80_FR_60267 80 FR 60075 - Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

80 FR 60075 - Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION

Federal Register Volume 80, Issue 192 (October 5, 2015)

Page Range60075-60077
FR Document2015-25258

The OCC, Board, and FDIC (together ``we'' or ``Agencies'') announce the fifth in a series of outreach meetings on the Agencies' interagency process to review their regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (``EGRPRA'').

Federal Register, Volume 80 Issue 192 (Monday, October 5, 2015)
[Federal Register Volume 80, Number 192 (Monday, October 5, 2015)]
[Proposed Rules]
[Pages 60075-60077]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-25258]


========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

========================================================================


Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 / 
Proposed Rules

[[Page 60075]]



DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Chapter I

[Docket ID FFIEC-2014-0001]

FEDERAL RESERVE SYSTEM

12 CFR Chapter II

[Docket No. R-1510]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Chapter III


Regulatory Publication and Review Under the Economic Growth and 
Regulatory Paperwork Reduction Act of 1996

AGENCIES: Office of the Comptroller of the Currency (``OCC''), 
Treasury; Board of Governors of the Federal Reserve System (``Board''); 
and Federal Deposit Insurance Corporation (``FDIC'').

ACTION: Notice of outreach meeting.

-----------------------------------------------------------------------

SUMMARY: The OCC, Board, and FDIC (together ``we'' or ``Agencies'') 
announce the fifth in a series of outreach meetings on the Agencies' 
interagency process to review their regulations under the Economic 
Growth and Regulatory Paperwork Reduction Act of 1996 (``EGRPRA'').

DATES: An outreach meeting will be held in Chicago, Illinois on Monday, 
October 19, 2015, beginning at 9:00 a.m. Central Daylight Time (CDT). 
Online registrations will be accepted through October 13, 2015, or 
until all seats are filled, whichever is earlier. If seats are 
available after the close of online registration, individuals may 
register in person at the Federal Reserve Bank of Chicago on the day of 
the meeting. The sixth outreach meeting is scheduled for December 2, 
2015, in the Washington, DC, area.

ADDRESSES: The Agencies will hold the October 19, 2015, outreach 
meeting at the Federal Reserve Bank of Chicago, 230 S. LaSalle St., 
Chicago, Illinois 60604. Live video of this meeting will be streamed at 
http://egrpra.ffiec.gov/. Participants attending in person should 
register at http://egrpra.ffiec.gov/outreach/outreach-index.html.
    In addition, to enhance participation, interested persons anywhere 
in the country will have the opportunity to view and participate in the 
meeting online using their computers. Members of the public watching 
online will be able to submit written comments at any time during the 
meeting using the text chat feature. In addition to the online option, 
a toll-free telephone number (888-431-3632) is available for members of 
the public who would like only to listen to the meeting, and who may 
choose later to submit written comments. Information regarding these 
additional participation options is described in the meeting details 
section for the Chicago meeting at http://egrpra.ffiec.gov/outreach/outreach-meeting-details-chicago.html.
    Any interested individual may submit comments through the EGRPRA 
Web site during open comment periods at: http://egrpra.ffiec.gov/submit-comment/submit-comment-index.html. On this site, click ``Submit 
a Comment'' and follow the instructions. Alternatively, comments also 
may be submitted through the Federal eRulemaking Portal 
``Regulations.gov'' at: http://www.regulations.gov. Enter ``Docket ID 
FFIEC-2014-0001'' in the Search Box, click ``Search,'' and click 
``Comment Now.'' Those who wish to submit their comments by an 
alternate means may do so as indicated by each agency below.

OCC

    The OCC encourages commenters to submit comments through the 
Federal eRulemaking Portal, Regulations.gov, in accordance with the 
previous paragraph. Alternatively, comments may be emailed to 
[email protected] or sent by mail to Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, Mail Stop 9W-11, 400 7th Street SW., Washington, DC 20219. 
Comments also may be faxed to (571) 465-4326 or hand delivered or sent 
by courier to 400 7th Street SW., Washington, DC 20219. For comments 
submitted by any means other than Regulations.gov, you must include 
``OCC'' as the agency name and ``Docket ID FFIEC-2014-0001'' in your 
comment.
    In general, the OCC will enter all comments received into the 
docket and publish them without change on Regulations.gov. Comments 
received, including attachments and other supporting materials, as well 
as any business or personal information you provide, such as your name 
and address, email address, or phone number, are part of the public 
record and subject to public disclosure. Therefore, please do not 
include any information with your comment or supporting materials that 
you consider confidential or inappropriate for public disclosure.
    You may inspect and photocopy in person all comments received by 
the OCC at 400 7th Street SW., Washington, DC 20219. For security 
reasons, the OCC requires that visitors make an appointment to inspect 
or photocopy comments. You may make an appointment by calling (202) 
649-6700 or, for persons who are deaf or hard of hearing, TTY (202) 
649-5597. Upon arrival, visitors will be required to present valid 
government-issued photo identification and submit to a security 
screening.

Board

    The Board encourages commenters to submit comments regarding the 
Board's regulations by any of the following methods:
     Agency Web site: http://www.federalreserve.gov/apps/foia/proposedregs.aspx. Follow the instructions for submitting comments on 
the Agency Web site.
     Federal eRulemaking Portal, in accordance with the 
directions above.
     Email: [email protected]. Include 
``EGRPRA'' and Docket No. R-1510 in the subject line of the message.
     FAX: (202) 452-3819.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    In general, the Board will enter all comments received into the 
docket and publish them without change on the Board's public Web site, 
www.federalreserve.gov; Regulations.gov; and http://egrpra.ffiec.gov. 
Comments received,

[[Page 60076]]

including attachments and other supporting materials, as well as any 
business or personal information you provide, such as your name and 
address, email address, or phone number, are part of the public record 
and subject to public disclosure. Therefore, please do not enclose any 
information with your comment or supporting materials that you consider 
confidential or inappropriate for public disclosure.
    You may inspect and photocopy in person all comments received by 
the Board in Room 3515, 1801 K Street NW. (between 18th and 19th Street 
NW.), Washington, DC 20006, between 9:00 a.m. and 5:00 p.m. on 
weekdays. For security reasons, the Board requires that visitors make 
an appointment to inspect comments. You may make an appointment by 
calling (202) 452-3000. Upon arrival, visitors will be required to 
present valid government-issued photo identification and submit to a 
security screening.

FDIC

    The FDIC encourages commenters to submit comments through the 
Federal eRulemaking Portal, ``Regulations.gov,'' in accordance with the 
directions above. Alternatively, you may submit comments by any of the 
following methods:
     Agency Web site: http://www.fdic.gov/regulations/laws/federal. Follow instructions for submitting comments on the Agency Web 
site.
     Email: [email protected]. Include ``EGRPRA'' in the 
subject line of the message.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.
     Hand Delivery/Courier: Guard station at the rear of the 
550 17th Street Building (located on F Street) on business days between 
7:00 a.m. and 5:00 p.m. (EDT).
    The FDIC will post all comments received to http://www.fdic.gov/regulations/laws/federal without change, including any personal 
information provided. Comments may be inspected and photocopied in the 
FDIC Public Information Center, 3501 North Fairfax Drive, Room E-1002, 
Arlington, VA 22226, between 9:00 a.m. and 5:00 p.m. (EDT) on business 
days. Paper copies of public comments may be ordered from the Public 
Information Center by calling (877) 275-3342.

FOR FURTHER INFORMATION CONTACT:
    OCC: Heidi M. Thomas, Special Counsel, (202) 649-5490; for persons 
who are deaf or hard of hearing, TTY (202) 649-5597.
    Board: Kevin Wilson, Financial Analyst, (202) 452-2362; Claudia Von 
Pervieux, Counsel (202) 452-2552; for persons who are deaf or hard of 
hearing, TTY (202) 263-4869.
    FDIC: Ruth R. Amberg, Assistant General Counsel, (202) 898-3736; 
for persons who are deaf or hard of hearing, TTY 1-800-925-4618.

SUPPLEMENTARY INFORMATION: 
    EGRPRA \1\ directs the Agencies, along with the Federal Financial 
Institutions Examination Council (Council), not less frequently than 
once every ten years, to conduct a review of their regulations to 
identify outdated or otherwise unnecessary regulations imposed on 
insured depository institutions. As part of this review, the Agencies 
are holding a series of six outreach meetings to provide an opportunity 
for bankers, consumer and community groups, and other interested 
persons to present their views directly to senior management and staff 
of the Agencies on any of 12 specific categories of the Agencies' 
regulations, as further described below. The Agencies held the first of 
these outreach meetings on December 2, 2014, in Los Angeles, 
California; the second outreach meeting on February 4, 2015, in Dallas, 
Texas; the third outreach meeting on May 4, 2015, in Boston, 
Massachusetts; and the fourth outreach meeting, which focused on rural 
banks and their communities, on August 4, 2015, in Kansas City, 
Missouri. Additional details, including videos and transcripts of the 
first four outreach meetings, are available on the EGRPRA Web site at 
http://egrpra.ffiec.gov/outreach/outreach-index.html.
---------------------------------------------------------------------------

    \1\ Public Law 104-208 (1996), 110 Stat. 3009-414, codified at 
12 U.S.C. 3311.
---------------------------------------------------------------------------

    The fifth outreach meeting will be held on October 19, 2015, in 
Chicago, Illinois, and will be streamed live at http://egrpra.ffiec.gov/. FDIC Chairman Martin J. Gruenberg, Comptroller of 
the Currency Thomas J. Curry, and FRB Governor Lael Brainard are 
scheduled to attend, along with senior staff members of the Agencies. 
The meeting will consist of panels of bankers and consumer and 
community groups who will present particular issues. There will be 
limited time after each panel for comments from meeting attendees. In 
addition, there will be a session at the end of the meeting during 
which audience members may present views on any of the regulations 
under review. The Agencies reserve the right to limit the time of 
individual commenters, if needed, in order to accommodate the number of 
persons desiring to speak.
    Comments made by panelists, audience members, and online 
participants at this meeting will be reflected in the public comment 
file. Audience members who do not wish to comment orally may submit 
written comments at the meeting. As noted above, any interested person 
may submit comments through the EGRPRA Web site during open comment 
periods at: http://egrpra.ffiec.gov/submit-comment/submit-comment-index.html or directly to the Agencies through any of the other manners 
specified above.
    All participants attending in person should register for the 
Chicago outreach meeting at http://egrpra.ffiec.gov/outreach/outreach-index.html. Because of space constraints, on-site attendance will be 
limited. Online registrations will be accepted through October 13, 
2015, or until all seats are filled, whichever is earlier. If seats are 
available, individuals may register in person at the Federal Reserve 
Bank of Chicago on the day of the meeting. Individuals do not need to 
register to view the live-stream broadcast.
    We note that the meeting will be video-recorded and publicly 
webcast in order to increase education and outreach. By participating 
in person at the meeting, you consent to appear in such recordings.

Additional Background on EGRPRA

    Section 2222 of EGRPRA directs the Agencies, along with the 
Council, to conduct a review of their regulations not less frequently 
than once every ten years to identify outdated or otherwise unnecessary 
regulatory requirements imposed on insured depository institutions. In 
conducting this review, the Agencies are required to categorize their 
regulations by type and, at regular intervals, provide notice and 
solicit public comment on categories of regulations, requesting 
commenters to identify areas of regulations that are outdated, 
unnecessary, or unduly burdensome. The statute requires the Agencies to 
publish in the Federal Register a summary of the comments received, 
identifying significant issues raised and commenting on these issues. 
The statute also directs the Agencies to eliminate unnecessary 
regulations to the extent that such action is appropriate. Finally, 
section 2222 requires the Council, of which the Agencies are members, 
to submit a report to Congress that summarizes any significant issues 
raised in the public comments and the relative merits of such issues. 
The report also must include an analysis of whether the Agencies are 
able to address the regulatory burdens associated with such issues by 
regulation or whether these burdens must be addressed by legislative 
action.

[[Page 60077]]

    For purposes of this review, the Agencies have grouped our 
regulations into 12 categories: Applications and Reporting; Banking 
Operations; Capital; Community Reinvestment Act; Consumer Protection; 
Directors, Officers and Employees; International Operations; Money 
Laundering; Powers and Activities; Rules of Procedure; Safety and 
Soundness; and Securities. On June 4, 2014, we published a Federal 
Register notice announcing the start of the EGRPRA review process and 
also asking for public comment on three of these categories--
Applications and Reporting; Powers and Activities; and International 
Operations regulations.\2\ In that notice we published a chart, listing 
the Agencies' regulations in the 12 categories included in the EGRPRA 
review. On February 13, 2015, we published a Federal Register notice 
asking for public comment on three additional categories--Banking 
Operations; Capital; and the Community Reinvestment Act.\3\ The comment 
period for the second Federal Register notice closed on May 14, 2015. 
On June 5, 2015, the Agencies published a third Federal Register notice 
asking for public comment on three additional categories--Consumer 
Protection; Directors, Officers and Employees; and Money Laundering.\4\ 
The comment period for the third notice closed on September 3, 2015. As 
noted in the third Federal Register notice, the Agencies' will take 
comment on all of our regulations issued in final form up to the date 
that we publish the last EGRPRA notice for public comment. In the third 
notice, we published an additional chart, listing the rules included in 
the review that had not been reflected in prior charts. Before the end 
of the year, the Agencies intend to issue the final Federal Register 
notice, requesting comment on regulations in the last three 
categories--Rules of Procedure; Safety and Soundness; and Securities, 
as well as on any other final rules not covered by one of the prior 
Federal Register notices.
---------------------------------------------------------------------------

    \2\ 79 FR 32172.
    \3\ 80 FR 7980.
    \4\ 80 FR 32046.

    Dated: September 25, 2015.
Thomas J. Curry,
Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve 
System, September 28, 2015.
Robert deV. Frierson,
Secretary of the Board.
    Dated: September 29, 2015.

Federal Deposit Insurance Corporation by
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2015-25258 Filed 10-2-15; 8:45 am]
BILLING CODE 4810-33P; 6210-01-P; 6714-01-P



                                                                                                                                                                                                  60075

                                                    Proposed Rules                                                                                                Federal Register
                                                                                                                                                                  Vol. 80, No. 192

                                                                                                                                                                  Monday, October 5, 2015



                                                    This section of the FEDERAL REGISTER                    the Federal Reserve Bank of Chicago,                  ‘‘OCC’’ as the agency name and ‘‘Docket
                                                    contains notices to the public of the proposed          230 S. LaSalle St., Chicago, Illinois                 ID FFIEC–2014–0001’’ in your
                                                    issuance of rules and regulations. The                  60604. Live video of this meeting will                comment.
                                                    purpose of these notices is to give interested          be streamed at http://egrpra.ffiec.gov/.                 In general, the OCC will enter all
                                                    persons an opportunity to participate in the            Participants attending in person should               comments received into the docket and
                                                    rule making prior to the adoption of the final                                                                publish them without change on
                                                    rules.
                                                                                                            register at http://egrpra.ffiec.gov/
                                                                                                            outreach/outreach-index.html.                         Regulations.gov. Comments received,
                                                                                                               In addition, to enhance participation,             including attachments and other
                                                    DEPARTMENT OF THE TREASURY                              interested persons anywhere in the                    supporting materials, as well as any
                                                                                                            country will have the opportunity to                  business or personal information you
                                                    Office of the Comptroller of the                        view and participate in the meeting                   provide, such as your name and
                                                    Currency                                                online using their computers. Members                 address, email address, or phone
                                                                                                            of the public watching online will be                 number, are part of the public record
                                                    12 CFR Chapter I                                        able to submit written comments at any                and subject to public disclosure.
                                                                                                            time during the meeting using the text                Therefore, please do not include any
                                                    [Docket ID FFIEC–2014–0001]                                                                                   information with your comment or
                                                                                                            chat feature. In addition to the online
                                                    FEDERAL RESERVE SYSTEM                                  option, a toll-free telephone number                  supporting materials that you consider
                                                                                                            (888–431–3632) is available for                       confidential or inappropriate for public
                                                    12 CFR Chapter II                                       members of the public who would like                  disclosure.
                                                                                                            only to listen to the meeting, and who                   You may inspect and photocopy in
                                                    [Docket No. R–1510]
                                                                                                            may choose later to submit written                    person all comments received by the
                                                                                                            comments. Information regarding these                 OCC at 400 7th Street SW., Washington,
                                                    FEDERAL DEPOSIT INSURANCE                                                                                     DC 20219. For security reasons, the OCC
                                                    CORPORATION                                             additional participation options is
                                                                                                            described in the meeting details section              requires that visitors make an
                                                                                                            for the Chicago meeting at http://                    appointment to inspect or photocopy
                                                    12 CFR Chapter III                                                                                            comments. You may make an
                                                                                                            egrpra.ffiec.gov/outreach/outreach-
                                                    Regulatory Publication and Review                       meeting-details-chicago.html.                         appointment by calling (202) 649–6700
                                                    Under the Economic Growth and                              Any interested individual may submit               or, for persons who are deaf or hard of
                                                    Regulatory Paperwork Reduction Act                      comments through the EGRPRA Web                       hearing, TTY (202) 649–5597. Upon
                                                    of 1996                                                 site during open comment periods at:                  arrival, visitors will be required to
                                                                                                            http://egrpra.ffiec.gov/submit-comment/               present valid government-issued photo
                                                    AGENCIES: Office of the Comptroller of                  submit-comment-index.html. On this                    identification and submit to a security
                                                    the Currency (‘‘OCC’’), Treasury; Board                 site, click ‘‘Submit a Comment’’ and                  screening.
                                                    of Governors of the Federal Reserve                     follow the instructions. Alternatively,               Board
                                                    System (‘‘Board’’); and Federal Deposit                 comments also may be submitted
                                                    Insurance Corporation (‘‘FDIC’’).                                                                                The Board encourages commenters to
                                                                                                            through the Federal eRulemaking Portal                submit comments regarding the Board’s
                                                    ACTION: Notice of outreach meeting.                     ‘‘Regulations.gov’’ at: http://                       regulations by any of the following
                                                                                                            www.regulations.gov. Enter ‘‘Docket ID                methods:
                                                    SUMMARY:    The OCC, Board, and FDIC
                                                                                                            FFIEC–2014–0001’’ in the Search Box,                     • Agency Web site: http://
                                                    (together ‘‘we’’ or ‘‘Agencies’’) announce
                                                                                                            click ‘‘Search,’’ and click ‘‘Comment                 www.federalreserve.gov/apps/foia/
                                                    the fifth in a series of outreach meetings
                                                                                                            Now.’’ Those who wish to submit their                 proposedregs.aspx. Follow the
                                                    on the Agencies’ interagency process to
                                                                                                            comments by an alternate means may do                 instructions for submitting comments
                                                    review their regulations under the
                                                                                                            so as indicated by each agency below.                 on the Agency Web site.
                                                    Economic Growth and Regulatory
                                                    Paperwork Reduction Act of 1996                         OCC                                                      • Federal eRulemaking Portal, in
                                                    (‘‘EGRPRA’’).                                                                                                 accordance with the directions above.
                                                                                                              The OCC encourages commenters to                       • Email: regs.comments@
                                                    DATES: An outreach meeting will be                      submit comments through the Federal                   federalreserve.gov. Include ‘‘EGRPRA’’
                                                    held in Chicago, Illinois on Monday,                    eRulemaking Portal, Regulations.gov, in               and Docket No. R–1510 in the subject
                                                    October 19, 2015, beginning at 9:00 a.m.                accordance with the previous                          line of the message.
                                                    Central Daylight Time (CDT). Online                     paragraph. Alternatively, comments                       • FAX: (202) 452–3819.
                                                    registrations will be accepted through                  may be emailed to regs.comments@                         • Mail: Robert deV. Frierson,
                                                    October 13, 2015, or until all seats are                occ.treas.gov or sent by mail to                      Secretary, Board of Governors of the
                                                    filled, whichever is earlier. If seats are              Legislative and Regulatory Activities                 Federal Reserve System, 20th Street and
                                                    available after the close of online                     Division, Office of the Comptroller of                Constitution Avenue NW., Washington,
mstockstill on DSK4VPTVN1PROD with PROPOSALS




                                                    registration, individuals may register in               the Currency, Mail Stop 9W–11, 400 7th                DC 20551.
                                                    person at the Federal Reserve Bank of                   Street SW., Washington, DC 20219.                        In general, the Board will enter all
                                                    Chicago on the day of the meeting. The                  Comments also may be faxed to (571)                   comments received into the docket and
                                                    sixth outreach meeting is scheduled for                 465–4326 or hand delivered or sent by                 publish them without change on the
                                                    December 2, 2015, in the Washington,                    courier to 400 7th Street SW.,                        Board’s public Web site,
                                                    DC, area.                                               Washington, DC 20219. For comments                    www.federalreserve.gov;
                                                    ADDRESSES: The Agencies will hold the                   submitted by any means other than                     Regulations.gov; and http://
                                                    October 19, 2015, outreach meeting at                   Regulations.gov, you must include                     egrpra.ffiec.gov. Comments received,


                                               VerDate Sep<11>2014   17:24 Oct 02, 2015   Jkt 238001   PO 00000   Frm 00001   Fmt 4702   Sfmt 4702   E:\FR\FM\05OCP1.SGM   05OCP1


                                                    60076                  Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 / Proposed Rules

                                                    including attachments and other                            Board: Kevin Wilson, Financial                     participants at this meeting will be
                                                    supporting materials, as well as any                    Analyst, (202) 452–2362; Claudia Von                  reflected in the public comment file.
                                                    business or personal information you                    Pervieux, Counsel (202) 452–2552; for                 Audience members who do not wish to
                                                    provide, such as your name and                          persons who are deaf or hard of hearing,              comment orally may submit written
                                                    address, email address, or phone                        TTY (202) 263–4869.                                   comments at the meeting. As noted
                                                    number, are part of the public record                      FDIC: Ruth R. Amberg, Assistant                    above, any interested person may
                                                    and subject to public disclosure.                       General Counsel, (202) 898–3736; for                  submit comments through the EGRPRA
                                                    Therefore, please do not enclose any                    persons who are deaf or hard of hearing,              Web site during open comment periods
                                                    information with your comment or                        TTY 1–800–925–4618.                                   at: http://egrpra.ffiec.gov/submit-
                                                    supporting materials that you consider                  SUPPLEMENTARY INFORMATION:                            comment/submit-comment-index.html
                                                    confidential or inappropriate for public                   EGRPRA 1 directs the Agencies, along               or directly to the Agencies through any
                                                    disclosure.                                             with the Federal Financial Institutions               of the other manners specified above.
                                                      You may inspect and photocopy in                      Examination Council (Council), not less                  All participants attending in person
                                                    person all comments received by the                     frequently than once every ten years, to              should register for the Chicago outreach
                                                    Board in Room 3515, 1801 K Street NW.                   conduct a review of their regulations to              meeting at http://egrpra.ffiec.gov/
                                                    (between 18th and 19th Street NW.),                     identify outdated or otherwise                        outreach/outreach-index.html. Because
                                                    Washington, DC 20006, between 9:00                      unnecessary regulations imposed on                    of space constraints, on-site attendance
                                                    a.m. and 5:00 p.m. on weekdays. For                     insured depository institutions. As part              will be limited. Online registrations will
                                                    security reasons, the Board requires that               of this review, the Agencies are holding              be accepted through October 13, 2015,
                                                    visitors make an appointment to inspect                 a series of six outreach meetings to                  or until all seats are filled, whichever is
                                                    comments. You may make an                               provide an opportunity for bankers,                   earlier. If seats are available, individuals
                                                    appointment by calling (202) 452–3000.                  consumer and community groups, and                    may register in person at the Federal
                                                    Upon arrival, visitors will be required to              other interested persons to present their             Reserve Bank of Chicago on the day of
                                                    present valid government-issued photo                   views directly to senior management                   the meeting. Individuals do not need to
                                                    identification and submit to a security                 and staff of the Agencies on any of 12                register to view the live-stream
                                                    screening.                                              specific categories of the Agencies’                  broadcast.
                                                                                                            regulations, as further described below.                 We note that the meeting will be
                                                    FDIC                                                                                                          video-recorded and publicly webcast in
                                                                                                            The Agencies held the first of these
                                                      The FDIC encourages commenters to                     outreach meetings on December 2, 2014,                order to increase education and
                                                    submit comments through the Federal                     in Los Angeles, California; the second                outreach. By participating in person at
                                                    eRulemaking Portal, ‘‘Regulations.gov,’’                outreach meeting on February 4, 2015,                 the meeting, you consent to appear in
                                                    in accordance with the directions above.                in Dallas, Texas; the third outreach                  such recordings.
                                                    Alternatively, you may submit                           meeting on May 4, 2015, in Boston,                    Additional Background on EGRPRA
                                                    comments by any of the following                        Massachusetts; and the fourth outreach
                                                    methods:                                                meeting, which focused on rural banks                    Section 2222 of EGRPRA directs the
                                                      • Agency Web site: http://                            and their communities, on August 4,                   Agencies, along with the Council, to
                                                    www.fdic.gov/regulations/laws/federal.                  2015, in Kansas City, Missouri.                       conduct a review of their regulations not
                                                    Follow instructions for submitting                      Additional details, including videos and              less frequently than once every ten years
                                                    comments on the Agency Web site.                        transcripts of the first four outreach                to identify outdated or otherwise
                                                      • Email: Comments@FDIC.gov.                           meetings, are available on the EGRPRA                 unnecessary regulatory requirements
                                                    Include ‘‘EGRPRA’’ in the subject line of               Web site at http://egrpra.ffiec.gov/                  imposed on insured depository
                                                    the message.                                            outreach/outreach-index.html.                         institutions. In conducting this review,
                                                      • Mail: Robert E. Feldman, Executive                     The fifth outreach meeting will be                 the Agencies are required to categorize
                                                    Secretary, Attention: Comments, Federal                 held on October 19, 2015, in Chicago,                 their regulations by type and, at regular
                                                    Deposit Insurance Corporation, 550 17th                 Illinois, and will be streamed live at                intervals, provide notice and solicit
                                                    Street NW., Washington, DC 20429.                       http://egrpra.ffiec.gov/. FDIC Chairman               public comment on categories of
                                                      • Hand Delivery/Courier: Guard                        Martin J. Gruenberg, Comptroller of the               regulations, requesting commenters to
                                                    station at the rear of the 550 17th Street              Currency Thomas J. Curry, and FRB                     identify areas of regulations that are
                                                    Building (located on F Street) on                       Governor Lael Brainard are scheduled to               outdated, unnecessary, or unduly
                                                    business days between 7:00 a.m. and                     attend, along with senior staff members               burdensome. The statute requires the
                                                    5:00 p.m. (EDT).                                        of the Agencies. The meeting will                     Agencies to publish in the Federal
                                                      The FDIC will post all comments                       consist of panels of bankers and                      Register a summary of the comments
                                                    received to http://www.fdic.gov/                        consumer and community groups who                     received, identifying significant issues
                                                    regulations/laws/federal without                        will present particular issues. There will            raised and commenting on these issues.
                                                    change, including any personal                          be limited time after each panel for                  The statute also directs the Agencies to
                                                    information provided. Comments may                      comments from meeting attendees. In                   eliminate unnecessary regulations to the
                                                    be inspected and photocopied in the                     addition, there will be a session at the              extent that such action is appropriate.
                                                    FDIC Public Information Center, 3501                    end of the meeting during which                       Finally, section 2222 requires the
                                                    North Fairfax Drive, Room E–1002,                       audience members may present views                    Council, of which the Agencies are
                                                    Arlington, VA 22226, between 9:00 a.m.                  on any of the regulations under review.               members, to submit a report to Congress
                                                    and 5:00 p.m. (EDT) on business days.                                                                         that summarizes any significant issues
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                                                                                                            The Agencies reserve the right to limit
                                                    Paper copies of public comments may                     the time of individual commenters, if                 raised in the public comments and the
                                                    be ordered from the Public Information                  needed, in order to accommodate the                   relative merits of such issues. The report
                                                    Center by calling (877) 275–3342.                       number of persons desiring to speak.                  also must include an analysis of
                                                    FOR FURTHER INFORMATION CONTACT:                           Comments made by panelists,                        whether the Agencies are able to
                                                      OCC: Heidi M. Thomas, Special                         audience members, and online                          address the regulatory burdens
                                                    Counsel, (202) 649–5490; for persons                                                                          associated with such issues by
                                                    who are deaf or hard of hearing, TTY                      1 Public Law 104–208 (1996), 110 Stat. 3009–414,    regulation or whether these burdens
                                                    (202) 649–5597.                                         codified at 12 U.S.C. 3311.                           must be addressed by legislative action.


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                                                                             Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 / Proposed Rules                                           60077

                                                       For purposes of this review, the                       Federal Deposit Insurance Corporation by              ADDRESSES:   You may submit comments,
                                                    Agencies have grouped our regulations                     Robert E. Feldman,                                    identified by RIN 3245–AG67, by any of
                                                    into 12 categories: Applications and                      Executive Secretary.                                  the following methods:
                                                    Reporting; Banking Operations; Capital;                   [FR Doc. 2015–25258 Filed 10–2–15; 8:45 am]              • Federal eRulemaking Portal: http://
                                                    Community Reinvestment Act;                               BILLING CODE 4810–33P; 6210–01–P; 6714–01–P
                                                                                                                                                                    www.regulations.gov. Follow the
                                                    Consumer Protection; Directors, Officers                                                                        instructions for submitting comments.
                                                    and Employees; International                                                                                       • Mail, Hand Delivery/Courier: Javier
                                                    Operations; Money Laundering; Powers                                                                            Saade, Associate Administrator for
                                                                                                              SMALL BUSINESS ADMINISTRATION                         Investment and Innovation, U.S. Small
                                                    and Activities; Rules of Procedure;
                                                                                                                                                                    Business Administration, 409 Third
                                                    Safety and Soundness; and Securities.
                                                                                                              13 CFR Part 107                                       Street SW., Washington, DC 20416.
                                                    On June 4, 2014, we published a                                                                                    SBA will post comments on http://
                                                    Federal Register notice announcing the                                                                          www.regulations.gov. If you wish to
                                                    start of the EGRPRA review process and                    RIN 3245–AG67
                                                                                                                                                                    submit confidential business
                                                    also asking for public comment on three                                                                         information (CBI) as defined in the User
                                                                                                              Small Business Investment
                                                    of these categories—Applications and                                                                            Notice at http://www.regulations.gov,
                                                                                                              Companies; Passive Business
                                                    Reporting; Powers and Activities; and                     Expansion & Technical Clarifications                  please submit the information to
                                                    International Operations regulations.2 In                                                                       Theresa Jamerson, Office of Investment
                                                    that notice we published a chart, listing                 AGENCY:  U.S. Small Business                          and Innovation, 409 Third Street SW.,
                                                    the Agencies’ regulations in the 12                       Administration.                                       Washington, DC 20416. Highlight the
                                                    categories included in the EGRPRA                         ACTION: Proposed rule.                                information that you consider to be CBI
                                                    review. On February 13, 2015, we                                                                                and explain why you believe this
                                                    published a Federal Register notice                       SUMMARY:    The U.S. Small Business                   information should be held confidential.
                                                    asking for public comment on three                        Administration (SBA) proposes to revise               SBA will review the information and
                                                    additional categories—Banking                             the regulations for the Small Business                make the final determination of whether
                                                    Operations; Capital; and the Community                    Investment Company (SBIC) program to                  it will publish the information or not.
                                                    Reinvestment Act.3 The comment                            expand the use of Passive Businesses                  FOR FURTHER INFORMATION CONTACT:
                                                    period for the second Federal Register                    and provide further clarification with                Theresa Jamerson, Office of Investment
                                                    notice closed on May 14, 2015. On June                    regard to investments in such                         and Innovation, (202) 205–7563 or sbic@
                                                    5, 2015, the Agencies published a third                   businesses. SBICs are generally                       sba.gov.
                                                    Federal Register notice asking for                        prohibited from investing in passive                  SUPPLEMENTARY INFORMATION:
                                                    public comment on three additional                        businesses under the Small Business
                                                                                                              Investment Act of 1958, as amended                    A. Passive Businesses
                                                    categories—Consumer Protection;
                                                    Directors, Officers and Employees; and                    (Act). SBIC program regulations provide               Section 107.720 Small Businesses
                                                    Money Laundering.4 The comment                            for two exceptions that allow an SBIC to              That May Be Ineligible for Financing
                                                    period for the third notice closed on                     structure an investment utilizing a                      The Small Business Investment Act of
                                                                                                              passive small business as a pass-                     1958, as amended, and the SBIC
                                                    September 3, 2015. As noted in the third
                                                                                                              through. The first exception provides                 program regulations prohibit an SBIC
                                                    Federal Register notice, the Agencies’
                                                                                                              conditions under which an SBIC may                    from making passive investments. The
                                                    will take comment on all of our
                                                                                                              structure an investment through up to                 implementing regulation at 13 CFR
                                                    regulations issued in final form up to
                                                                                                              two levels of passive entities to make an             107.720(b) defines a business as passive
                                                    the date that we publish the last                         investment in a non-passive business
                                                    EGRPRA notice for public comment. In                                                                            if: (1) It is not engaged in a regular and
                                                                                                              that is a subsidiary of the passive                   continuous business operation; (2) its
                                                    the third notice, we published an                         business directly financed by the SBIC.
                                                    additional chart, listing the rules                                                                             employees do not carry on the majority
                                                                                                              The second exception enables a                        of day-to-day operations, and the
                                                    included in the review that had not                       partnership SBIC, with SBA’s prior
                                                    been reflected in prior charts. Before the                                                                      company does not exercise day-to-day
                                                                                                              approval, to provide financing to a small             control and supervision over contract
                                                    end of the year, the Agencies intend to                   business through a passive, wholly-
                                                    issue the final Federal Register notice,                                                                        workers; or (3) the business passes
                                                                                                              owned C corporation, but only if a                    through substantially all financing
                                                    requesting comment on regulations in                      direct financing would cause the SBIC’s               proceeds to another entity.
                                                    the last three categories—Rules of                        investors to incur Unrelated Business                    The current regulation provides for
                                                    Procedure; Safety and Soundness; and                      Taxable Income (UBTI). A passive C                    two exceptions that allow an SBIC to
                                                    Securities, as well as on any other final                 corporation formed under the second                   structure an investment utilizing a
                                                    rules not covered by one of the prior                     exception is commonly known as a                      passive small business as a pass-
                                                    Federal Register notices.                                 blocker corporation. This proposed rule               through. The first exception, identified
                                                      Dated: September 25, 2015.                              would clarify the first exception, and                in § 107.720(b)(2), permits an
                                                                                                              would expand the permitted use of                     investment utilizing up to two passive
                                                    Thomas J. Curry,
                                                                                                              blocker corporations and eliminate the                entities, as long as substantially all of
                                                    Comptroller of the Currency.                              prior approval requirement in the                     the financing proceeds are passed
                                                      By order of the Board of Governors of the               second exception. The rule also                       through to one or more active
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                                                    Federal Reserve System, September 28, 2015.               proposes to add new reporting and other               ‘‘subsidiary companies,’’ each of which
                                                    Robert deV. Frierson,                                     requirements for passive investments to               is an eligible small business. The
                                                    Secretary of the Board.                                   help protect SBA’s financial interests                regulation defines a subsidiary company
                                                      Dated: September 29, 2015.
                                                                                                              and ensure adequate oversight and make                as one in which the financed passive
                                                                                                              minor technical amendments.                           business directly or indirectly owns at
                                                      2 79 FR 32172.                                          DATES: Comments on the proposed rule                  least 50% of the outstanding voting
                                                      3 80 FR 7980.                                           must be received on or before December                securities. As an example, this
                                                      4 80 FR 32046.                                          4, 2015.                                              exception allows an SBIC to finance


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Document Created: 2015-12-15 08:52:52
Document Modified: 2015-12-15 08:52:52
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionProposed Rules
ActionNotice of outreach meeting.
DatesAn outreach meeting will be held in Chicago, Illinois on Monday, October 19, 2015, beginning at 9:00 a.m. Central Daylight Time (CDT). Online registrations will be accepted through October 13, 2015, or until all seats are filled, whichever is earlier. If seats are available after the close of online registration, individuals may register in person at the Federal Reserve Bank of Chicago on the day of the meeting. The sixth outreach meeting is scheduled for December 2, 2015, in the Washington, DC, area.
ContactOCC: Heidi M. Thomas, Special Counsel, (202) 649-5490; for persons who are deaf or hard of hearing, TTY (202) 649-5597.
FR Citation80 FR 60075 
CFR Citation12
Title 12 CFR Chapter I
12
Title 12 CFR Chapter II
12
Title 12 CFR Chapter III

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