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Regulatory News

We implement congressional laws on a wide range of banking and financial activities, in part through regulations. When modifications to these regulations are proposed to meet the current needs of the financial community, the public is invited to provide input via the comment letter process.

June 6, 2022

A final rule, published June 6, 2022 in the Federal Register, governs funds transfers through the Federal Reserve Banks' new FedNowSM Service. The final rule also includes changes and clarifications to regulations governing the Fedwire Funds Service and the check service.  The final rule is substantially similar to the proposed rule, published in the Federal Register June 11, 2021. The final rule is effective October 1, 2022.

March 25, 2022

A notification of extension of comment period, published March 25, 2022 in the Federal Register, extends the comment period for a framework for the supervision of certain insurance organizations overseen by the Board of Governors of the Federal Reserve System, originally published in the Federal Register on February 4, 2022. The deadline for public comment is extended through May 5, 2022.

March 8, 2022

A supplemental notice, published March 8, 2022, in the Federal Register, updates the Board of Governors of the Federal Reserve System’s May 2021 proposal intended to ensure that Reserve Banks use a transparent and consistent set of factors when reviewing requests to access Federal Reserve accounts and payment services (Account Access Guidelines). The supplemental notice includes a new section of the proposed Account Access Guidelines that would establish a tiered-review framework to provide additional clarity on the level of due diligence and scrutiny to be applied to requests for Reserve Bank accounts and services. The deadline for public comment is April 22, 2022.

Feb. 4, 2022

Proposed guidance, published February 4, 2022, in the Federal Register, implements a framework for the supervision of certain insurance organizations overseen by the Board of Governors of the Federal Reserve System. The proposed supervisory framework would apply to depository institution holding companies that are significantly engaged in insurance activities. The proposed guidance would apply guidance and allocate supervisory resources based on the risk of an organization and would formalize a supervisory rating system. The deadline for public comment is April 5, 2022.

Jan. 13, 2022

A final rule, published January 13, 2022, in the Federal Register, amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to Federal Reserve Bank capital stock, except in the context of mergers. The final rule also makes certain technical amendments to Regulation I and conforming revisions to the FR 2056 reporting form.  The final rule is substantially similar to the proposal. The final rule is effective February 14, 2022.

Nov. 23, 2021

A final rule, published November 23, 2021 in the Federal Register, requires a banking organization to notify its primary federal regulator of any “computer-security incident” that raises to the level of a “notification incident” as soon as possible and no later than 36 hours after  the banking organization determines that a cyber incident has occurred.  The effective date is April 1, 2022.  The compliance date is May 1, 2022.

Sept. 10, 2021

Proposed interagency guidance and request for comment, published September 10, 2021 in the Federal Register, extends the comment period for the proposed interagency guidance, published July 19, 2021, on managing risk associated with third-party with third-party relationships.  This extension is in response to requests by commentors for more time to analyze the proposal.  The deadline for public comment is October 18, 2021.

Aug. 6, 2021

An extension of comment period, published August 6, 2021 in the Federal Register, extends the comment period for the proposal to amend Regulation J by recreating new subpart C governing funds transfers through the new FedNow Service, originally published June 11, 2021 In the Federal Register. The new deadline for public comment is September 9, 2021.

July 19, 2021

Proposed interagency guidance, published July 19, 2021 in the Federal Register, requests public comment on proposed guidance on managing risk associated with third-party with third-party relationships, including relationships with financial technology-focused entities.  The proposed guidance would offer a framework based on sounds risk management principles for banking organizations to consider in developing risk management practices. The proposed guidance would replace the Federal Reserve Board’s, the FDIC’s, and the OCC’s existing guidance on this topic.  The deadline for public comment is September 17, 2021.

June 11, 2021

A proposed rule and request for comment, published June 11, 2021 in the Federal Register, establishes new subpart C of Regulation J to govern transfers over the Federal Reserve Banks' FedNow℠ Service, a new 24x7x365 service to support instant payments in the United States, expected to be available in 2023. The proposed rule also makes changes to subpart B, governing the Fedwire Funds Service, to reflect to the addition of the FedNow℠ Service, and makes technical corrections to subpart A, governing the check service.  The deadline for public comment is August 10, 2021.

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