82 FR 47206 - Proposed Guidance on Supervisory Expectations for Boards of Directors

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 195 (October 11, 2017)

On August 9, 2017, the Board published in the Federal Register proposed guidance on supervisory expectations for boards of directors. To facilitate effective public comment on the proposed guidance, the Board has determined that an extension of the comment period until November 30, 2017, is appropriate. This action will allow interested persons additional time to analyze the proposal and prepare their comments.

[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)]
[Notices]
[Pages 47206-47207]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-21859]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1570]


Proposed Guidance on Supervisory Expectations for Boards of 
Directors

AGENCY: Board of Governors of the Federal Reserve System (Board).

ACTION: Notice; extension of comment period.

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SUMMARY: On August 9, 2017, the Board published in the Federal Register 
proposed guidance on supervisory expectations for boards of directors. 
To facilitate effective public comment on the proposed guidance, the 
Board has determined that an extension of the comment period until 
November 30, 2017, is appropriate. This action will allow interested 
persons additional time to analyze the proposal and prepare their 
comments.

DATES: Comments on the proposal must be received on or before November 
30, 2017.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposal.\1\ Please submit your comments using only one method.
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    \1\ See ``Proposed Guidance on Supervisory Expectation for 
Boards of Directors,'' 82 FR 37219 (August 9, 2017).

FOR FURTHER INFORMATION CONTACT: Michael Hsu, Associate Director, (202) 
912-4330, Michael Solomon, Associate Director, (202) 452-3502, Richard 
Naylor, Associate Director, (202) 728-5854, Division of Supervision and 
Regulation; Ben McDonough, Assistant General Counsel, (202) 452-2036, 
Scott Tkacz, Senior Counsel, (202) 452-2744, Keisha Patrick, Senior 
Counsel, (202) 452-3559, or Chris Callanan, Senior Attorney, (202) 452-
3594, Legal Division, Board of Governors of the Federal Reserve System, 
20th and C Streets NW., Washington, DC 20551. For the hearing impaired 
only, Telecommunications Device for the Deaf (TDD) users may contact 
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(202) 263-4869.

SUPPLEMENTARY INFORMATION: On August 9, 2017, the Board published in 
the Federal Register proposed guidance on supervisory expectations for 
boards of directors of firms supervised by the Federal Reserve. The 
proposal addresses supervisory expectations for the boards of directors 
of bank holding companies, savings and loan holding companies, state 
member banks, U.S. branches and agencies of foreign banking 
organizations, and systemically important nonbank financial companies 
designated by the Financial Stability Oversight Council for supervision 
by the Federal Reserve. For the largest domestic bank and savings and 
loan holding companies and systemically important nonbank financial 
companies, the proposal would establish attributes of effective boards 
centered on the board's core responsibilities, which support safety and 
soundness, and would provide the framework with which the Federal 
Reserve would evaluate the effectiveness of a firm's boards of 
directors. For all domestic bank and savings and loan holding

[[Page 47207]]

companies, supervisory expectations for boards of directors contained 
in certain existing Federal Reserve Supervision and Regulation letters 
would be revised or eliminated to better distinguish a board's roles 
and responsibilities from those of senior management and allow boards 
to focus more of their time and resources on fulfilling their core 
responsibilities.
    In recognition of the range of issues addressed and the variety of 
considerations involved with implementing the proposal, the Board 
requested that commenters respond to a number of questions. The 
proposal stated that the comment period would close on October 10, 
2017.\2\
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    \2\ Id.
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    An extension of the comment period will facilitate public comment 
on the provisions of the proposal and the questions posed by the Board. 
Therefore, the Board is extending the end of the comment period for the 
proposal from October 10, 2017, to November 30, 2017.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, October 5, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-21859 Filed 10-10-17; 8:45 am]
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