Transmittal Archive

Due to the extraordinary disruptions from the coronavirus disease 2019 (COVID-19), the Board is extending the temporary actions, announced on April 23, 2020, that encourage healthy depository institutions to utilize intraday credit extended by Federal Reserve Banks. More... The temporary actions were previously scheduled to expire on September 30, 2020, but have been extended through March 31, 2021 (Docket OP-1716).

The Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a final rule to make technical corrections to certain provisions of the capital rule related to the standardized approach for counterparty credit risk, which is used for calculating the exposure amount of derivative contracts and was adopted in a final rule published on January 24, 2020. More... The final rule is effective September 17, 2020 (Regulation Q, Docket R-1629), the same day it was published in the Federal Register.

The Board, the FDIC, and the OCC adopted a final rule that delays the estimated impact on regulatory capital stemming from the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses, Topic 326, Measurement of Credit Losses on Financial Instruments (CECL). More... The final rule provides banking organizations that implement CECL during the 2020 calendar year the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. The agencies are providing this relief to allow these banking organizations to better focus on supporting lending to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of COVID-19, while also maintaining the quality of regulatory capital. This final rule is consistent with the interim final rule published in the Federal Register on March 31, 2020, with certain clarifications and minor adjustments in response to public comments related to the mechanics of the transition and the eligibility criteria for applying the transition. The final rule is effective September 30, 2020 (Regulation Q, Docket R-1708), the same day it was published in the Federal Register.

The Board, the FDIC, and the OCC adopted as final the revisions to the community bank leverage ratio framework made under two interim final rules issued in the Federal Register on April 23, 2020. More... The final rule adopts these interim final rules with no changes. Under the final rule, the community bank leverage ratio will remain 8 percent through calendar year 2020, will be 8.5 percent through calendar year 2021, and will be 9 percent thereafter. The final rule also maintains a two-quarter grace period for a qualifying community banking organization whose leverage ratio falls no more than 1 percentage point below the applicable community bank leverage ratio requirement. The final rule is effective November 9, 2020 (Regulation Q, Docket R-1711) and was published in the Federal Register on October 9, 2020.

The Board issued a final rule revising its Rules Regarding Availability of Information (12 CFR part 261). More... The revisions clarify and update the Board’s regulations implementing the Freedom of Information Act and the rules governing the disclosure of confidential supervisory information and other nonpublic information of the Board. The final rule is effective October 15, 2020 (Procedural and Organizational Rules, Rules Regarding Availability of Information, Docket R-1665) and was published in the Federal Register on September 15, 2020.

Statutory and technical amendments have been made to the Bank Secrecy Act (at 3-1750 et seq.) by the following:

Statutory and technical amendments have been made to the Bretton Woods Agreements Act (1-474 et seq.) by the following:

Statutory and technical amendments have been made to the Emergency Relief and Construction Act (at 1-289) by the following:

Statutory and technical amendments have been made to the Expedited Funds Availability Act (9-675 et seq.) by the following:

Statutory and technical amendments have been made to the Fair Credit Reporting Act (6-1550 et seq.) by the following:

Statutory and technical amendments have been made to the Federal Deposit Insurance Act (1-339 et seq.) by the following:

Statutory and technical amendments have been made to the Financial Stability Act (3-2702) by the following:

Statutory and technical amendments have been made to the Gold Reserve Act of 1934 (1-421) by the following:

Statutory and technical amendments have been made to the Home Mortgage Disclosure Act (6-5228 et seq.) by the following:

Statutory and technical amendments have been made to the Revised Statutes (3-1000 et seq.) by the following:

Statutory and technical amendments have been made to the Truth in Lending Act (6-1030 et seq.) by the following:

The Board is inviting comment on a notice of proposed rulemaking to tailor the requirements in the Board’s capital plan rule, which applies to large bank holding companies and U.S. intermediate holding companies of foreign banking organizations. More... Specifically, as foreshadowed in the Board’s October 2019 rulemaking that updated the prudential framework for these companies, the proposal would make conforming changes to the capital planning, regulatory reporting, and stress capital buffer requirements for firms subject to Category IV standards to be consistent with the tailoring framework. To be consistent with recent changes to the Board’s stress testing rules, the proposal would make other changes to the Board’s stress testing rules, Stress Testing Policy Statement, and regulatory reporting requirements relating to business plan change assumptions, capital action assumptions, and the publication of company-run stress test results for savings and loan holding companies. This proposal also solicits comment on the Board’s guidance on capital planning for all firms supervised by the Board, in light of recent changes to relevant regulations and as part of the Board’s ongoing practice of reviewing its policies to ensure that they are having their intended effect. Comments on this notice of proposed rulemaking must be received by November 20, 2020 (Docket R-1724).

The Federal Open Market Committee (FOMC) is inviting comment on a notice of proposed rulemaking that would amend the FOMC’s Rules Regarding Availability of Information (85 Fed. Reg. 65,262). More... The amendments clarify and update the FOMC’s regulations implementing the Freedom of Information Act by streamlining its regulations and incorporating guidance from the Department of Justice. Comments on this notice of proposed rulemaking must be received by December 14, 2020.

The Board is publishing for public comment an advance notice of proposed rulemaking to solicit public input regarding modernizing the Board’s Community Reinvestment Act regulatory and supervisory framework. More... The Board is seeking comment on all aspects of the proposed rulemaking from all interested parties and also requests commenters to identify other issues that the Board should consider. Comments on this notice of proposed rulemaking must be received by February 16, 2021 (Docket R-1723).