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Can you summarize 12 CFR Part 262?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > RULES OF PROCEDURE
Short Summary
The provided legal document content consists of information related to the rules of procedure for regulations issued by the Board of Governors of the Federal Reserve System. It outlines the procedure for issuing regulations, including the publication of notices of proposed regulations or amendments in the Federal Register, public participation, and submission of data, views, or arguments. The document also governs the submission of applications, requests, or petitions for approval, authority, determination, or permission from the Board of Governors of the Federal Reserve System. It specifies the requirements for submitting applications, notice requirements for certain types of applications, filing procedures, analysis by staff, submission of comments and requests for hearings, action on applications, notice of action, and procedures for reconsideration. The document further addresses the notice requirements for applications submitted to the Board of Governors of the Federal Reserve System, particularly for banks or companies applying for a deposit-taking facility. It requires applicants to publish notice of their application in local newspapers, provides standard forms of notice, and outlines procedures for public participation and comment submission. The document aims to ensure transparency and public participation in the application process. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Individuals or entities seeking approval, authority, determination, or permission from the Board of Governors of the Federal Reserve System, banks or companies applying for a deposit-taking facility
What does it govern?
Procedure for regulations issued by the Board of Governors of the Federal Reserve System, submission of applications, requests, or petitions for approval, authority, determination, or permission from the Board of Governors of the Federal Reserve System, notice requirements for applications submitted to the Board of Governors of the Federal Reserve System
What are exemptions?
Exceptions may be made when notice or public participation is impracticable, unnecessary, contrary to the public interest, or when deferring the effective date would be detrimental to the public interest. Examples of situations where advance notice or deferred effective date may be omitted include the review and determination of discount rates and changes in general requirements regarding reserves of member banks.
What are the Penalties?
No specific exemptions or penalties are mentioned in this document.
Jurisdiction
U.S. Federal Government