The Board issued a final rule to correct an error in its Regulation YY (Enhanced Prudential Standards) relating to the company-run stress test requirements for certain large banking organizations. More... The final rule is effective April 30, 2021 (Regulation YY, Docket R-1603), the same day it was published in the Federal Register.

The Board is adopting a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance, issued by the Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Office of the Comptroller of the Currency (OCC) on September 11, 2018. More... By codifying the 2018 statement, with amendments, the final rule confirms that the Board will continue to follow and respect the limits of administrative law in carrying out its supervisory responsibilities. The final rule is effective May 10, 2021 (Board of Governors Rules of Procedure, Docket R-1725) and was published in the Federal Register on April 8, 2021.

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to modify existing system of records BGFRS-27 “FRB—Performance Management Program Records.” More... The system, which the Board proposes to rename as BGFRS-27 “FRB—Performance Records,” includes performance appraisals, attachments, and supporting documentation related to performance including feedback from various sources. The modified system of records will become effective May 27, 2021, 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 April 27, 2021.

The Federal Open Market Committee issued a final rule revising its Rules Regarding Availability of Information. The revisions clarify and update the Committee’s regulation implementing the Freedom of Information Act. More... The final rule is effective May 10, 2021 (Procedural and Organizational Rules, Federal Open Market Committee Rules Regarding Availability of Information, Docket R-1665) and was published in the Federal Register on April 9, 2021.

The Board, the FDIC, and the OCC are inviting comment on a proposed rule under section 39 of the Federal Deposit Insurance Act that would establish requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group. More... The proposal would promote safety and soundness by preserving depository institutions’ ownership rights in tax refunds and ensuring equitable allocation of tax liabilities among entities in a holding company structure. Under the proposal, national banks, state banks, and savings associations that file tax returns as part of a consolidated tax filing group would be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that join in the filing of a consolidated group tax return. The proposal also would describe specific mandatory provisions in these tax allocation agreements, including provisions addressing the ownership of tax refunds received. If the agencies were to adopt the proposal as a final rule, the agencies would rescind the interagency policy statement on tax allocation agreements that was issued in 1998 and supplemented in 2014. Comments on this notice of proposed rulemaking must be received by July 9, 2021 (Docket R-1746).

The Board is seeking comment on a proposal to amend Regulation II to clarify that the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions, clarify the requirements that Regulation II imposes on debit card issuers to ensure that at least two unaffiliated payment card networks have been enabled for debit card transactions, and standardize and clarify the use of certain terminology. More... Comments on this notice of proposed rulemaking must be received by July 12, 2021 (Docket R-1748).