Can you summarize 12 CFR Part 270?
The provided legal document governs the open market operations of Federal Reserve banks. It specifically applies to Federal Reserve banks and outlines the rules and procedures they must follow when engaging in open market operations. The document states that each Federal Reserve bank must conduct open market operations in accordance with this document and the authorizations and directives issued by the Committee. The transactions for the System Open Market Account are to be executed by a Federal Reserve bank selected by the Committee.
Can you summarize 12 CFR Part 271?
This document governs the availability of information held by the Federal Open Market Committee (FOMC) and establishes mechanisms for disclosure, production, or withholding of information. It aims to facilitate the Committee’s interactions with the public and ensures transparency and accessibility of information. The document defines various terms, including exempt information, which refers to information exempt from disclosure. It also provides a definition for ‘working day’ as any day except Saturday, Sunday, or a legal Federal holiday.
Can you summarize 12 CFR Part 272?
The Rules of Procedure govern the procedures followed by the Federal Open Market Committee (FOMC) in relation to the regulation and direction of open market operations conducted by the Federal Reserve banks, as well as certain direct transactions between the Reserve banks and the United States. The Committee considers various information, including business and credit conditions, domestic and international economic and financial developments, and other pertinent information gathered by its staff and the staffs of the Board of Governors of the Federal Reserve System and the Federal Reserve banks.
Can you summarize 12 CFR Part 281?
The legal document discusses the Government in the Sunshine Act, which aims to provide transparency in the decision-making processes of Federal agencies. The Act applies to Federal agencies headed by a collegial body appointed by the President and authorized subdivisions of such agencies. However, the Federal Open Market Committee (FOMC) is not subject to the Act as it does not fall within the Act’s definition of an ‘agency’ or ‘subdivision.’ Despite this, the FOMC voluntarily follows the spirit of the Sunshine Act by conducting its procedures and public disclosures in a manner consistent with the Act.
Can you summarize 12 CFR Part 307?
This document governs the certification process for the assumption of deposit liabilities by insured depository institutions. It requires the transferring institution to provide a written certification to the FDIC when all of its deposit liabilities are assumed by one or more insured depository institutions. The certification must be provided within 30 calendar days after the assumption takes effect and should include information such as the date of assumption and the method of termination of the transferring institution’s authority to engage in banking.
Can you summarize 12 CFR Part 308, Subpart R?
This document governs the submission and review of safety and soundness compliance plans and the issuance of orders to correct safety and soundness deficiencies. It applies to insured state nonmember banks, state-licensed insured branches of foreign banks subject to section 39 of the Federal Deposit Insurance Act, and state savings associations. The document specifies that a bank or state savings association must file a written safety and soundness compliance plan with the FDIC within 30 days of receiving a request, unless a different filing period is specified by the FDIC.
Can you summarize 12 CFR Part 31?
This legal document governs the requirements for affiliate transactions for national banks and Federal savings associations. It mandates compliance with 12 CFR part 223 (Regulation W). The Comptroller of the Currency administers and enforces these requirements. Exemptions from the requirements may be granted by the OCC and the Federal Reserve Board if certain conditions are met, and if the FDIC does not object within 60 days. To request an exemption, a written request must be submitted to the Deputy Comptroller for Licensing, describing the transaction or relationship, explaining why the exemption should be granted, and demonstrating that it is in the public interest and consistent with the purposes of the applicable sections of the Home Owners’ Loan Act.
Can you summarize 12 CFR Part 326, Subpart B?
The provided legal document content pertains to the procedures for monitoring Bank Secrecy Act compliance for FDIC-supervised institutions. The purpose of this subpart is to ensure that these institutions establish and maintain procedures to monitor their compliance with the requirements of subchapter II of chapter 53 of title 31, United States Code, and the implementing regulations issued by the Department of Treasury at 31 CFR Chapter X. The compliance program should include internal controls, independent testing, designated individuals responsible for day-to-day compliance, and training for appropriate personnel.
Can you summarize 12 CFR Part 329?
The provided legal document content pertains to liquidity risk measurement standards for FDIC-supervised institutions. These standards establish a minimum liquidity standard and a minimum stable funding standard for certain FDIC-supervised institutions on a consolidated basis. The documents apply to FDIC-supervised institutions, including GSIB depository institutions, Category II FDIC-supervised institutions, and Category III FDIC-supervised institutions. The applicability may also extend to FDIC-supervised institutions based on factors such as asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered entities, or risk to the financial system.
Can you summarize 12 CFR Part 330?
This set of legal documents, part of the Code of Federal Regulations, provides regulations and statements of general policy related to deposit insurance coverage provided by the Federal Deposit Insurance Corporation (FDIC). It governs the ownership rights and capacities in which deposit accounts are maintained at insured depository institutions. The documents define various terms such as ‘Act’, ‘Corporation’, ‘Deposit’, ‘Deposit account records’, ‘FDIC’, ‘Insured branch’, ‘Insured deposit’, ‘Insured depository institution’, ‘Interest’, ‘Natural person’, ‘Non-contingent trust interest’, ‘Sole proprietorship’, ‘Standard maximum deposit insurance amount’, ‘Trust estate’, ‘Trust funds’, and ‘Trust interest’.