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. 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 § 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.
Discussion
Regulatory Flexibility Act Analysis 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
List of Subjects in 12 CFR Part 216 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 2, as set forth below: Part 216 - [REMOVED] By order of the Board of Governors of the Federal Reserve System, March 20, 1997.
(signed) William W. Wiles
William W. Wiles |
1997 Banking and consumer regulatory policy