The Board, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency are amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). More... Specifically, the final rule requires regulated lending institutions to accept policies that meet the statutory definition of “private flood insurance” in the Biggert-Waters Act; and permits regulated lending institutions to exercise their discretion to accept flood insurance policies issued by private insurers and plans providing flood coverage issued by mutual aid societies that do not meet the statutory definition of “private flood insurance,” subject to certain restrictions. The final rule is effective July 1, 2019 (Regulation H, Docket R-1498) and was published in the Federal Register on February 20, 2019.

The Board is repealing its regulations that incorporated the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including the S.A.F.E. Act, from the Board to the Consumer Financial Protection Bureau (CFPB). More... In December 2011, the CFPB published an interim final rule, incorporating the S.A.F.E. Act into its Regulation G and Regulation H. In April 2016, the CFPB finalized the interim final rule. Accordingly, the Board is repealing its S.A.F.E. Act regulations. The final rule is effective June 14, 2019 (Regulation H and Regulation K, Docket R-1622) and was published in the Federal Register on May 15, 2019.

The Board is inviting public comment on a proposal that would revise the Board’s regulations related to determinations of whether a company has the ability to exercise a controlling influence over another company for purposes of the Bank Holding Company Act or the Home Owners’ Loan Act. More... The proposal would significantly expand the number of presumptions for use in such determinations. By codifying the presumptions in the Board’s Regulation Y and Regulation LL, the Board’s rules would provide substantial additional transparency on the types of relationships that the Board would view as supporting a determination that one company controls another company. The proposed presumptions generally would be consistent with the Board’s historical practice with respect to the types of relationships that raise, or do not raise, significant controlling influence concerns. Several of the proposed presumptions, however, would represent targeted adjustments relative to the Board’s historical practice. Finally, the proposal would include various definitions and ancillary rules to ensure that the application of the proposed presumptions is clear, transparent, and consistent. Comments on this notice of proposed rulemaking must be received by July 15, 2019 (Docket R-1662).

The Board is requesting comment on potential modifications to the Federal Reserve Banks’ payment services to facilitate adoption of a later same-day automated clearinghouse (ACH) processing and settlement window. More... Specifically, the Reserve Banks would extend the daily operating hours of the National Settlement Service (NSS) to allow the private-sector ACH operator to settle its in-network transactions resulting from the later same-day ACH window. To support these new NSS operating hours, the Reserve Banks would extend the daily operating hours of the Fedwire® Funds Service, creating implications for extension policies for contingencies that might result in more frequent delays to the reopening of the Fedwire® Funds Service. Finally, the Board is requesting comment on corresponding changes to the Federal Reserve Policy on Payment System Risk related to a new posting time and an increase to the daylight overdraft fee rate. Comments on this notice must be received by July 15, 2019 (Docket OP-1664).