Regulatory Alerts2023-05-22 | 2023-10502Rules Regarding Delegation of Authority
The Board of Governors of the Federal Reserve System issued final rule correcting amendments to its Rules Regarding Delegation of Authority to publish previously approved delegations and fix technical errors. The amendments add specific authorities to the Director of the Division of Supervision and Regulation, the Director of the Division of Monetary Affairs, and Federal Reserve Banks, including powers to approve bank-affiliate transactions and submit reports to Congress. These changes implement section 11(k) of the Federal Reserve Act to allow the Board to delegate actions that do not raise significant legal, supervisory, or policy issues, thereby improving operational efficiency.
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