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FRS

RIN: 7100-AC69

Publication ID: Spring 2009

Title: Regulation H--Membership of State Banking Institutions in the Federal Reserve System (Docket No. R-1064)
Abstract: In March 2000, the Board approved an interim rule with request for public comment amending Regulation H to implement section 121 of the Gramm-Leach-Bliley Act for state member banks (65 FR 14810, March 20, 2000). Section 121 in part authorizes state member banks to control, or hold an interest in, financial subsidiaries so as to conduct certain activities that are financial in nature or incidental to a financial activity. In August 2001, following review of the public comments, the Board adopted the final rule substantially as proposed (66 FR 42929, August 16, 2001). The Board will also consider issuing for public comment a proposed rule in place of an existing Miscellaneous Interpretation (12 CFR 250.141) relating to member bank purchases of stock in operations subsidiaries to update its provisions and conform to section 121. It is not anticipated that the proposal will have a significant economic impact on a substantial number of small entities subject to the Board's regulation.
Agency: Federal Reserve System(FRS)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 12 CFR 208
Legal Authority: 12 USC 335 12 USC 1835a

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Requested Comment on Interim Rule	03/20/2000	65 FR 14810
Board Adopted Final Rule	08/16/2001	66 FR 42929
Board Will Consider Requesting Comment on the Replacement Rule By	06/00/2009

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Patricia A. Robinson Assistant General Counsel Federal Reserve System Legal Division, Phone:202 452-3005