The Board is amending two sections of Regulation D (Reserve Requirements of Depository Institutions) to conform the provisions to prior regulatory amendments. More... The final rule is effective July 14, 2023 (Regulation D, Docket R–1810), the same day it was published in the Federal Register.

On June 30, 2023, the Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), in consultation with state bank and credit union regulators, issued a Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. More... The statement is relevant to all financial institutions supervised by the agencies. This updated policy statement builds on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress, updates existing interagency supervisory guidance on commercial real estate loan workouts, and adds a section on short-term loan accommodations. The updated statement also addresses relevant accounting standard changes on estimating loan losses and provides updated examples of classifying and accounting for loans modified or affected by loan accommodations or loan workout activity (Guidance, Real Estate Lending at 3-1578).

The Board, the FDIC, and the OCC issued on June 6, 2023, Interagency Guidance on Third-Party Relationships. More... The final guidance offers the agencies’ views on sound risk-management principles for banking organizations when developing and implementing risk-management practices for all stages in the life cycle of third-party relationships. The final guidance states that sound third-party risk management takes into account the level of risk, complexity, and size of the banking organization and the nature of the third-party relationship. The agencies issued this joint guidance to promote consistency in supervisory approaches; it replaces each agency’s existing general guidance on this topic and is directed to all banking organizations supervised by the agencies (Guidance, Risk Management at 3-1579.244).

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to modify existing system of records, BGFRS–9 “FRB—Supplier Files.” More... This system of records includes the supplier information form, W–9 tax identification document, and any other information pertaining to a supplier’s status. The modified system of records is effective July 21, 2023, without further notice, unless comments dictate otherwise (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system of records was published in the Federal Register on June 21, 2023.

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to modify existing system of records, BGFRS–20 “FRB—Survey of Consumer Finances” to account for changes necessitated by title III of the Foundations for Evidence-Based Policymaking Act of 2018. More... This system of records covers the Survey of Consumer Finances, which is a voluntary triennial survey of a representative sample of households that collects information on household finances, income, employment, attitudes, and demographics. The modified system of records is effective July 21, 2023, without further notice, unless comments dictate otherwise (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system of records was published in the Federal Register on June 21, 2023.

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to establish a new system of records, BGFRS–45 “FRB—Debt Collection Records.” More... This system of records includes records concerning debts owed to the Board or to the United States (including but not limited to restitution collectible by the United States) that arise out of the Board’s operations or other activities, and records concerning the Board’s efforts to collect these debts. The Board will create, collect, and maintain these records to support its debt collection efforts, and to facilitate compliance with statutory and regulatory requirements. The new system of records is effective July 21, 2023, without further notice, unless comments dictate otherwise (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system of records was published in the Federal Register on June 21, 2023.

The Board, the Consumer Financial Protection Bureau, the FDIC, the Federal Housing Finance Agency, the NCUA, and the OCC invite comment on a proposed rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling. More... Under the proposal, the agencies would require institutions that engage in certain credit decisions or securitization determinations to adopt policies, practices, procedures, and control systems to ensure that AVMs used in these transactions to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high level of confidence in the estimates produced by AVMs; protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and comply with applicable nondiscrimination laws. Comments on this notice of proposed rulemaking must be received by August 21, 2023 (Docket R–1807).