Section 265.5 - Functions delegated to the Secretary of the BoardThe Secretary of the Board (or the Secretary's delegatee) is authorized:
(a)Procedure -(1)Extension of time period for public participation in proposed regulations. To extend, when appropriate under the Board's Rules of Procedure (12 CFR 262.2(a) and (b) ), the time period for public participation with respect to proposed regulations of the Board.(2)Extension of time period in notices, orders, rules, or regulations.(i) To grant or deny requests to extend any time period in any notice, order, rule, or regulation of the Board relating to filing information, comments, opposition, briefs, exceptions, or other matters, in connection with any application, request, or petition for the Board's approval authority, determination, or permission, or any other action by the Board.(ii) Notwithstanding § 265.3 , no person claiming to be adversely affected by any such extension of time by the Secretary shall have the right to petition the Board or any Board member for review or reconsideration of the extension.(3)Conforming citations and references in Board rules.(i) To conform references to administrative positions or units in Board rules with changes in the administrative structure of the Board and in the government and agencies of the United States.(ii) To conform citations and references in Board rules with other regulatory or statutory changes adopted or promulgated by the Board or by the government or agencies of the United States.(4)Technical corrections in Board rules and regulations. To make, with the concurrence of the General Counsel, technical corrections, such as spelling, grammar, construction, and organization (including making regular updates that are required by law and/or calculated via a formula prescribed by law, removal of obsolete provisions, and consolidation of related provisions), to the Board's rules, regulations, orders, and other records of Board action.(5)Procedural motions in administrative cases pending before the Board. To grant or deny procedural motions arising after an administrative case has been forwarded to the Board for final decision.(b)Availability of information -(1)Freedom of Information Act requests. To make available, upon request, information in Board records and consider requests for confidential treatment of information in Board records under the Freedom of Information Act (5 U.S.C. 552 ) and under the Board's Rules Regarding Availability of Information ( 12 CFR part 261 ).(2)Review of denial of access to Board records; Freedom of Information Act and Privacy Act. To review and determine an appeal of denial of access to Board records under the Freedom of Information Act (5 U.S.C. 552 ), the Privacy Act (5 U.S.C. 552a ), and the Board's rules regarding such access (12 CFR parts 261 and 261a , respectively).(3)File reports of rulemakings with Congress and the Government Accountability Office. To file reports of rulemakings with Congress and the Government Accountability Office pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.).(c)Bank holding companies; savings and loan holding companies; change in bank control; mergers -(1)Reports on competitive factors in bank mergers. To furnish reports on competitive factors involved in a bank merger to the Comptroller of the Currency and the Federal Deposit Insurance Corporation under the provisions of the Federal Deposit Insurance Act (12 U.S.C. 1828(c) ) ; the Bank Holding Company Act (12 U.S.C. 1842(a) , 1843(c)(8) and (j) ) ; the Bank Service Company Act (12 U.S.C. 1865(a) and (b) ) ; the Change in Bank Control Act (12 U.S.C. 1817(j) ) ; and the Federal Reserve Act (12 U.S.C. 321 et seq., 601-604a, 611 et seq.).(2)Reserve Bank director interlocks. To take actions the Reserve Bank could take except for the fact that the Reserve Bank may not act because a director, senior officer, or principal shareholder of any bank holding company, bank, savings and loan holding company, or company involved in the transaction is a director of that Reserve Bank or branch of the Reserve Bank.(4)Savings and loan holding companies.(i) To approve the establishment of a mutual holding company or a subsidiary holding company of a mutual holding company pursuant to section 10(o) of the Home Owners' Loan Act (12 U.S.C. 1467a(o) ) and §§ 239.3 and 239.11 of Regulation MM (12 CFR 239.3 and 239.11 ), including issuing a charter, if the following conditions are met: (A) The appropriate Reserve Bank and relevant divisions of the Board recommend approval; and(B) No significant policy issue is raised on which the Board has not expressed its view.(ii) To grant a request to deregister as a savings and loan holding company pursuant to section 10(b)(6) of the Home Owners' Loan Act (12 U.S.C. 1467a(b)(6) ) and § 238.4(d) of Regulation LL (12 CFR 238.4(d) ).(d)International banking -(1)Acquisition of foreign company or U.S. company financing exports. To grant, under sections 25 and 25A of the Federal Reserve Act (12 U.S.C. 601 and 604 , and 611 et seq.) and section 4(c)(13) of the Bank Holding Company Act (12 U.S.C. 1843(c)(13) ) and the Board's Regulations K and Y (12 CFR parts 211 and 225 ), specific consent to the acquisition, either directly or indirectly, by a member bank, an Edge corporation, an agreement corporation, or a bank holding company, of stock of a company chartered under the laws of a foreign country or a company chartered under the laws of a State of the United States that is organized and operated for the purpose of financing exports from the United States, and to approve any such acquisition that may exceed the limitations of section 25A of the Federal Reserve Act (12 U.S.C. 611a , 615(c) , and 619 ) based on the company's capital and surplus, if all of the conditions in paragraphs (d)(1)(i) through (iii) of this section are met:(i) The appropriate Reserve Bank and all relevant divisions of the Board's staff recommend approval;(ii) No significant policy issue is raised on which the Board has not expressed its view;(iii) The acquisition does not result, either directly or indirectly, in the bank, corporation, or bank holding company acquiring effective control of the company, except that this condition need not be met if:(A) The company is to perform nominee, fiduciary, or other services incidental to the activities of a foreign branch or affiliate of the bank holding company, or corporation; or(B) The stock is being acquired from the parent bank, parent bank holding company, subsidiary Edge corporation, or subsidiary agreement corporation, as the case may be, and the selling entity holds the stock with the consent of the Board pursuant to Regulation K or Y (12 CFR parts 211 or 225 ), as applicable.(e)Member banks -(1)Waiver of penalty for early withdrawals of time deposits. To permit depository institutions to waive the penalty for early withdrawal of time deposits under section 19(j) of the Federal Reserve Act (12 U.S.C. 371b ) and § 204.2 of Regulation D (12 CFR 204.2 ) if the following conditions are met: (i) The President declares an area of major disaster or emergency area pursuant to section 301 of the Disaster Relief Act of 1974 (42 U.S.C. 5141 ) ;(ii) The waiver is limited to depositors suffering disaster or emergency related losses in the officially designated area; and(iii) The appropriate Reserve Bank and all relevant divisions of the Board's staff recommend approval.(f)Location of institution. To determine the Federal Reserve District in which an institution is located pursuant to § 204.3(g)(2) of Regulation D (12 CFR 204.3(g)(2) ) or § 209.2(c) of Regulation I (12 CFR 209.2(c) ) if: (1) The relevant Federal Reserve Banks and the institution agree on the specific Reserve Bank in which the institution should hold stock or with which the institution should maintain reserve balances; and(2) The agreed-upon location does not raise any significant policy issues. 83 FR 9419 , 3/6/2018; 84 FR 31705 , 7/3/2018; 87 FR 54003 , 9/1/2022