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FDIC Federal Register Citations [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_050-1] [Page 23630-23631]
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) _______________________________________________________________________________ Part L Federal Deposit Insurance Corporation --------------------------------------------------------------------------------------------------------------------------------------------- Semiannual Regulatory Agenda FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Ch. III Semiannual Agenda of Regulations AGENCY: Federal Deposit Insurance Corporation. ACTION: Semiannual regulatory agenda. _______________________________________________________________________ SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is hereby publishing items for the spring 2006 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda contains information about FDIC's current and projected rulemakings, existing regulations under review, and completed rulemakings. FOR FURTHER INFORMATION CONTACT: Persons identified under regulations listed in the agenda. Unless otherwise noted, the address for all FDIC staff identified in the agenda is Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. SUPPLEMENTARY INFORMATION: Twice each year, the FDIC publishes an agenda of regulations to inform the public of its regulatory actions and to enhance public participation in the rulemaking process. Publication of the agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The FDIC amends its regulations under the general rulemaking authority prescribed in section 9 of the Federal Deposit Insurance Act (12 U.S.C. 1819) and under specific authority granted by the Act and other statutes. In this edition of the spring 2006 agenda, the FDIC published one advanced notice of proposed rulemaking entitled ``Large-Bank Deposit Insurance Determination Modernization Proposal'' on December 13, 2005; two proposed rules entitled (1) ``Interstate Banking; Federal Interest Rate Authority'' on October 14, 2005 and (2) ``Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital Modifications'' on October 20, 2005; and six final rules entitled (1) ``Extension of Corporate Powers'' on October 18, 2004, (2) ``Deposit Insurance Coverage; Accounts of Qualified Tuition Savings Programs Under Section 529 of the Internal Revenue Code'' on October 28, 2005, (3) ``One-Year Post-Employment Restrictions for Senior Examiners'' on November 17, 2005, (4) ``Fair Credit Reporting Medical Information Regulations'' on November 22, 2005, (5) ``Notification of Changes of Insured Status'' on February 21, 2006, and (6) ``Risk-Based Capital Guidelines: Market Risk Measure; Securities Borrowing Transactions'' on February 22, 2006. In addition the FDIC published one notice entitled ``Community Reinvestment Act; Interagency Questions and Answers Regarding Community Reinvestment'' on November 10, 2005. Interested persons may petition the FDIC for the issuance, amendment, or repeal of any regulation by submitting a written petition to the Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429. Petitioners should include complete and concise statements of their interest in the subject matter and reasons why the petitions should be granted. Carol L. Middlebrook, Special Assistant to the Executive Secretary, Federal Deposit Insurance Corporation. FDIC - Proposed Rule Stage
_______________________________________________________________________ Proposed Rule Stage _______________________________________________________________________
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Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/propose.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/propose.html Agency Contact: Richard M. Schwartz, Counsel, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7424 RIN: 3064-AC97 _______________________________________________________________________ 3839. LARGE-BANK DEPOSIT INSURANCE DETERMINATION MODERNIZATION PROPOSAL Priority: Other Significant Legal Authority: Not Yet Determined CFR Citation: Not Yet Determined Legal Deadline: None Abstract: In view of the significant Industry consolidation in recent years, the FDIC is exploring new methods to modernize its deposit insurance determination process, whereby the insurance status of each depositor is determined in the event of failure. Timetable:
________________________________________________________________________ Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/propose.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/propose.html Agency Contact: Christopher L. Hencke, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8839 RIN: 3064-AC98 _______________________________________________________________________ Final Rule Stage _______________________________________________________________________ 3840. FILING PROCEDURES; TRANSACTIONS WITH AFFILIATES Priority: Other Significant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1819 (Tenth); 12 USC 1828 (j)(1); 12 USC 378; 12 USC 1813; 12 USC 1815; 12 USC 1817; 12 USC 1818; 12 USC 1819 (Seventh); 12 USC 1820; 12 USC 1823; 12 USC 1828; 12 USC 1831a; 12 USC 1831e; 12 USC 1831o; 12 USC 1831p-1; 12 USC 1831w; 12 USC 1835a; 12 USC 1843(l); 12 USC 3104; 12 USC 3105; 12 USC 3108; 12 USC 3207; 15 USC 1601 to 1607 CFR Citation: 12 CFR 303; 12 CFR 324 Legal Deadline: None Abstract: FDIC is proposing to adopt its own regulation that would cross reference Regulation W to make it clear that insured State nonmember banks are subject to the restrictions and limitations, and may take advantage of the exemptions, contained in Regulation W. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/propose.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/04comfiling.html Agency Contact: Thomas Bolt, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-6750 RIN: 3064-AC78 _______________________________________________________________________ 3841. DEPOSIT INSURANCE COVERAGE; STORED VALUE CARDS AND OTHER NONTRADITIONAL ACCESS MECHANISMS Priority: Substantive, Nonsignificant Unfunded Mandates: Undetermined Legal Authority: 12 USC 1813(l); 12 USC 1813(m); 12 USC 1817(i); 12 USC 1818(q); 12 USC 1819 (Tenth) CFR Citation: 12 CFR 330 Legal Deadline: None Abstract: FDIC published a proposed regulation that would clarify the insurance coverage of funds subject to transfer or withdrawal through the use of stored value cards and other nontraditional access mechanisms. This proposed rule is a revision of a proposed rule published by the FDIC in April of 2004 (the ``First Proposed Rule''). See 69 FR 20558 (April 16, 2004). The purpose of the revised proposed rule (the ``Second Proposed Rule'') is to address certain issues raised by commenters in response to the original proposal. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/propose.html Agency Contact: Christopher L. Hencke, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8839 RIN: 3064-AC80 _______________________________________________________________________ 3842. FAIR CREDIT REPORTING AFFILIATE MARKETING REGULATIONS Priority: Other Significant Legal Authority: 12 USC 1818; 12 USC 1819 (Tenth); 15 USC 1681b; 15 USC 1681s CFR Citation: 12 CFR 334 Legal Deadline: None Abstract: OCC, FRB, FDIC, OTS, and NCUA are publishing for comment proposed regulations to implement the affiliate marketing provisions in section 214 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act. The proposed regulations generally prohibit a person from using information received from an affiliate to make a solicitation for marketing purposes to a consumer, unless the consumer is given notice, an opportunity, and a simple method to opt out of the making of such solicitations. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: [[Page 23633]] http://www.fdic.gov/regulations/laws/federal/propose.html Agency Contact: Richard M. Schwartz, Counsel, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7424 RIN: 3064-AC83 _______________________________________________________________________ 3843. ANNUAL INDEPENDENT AUDITS AND REPORTING REQUIREMENTS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1831m CFR Citation: 12 CFR 363 Legal Deadline: None Abstract: The FDIC is proposing to amend its regulations concerning annual independent audits and reporting requirements, which implement Section 36 of the Federal Deposit Insurance Act (FDI Act). Section 36 and the FDIC's implementing regulations are generally intended to facilitate early identification of problems in financial management at insured depository institutions with total assets above a certain threshold (currently $500 million) through annual independent audits, assessments of effectiveness of internal control over financial reporting and compliance with designated laws and regulations, and related reporting requirements. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/propose.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/2005/05comaudits.html Agency Contact: Michelle Borzillo, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7400 RIN: 3064-AC91 _______________________________________________________________________
Long Term Actions
Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Munsell St. Clair Phone: 202 898-8967 RIN: 3064-AB46 _______________________________________________________________________ 3845. QUALIFICATION REQUIREMENTS FOR THE RECOMMENDATION OR SALE OF CERTAIN SECURITIES Priority: Substantive, Nonsignificant CFR Citation: 12 CFR 342 Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Michael Phillips Phone: 202 898-3581 Related RIN: Related to 3064-AC42 RIN: 3064-AB85 _______________________________________________________________________ 3846. FAIR CREDIT REPORTING ACT REGULATIONS Priority: Other Significant. Major status under 5 USC 801 is undetermined. CFR Citation: 12 CFR 334 Timetable:
Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Richard M. Schwartz Phone: 202 898-7424 RIN: 3064-AC35 _______________________________________________________________________ 3847. RISK-BASED CAPITAL STANDARDS: IMPLEMENTATION OF NEW BASEL CAPITAL ACCORD Priority: Other Significant. Major under 5 USC 801. CFR Citation: 12 CFR 325 Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Michael Phillips Phone: 202 898-3581 RIN: 3064-AC73 _______________________________________________________________________ 3848. INTERSTATE BANKING; FEDERAL INTEREST RATE AUTHORITY Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 U.S.C. 1819(A) (Tenth); 1820(g); 1831d note CFR Citation: 12 CFR 331 and 332 Legal Deadline: None Abstract: The FDIC received a petition for rulemaking to preempt certain laws with the stated purpose of establishing [[Page 23634]] parity between national banks and state-charted banks in interstate activities and operations. The petition also requested rulemaking to implement the interest rate authority contained in the Federal Deposit Insurance Act. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/propose.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/propose.html Agency Contact: Robert C Fick, Federal Deposit Insurance Corporation, Washington, DC 20249 Phone: 202 898-8962 RIN: 3064-AC95 _______________________________________________________________________ Completed Actions _______________________________________________________________________ 3849. RISK-BASED CAPITAL GUIDELINES: MARKET RISK MEASURE; SECURITIES BORROWING TRANSACTIONS Priority: Other Significant Legal Authority: 12 USC 1815(a); 12 USC 1815(b); 12 USC 1816; 12 USC 1818(a) to 1818(c); 12 USC 1818(t); 12 USC 1819 (Tenth); 12 USC 1828(c); 12 USC 1828(d); 12 USC 1828(i); 12 USC 1828(n); 12 USC 1828(o); 12 USC 1831o; PL 102-233; 105 Stat 1761; 105 Stat 1789; 105 Stat 1790; PL 102-242; 105 Stat 2236; 105 Stat 2355; 105 Stat 2386 CFR Citation: 12 CFR 325 Legal Deadline: None Abstract: This rulemaking sponsored jointly by OCC, FRB and FDIC, amends their market risk rules to revise the capital treatment for cash collateral that is posted in connection with certain securities borrowing transactions. The effect of the rule is to more appropriately align the capital requirements for these transactions with the risk involved and to provide a capital treatment for U.S. banking organizations that is more in line with the capital treatment applied to their domestic and foreign competitors. Timetable:
Regulatory Flexibility Analysis Required: No
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.egrpra.gov URL For Public Comments: www.egrpra.gov Agency Contact: Claude A. Rollin, Senior Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8741 RIN: 3064-AC59 _______________________________________________________________________ 3851. FAIR CREDIT REPORTING MEDICAL INFORMATION REGULATIONS Priority: Other Significant Legal Authority: 12 USC 1818; 12 USC 1819 (Tenth); 15 USC 1681b; 15 USC 1681s CFR Citation: 12 CFR 334 Legal Deadline: None Abstract: OCC, FRB, FDIC, OTS, and NCUA are publishing for comment proposed regulations implementing section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Public Law 108-159, 117 Stat. 1952. The FACT Act substantially amends the Fair Credit Reporting Act (FCRA or Act), 15 U.S.C. 1681 et seq. Section 411(a) of the FACT Act adds a new section to the FCRA to restrict the circumstances under which consumer reporting agencies may furnish consumer reports that contain medical information about consumers. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No [[Page 23635]] Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/final.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/04comfaircredit.html Agency Contact: Richard M. Schwartz, Counsel, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7424 RIN: 3064-AC81 _______________________________________________________________________ 3852. DEPOSIT INSURANCE COVERAGE; ACCOUNTS OF QUALIFIED TUITION SAVINGS PROGRAMS UNDER SECTION 529 OF THE INTERNAL REVENUE CODE Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1813(1); 1813 (m); 1817(i); 1818(q); 1819 (Tenth); 1820 (f); 1821(a); 1822(c) CFR Citation: 12 CFR Part 330 Legal Deadline: None Abstract: The FDIC revised its insurance regulations for accounts of qualified tuition savings programs under section 529 of the Internal Revenue Code. Qualified tuition savings programs or prepaid tuition plans may be established by states or state instrumentalities under section 529 of the Internal Revenue Code. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/index.html URL For Public Comments: http://www.fdic.gov/regulations/laws/federal/index.html Agency Contact: Christopher L. Hencke, Counsel, Legal Division, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8839 RIN: 3064-AC90 _______________________________________________________________________ 3853. ONE-YEAR POST-EMPLOYMENT RESTRICTIONS FOR SENIOR EXAMINERS Priority: Substantive, Nonsignificant Legal Authority: 5 USC 504 ; 5 USC 554 to 557; 12 USC 93(b); 12 USC 164; 12 USC 505; 12 USC 1815(e); 12 USC 1817 to 1818; 12 USC 1820; 12 USC 1828 to 1829; 12 USC 1829(b); 12 USC 1831i; 12 USC 1831m(g)(4); 12 USC 1831o; 12 USC 1831p-1; 12 USC 1832(c); 12 USC 1884(b); 12 USC 1972; 12 USC 12 USC 3102; 12 USC 3108(a); 12 USC 3349; 12 USC 3909; 12 USC 4717; 15 USC 78(h) to 78(i); 15 USC 78o-4(c); 15 USC 78o-5; 15 USC 78q- 1; 15 USC 78s; 15 USC 78u; 15 USC 78u-2 to 78u-3; 15 USC 78w; 15 USC 6801(b); 15 USC 6805(b)(1); 28 USC 2461 note; 31 USC 330; 31 USC 5321; 42 USC 4012a; sec 3100s, PL 104-134, 110 Stat 1321-358; 12 USC 1819; 12 USC 1820(k) CFR Citation: 12 CFR 308 ; 12 CFR 336 Legal Deadline: None Abstract: The OCC, Board, FDIC and OTS (The Agencies) propose to adopt rules to implement section 6303(b) of the Intelligence Reform and Terrorism Prevention Act of 2004 which added a new section 10(k) to the Federal Deposit Insurance Act. Section 10(k)imposes post-employment restrictions on senior examiners of depository institutions and depository institution holding companies. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/final.html Agency Contact: Kimberly K. Copa, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8832 RIN: 3064-AC92 _______________________________________________________________________ 3854. NOTIFICATION OF CHANGES OF INSURED STATUS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1818(a)(6); 12 USC 1818(q); 12 USC 1819(a) [Tenth] CFR Citation: 12 CFR 307 Legal Deadline: None Abstract: This proposed rule would clarify that a certification concerning the assumption of deposits is required only when all of an insured institution's deposit liabilities have been assumed, and that no certification is required for partial deposit assumptions. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: http://www.fdic.gov/regulations/laws/federal/final.html Agency Contact: Thomas Nixon, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-8766 RIN: 3064-AC93 _______________________________________________________________________ 3855. EXTENSION OF CORPORATE POWERS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1816; 12 USC 1818; 12 USC 1819 (Seventh, Eighth, and Tenth); 12 USC 1828 CFR Citation: 12 CFR 333 Legal Deadline: None Abstract: The Federal Deposit Insurance Corporation (FDIC) is amending its interpretive rule (12 CFR 333.101(b)) which states that insured state nonmembers banks not exercising trust powers may offer self- directed traditional Individual Retirement and Keogh Plan accounts without prior written consent of the FDIC. Timetable:
Regulatory Flexibility Analysis Required: No Small Entities Affected: No [[Page 23636]] Government Levels Affected: None Agency Contact: McDonough W Benjamin, Honors Attorney, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-7411 RIN: 3064-AC94 [FR Doc. 06-2060 Filed 04-21-06; 8:45 am] BILLING CODE 6714-01-S
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