1
capital "net unrealized holding gains (losses) on securities
available for sale." The final rule is identical to the Board's
December 1993 interim rule directing state member banks and bank
holding companies to continue calculating the risk-based and
leverage ratios on a pre-FAS 115 basis. The amendment to the
risk-based capital guidelines will affect bank holding companies
with total consolidated assets of $150 million or more and all
state member banks. The amendment is not expected to have a
significant economic impact on a substantial number of small
banks.
TIMETABLE:
ACTION
Board requested public comment
Board adopted final rule
DATE
12/28/93
12/08/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Arleen Lustig
Supervisory Financial Analyst
Division of Banking Supervision and Regulation
202 452-2987
RIN:
7100-AB7 6
-46-
FR CITE
58 FR 68563
59 FR 63241
34 .
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-0837)
LEGAL
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
AUTHORITY:
u se 36
u se 2 4 8 (c)
u se 371(d)
u se 461
u s e 601
u se 611
u se 1817 (j )
u s e 1818
u se 1823 (j)
u se 1828(o)
u s e 183 li
u s e 1843(c)
u s e 1972(i)
u se 3105
u se 3106
CFR CITATION:
12 CFR 208, app A
12 CFR 225, app A
ABSTRACT:
In December 1994, following review of the public comments, the
Board adopted a final rule with regard to netting certain
derivative contracts for risk-based capital purposes (59 FR
62987, December 7, 1994). Under the rule, state member banks and
bank holding companies may net (that is, offset) positive and
negative mark-to-market values of interest rate and exchange rate
contracts that are subject to legally enforceable bilateral
netting arrangements in order to calculate a single current
exposure for the netting contract. Institutions would have to
have reasoned legal opinions concluding that the bilateral
netting arrangement is legally enforceable in all relevant
jurisdictions. The final rule is consistent with a revision to
the Basle Accord, which was announced on July 15, 1994, and is
substantially the same as the rule proposed in May 1994. It is
not expected that the final rule will have a significant economic
impact on a substantial number of small business entities.
TIMETABLE:
ACTION
Board requested public comment
Board adopted final rule
DATE
05/20/94
12/07/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Roger Cole
Deputy Associate Director
Division of Banking Supervision and Regulation
202 452-2618
RIN:
7100-AB84
-47-
FR CITE
59 FR 26456
59 FR 62987
TITLE:
Regulation: K —
R-0793)
International Banking Operations
(Docket Number:
LEGAL AUTHORITY:
12 USC 3105
12 USC 3108
CFR CITATION:
12 CFR 211
ABSTRACT:
In January 1993, the Board issued for public comment proposed
amendments to Regulation K implementing section 202(a) of the
Federal Deposit Insurance Corporation Improvement Act of 1991
(FDICIA) with respect to the limitation on the powers of state
branches and agencies of foreign banks (58 FR 513, January 6,
1993). In November 1994, following review of the public comments
and in consultation with the FDIC, the Board adopted a final rule
substantially as proposed (59 FR 55026, November 3, 1994). The
rule is not expected to have a significant economic impact on
small institutions.
TIMETABLE:
ACTION
Board requested public comment
Board adopted proposal
DATE
01/06/93
11/03/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Ann Misback
Managing Senior Counsel
Legal Division
202 452-3788
RIN: 7100-AB46
-48-
FR CITE
58 FR 513
59 FR 55026
36.
TITLE:
Regulation: K —
R-0820)
International Banking Operations
(Docker Number:
LEGAL AUTHORITY:
PL 102-242
CFR CITATION:
12 CFR 211, subpart B
ABSTRACT:
Section 203(a) of the Foreign Bank Supervision Enhancement Act of
1991 provides that the cost of examinations of branches,
agencies, and representative offices of foreign banks in the
United States shall be assessed against the foreign bank or its
parent. In October 1993, the Board approved issuing for public
comment a proposed methodology for assessing such examination
costs (58 FR 65560, December 15, 1993). Foreign banks with
branches, agencies, or representative offices in the United
States will be affected by the proposal.
Section 115 of the Riegle-Neal Interstate Banking and Branching
Efficiency Act of 1994 provides that the examination fees imposed
upon branches, agencies, representative offices, and certain
affiliates of foreign banks by sections 7(c) and 10(c) of the
International Banking Act of 1978, as amended, shall not apply
with respect to any examination conducted under those sections
which begins before or during the 3-year period beginning on
July 25, 1994. The Board, therefore, will not be taking any
further action in relation to its examination fees proposal until
closer to the expiration of the moratorium.
TIMETABLE:
ACTION
Board requested public comment
Moratorium imposed for three-year
period beginning
DATE
12/15/93
07/25/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Sandy Richardson
Managing Senior Counsel
Legal Division
202 452-6406
RIN: 7100-AB67
-49-
FR CITE
58 FR 65560
37 .
T I T LE :
Regulation: S — Reimbursement for Providing Financial Records;
Recordkeeping Requirements for Certain Financial Records (Docket
Number: R-0807)
LEGAL AUTHORITY:
PL 102-550
CFR CITATION:
12 CFR 219, Subpart B
ABSTRACT:
In August 1993, the Board approved issuing for public comment a
proposed joint regulation, promulgated by the Board and the
Treasury Department pursuant to section 21(b) of the Federal
Deposit Insurance Act, as amended by the Annunzio-Wylie AntiMoney Laundering Act of 1992 (58 FR 46024, August 31, 1993). The
proposed regulation would establish recordkeeping requirements
for wire transfers by all financial institutions— including
nonbank financial institutions, such as broker/dealers in
securities, check-cashing businesses, money transmitting
businesses, and businesses that issue or redeem money orders or
travelers' checks.
This regulation may have a significant economic impact on a
substantial number of small businesses that provide check-cashing
services, money-transmitting services, and services concerning
the issuance or redemption of money orders and travelers' checks,
because such businesses may not currently collect or maintain the
information required.
In December 1994, following review of the public comments and
review by the Department of the Treasury's Bank Secrecy Act
Advisory Group, the Board adopted a modified rule to reduce the
burden associated with the rule, while maintaining its usefulness
to law enforcement agencies (60 FR 219, January 3, 1995).
TIMETABLE:
ACTION
Board approved requesting comment
Board adopted regulation
DATE
08/31/93
01/03/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: Yes
AGENCY CONTACT:
Elaine Boutilier
Senior Counsel
Legal Division
202 452-2418
RIN: 7 100-AB64
-50-
FR CITE
58 FR 46024
60 FR 219
38.
TIT LE:
Regulation: T —
R-0840)
LEGAL
15
15
15
Credit by Brokers and Dealers
(Docket Number:
AUTHORITY:
u se 78g Securities Exchange Act of 1934 , as amended
u se 78h Securities Exchange Act of 1 9 3 4 , as amended
u se 7 8w Securities Exchange Act of 1 9 3 4 , as amended
CFR CITATION:
12 CFR 220
ABSTRACT:
In August 1992, the Board issued an advance notice of proposed
rulemaking requesting public comment in connection with a general
review of Regulation T (Docket Number R-0772; RIN 7100-AB28). As
part of this review, in June 1994, the Board approved issuing for
public comment specific Regulation T amendments in two areas. One
proposal specifies that customers must pay for securities or meet
initial margin calls within two business days of the standard
settlement period and includes related technical amendments. The
other proposal would exempt certain brokers and transactions
involving U.S. Government securities. In October 1994, following
review of the public comments, the Board adopted the amendments
in substantially the same form as proposed (59 FR 53565,
October 25, 1994). 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 requested comment
Board adopted final amendments
DATE
07/01/94
10/25/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Laura Homer
Assistant Director
Division of Banking Supervision and Regulation
202 452-2781
RIN:
7 100-AB7 8
-51-
FR CITE
59 FR 33923
59 FR 53565
39 .
T I T LE :
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 issued an interim rule which
implemented section 914 of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1998 by 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 regulation became
effective immediately and the Board requested public comment on
any of the issues raised by the regulation. The Board indicated
that the regulation may be amended in response to the comments
received.
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.
Section 303(a) of the Riegle Community Development and Regulatory
Improvement Act of 1994 required the federal banking agencies to
work jointly to unify regulations with common statutory policies
over the next two years. This new legislation affects the Board's
rulemaking in this area and requires the federal banking agencies
to work jointly to unify regulation of section 914 notices. In
this light, the Board does not anticipate taking final action on
this regulation within the next six months.
TIMETABLE:
ACTION
Board approved interim rule and request
for comment
Final action not expected within next
six months
DATE
02/27/90
02/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Robert Frierson
Assistant General Counsel
Legal Division
202 452-3711
RIN:
7100-AB07
-52-
FR CITE
55 FR 6787
40.
TIT LE:
Regulation: Y —
Control
Bank Holding Companies and Change in Bank
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 law
requires the Board to receive notice of the banks' intent to
involve themselves in these activities, to assist the banks to
define and locate the appropriate communities, and to define
certain terms by regulation.
In the Riegle Community Development and Regulatory Improvement
Act of 1994 (Act), the responsibility for all areas of what was
formerly "The Bank Enterprise Act" have been turned over to the
newly created Community Development Financial Institutions (CDFI)
Fund. In Section 114 of the Act, the Administrator of the CDFI
Fund is given all regulatory writing and implementation
responsibilities that were previously given to the regulatory
agencies in the old Bank Enterprise Act. This would include
defining "distressed communities." The CDFI Administrator may
consult with the regulatory agencies in carrying out these
responsibilities.
TIMETABLE:
ACTION
Board action not required
DATE
02/00/95
EFFECTS ON SMALL B U SIN E SS AND OTHER E N T IT IE S :
AGENCY CONTACT:
Glenn E. Loney
Assistant Director
Division of Consumer and Community Affairs
202 452-3585
RIN: 7100-AB29
-53-
None
FR CITE
TIT LE :
Regulation: Y — Bank Holding Companies and Change in Bank
Control (Docket Number: R-0843)
LEGAL AUTHORITY:
12 USC 1972(1)
CFR CITATION:
12 CFR 225.7
ABSTRACT:
Section 106(b) of the Bank Holding Company Act Amendments of 1970
generally prohibits a bank from tying its own products or tying
its products to those of an affiliate. The Board's Regulation Y
applies section 106 to bank holding companies and their nonbank
subsidiaries as if they were banks.
In July 1994, the Board approved issuing for public comment a
proposed rule to permit a bank holding company or its nonbank
subsidiary to offer a discount on its products on condition that
a customer obtain any other product from that company or
subsidiary or from any of its nonbank affiliates (59 FR 39709,
August 4, 1994). This exception would apply only when none of the
packaged products are being offered by a bank. The proposal is
not likely to have a significant economic impact on a substantial
number of small entities.
In December 1994, following review of the public comments, the
Board adopted the amendments substantially as proposed
(59 FR 65473, December 20, 1994).
TIMETABLE:
ACTION
Board requested public comment
Board adopted regulation
DATE
08/04/94
12/20/94
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Greg Baer
Managing Senior Counsel
Legal Division
202 452-3236
RIN:
7100-AB79
-54-
FR CITE
59 FR 39709
59 FR 65473
42 .
TITLE:
Federal Reserve Bank Services
LEGAL
12
12
12
12
12
(Docket Number: R-0817)
AUTHORITY:
USC 248(i)
USC 248 (j )
USC 248(0)
USC 342
USC 464
CFR CITATION:
None
ABSTRACT:
In December 1993, the Board requested public comment on a
proposal to expand the Fedwire funds transfer format and to adopt
a more comprehensive set of data elements, to be implemented in
late 1996 (58 FR 63366, December 1, 1993). The proposal would
improve payments system efficiency by reducing the need for
manual intervention in transfer processing and posting and would
minimize the truncation of information when payment orders are
forwarded to Fedwire from other large-value transfer systems. The
proposal also would permit inclusion of information on all
parties to a transfer, as would be required under proposed
Treasury regulations.
Although the proposal would affect all Fedwire users, the Board
expects that only relatively large entities using in-house or
vendor-supplied systems will need to make significant automation
changes. The proposal should not have a significant economic
impact on a substantial number of small entities. Small entities
generally use software provided by the Federal Reserve and would
likely experience increased costs only in the areas of training
and back-office interface. In December 1994, following review of
the public comments, the Board adopted the proposal, to be
implemented in two phases, with implementation to be completed by
year-end 1997 (60 FR 111, January 3, 1995).
TIMETABLE:
ACTION
Board requested public comment
Board adopted proposal
DATE
12/01/93
01/03/95
FR CITE
58 FR 63366
60 FR 111
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Gayle Brett
Manager
Division of Reserve Bank Operations and Payment Systems
202 452-2934
RIN: 7100-AB71
-55-
43 .
TITLE:
Lifeline Accounts
LEGAL AUTHORITY:
12 USC 1817
12 USC 1834
CFR CITATION:
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 one-half 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. 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.
Action by the Board is not expected during 1995.
TIMETABLE:
ACTION
No Board action expected this year
DATE
02/00/95
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Jane Jensen Gell
Attorney
Division of Consumer and Community Affairs
202 452-3667
RIN: 7100-AB4 0
-56-
FR CITE
TIT LE:
Policy Statement on Privately Operated Large-Dollar Multilateral
Netting Systems (Docket Number: R-0842)
LEGAL AUTHORITY:
12 USC 221 et seq
CFR CITATION:
None
ABSTRACT:
In July 1994, the Board issued for public comment a proposed
policy statement that would adopt minimum standards for privately
operated large-dollar multilateral netting systems (59 FR 36438,
July 18, 1994). These standards (also known as the "Lamfalussy
minimum standards") were set out in a 1990 report by the central
banks of the Group of Ten countries and are intended to reduce
risk in multilateral netting systems. The Board also requested
comment on whether a higher standard with respect to assuring
settlement should be applicable to systems that present a high
degree of systemic risk.
In December 1994, following review of the public comments, the
Board adopted the proposed policy, with minor revisions (59 FR
67534, December 29, 1994). The Board determined not to adopt the
higher standard for high-risk systems at that time. The policy is
applicable to privately operated large-dollar multilateral
netting systems only (and not to paper-based or ACH systems) and
will not have a significant economic impact on a substantial
number of small entities.
TIMETABLE:
ACTION
Board requested comment
Board adopted policy statement
DATE
07/18/94
12/29/94
FR CITE
59 FR 36438
59 FR 67534
EFFECTS ON SMALL BUSINESS AND OTHER ENTITIES: None
AGENCY CONTACT:
Paul Bettge
Manager
Division of Reserve Bank Operations and Payments Systems
202 452-3174
RIN:
7100-AB81
-57-
@FedFRASER