The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the state regulators recognize the serious impact of Hurricane Florence on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. More... The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. For more information, see the press release and related information on the Board’s public website: www.federalreserve.gov/newsevents/pressreleases/bcreg20180914a.htm.

The Board, the FDIC, and the OCC (collectively, the “agencies”) are jointly issuing and requesting public comment on interim final rules to implement section 210 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (Economic Growth Act), which was enacted on May 24, 2018. More... Section 210 of the Economic Growth Act amends section 10(d) of the Federal Deposit Insurance Act to permit the agencies to examine qualifying insured depository institutions (IDIs) with under $3 billion in total assets not less than once during each 18-month period. Prior to enactment of the Economic Growth Act, qualifying IDIs with under $1 billion in total assets were eligible for an 18-month on-site examination cycle. The interim final rules generally would allow qualifying IDIs with under $3 billion in total assets to benefit from the extended 18-month examination schedule. In addition, the interim final rules make parallel changes to the agencies’ regulations governing the onsite examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978. These interim final rules are effective August 29, 2018 (Regulation H and Regulation K, Docket R-1615), the same day they were published in the Federal Register. Comments on these interim final rules must be received by October 29, 2018.

The Board invites comment on an interim final rule that raises the asset size threshold for determining applicability of the Board’s Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (Regulation Y, appendix C) to $3 billion from $1 billion of total consolidated assets. More... The interim final rule also makes related and conforming revisions to the Board’s regulatory capital rule (Regulation Q) and requirements for bank holding companies (Regulation Y). In connection with these changes, the Board is modifying the respondent panel for certain holding company financial reports. The interim final rule is effective August 30, 2018 (Regulation Q and Regulation Y, Docket R-1619), the same day it was published in the Federal Register. Comments on the interim final rule must be received by October 29, 2018.

The Board, the FDIC, and the OCC are jointly issuing and inviting comment on an interim final rule that amends the agencies’ liquidity coverage ratio (LCR) rule to treat liquid and readily-marketable, investment grade municipal obligations as high-quality liquid assets (HQLA). More... Section 403 of the Economic Growth Act amends section 18 of the Federal Deposit Insurance Act and requires the agencies, for purposes of their LCR rule and any other regulation that incorporates a definition of the term “high-quality liquid asset” or another substantially similar term, to treat a municipal obligation as HQLA (that is a level 2B liquid asset) if that obligation is, as of the LCR calculation date, “liquid and readily-marketable” and “investment grade.” The interim final rule is effective August 31, 2018 (Regulation WW, Docket R-1616), the same day it was published in the Federal Register. Comments on the interim final rule must be received by October 1, 2018.

The Board is adopting a final rule to establish single-counterparty credit limits for bank holding companies and foreign banking organizations with $250 billion or more in total consolidated assets, including any U.S. intermediate holding company of such a foreign banking organization with $50 billion or more in total consolidated assets, and any bank holding company identified as a global systemically important bank holding company under the Board’s capital rules. More... The final rule implements section 165(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires the Board to impose limits on the amount of credit exposure that such a bank holding company or foreign banking organization can have to an unaffiliated company in order to reduce the risks arising from the company’s failure. The final rule is effective October 5, 2018 (Regulation YY, Docket R-1534) and was published in the Federal Register on August 6, 2018.

The Consumer Financial Protection Bureau (CFPB) is amending Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. More... The amendment implements a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions. The final rule is effective September 17, 2018 (Consumer Financial Protection Bureau, Regulation P, Docket CFPB-2016-0032) and was published in the Federal Register on August 17, 2018.

Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board is amending its General Routine Uses of Board Systems of Records (General Routine Uses) that apply to the Board’s systems of records, by revising an existing routine use and adding a new routine use, both related to breach response. More... The changes are necessary in order to comply with Office of Management and Budget (OMB) Memorandum M-17-12, “Preparing for and Responding to a Breach of Personally Identifiable Information” (January 3, 2017), which sets forth the two required routine uses. Accordingly, the Board is revising Routine Use I, as prescribed by OMB, which allows the Board to disclose records as necessary to respond to a suspected or confirmed breach of the system of records where the Board has determined the breach poses a risk of harm to individuals, the Board, the federal government, or national security, and the disclosure is reasonably necessary to assist the Board in its efforts to respond to the breach or to prevent, minimize, or remedy such harm. The Board is also adding Routine Use J, as prescribed by OMB, to allow the Board to assist another federal agency or federal entity in that agency’s or entity’s response to a suspected or confirmed breach or efforts to prevent, minimize, or remedy the risk of harm to individuals, the agency or entity, the federal government, or national security, resulting from a suspected or confirmed breach.

These breach-response related uses are relevant and apply to all of the Board’s systems of records. Accordingly, the Board is revising its list of General Routine Uses and is amending all of the Board’s systems of records to include the revised Routine Use I and the new Routine Use J. More... These uses will ensure that the Board is able to respond as necessary in the event of a breach of personally identifiable information involving a Board system of records and assist other federal agencies or federal entities in their response. Breaches pose a risk of harm to individuals, and thus the revised and new routine uses will further enhance the Board’s ability to protect the privacy of individuals by allowing the Board to respond to the suspected or confirmed breach and prevent, minimize, or remedy the resulting harm posed by the breach. The revised systems of records notices and General Routine Uses became effective after the comment period closed on September 27, 2018 (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System) and were published in the Federal Register on August 28, 2018.

Included in this transmittal are revised finding tables and citation indexes reflecting all changes since the last revision that was issued in October 2017 (transmittal 440).

On July 17, 2018, the Board, the Commodity Futures Trading Commission, the FDIC, the OCC, and the Securities and Exchange Commission published in the Federal Register a notice of proposed rulemaking that would amend the regulations implementing section 13 of the Bank Holding Company Act. More... Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13.

In response to requests from commenters regarding issues addressed in the proposal, the public comment period has been extended for 30 days until October 17, 2018. This action will allow interested persons additional time to analyze the proposal and prepare their comments. Comments on this notice of proposed rulemaking must be received by October 17, 2018 (Docket R-1608).

The Board is proposing to repeal its regulations that incorporated the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). More... Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred rulemaking authority for a number of consumer financial protection laws, including the S.A.F.E. Act, from the Board to the CFPB. In December 2011, the CFPB published an interim final rule, incorporating the S.A.F.E. Act into its Regulations G and H. In April 2016, the CFPB finalized the interim final rule. Accordingly, the Board is proposing to repeal its S.A.F.E. Act regulations. Comments on this notice of proposed rulemaking must be received by November 26, 2018 (Docket R-1622).