Board of Governors of the Federal Reserve System (Board).
The Board published an interim final rule with request for public comment in the Federal Register on October 22, 2008 ( 73 FR 62851), providing that bank holding companies that issue new senior perpetual preferred stock to the U.S Department of Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, may include such capital instruments in Tier 1 capital for purposes of the Board's risk-based and leverage capital rules and guidelines for bank holding companies. The Public Law was cited incorrectly. This document corrects the citation in footnote 1 of the Supplementary Information and in the interim final regulation by revising these sections.
Effective October 27, 2008.
You may submit comments, identified by Docket No. R-1336, by any of the following methods:
- Agency Web Site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
- Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
- E-mail: firstname.lastname@example.org. Include docket number in the subject line of the message.
- FAX: (202) 452-3819 or (202) 452-3102.
- Mail: Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW., Washington, DC 20551.
All public comments are available from the Board's Web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper form in Room MP-500 of the Board's Martin Building (20th and C Streets, NW) between 9 a.m. and 5 p.m. on weekdays.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Norah M. Barger, Deputy Director, (202) 452-2402, or John Connolly, Senior Project Manager, (202) 452-3621, Division of Banking Supervision and Regulation; or Kieran J. Fallon, Assistant General Counsel, (202) 452-5270, Mark E. Van Der Weide, Assistant General Counsel, (202) 452-2263, or Benjamin W. McDonough, Senior Attorney, (202) 452-2036, Legal Division; Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., NW., Washington, DC 20551. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), (202) 263-4869.End Further Info End Preamble Start Supplemental Information
On October 3, 2008, President Bush signed the Emergency Economic Stabilization Act of 2008 (Act)  into law.Start List of Subjects
List of Subjects in 12 CFR Part 225
- Administrative practice and procedure
- Federal Reserve System
- Holding companies
- Reporting and recordkeeping requirements
Accordingly,End Amendment Part
Authority and IssuanceStart Amendment Part
For the reasons stated in the preamble, the Board of Governors of the Federal Reserve System amends part 225 of chapter II of title 12 of the Code of Federal Regulations as follows:End Amendment Part Start Part
PART 225—BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)End Part Start Amendment Part
1. The authority citation for part 225 continues to read as follows:End Amendment Part Start Amendment Part
2. In appendix A to part 225, revise section II.A.1.a.ii.; and footnote 8 in section II.A.1.c.ii.(2) to read as follows:End Amendment Part Start Appendix
Appendix A to Part 225—Capital Adequacy Guidelines for Bank Holding Companies: Risk-Based Measure
II. * * *
A. * * *
1. * * *
a. * * *
ii. Qualifying noncumulative perpetual preferred stock, including related surplus, and senior perpetual preferred stock issued Start Printed Page 63625to the United States Department of the Treasury (Treasury) under the Troubled Asset Relief Program (TARP) established by the Emergency Economic Stabilization Act of 2008, Division A of Pub. L. No. 110-343 (which for purposes of this appendix shall be considered qualifying noncumulative perpetual preferred stock), including related surplus;
c. * * *
ii. * * *
(2) * * *
8 Notwithstanding this provision, senior perpetual preferred stock issued to the Treasury under the TARP established by the Emergency Economic Stabilization Act of 2008, Division A of Pub. L. No. 110-343, may be included in tier 1 capital. In addition, traditional convertible perpetual preferred stock, which the holder must or can convert at a fixed number of common shares at a preset price, generally qualifies for inclusion in tier 1 capital provided all other requirements are met.
By order of the Board of Governors of the Federal Reserve System, October 22, 2008.
Jennifer J. Johnson,
Secretary of the Board.
1. Division A of Pub. L. No. 110-343, 122 Stat. 3765 (2008).Back to Citation
[FR Doc. E8-25489 Filed 10-24-08; 8:45 am]
BILLING CODE 6210-02-P