12 CFR 265.4 – Functions delegated to Board members or staff within the Division of Board Members
(a) Chair. The Chair is authorized:
(1) Bank for International Settlements. To appoint a first and second alternate director to the Board of Directors of the Bank for International Settlements.
(2) Term Deposit Facility (TDF). To authorize TDF test operations with maximum award amounts of up to $20 billion and with maximum offering rates of up to 5 basis points over the interest on excess reserves rate, to adjust the schedules and other terms and conditions for TDF test operations as necessary, to approve additional TDF test operations, to determine when TDF test operations should offer term deposits with an early withdrawal feature, and to establish, with respect to term deposits that are offered with an early withdrawal feature, an early withdrawal penalty that includes forfeiture of all interest on any term deposits withdrawn before the expiration of the term plus an additional penalty of 75 basis points at an annual rate applied to the principal over the entire term of the term deposit.
(3) Disclosures related to emergency lending programs. To approve:
(i) Periodic reports to Congress under section 13(3)(C)(ii) of the Federal Reserve Act (12 U.S.C. § 343(3)(C)(ii)) for the Bank Term Funding Program, Primary Dealer Credit Facility, Money Market Liquidity Facility, Commercial Paper Funding Facility, Paycheck Protection Program Liquidity Facility, Secondary Market Corporate Credit Facility, Municipal Liquidity Facility, Term Asset-Backed Securities Loan Facility, Main Street New Loan Facility, Main Street Expanded Loan Facility, Main Street Priority Loan Facility, Nonprofit Organization New Loan Facility, and Nonprofit Organization Expanded Loan Facility, and to approve technical or minor changes to the scope of information included in such reports; and
(ii) Seven-day reports to Congress under section 13(3)(C)(i) of the Federal Reserve Act (12 U.S.C. § 343(3)(C)(ii)).
(b) Chair of the Committee on Supervision and Regulation. The Chair of the Committee on Supervision and Regulation is authorized:
(1) To act on requests for extensions of State member banks’ and bank holding companies’ advanced approaches first floor period start dates that are consistent with previous exemptions approved by the Board and that do not raise additional significant policy issues.
(2) [Reserved]
(c) Chair of the Committee on Federal Reserve Bank Affairs. The Chair of the Committee on Federal Reserve Bank Affairs is authorized to consider and grant or deny requests from the Federal Reserve Banks for exceptions to the Board’s policies on Federal Reserve Bank directors.
(d) Individual members. Any Board member designated by the Chair is authorized:
(1) Approval of amendments to notice of charges or cease and desist orders. To approve (after receiving recommendations of the Director of the Division of Supervision and Regulation and the General Counsel) amendments to any notice, temporary order, or proposed order previously approved by the Board in a specific formal enforcement matter (including a notice of charges or removal notice) or any proposed or temporary cease and desist order previously approved by the Board under section 8(b) and (c) of the Federal Deposit Insurance Act (12 U.S.C. § 1818(b) and (c)).
(2) Requests for permission to appeal rulings. (i) To act, when requested by the Secretary, upon any request under § 263.10(e) of the Board’s Rules of Practice for Hearings (12 CFR 263.10(e)) for special permission to appeal from a ruling of the presiding officer on any motion made at a hearing conducted under the rules, and if special permission is granted, the merits of the appeal shall be presented to the Board for decision.
(ii) Notwithstanding § 265.3, the denial of special permission to appeal a ruling may be reviewed by the Board only if a Board member requests a review within two days of the denial. No person claiming to be adversely affected by the denial shall have any right to petition the Board or any Board member for review or reconsideration of the denial.
(3) Extension of time period for final Board action. To extend for an additional 180 days the 180-day period within which final Board action is required on an application pursuant to section 7(d) of the International Banking Act (12 U.S.C. § 3105(d)).
(e) Exigent circumstances. The Chair is authorized to determine when an emergency situation exists for purposes of section 2(b)(2) of the Board’s Rules of Organization. If the Chair is unavailable or unable to determine that an emergency situation exists, then the Vice Chair is authorized to determine when an emergency situation exists.
(f) Three-member Action Committee. Any three Board members designated from time to time by the Chair are authorized:
(1) Absence of quorum. To act, upon certification by the Secretary of the Board of an absence of a quorum of the Board present in person, by unanimous vote on any matter that the Chair has certified must be acted upon promptly in order to avoid delay that would be inconsistent with the public interest except for matters:
(i) Relating to rulemaking;
(ii) Pertaining principally to monetary and credit policies; and
(iii) For which a statute expressly requires the affirmative vote of more than three Board members.
(2) [Reserved]
(g) Reports to Congress pursuant to the Small Business Regulatory Enforcement Fairness Act of 1996. The Assistant to the Board, Congressional Liaison Office, Division of Board Members, is authorized, in consultation with the General Counsel, to approve and submit the annual report to Congress describing the status of the Board’s compliance with sections 212(a)(1) through (5) of the Small Business Regulatory Enforcement Fairness Act of 1996 (5 U.S.C. § 601 note), pursuant to section 212(a)(6) of the Act.