The Federal Reserve welcomes comments on the interim final rule establishing regulations for savings and loan holding companies (SLHC), whose oversight transferred to the Fed from the Office of Thrift Supervision (OTS) in July. The interim final rule includes OTS-issued regulations and the Fed’s new Regulations LL and MM. You can have your say until the comment period closes on Oct. 27.
Under the Dodd-Frank Act, some responsibilities of the OTS have been moved to other agencies. The FDIC is the new regulator for state savings institutions, and the Office of the Comptroller of the Currency now supervises federal savings institutions and writes the regulations for both state and federal savings institutions.
The Federal Reserve has increased the thresholds for exempt consumer leases and exempt consumer credit transactions to $51,800 from $50,000. The Dodd-Frank Act now requires that these thresholds be adjusted each year by the annual percentage increase in the Consumer Price Index. These increases, which take effect on Jan. 1, 2012, are based on the June 1, 2011, annual CPI percentage increase.
Member banks of the Federal Reserve System can forget about Regulation Q, which the Fed repealed in July as part of the Dodd-Frank Act. Regulation Q had prohibited the payment of interest on demand deposits by member institutions. It will not be replaced with a new regulation. The Board of Governors has removed its published interpretation of Regulation Q from www.federalreserve.gov, as well as all references found in other regulations, interpretations and commentary.
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