[April 30, 2007 (Volume 72, Number 82)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua070454.wais] [Page 23560-23566] Federal Reserve System ----------------------------------------------------------------------- Part LIV ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 23560]] FEDERAL RESERVE SYSTEM (FRS) _______________________________________________________________________ FEDERAL RESERVE SYSTEM 12 CFR Ch. II Semiannual Regulatory Flexibility Agenda AGENCY: Board of Governors of the Federal Reserve System. ACTION: Semiannual regulatory agenda. _______________________________________________________________________ SUMMARY: The Board is issuing this agenda under the Regulatory Flexibility Act and the Board's Statement of Policy Regarding Expanded Rulemaking Procedures. The Board anticipates having under consideration regulatory matters as indicated below during the period May 1, 2007 through October 31, 2007. The next agenda will be published in fall 2007. DATES: Comments about the form or content of the agenda may be submitted any time during the next 6 months. ADDRESSES: Comments should be addressed to Jennifer J. Johnson, Secretary of the Board, Board of Governors of the Federal Reserve System, Washington, DC 20551. FOR FURTHER INFORMATION CONTACT: A staff contact for each item is indicated with the regulatory description below. SUPPLEMENTARY INFORMATION: The Board is publishing its spring 2007 agenda as part of the Spring 2007 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget under Executive Order 12866. The agenda also identifies rules the Board has selected for review under section 610(c) of the Regulatory Flexibility Act, and public comment is invited on those entries. 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 6 months. The second section, Final Rule Stage, reports on matters that have been proposed and are under Board consideration. A third section, Long-Term Actions, reports on matters that have been proposed and are under Board consideration, but will not be completed within the next year. And a fourth section, Completed Actions, reports on regulatory matters the Board has completed or is not expected to consider further. Matters begun and completed between issues of the agenda have not been included. 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. Margaret McCloskey Shanks, Associate Secretary of the Board. Federal Reserve System--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3612 Regulation: D--Reserve Requirements of Depository Institutions (Docket Number: R-1262) 7100-AD04 3613 Regulation: E--Electronic Fund Transfers (Docket Number: R-1270)...................... 7100-AD06 3614 Regulation: H--Membership of State Banking Institutions in the Federal Reserve System. 7100-AC73 3615 Regulation: H and Y; Risk-Based Capital Guidelines; Basel 1A (Docket Number: R-1238).. 7100-AD07 3616 Regulation: R--Definition of Terms and Exemptions Relating to the ``Broker'' 7100-AD05 Exemptions for Banks.................................................................. 3617 Regulation: S--Threshold for the Requirement To Collect, Retain, and Transmit 7100-AD03 Information on Funds Transfers and Transmittals of Funds (Docket Number: R-1258)...... 3618 Regulation: Y--Bank Holding Companies and Change in Bank Control...................... 7100-AC66 3619 Regulation: Z--Truth in Lending (Docket Number: R-1217)............................... 7100-AC97 ---------------------------------------------------------------------------------------------------------------- Federal Reserve System--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3620 Regulation: H--Membership of State Banking Institutions in the Federal Reserve System 7100-AC69 (Docket Number: R-1064)............................................................... 3621 Regulation: H--Membership of State Banking Institutions in the Federal Reserve System; 7100-AC88 and Regulation: Y--Bank Holding Companies and Change in Bank Control, Capital Appendices (Docket Number: R-1261) (Section 610 Review)............................... 3622 Regulation: V--Fair Credit Reporting (Docket Number: R-1203).......................... 7100-AC95 3623 Regulation: Y--Bank Holding Companies and Change in Bank Control (Docket Number: R- 7100-AC81 1094)................................................................................. ---------------------------------------------------------------------------------------------------------------- Federal Reserve System--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3624 Regulation: V--Fair Credit Reporting (Docket Number: R-1082).......................... 7100-AC68 ---------------------------------------------------------------------------------------------------------------- [[Page 23561]] Federal Reserve System--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3625 Regulation: E--Electronic Funds Transfers (Docket Number: R-1247)..................... 7100-AD01 3626 Regulation: Y--Bank Holding Companies and Change in Bank Control, Capital Appendices 7100-AD02 (Docket Number: R-1235)............................................................... ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Federal Reserve System (FRS) Proposed Rule Stage _______________________________________________________________________ 3612. REGULATION: D--RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (DOCKET NUMBER: R-1262) Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Unfunded Mandates: Undetermined Legal Authority: 12 USC 248a; 12 USC 371a; 12 USC 461; 12 USC 601; 12 USC 611 CFR Citation: 12 CFR 204 Legal Deadline: None Abstract: The Board proposes to revise its 1980 interpretation of Regulation D setting forth criteria for the criteria for the ``bankers' bank'' exemption from reserve requirements. The proposed revisions would authorize the Board to determine, on a case by case basis, whether certain entities not already expressed authorized in the interpretation may become customers to a limited extent of bankers' bank. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 08/14/06 71 FR 46411 Further Board Action by 12/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Federalism: Undetermined Agency Contact: Heatherun Allison, Senior Counsel, Federal Reserve System, Legal Division Phone: 202 452-3565 RIN: 7100-AD04 _______________________________________________________________________ 3613. [bull] REGULATION: E--ELECTRONIC FUND TRANSFERS (DOCKET NUMBER: R- 1270) Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1693 et seq CFR Citation: 12 CFR 205.9 Legal Deadline: None Abstract: When a debit card is used at an electronic terminal, the Electronic Fund Transfer Act (EFTA) and Regulation E require that a receipt setting forth transaction information be made available to the consumer at that time. The receipt requirement applies whenever an EFT is made at an electronic terminal, regardless of the amount of the transaction. An electronic terminal is defined as any electronic device (other than a telephone operated by a consumer) through which a consumer may initiate an EFT. Electronic terminals include, but are not limited to, POS terminals, ATM machines, and cash dispensing machines. The start-up, servicing, and maintenance costs associated with providing terminal receipts for debit card transactions could pose a significant obstacle to industry's ability to offer, and consumer's ability to use, cashless payment options in certain retail environments. For example, in environments that exclusively handle small-dollar transactions, such as vending machines and parking meters, installing and servicing additional equipment capable of providing terminal receipts may not be cost-effective. For public mass-transit systems, the time required to provide each consumer with a receipt for debit card transactions would cause delays that significantly conflict with the transit systems' need to handle a heavy volume of transactions within short time periods. Given the practical difficulties posed by the receipt requirement in small-dollar transactions, the Board is proposing to eliminate the receipt requirement for transactions of $15 or less. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 12/01/06 71 FR 69500 Board Expects Further Action by 07/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Ky Tran-Trong, Counsel, Federal Reserve System, Division of Consumer and Community Affairs Phone: 202 452-3667 RIN: 7100-AD06 _______________________________________________________________________ 3614. REGULATION: H--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1828(t) CFR Citation: 12 CFR 208 Legal Deadline: None Abstract: Section 204 of the Grammy-Leach-Bliley Act added a new subsection (t) to section 18 of the Federal Deposit Insurance Act requiring the Board, in consultation with the Securities and Exchange Commission, to establish record-keeping requirements for state member banks and branches and agencies of foreign banks that rely on the exceptions from the definition of broker or dealer provided in section 3(a)(4) or (5) of the Securities Exchange Act of 1934. The Board anticipates issuing for public comment a rule that would implement [[Page 23562]] these recordkeeping requirements. The Board notes that the Securities and Exchange Commission has, by order, granted the banks an exemption from compliance with the definition of broker until July 2, 2007. (See 71 FR 77557, December 26, 2006) In addition, the Board and the Securities and Exchange Commission, as required by the Financial Services Regulatory Relief Act of 2006, have issued for comment proposed joint rules that would implement the ``broker'' exceptions in section 3(a)(4) of the Exchange Act. (See 71 FR 77522, December 26, 2006) The comment period on these proposed joint rules closed on March 26, 2007. In light of these developments, the Board has delayed adopting a record keeping rule pending completion of final joint rules implementing the ``broker'' exceptions. It is not anticipated that the Board's proposal, when issued, would have a significant economic impact on a substantial number of small entities subject to the Board's regulation. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 06/30/04 69 FR 39682 Board Will Consider Requesting Additional Comment by 10/00/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Federalism: Undetermined Agency Contact: Kieran J. Fallon, Assistant General Counsel, Federal Reserve System, Legal Division Phone: 202 452-5270 RIN: 7100-AC73 _______________________________________________________________________ 3615. [bull] REGULATION: H AND Y; RISK-BASED CAPITAL GUIDELINES; BASEL 1A (DOCKET NUMBER: R-1238) Priority: Substantive, Nonsignificant Legal Authority: 12 USC 24; 12 USC 24a; 12 USC 36 CFR Citation: 12 CFR 208; 12 CFR 225 Legal Deadline: None Abstract: The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) proposed revisions to the existing risk- based capital framework that would enhance its risk sensitivity without unduly increasing regulatory burden. These changes would apply to banks, bank holding companies, and savings associations (Banking organizations). A banking organization would be able to elect to adopt these proposed revisions or remain subject to the Agencies' existing risk-based capital rules, unless it uses the Proposed Advanced Capital Adequacy Framework (Basel II NPR). Specifically, the Agencies are proposing to expand the number of risk weight categories, allow the use of external credit ratings to risk weight certain exposures, expand the range of recognized collateral and eligible guarantors, use loan-to- value ratios to risk weight most residential mortgages, increase the credit conversion factor for certain commitments with an original maturity of one year or less, assess a charge for early amortizations in securitizations of revolving exposures, and remove the 50 percent limit on the risk weight for certain derivative transactions. A banking organization would have to apply all the proposed changes if it chose to use these revisions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment on 12/26/06 71 FR 77446 Further Board Action by 09/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Barbara Bouchard, Deputy Associate Director, Federal Reserve System, Division of Banking Supervision and Regulation Phone: 202 452-3072 RIN: 7100-AD07 _______________________________________________________________________ 3616. [bull] REGULATION: R--DEFINITION OF TERMS AND EXEMPTIONS RELATING TO THE ``BROKER'' EXEMPTIONS FOR BANKS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78c(a)(4)(F) CFR Citation: 12 CFR 218 Legal Deadline: None Abstract: Before the Gramm-Leach Bliley Act of 1999 (GBL Act), banks had a blanket exemption from the definition of broker. The GBL Act removed the blanket exception and replaced it with 11 activity-based exceptions covering broad categories of bank securities ``broker'' activities. As required by the Financial Services Regulatory Relief Act of 2006, the Board and the Securities Exchange Commission issued for comment joint rules (Regulation R) implementing the ``broker'' exceptions for banks. Comments on proposed Regulation R are due by March 26, 2007. Proposed Regulation R would implement the ``broker'' exceptions relating to bank trust and fiduciary, safekeeping and custody, and deposit ``sweep'' services, as well as the exception relating to ``networking'' arrangements between banks and broker- dealers. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 12/26/06 71 FR 77522 Board Expects Further Action by 07/00/07 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Kieran J. Fallon, Assistant General Counsel, Federal Reserve System, Legal Division Phone: 202 452-5270 RIN: 7100-AD05 _______________________________________________________________________ 3617. REGULATION: S--THRESHOLD FOR THE REQUIREMENT TO COLLECT, RETAIN, AND TRANSMIT INFORMATION ON FUNDS TRANSFERS AND TRANSMITTALS OF FUNDS (DOCKET NUMBER: R-1258) Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1829b; 12 USC 1951 CFR Citation: 12 CFR 219 Legal Deadline: None Abstract: The Financial Crimes Enforcement Network of the Department of the Treasury and the Board of Governors of the Federal Reserve System are reviewing and assessing the comment letters received in response to the advance notice of [[Page 23563]] proposed rulemaking on the threshold for the requirement to collect, retain, and transmit information on funds transfers and transmittals of funds. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Request Board Action by 12/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: James K. Owens, Manager, Federal Reserve System, Wholesale Payments Section Phone: 202 728-5848 RIN: 7100-AD03 _______________________________________________________________________ 3618. REGULATION: Y--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1844(b) CFR Citation: 12 CFR 225 Legal Deadline: None Abstract: Title I of the Gramm-Leach-Bliley Act (GLB Act) makes a number of miscellaneous amendments to sections 3, 4, and 5 of the Bank Holding Company Act of 1956 (BHC Act) and adds a new section 10A to the BHC Act. These amendments, among other things, prohibit the Board from determining that new activities are closely related to banking under section 4(c)(8) of the BHC Act; streamline the Board's reporting, examination, and other supervisory authority over bank holding companies and their subsidiaries; reduce the restrictions applicable to companies that control ``nonbank banks'' that are exempt from the nonbanking restrictions of the BHC Act under section 4(f) of that Act; and repeal the savings bank life insurance provisions currently set forth in section 3(g) of the BHC Act. The Board will consider issuing for public comment amendments to Regulation Y to implement the provisions of the GLB Act affecting the BHC Act that have not previously been addressed in rules adopted by the Board. The Board will also consider issuing for public comment a proposed series of technical changes to Regulation Y necessitated by the GLB Act, as well as a general reorganization of Regulation Y. It is not anticipated that the proposals will have a significant economic impact on a substantial number of small entities subject to the Board's regulation. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Will Consider Requesting Additional Comment by 12/00/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Federalism: Undetermined Agency Contact: Andrew S. Baer, Counsel, Federal Reserve System, Legal Division Phone: 202 452-2246 RIN: 7100-AC66 _______________________________________________________________________ 3619. REGULATION: Z--TRUTH IN LENDING (DOCKET NUMBER: R-1217) Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1601 et seq CFR Citation: 12 CFR 226 et seq Legal Deadline: None Abstract: In December 2004, the Board published an advance notice of proposed rulemaking (ANPRM) to commence a review of the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act (TILA), and the regulation's official staff commentary. The Board periodically reviews each of its regulations to update them, if necessary. The ANPRM seeks comment on a variety of specific issues relating to three broad categories: The format of open-end credit disclosures, the content of the disclosures, and the substantive protections provided under the regulations. It solicits comments on the scope of the review, and also requests commenters to identify other issues that the Board should consider addressing in the review. In October 2005, the Board published a second ANPRM that seeks comment on issues relating to the implementation of amendments to TILA contained in federal bankruptcy reform legislation. The Board plans to incorporate the implementation of these TILA amendments into the Regulation Z review. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 12/08/04 69 FR 70925 Board Requested Additional Comments 10/17/05 70 FR 60235 Further Board Action by 06/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses Government Levels Affected: None Federalism: Undetermined Agency Contact: Jane Ahrens, Senior Counsel, Federal Reserve System, Division of Consumer and Community Affairs Phone: 202 452-3667 RIN: 7100-AC97 [[Page 23564]] _______________________________________________________________________ Federal Reserve System (FRS) Final Rule Stage _______________________________________________________________________ 3620. REGULATION: H--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (DOCKET NUMBER: R-1064) Priority: Substantive, Nonsignificant Legal Authority: 12 USC 335; 12 USC 1835a CFR Citation: 12 CFR 208 Legal Deadline: None Abstract: In March 2000, the Board approved an interim rule with request for public comment amending Regulation H to implement section 121 of the Gramm-Leach-Bliley Act for state member banks (65 FR 14810, March 20, 2000). Section 121 in part authorizes state member banks to control, or hold an interest in, financial subsidiaries so as to conduct certain activities that are financial in nature or incidental to a financial activity. In August 2001, following review of the public comments, the Board adopted the final rule substantially as proposed (66 FR 42929, August 16, 2001). The Board will also consider issuing for public comment a proposed rule in place of an existing Miscellaneous Interpretation (12 CFR 250.141) relating to member bank purchases of stock in operations subsidiaries to update its provisions and conform to section 121. 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 Date FR Cite ________________________________________________________________________ Board Requested Comment on Interim Rule 03/20/00 65 FR 14810 Board Adopted Interim Rule 08/16/01 66 FR 42929 Board Will Consider Requesting Comment on Replacement Rule by 12/00/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Federalism: Undetermined Agency Contact: Patricia A. Robinson, Assistant General Counsel, Federal Reserve System, Legal Division Phone: 202 452-3005 RIN: 7100-AC69 _______________________________________________________________________ 3621. REGULATION: H--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM; AND REGULATION: Y--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL, CAPITAL APPENDICES (DOCKET NUMBER: R-1261) (SECTION 610 REVIEW) Priority: Substantive, Nonsignificant Legal Authority: 12 USC 24 to 24a; 12 USC 36; 12 USC 92a; CFR Citation: 12 CFR 208 app A; 12 CFR 208 app D; 12 CFR 208 app E; 12 CFR 225 app A; 12 CFR 225 app D; 12 CFR 225 app E Legal Deadline: None Abstract: The capital appendices to regulations H and Y set forth guidelines for institutions on calculating their regulatory capital requirements, both risk-based and leveraged. The guidelines are continuously monitored and updated as required to reflect market innovations, accounting changes, or modifications to supervisory policy. In August 2003, the Board, along with the other Federal banking agencies issued an advance notice of proposed rulemaking (ANPRM) seeking public comment on a range of possible revisions to the Basel capital accord. In March 2006, the Board approved issuing for public comment a notice of proposed rulemaking (NPRM) based on the final revised Basel capital accord (Basel II). The NPRM sets forth a new regulatory capital framework for certain banking organizations that have systems and risk management practices that can support the more complex regime. The NPRM was approved by other Federal banking agencies and issued for public comment in September 2006. In December 2006, the Board and the other Federal banking agencies, extended the comment period for the Basel II NPRM to coincide with the end of the comment period for the so-called Basel 1A NPRM (Docket Number: R-1238). The comment period end date for both NPRMs is March 26, 2007. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 09/25/06 71 FR 55830 Further Board Action by 07/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses Government Levels Affected: None Federalism: Undetermined Agency Contact: Barbara Bouchard, Deputy Associate Director, Federal Reserve System, Division of Banking Supervision and Regulation Phone: 202 452-3072 RIN: 7100-AC88 _______________________________________________________________________ 3622. REGULATION: V--FAIR CREDIT REPORTING (DOCKET NUMBER: R-1203) Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681 et seq CFR Citation: 12 CFR 222 Legal Deadline: None Abstract: On December 4, 2003, the President signed into law the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Pub. L. 108- 159, 117 Stat.1952, which amends the Fair Credit Reporting Act (FCRA). Section 214 of the FACT Act adds a new section 624 of the FCRA. This new provision gives consumers the right to restrict a person from using certain information about a consumer obtained from an affiliate to make solicitations to that consumer. That section also requires the Agencies, in consultation and coordination with each other, to issue regulations in final form implementing section 214 not later than 9 months after the date of enactment. These rules must become effective not later than 6 months after the date on which they are issued in final form. The proposed rules were issued by the Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. The Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC) are also required to issue regulations under new section 624 in consultation and coordination with the Agencies. The FTC published its proposed rule on June 15, 2004 (69 FR 33324), and the SEC published its proposed rule on July 8, 2004 (69 FR 42302). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 07/15/04 69 FR 42501 Board Expects Further Action by 05/00/07 [[Page 23565]] Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: David A. Stein, Counsel, Federal Reserve System, Division of Consumer and Community Affairs Phone: 202 452-2412 RIN: 7100-AC95 _______________________________________________________________________ 3623. REGULATION: Y--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (DOCKET NUMBER: R-1094) Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1843 CFR Citation: 12 CFR 225.86(e) Legal Deadline: None Abstract: In December 2000, the Board, jointly with the Department of the Treasury, issued interim rules with request for public comment to implement section 4(k)(5) of the Bank Holding Company Act and section 5136A(b)(3) of the Revised Statutes, which were added by the Gramm- Leach-Bliley Act (66 FR 257, January 3, 2001). The interim rules specify three general types of activities to be financial in nature or incidental to a financial activity, and create a mechanism by which financial holding companies, financial subsidiaries of national banks, or others may request that the Board or the Secretary of the Treasury, respectively, define particular activities within one of the three categories. Such activities would therefore be permissible for financial holding companies and financial subsidiaries of national banks. The rules are not expected to have a significant economic impact on a substantial number of small entities. Following review of the public comments, the Board will take further action. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 01/03/01 66 FR 257 Further Board Action by 12/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Federalism: Undetermined Agency Contact: Andrew S. Baer, Counsel, Federal Reserve System, Legal Division Phone: 202 452-2246 RIN: 7100-AC81 _______________________________________________________________________ Federal Reserve System (FRS) Long-Term Actions _______________________________________________________________________ 3624. REGULATION: V--FAIR CREDIT REPORTING (DOCKET NUMBER: R-1082) Priority: Substantive, Nonsignificant CFR Citation: 12 CFR 222 Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 10/20/00 65 FR 63120 Further Board Action by 12/00/08 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Federalism: Undetermined Agency Contact: David A. Stein Phone: 202 452-2412 RIN: 7100-AC68 _______________________________________________________________________ Federal Reserve System (FRS) Completed Actions _______________________________________________________________________ 3625. REGULATION: E--ELECTRONIC FUNDS TRANSFERS (DOCKET NUMBER: R-1247) Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1693(a); 12 USC 1693(d) CFR Citation: 12 CFR 205.2; 12 CFR 205.18 Legal Deadline: None Abstract: The interim final rule provides that payroll card accounts established directly or indirectly by an employer on behalf of a consumer to which electronic funds transfers of the consumer's salary, wages, or other employee compensation are made on a recurring basis are accounts covered by Regulation E. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 01/10/06 71 FR 1473 Board Issued Final Rule 08/30/06 71 FR 51437 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses, Governmental Jurisdictions, Organizations Government Levels Affected: Local, State Agency Contact: Ky Tran-Trong, Counsel, Federal Reserve System, Division of Consumer and Community Affairs Phone: 202 452-3667 RIN: 7100-AD01 _______________________________________________________________________ 3626. REGULATION: Y--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL, CAPITAL APPENDICES (DOCKET NUMBER: R-1235) Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1817(j)(13); 12 USC 1818; 12 USC 1828 (o); 12 USC 1831; CFR Citation: 12 CFR 225; Legal Deadline: None Abstract: The capital appendices (appendices A & D) to Regulation Y set forth guidelines for institutions to [[Page 23566]] calculate their regulatory capital requirements, both risk-based and leveraged. Appendix C, the Board's Small Bank Holding Company Policy Statement, sets forth guidelines facilitating the transfer of small banks and for exempting, under specific circumstances, certain small bank holding companies from the consolidated capital guidelines. The guidelines are continuously monitored and revised as required to reflect market innovations, accounting changes, or modifications to supervisory policy. In February 2006, the Board revised the Small Bank Holding Company Policy Statement (Appendix C of Regulation Y) raising its asset size threshold from $150 million to $500 million and revising other criteria used in determining whether a small bank holding company may qualify for coverage under the Policy Statement. The Board also revised the asset threshold and other qualifying criteria for small bank holding companies that may be exempt from the capital guidelines (appendices A & D). The revisions were made in order to update the guidelines especially considering the impact of industry consolidation since the last Policy Statement was issued in 1980. The 2006 final rule was adopted substantially as proposed in 2005. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Board Requested Comment 09/08/05 70 FR 53320 Board Issued Final Rule 02/27/06 71 FR 9897 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Barbara Bouchard, Deputy Associate Director, Federal Reserve System, Division of Banking Supervision and Regulation Phone: 202 452-3072 RIN: 7100-AD02 [FR Doc. 07-01255 Filed 04-27-07; 8:45 am] BILLING CODE 6210-01-S