[Federal Register Volume 62, Number 61 (Monday, March 31, 1997)]
[Proposed Rules]
[Pages 15300-15301]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-7586]
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FEDERAL RESERVE SYSTEM
12 CFR Part 216
[Regulation P; Docket No. R-0965]
Security Procedures
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Proposed rule.
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SUMMARY: The Board is proposing to remove Regulation P, which is no
longer necessary since its provisions have been incorporated into
Regulation H (Membership of State Banking Institutions in the Federal
Reserve System), as proposed by the Board elsewhere in today's Federal
Register. Regulation P requires each bank to adopt appropriate security
procedures.
DATES: Comments must be received by May 30, 1997.
ADDRESSES: Comments, which should refer to Docket No. R-0965, may be
mailed to Mr. William W. Wiles, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue, N.W.,
Washington, DC 20551. Comments addressed to Mr. Wiles also may be
delivered to the Board's mail room between 8:45 a.m. and 5:15 p.m., and
to the security control room outside of those hours. Both the mail room
and the security control room are accessible from the courtyard
entrance on 20th Street between Constitution Avenue and C Street, N.W.
Comments may be inspected in Room MP-500 between 9:00 a.m. and 5:00
p.m. weekdays, except as provided in Sec. 261.8 of the Board's Rules
Regarding Availability of Information, 12 CFR 261.8.
FOR FURTHER INFORMATION CONTACT: Jean Anderson, Staff Attorney, Legal
Division (202/452-3707). For the hearing impaired only,
Telecommunications Device for the Deaf (TDD), Dorothea Thompson (202/
452-3544).
SUPPLEMENTARY INFORMATION:
Section 303 of the Riegle Community Development and Regulatory
Improvement Act of 1994 (CDRI Act)
Section 303(a) of the CDRI Act (12 U.S.C. 4803(a)) requires the
Board, as well as the other federal banking agencies, to review its
regulations and written policies in order to streamline and modify
these regulations and policies to improve efficiency, reduce
unnecessary costs, and eliminate unwarranted constraints on credit
availability. The Board has reviewed its Regulation P with this purpose
in mind, and, is proposing to rescind Regulation P in order to meet the
goals of section 303(a).
Regulation P implements the requirements of the Bank Protection Act
of 1968 (BPA). The BPA requires the federal financial institution
supervisory agencies to establish minimum standards for bank security
devices and procedures to discourage bank crime and to assist in the
identification of persons who commit such crimes. 12 U.S.C. 1882. To
implement this statute a uniform regulation (Regulation P) was adopted
in 1969 by each of the supervisory agencies--Comptroller of the
Currency, Federal Deposit Insurance Corporation, Federal Home Loan Bank
Board (now known as the Office of Thrift Supervision), and the Board.
As originally proposed, Regulation P included a list of security
devices that banks were required to adopt. On March 1, 1991 (55 FR
13069)(1991 Amendments), the supervisory agencies amended their rules
to incorporate amendments made to the BPA by the Financial Institutions
Reform Recovery and Enforcement Act of 1989 (FIRREA) and to address the
fact that many of the required security devices had been rendered
obsolete by virtue of technological advances.
[[Page 15301]]
Discussion
The Board's proposal to rescind Regulation P and incorporate its
provisions into Regulation H (12 CFR Part 208--Membership of State
Banking Institutions in the Federal Reserve System) as proposed by the
Board elsewhere in today's Federal Register, would not substantively
amend the terms of Regulation P. The Board's proposal to incorporate
Regulation P into Regulation H is designed to simplify compliance for
State member banks, to the extent possible, by consolidating the
regulatory requirements applying to State member banks into one
regulation.
Regulatory Flexibility Act Analysis
Pursuant to section 605(b) of the Regulatory Flexibility Act (Pub.
L. 95-354, 5 U.S.C. 601 et seq.), the Board of Governors of the Federal
Reserve System certifies that adoption of this proposal will not have a
significant economic impact on a substantial number of small entities
that would be subject to the regulation.
This amendment will remove a regulation and an interpretation that
the Board believes are no longer necessary. The amendment does not
impose more burdensome requirements on bank holding companies than are
currently applicable.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3506; 5 CFR 1320 Appendix A.1), the Board reviewed the rule under the
authority delegated to the Board by the Office of Management and
Budget. No collections of information pursuant to the Paperwork
Reduction Act are contained in the final rule.
List of Subjects in 12 CFR Part 216
Federal Reserve System, Reporting and recordkeeping requirements,
Security measures.
For the reasons set forth in the preamble and under the authority
of 12 U.S.C. 1882, the Board proposes to amend 12 CFR chapter II, as
set forth below:
PART 216--[REMOVED]
1. Part 216 is removed.
By order of the Board of Governors of the Federal Reserve
System, March 20, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-7586 Filed 3-28-97; 8:45 am]
BILLING CODE 6210-01-P
