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53988Federal Register / Vol. 87, No. 169 / Thursday, September 1, 2022 / Rules and RegulationsDana Burnett, Assistant Director, (202)973–7317, Division of Supervision andRegulation, Board of Governors of theFederal Reserve System, 20th Street andC Street NW, Washington, DC 20551.For users of TTY–TRS, please call 711from any telephone, anywhere in theUnited States.SUPPLEMENTARY INFORMATION:FEDERAL RESERVE SYSTEM12 CFR Part 265[Docket No. R–1778]RIN No. 7100–AG 37Rules Regarding Delegation ofAuthorityBoard of Governors of theFederal Reserve System (Board).ACTION: Final rule.AGENCY:I. BackgroundThe Board is adopting a finalrule that revises its rules regardingdelegation of authority. The final rulecodifies and revises delegations ofauthority previously approved by theBoard, makes technical changes, andrescinds moot or supersededdelegations.DATES: Effective September 1, 2022.FOR FURTHER INFORMATION CONTACT:Alison Thro, Deputy Associate GeneralCounsel, (202) 452–3236; AmoryGoldberg, Senior Counsel, (202) 452–3124; Andrew Hartlage, Senior Counsel,(202) 452–6483; Derald Seid, SeniorCounsel, (202) 452–2246; David Imhoff,Attorney, (202) 452–2249; or JasminKeskinen, Attorney, (202) 475–6650,Legal Division; Vaishali Sack, DeputyAssociate Director, (202) 452–5221, orSUMMARY:Section 11(k) of the Federal ReserveAct authorizes the Board to delegate, bypublished order or rule and subject tothe Administrative Procedure Act, anyof its functions, other than those relatedto rulemaking or pertaining principallyto monetary and credit policies, to oneor more administrative law judges,members or staff of the Board, or theReserve Banks.1 The Board hasdelegated authority to Board members(in their individual capacity and aschairs of committees of the Board),Board staff, and the Federal ReserveBanks to take certain actions under thevarious statutes that the Boardadministers. The Board’s RulesRegarding Delegation of Authority(delegation rules) implement section11(k) of the Federal Reserve Act andenumerate the actions that the Boardhas determined to delegate. Bydelegating actions that do not raisesignificant legal, supervisory, or policyissues, the Board can respond moreefficiently to applications, requests, andother matters.The last comprehensive revision ofthe delegation rules was in 1991.2 Byrevising the delegation rules asdescribed below, the final rule enhancestransparency, improves usability, andrelieves burden on regulatedinstitutions, practitioners before theBoard, and Federal Reserve staff.I. Codifications, Technical Changes,and RescissionsSince 1991, the Board has approvedseveral additional delegations inconnection with statutory andregulatory changes and in the light ofsupervisory experience. Manydelegations of authority are codified inthe delegation rules (codifieddelegations), and many others have notyet been incorporated into thedelegation rules (uncodifieddelegations). The final rule incorporatesthe uncodified delegations into thedelegation rules. Table 1 below liststhese delegations, identifies thedelegatee, and notes where within thedelegation rules the delegations will beincorporated:TABLE 1—UNCODIFIED DELEGATIONS TO BE INCORPORATED INTO THE DELEGATION RULESCitation section:Short description:Delegated to:Functions delegated to Board members or staff within the Division of Board Members265.4(a)(1) .265.4(a)(2) .265.4(a)(3)(i) .265.4(a)(3)(ii) .265.4(b)(1) .265.4(c) .265.4(g) .To appoint a first and second alternate director to theBoard of Directors of the Bank for International Settlements.To make authorizations and determinations regarding TermDeposit Facility test operations.Periodic reports to Congress under section 13(3)(C)(ii) ofthe Federal Reserve Act (12 U.S.C. 343(3)(C)(ii)).Seven-day reports to Congress under section 13(3)(C)(i) ofthe Federal Reserve Act (12 U.S.C. 343(3)(C)(ii)).To act on requests for extensions of State member banks’and bank holding companies’ advanced approaches firstfloor period start dates.To grant or deny requests from the Federal Reserve Banksfor exceptions to the Board’s policies on Federal ReserveBank directors.To approve and submit the annual report to Congress concerning the Board’s compliance with Small BusinessRegulatory Enforcement Fairness Act’s requirements.Chair.Chair.Chair.Chair.Chair of the Committee on Supervision andRegulation (CSR).Chair of the Committee on Federal ReserveBank Affairs.Assistant to the Board, Congressional Liaison Office, Division of Board Members.Functions delegated to the Secretary of the Boardjspears on DSK121TN23PROD with RULES2265.5(a)(5) .265.5(b)(3) .1 12To grant or deny procedural motions arising after an ad- Secretary of the Board.ministrative case has been forwarded to the Board forfinal decision.To file reports on rulemakings with Congress and the GAO Secretary of the Board.under Small Business Regulatory Enforcement FairnessAct (often referred to as the ‘‘Congressional Review Act’’).U.S.C. 248(k).VerDate Sep 11 201419:01 Aug 31, 20222 Delegations of Authority, 56 FR 25614 (June 5,1991).Jkt 256001PO 00000Frm 00002Fmt 4701Sfmt 4700E:\FR\FM\01SER2.SGM01SER2
Federal Register / Vol. 87, No. 169 / Thursday, September 1, 2022 / Rules and Regulations53989TABLE 1—UNCODIFIED DELEGATIONS TO BE INCORPORATED INTO THE DELEGATION RULES—ContinuedCitation section:Short description:Delegated to:265.5(c)(2) .To take actions that a Reserve Bank could take but for adirector interlock at a savings and loan holding company(SLHC).To approve certain requests related to an SLHC in mutualform.To approve a request to deregister as an SLHC .Secretary of the Board.265.5(c)(4)(i) .265.5(c)(4)(ii) .Secretary of the Board.Secretary of the Board.Functions delegated to the General Counsel265.6(c)(2) .265.6(d)(1) .265.6(d)(2) .265.6(e)(1) .265.6(e)(2) .265.6(e)(3) .265.6(h) .265.6(i) .265.6(j) .265.6(k) .To review and act on requests for permission to administerthe 49 percent revenue limit on nonfinancial data processing activities on a business-line or multiple-entitybasis.To grant exceptions to management interlocks under thegeneral exemption of Regulation L and subpart J of Regulation LL.To approve requests to extend legacy management interlocks.To enter into a cease-and-desist order, removal and prohibition order, or civil money penalty assessment orderwith a bank holding company or any nonbanking subsidiary thereof, with a State member bank, with anSLHC, or with any other person or entity subject to theBoard’s jurisdiction under section 8(b) or (e) of the Federal Deposit Insurance Act (FDI Act) (12 U.S.C. 1818(b)or (e)), when the order has been consented to by the institution or individual subject to the order; or to issue anotice suspending or prohibiting an institution-affiliatedparty under section 8(g) of the FDI Act (12 U.S.C.1818(g)) when the notice has been consented to by theindividual subject to the notice.To stay, modify, terminate or suspend an order or noticeissued pursuant to paragraph (e)(1) of this section.To grant consent to a person subject to
53988 Federal Register/Vol. 87, No. 169/Thursday, September 1, 2022/Rules and Regulations 1 12 U.S.C. 248(k). 2 Delegations of Authority, 56 FR 25614 (June 5, 1991). FEDERAL RESERVE SYSTEM 12 CFR Part 265 [Docket No. R-1778] RIN No. 7100-AG 37 Rules Regarding Delegation of Authority AGENCY: Board of Governors of the Federal Reserve System (Board).
