FDIC Federal Register Citations

[June 28, 2004 (Volume 69, Number 123)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID: f:ua040451.wais]

[Page 38562-38567]
 
Federal Deposit Insurance Corporation


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Part LI

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Semiannual Regulatory Agenda

[[Page 38562]]

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
______________________________________________________________________

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 2004 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.

     On January 21, 2004, the FDIC revised the current living trust
account rules to provide for insurance coverage of up to $100,000
per qualifying beneficiary who, as of the date of an institution
failure, would become entitled to the living trust assets upon the
owner's death. USA Today called the change ``good news for many
trust owners'' and indicated that ``the rule change will make it
easier for people with living trusts in certificates of deposit and
other insured accounts to protect their savings'' (USA Today,
January 26, 2004). Under the final rule, coverage will be
determined on the interests of qualifying beneficiaries
irrespective of defeating contingencies. A beneficiary whose trust
interest is dependent on the death of another trust beneficiary,
however, will not qualify. The FDIC also eliminated an unnecessary
recordkeeping requirement, which further supports the ongoing
efforts of the FDIC and the other Federal banking regulators, under
the Economic Growth and Regulatory Paperwork Reduction Act
(EGRPRA), to eliminate unnecessary regulatory requirements.

     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.

Federal Deposit Insurance Corporation.

Dated: May 11, 2004.

 Robert E. Feldman,

Executive Secretary.
 

FDIC Completed Actions

Federal Deposit Insurance Corporation (FDIC)        Proposed Rule Stage

_______________________________________________________________________

4049. FAIR CREDIT REPORTING ACT REGULATIONS

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 15 USC 1681s; 12 USC 1819(a)(Tenth)

CFR Citation: 12 CFR 334

Legal Deadline: None

Abstract: Section 506 of the Gramm-Leach-Bliley Act (Act) authorizes
the Federal banking agencies to publish Fair Credit Reporting Act
regulations to carry out the purposes of the Act. Due to comments
received from a joint notice of proposed rulemaking, dated October 20,
2000, it is anticipated that the agencies will issue a new proposed
rulemaking for public comment.

Timetable:
 

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Robert A. Patrick, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3757

RIN: 3064-AC35
_______________________________________________________________________

4050. [bullet][ls-thn-eq] INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE
FORMS OF PRIVACY NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Unfunded Mandates: Undetermined

Legal Authority: Not Yet Determined

CFR Citation: 12 CFR 332

Legal Deadline: None

Abstract: The OCC, OTS, Board, FDIC, NCUA, FTC, CFTC, and SEC (the
Agencies) are requesting comment on whether the Agencies should
consider amending the regulations that implement sections 502 and 503
of the Gramm-Leach-Bliley Act (GLB Act) to allow or require inimical
institutions to provide alternative types of privacy notices, such as a
short privacy notice, that would be easier for consumers to understand.

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Robert A. Patrick, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3757

RIN: 3064-AC77
_______________________________________________________________________

4051. [bullet][ls-thn-eq] DEFINITION OF ``DEPOSIT''; STORED VALUE CARDS

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Unfunded Mandates: Undetermined

Legal Authority: 12 USC 378; 12 USC 1813; 12 USC 1815; 12 USC 1816; 12
USC 1817; 12 USC 1818; 12 USC 1819 (Seventh and Tenth); 12 USC 1820; 12
USC 1823; 12 USC 1828; 12 USC 1831a; 12 USC 1831e; 12 USC 1831o; 12 USC
1831p-1; 12 USC 1835a; 12 USC 3104; 12 USC 3105; 12 USC 3108; 12 USC
3207; 15 USC 1601 to 1607

CFR Citation: 12 CFR 303

Legal Deadline: None

Abstract: The FDIC is publishing for notice and comment a proposed rule
that would clarify the meaning of ``deposit'' as that term relates to
funds at insured depository institutions underlying stored value cards.

Timetable:
 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Christopher L. Hencke, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429

[[Page 38564]]

Phone: 202 898-8839

RIN: 3064-AC80
_______________________________________________________________________
Federal Deposit Insurance Corporation (FDIC)           Final Rule Stage

_______________________________________________________________________

4052. QUALIFICATION REQUIREMENTS FOR THE RECOMMENDATION OR SALE OF
CERTAIN SECURITIES

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1818; 12 USC 1831

CFR Citation: 12 CFR 342

Legal Deadline: Final, Statutory, May 12, 2001, recordkeeping
requirement.

Abstract: This proposal, sponsored jointly by the OCC, the FRS, and the
FDIC, would establish qualifications for banks that sell certain
securities to their customers without having to register as a broker
under the Securities Exchange Act. FDIC staff are contemplating a
recommendation to rescind this proposal and replace it with a second
notice of proposed rulemaking (NPRM) to exempt banks from registering
with the NASD/SEC as securities brokers or dealers in the event that
they qualify under any of theexemption criteria in the Gramm-Leach-
Bliley Act, sections 201 or 202, which are being withdrawn until
further notice.

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Michael Phillips, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3581

Related RIN: Related to 3064-AC42
RIN: 3064-AB85
_______________________________________________________________________

4053. RISK-BASED GUIDELINES: CAPITAL ADEQUACY GUIDELINES; CAPITAL
MAINTENANCE

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 12 USC 1815(a); 12 USC 1815(b); 12 USC 1816; 12 USC
1818(a); 12 USC 1818(b); 12 USC 1818(c); 12USC 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; 12 USC 1835; 12 USC 3907; 12 USC
3909; 12 USC 4808

CFR Citation: 12 CFR 325

Legal Deadline: None

Abstract: The Office of the Comptroller of the Currency, Board of
Governors of the Federal Reserve System, Federal Deposit Insurance
Corporation, and Office of Thrift Supervision, collectively, are
amending their risk-based capital standards by providing an interim
capital treatment for assets in asset-backed commercial paper (ABCP)
programs that are consolidated onto the balance sheets of sponsoring
banks, bank holding companies, and thrifts. The interim capital
treatment allows sponsoring banking organizations to remove the
consolidated ABCP program assets from their risk-weighted asset bases
for the purpose of calculating their risk-based capital ratios.

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Michael Phillips, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3581

RIN: 3064-AC74
_______________________________________________________________________

4054. RISK-BASED CAPITAL GUIDELINES: CAPITAL ADEQUACY GUIDELINES;
CAPITAL MAINTENANCE

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 12 USC 1815(a); 12 USC 1815(b); 12 USC 1816; 12 USC
1818(a); 12 USC 1818(b); 12 USC 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 1831(o); 12 USC 1835; 12 USC 3907; 12
USC 3909; 12 USC 4808

CFR Citation: 12 CFR 325

Legal Deadline: None

Abstract: The Comptroller of the Currency, Board of Governors of the
Federal Reserves System, Federal Deposit Insurance Corporation, and
Office of Thrift Supervision, collectively, are proposing to amend
their risk-based capital standards by removing a sunset provision in
order to permit sponsoring banks, bank holding companies, and thrifts
to exclude from their risk-weighted asset base those assets in asset-
backed commercial paper programs that are consolidated onto sponsoring
banking organizations' balance sheets as a result of a recently issued
accounting interpretation, Financial Accounting Standards Board
Interpretation No. 46, Consolidation of Variable Interest Entities (FIN
46).

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Michael Phillips, Counsel, Legal Division, Federal

[[Page 38565]]

Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3581

RIN: 3064-AC75
_______________________________________________________________________

4055. [bullet][ls-thn-eq] 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
and Tenth); 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 3104-3105; 12 USC 3108; 12 USC 3207; 15 USC 1601-1607

CFR Citation: 12 CFR 303; 12 CFR 324

Legal Deadline: None

Abstract: The 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

Agency Contact: Pamela E. F. LeCren, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3730

RIN: 3064-AC78
_______________________________________________________________________

4056. [bullet][ls-thn-eq] SECURITIES OF NONMEMBER INSURED BANKS

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 15USC 78l(i)

CFR Citation: 12 CFR 335

Legal Deadline: None

Abstract: The FDIC is adopting, on an interim basis, a final rule
amending its securities disclosure regulations applicable to banks with
securities registered under section 12 of the Securities Exchange Act
of 1924 (Exchange Act).

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Dennis Chapman, Senior Staff Accountant, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-8922

RIN: 3064-AC79
_______________________________________________________________________

4057. [bullet][ls-thn-eq] FAIR CREDIT REPORTING MEDICAL INFORMATION
REGULATIONS

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 12 USC 1818; 12 USC 1819 (Tenth); 15 USC 1681b; 15 USC
1681s

CFR Citation: 12 CFR 334

Legal Deadline: None

Abstract: The OCC, Board, FDIC, OTS, and NCUA (Agencies) are publishing
for comment proposed regulations implementing section 411 of the Fair
and Accurate Credit Transactions Act of 2003 (FACT Act).

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Robert A. Patrick, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-3757

RIN: 3064-AC81
_______________________________________________________________________
Federal Deposit Insurance Corporation (FDIC)          Long-Term Actions

_______________________________________________________________________

4058. ASSESSMENTS--ASSESSMENT BASE

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

CFR Citation: 12 CFR 327

Timetable:

 

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Munsell St. Clair
Phone: 202 898-8967

RIN: 3064-AB46
_______________________________________________________________________

4059. DEPOSIT INSURANCE COVERAGE

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

CFR Citation: 12 CFR 330

Timetable:

 

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Catherine Ribnick
Phone: 202 736-0117

RIN: 3064-AC43
_______________________________________________________________________

4060. RISK-BASED CAPITAL GUIDELINES: MARKET RISK MEASURE; SECURITIES
BORROWING TRANSACTIONS

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

CFR Citation: 12 CFR 325

[[Page 38566]]

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Robert F. Storch
Phone: 202 898-8906

RIN: 3064-AC46
_______________________________________________________________________

4061. COMMUNITY REINVESTMENT ACT REGULATIONS (SECTION 610 REVIEW)

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

CFR Citation: 12 CFR 345

Timetable:

 

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Tim Burniston
Phone: 202 898-6670

RIN: 3064-AC50
_______________________________________________________________________

4062. REGULATORY PUBLICATION AND REVIEW

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

CFR Citation: None

Timetable:

 

Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thomas Nixon
Phone: 202 898-8766

RIN: 3064-AC59
_______________________________________________________________________

4063. RISK-BASED GUIDELINES: IMPLEMENTATION OF NEW BASEL CAPITAL ACCORD

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

CFR Citation: 12 CFR 325

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Keith Ligon
Phone: 202 898-3618

RIN: 3064-AC73
_______________________________________________________________________

4064. [bullet][ls-thn-eq] COMMUNITY REINVESTMENT ACT

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 12 USC 1814 to 1817; 12 USC 1819 to 1820; 12 USC 1828;
12 USC 1831u; 12 USC 2901 to 2907; 12 USC 3103 to 3104; 12 USC 3108(a)

CFR Citation: 12 CFR 345

Legal Deadline: None

Abstract: The OCC, Board, FDIC, and OTS (collectively), are publishing
this joint interim rule to conform our regulations implementing the
Community Reinvestment ACT (CRA) to changes in the Standards for
Defining Metropolitan and Micropolitan Statistical Areas published by
the U.S. Office of Management and Budget (OMB) in December 2000; census
tracts designated by the U.S. Bureau of the Census (Census); and the
Board's Regulation C, which implements the Home Mortgage Disclosure Act
(HMDA).

Timetable:

 

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Susan Van den Toorn, Counsel, Federal Deposit Insurance
Corporation, Washington, DC 20429
Phone: 202 898-8707

RIN: 3064-AC82
_______________________________________________________________________
Federal Deposit Insurance Corporation (FDIC)          Completed Actions

_______________________________________________________________________

4065. DEPOSIT INSURANCE REGULATIONS; LIVING TRUST ACCOUNTS

Priority: Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority: 12 USC 1813(l); 12 USC 1813(m); 12 USC 1817(i); 12 USC
1818(q); 12 USC 1819 (Tenth); 12 USC 1820(f); 12 USC 1821(a)

CFR Citation: 12 CFR 330

Legal Deadline: None

Abstract: This rulemaking simplifies the regulations on the insurance
coverage of living trust accounts.

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For Public Comments:
http://www.fdic.gov/regulations/laws/publiccomments/basel/index.html

Agency Contact: Joseph A. DiNuzzo, Counsel, Legal Division, Federal
Deposit Insurance Corporation, Washington, DC 20429
Phone: 202 898-7349

RIN: 3064-AC54

[[Page 38567]]

_______________________________________________________________________

4066. ACCESS OF PERSONS WITH DISABILITIES TO FDIC PROGRAMS, ACTIVITIES,
FACILITIES, AND ELECTRONIC AND INFORMATION TECHNOLOGY

Priority: Other Significant

Legal Authority: 12 USC 1819

CFR Citation: 12 CFR 352

Legal Deadline: None

Abstract: The Federal Deposit Insurance Corporation (FDIC) proposes to
amend its regulations to implement section 508 of the Rehabilitation
Act of 1973, as amended. Section 508 requires each Federal agency or
department to ensure that the electronic and information technology is
comparable to the access of those who are not disabled, unless the
agency would incur and undue burden.

Timetable:

 

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Earl McJett, Federal Deposit Insurance Corporation,
Washington, DC 20429
Phone: 202 416-4320

RIN: 3064-AC58
[FR Doc. 04-12491 Filed 06-25-04; 8:45 am]
BILLING CODE 6714-01-S

regs@fdic.gov