This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
Rules and Regulations Federal Register
11879
Vol. 84, No. 61
Friday, March 29, 2019
1 84 FR 4222 (February 14, 2019).
2 5 U.S.C. 801 et seq.
3 5 U.S.C. 601 et seq.; 12 U.S.C. 4801 et seq.; 5
U.S.C. 551 et seq.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Parts 1, 3, 5, 23, 24, 32, and 46
[Docket ID OCC–2018–0009]
RIN 1557–AE32
FEDERAL RESERVE SYSTEM
12 CFR Parts 208, 211, 215, 217, 223,
225, and 252
[Regulation Q; Docket No. R–1605]
RIN 7100–AF04
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 324, 325, 327, 347, and
390
RIN 3064–AE74
Delay of Effective Date; Regulatory
Capital Rule: Implementation and
Transition of the Current Expected
Credit Losses Methodology for
Allowances and Related Adjustments
to the Regulatory Capital Rule and
Conforming Amendments to Other
Regulations
AGENCY: Office of the Comptroller of the
Currency, Treasury; the Board of
Governors of the Federal Reserve
System; and the Federal Deposit
Insurance Corporation.
ACTION: Final rule, delay of effective
date.
SUMMARY: On February 14, 2019, the
Board of Governors of the Federal
Reserve System (Board), the Federal
Deposit Insurance Corporation (FDIC),
and the Office of the Comptroller of the
Currency (OCC) (collectively, the
agencies) published in the Federal
Register a final rule to address changes
to credit loss accounting under U.S.
generally accepted accounting
principles, including banking
organizations’ implementation of the
current expected credit losses
methodology (CECL) (final rule). The
final rule had an effective date of April
1, 2019, and provides that banking
organizations may early adopt the final
rule prior to that date. The agencies
have determined that adelay of the
effective date to July 1, 2019, is
appropriate.
DATES: The effective date of the final
rule published February 14, 2019 (84 FR
4222) is delayed until July 1, 2019.
Banking organizations may early adopt
this final rule prior to that date.
FOR FURTHER INFORMATION CONTACT:
OCC: Kevin Korzeniewski, Counsel,
Office of the Chief Counsel, (202) 649–
5490; or for persons who are hearing
impaired, TTY, (202) 649–5597.
Board: Constance M. Horsley, Deputy
Associate Director, (202) 452–5239; Juan
C. Climent, Manager, (202) 872–7526;
Andrew Willis, Senior Supervisory
Financial Analyst, (202) 912–4323; or
Noah Cuttler, Senior Financial Analyst,
(202) 912–4678, Division of Supervision
and Regulation; or Benjamin W.
McDonough, Assistant General Counsel,
(202) 452–2036; David W. Alexander,
Counsel, (202) 452–2877; or Asad
Kudiya, Counsel, (202) 475–6358, Legal
Division, Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551. For
the hearing impaired only,
Telecommunication Device for the Deaf
(TDD), (202) 263–4869.
FDIC: Benedetto Bosco, Chief,
bbosco@fdic.gov; Richard Smith, Capital
Markets Policy Analyst, rismith@
fdic.gov; David Riley, Senior Policy
Analyst, dariley@fdic.gov; Capital
Markets Branch, Division of Risk
Management Supervision,
regulatorycapital@fdic.gov, (202) 898–
6888; Michael Phillips, Counsel,
mphillips@fdic.gov; or Catherine Wood,
Acting Supervisory Counsel, cawood@
fdic.gov; Supervision Branch, Legal
Division, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
On February 14, 2019, the agencies
published in the Federal Register a final
rule to amend the capital rule to address
changes to credit loss accounting under
U.S. generally accepted accounting
principles, including banking
organizations’ implementation of the
current expected credit losses
methodology (CECL).1 The final rule
provides banking organizations the
option to phase in over a three-year
period the day-one adverse effects on
regulatory capital that may result from
the adoption of the new accounting
standard. In addition, the final rule
revises the agencies’ regulatory capital
rule, stress testing rules, and regulatory
disclosure requirements to reflect CECL,
and makes conforming amendments to
other regulations that reference credit
loss allowances.
The final rule was published with an
effective date of April 1, 2019, and
provides that banking organizations may
early adopt the final rule prior to that
date. When the agencies submitted the
final rule for publication in December
2018, this effective date satisfied all
applicable statutory requirements.
However, due to the partial government
shutdown, the final rule was not
published until February 14, 2019. Due
to this delay in publication, the agencies
have determined that a delay of the
effective date of the final rule to July 1,
2019, is necessary to provide a sufficient
review period under the Congressional
Review Act 2 and to satisfy the
requirements of the Small Business
Regulatory Enforcement Fairness Act of
1996, Riegle Community Development
and Regulatory Improvement Act, and
Administrative Procedure Act.3
Notwithstanding this delay in effective
date, banking organizations subject to
the final rule may comply with it as of
January 1, 2019.
Dated: March 21, 2019.
Joseph M. Otting,
Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System, acting through the
Secretary of the Board under delegated
authority, March 15, 2019.
Ann E. Misback,
Secretary of the Board.
Dated at Washington, DC, on March 13,
2019.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 2019–06011 Filed 3–28–19; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P]
VerDate Sep<11>2014 16:06 Mar 28, 2019 Jkt 247001 PO 00000 Frm 00001 Fmt 4700 Sfmt 9990 E:\FR\FM\29MRR1.SGM 29MRR1
jbell on DSK30RV082PROD with RULES
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
Rules and Regulations Federal Register
11879
Vol. 84, No. 61
Friday, March 29, 2019
1 84 FR 4222 (February 14, 2019).
2 5 U.S.C. 801 et seq.
3 5 U.S.C. 601 et seq.; 12 U.S.C. 4801 et seq.; 5
U.S.C. 551 et seq.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Parts 1, 3, 5, 23, 24, 32, and 46
[Docket ID OCC–2018–0009]
RIN 1557–AE32
FEDERAL RESERVE SYSTEM
12 CFR Parts 208, 211, 215, 217, 223,
225, and 252
[Regulation Q; Docket No. R–1605]
RIN 7100–AF04
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 324, 325, 327, 347, and
390
RIN 3064–AE74
Delay of Effective Date; Regulatory
Capital Rule: Implementation and
Transition of the Current Expected
Credit Losses Methodology for
Allowances and Related Adjustments
to the Regulatory Capital Rule and
Conforming Amendments to Other
Regulations
AGENCY: Office of the Comptroller of the
Currency, Treasury; the Board of
Governors of the Federal Reserve
System; and the Federal Deposit
Insurance Corporation.
ACTION: Final rule, delay of effective
date.
SUMMARY: On February 14, 2019, the
Board of Governors of the Federal
Reserve System (Board), the Federal
Deposit Insurance Corporation (FDIC),
and the Office of the Comptroller of the
Currency (OCC) (collectively, the
agencies) published in the Federal
Register a final rule to address changes
to credit loss accounting under U.S.
generally accepted accounting
principles, including banking
organizations’ implementation of the
current expected credit losses
methodology (CECL) (final rule). The
final rule had an effective date of April
1, 2019, and provides that banking
organizations may early adopt the final
rule prior to that date. The agencies
have determined that adelay of the
effective date to July 1, 2019, is
appropriate.
DATES: The effective date of the final
rule published February 14, 2019 (84 FR
4222) is delayed until July 1, 2019.
Banking organizations may early adopt
this final rule prior to that date.
FOR FURTHER INFORMATION CONTACT:
OCC: Kevin Korzeniewski, Counsel,
Office of the Chief Counsel, (202) 649–
5490; or for persons who are hearing
impaired, TTY, (202) 649–5597.
Board: Constance M. Horsley, Deputy
Associate Director, (202) 452–5239; Juan
C. Climent, Manager, (202) 872–7526;
Andrew Willis, Senior Supervisory
Financial Analyst, (202) 912–4323; or
Noah Cuttler, Senior Financial Analyst,
(202) 912–4678, Division of Supervision
and Regulation; or Benjamin W.
McDonough, Assistant General Counsel,
(202) 452–2036; David W. Alexander,
Counsel, (202) 452–2877; or Asad
Kudiya, Counsel, (202) 475–6358, Legal
Division, Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551. For
the hearing impaired only,
Telecommunication Device for the Deaf
(TDD), (202) 263–4869.
FDIC: Benedetto Bosco, Chief,
bbosco@fdic.gov; Richard Smith, Capital
Markets Policy Analyst, rismith@
fdic.gov; David Riley, Senior Policy
Analyst, dariley@fdic.gov; Capital
Markets Branch, Division of Risk
Management Supervision,
regulatorycapital@fdic.gov, (202) 898–
6888; Michael Phillips, Counsel,
mphillips@fdic.gov; or Catherine Wood,
Acting Supervisory Counsel, cawood@
fdic.gov; Supervision Branch, Legal
Division, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
On February 14, 2019, the agencies
published in the Federal Register a final
rule to amend the capital rule to address
changes to credit loss accounting under
U.S. generally accepted accounting
principles, including banking
organizations’ implementation of the
current expected credit losses
methodology (CECL).1 The final rule
provides banking organizations the
option to phase in over a three-year
period the day-one adverse effects on
regulatory capital that may result from
the adoption of the new accounting
standard. In addition, the final rule
revises the agencies’ regulatory capital
rule, stress testing rules, and regulatory
disclosure requirements to reflect CECL,
and makes conforming amendments to
other regulations that reference credit
loss allowances.
The final rule was published with an
effective date of April 1, 2019, and
provides that banking organizations may
early adopt the final rule prior to that
date. When the agencies submitted the
final rule for publication in December
2018, this effective date satisfied all
applicable statutory requirements.
However, due to the partial government
shutdown, the final rule was not
published until February 14, 2019. Due
to this delay in publication, the agencies
have determined that a delay of the
effective date of the final rule to July 1,
2019, is necessary to provide a sufficient
review period under the Congressional
Review Act 2 and to satisfy the
requirements of the Small Business
Regulatory Enforcement Fairness Act of
1996, Riegle Community Development
and Regulatory Improvement Act, and
Administrative Procedure Act.3
Notwithstanding this delay in effective
date, banking organizations subject to
the final rule may comply with it as of
January 1, 2019.
Dated: March 21, 2019.
Joseph M. Otting,
Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System, acting through the
Secretary of the Board under delegated
authority, March 15, 2019.
Ann E. Misback,
Secretary of the Board.
Dated at Washington, DC, on March 13,
2019.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 2019–06011 Filed 3–28–19; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P]
VerDate Sep<11>2014 16:06 Mar 28, 2019 Jkt 247001 PO 00000 Frm 00001 Fmt 4700 Sfmt 9990 E:\FR\FM\29MRR1.SGM 29MRR1
jbell on DSK30RV082PROD with RULES