82 FR 55841 - Proposed Guidance on Supervisory Expectations for Boards of Directors

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 225 (November 24, 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 proposal, the Board previously extended the comment period from October 10, 2017, to November 30, 2017. The Board has determined that an additional extension of the comment period until February 15, 2018, is appropriate. This action will allow interested persons additional time to analyze the proposal and prepare their comments.

[Federal Register Volume 82, Number 225 (Friday, November 24, 2017)]
[Notices]
[Pages 55841-55842]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25372]


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

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.

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

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 proposal, the Board 
previously extended the comment period from October 10, 2017, to 
November 30, 2017. The Board has determined that an additional 
extension of the comment period until February 15, 2018, 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 February 
15, 2018.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposal. Please submit your comments using only one method.

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 
(202) 263-4869.

SUPPLEMENTARY INFORMATION: On August 9, 2017, the Board published in 
the Federal Register proposed guidance \1\ on supervisory expectations 
for boards of directors of firms supervised by the Federal Reserve. The 
proposal addresses supervisory expectations for 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 
companies, certain existing Federal Reserve Supervision and Regulation 
letters containing supervisory expectations for boards of directors 
would be revised or eliminated to more clearly distinguish a board's 
roles and responsibilities from those of senior management and allow 
boards to focus

[[Page 55842]]

more of their time and resources on fulfilling their core 
responsibilities. The proposal stated that the comment period would 
close on October 10, 2017, which the Board previously extended to 
November 30, 2017.\2\
---------------------------------------------------------------------------

    \1\ See ``Proposed Guidance on Supervisory Expectation for 
Boards of Directors,'' 82 FR 37219 (August 9, 2017).
    \2\ See ``Proposed Guidance on Supervisory Expectation for 
Boards of Directors,'' 82 FR 47206 (October 11, 2017).
---------------------------------------------------------------------------

    An additional extension of the comment period will provide an 
opportunity for the public to understand the proposed division of 
responsibilities between the board, senior management, and business 
line management and 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 November 30, 2017, to 
February 15, 2018.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, ovember 17, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-25372 Filed 11-22-17; 8:45 am]
 BILLING CODE P