Board Vote Category Definitions
- Advanced Proposed Rule: When the Board is contemplating proposing a new rule or an amendment to an existing rule, it will sometimes issue a notice in the Federal Register describing the policy objectives of a potential rule and inviting public comment on those objectives and how to implement them. This publication is called an Advance Notice of Proposed Rulemaking. This category may also be listed as votes on advance notices.
- Proposed Rule: A proposed rule reflects an effort by the Board to implement the statues the Board is responsible for executing in the most effective and efficient manner possible. As is generally required by law, proposed rules are published in the Federal Register before they can be finalized and made effective. Each proposal includes a draft of the regulatory text, an explanation and justification for the proposed requirements, and an invitation for public comment. This category may also be listed as notices of proposed rulemaking, proposed amendments, proposed enhancements, proposed revisions, and notice and request for comment.
- Interim Final Rule: When the Board finds that there is good cause to issue a final rule without first publishing a proposed rule, it may publish an interim final rule. This type of rule becomes effective immediately after publication in the Federal Register and, like other final rules, carries the force of law. The Board will invite public comments on interim final rules and may later issue a final rule with revisions that respond to those comments.
- Final Rule: After the Board has carefully reviewed and considered all the comments received on a proposed rule, the Board will publish a final rule in the Federal Register. A final rule may be substantially similar to the proposed rule or may include changes based on the Board's review of the public comments. The Federal Register publication will include the final rule's regulatory text, an explanation and justification for why the Board has or has not made changes to the proposed rule based on public comments, and the date the final rule will become effective. Final rules carry the force of law upon becoming effective.
- Proposed Guidance: The Board issues guidance to supervised institutions to provide clarity to those institutions and the public on the Board's policy views, expectations, priorities, and appropriate practices to promote safety and soundness. Guidance often builds on legal requirements proposed by statute or rules issued by the Board. Proposed guidance is typically published in the Federal Register and includes a draft of the text of the guidance, an explanation and justification for the contents of the proposed guidance, and an invitation for public comments. This category may also be listed as votes on proposed guidelines, proposed standards, supplemental guidance, and notice and request for comment.
- Final Guidance: After the Board has carefully reviewed and considered any public comments received on proposed guidance, the Board will publish final guidance in the Federal Register. As with rulemakings, the final guidance may be substantially similar to the proposed guidance or may include changes based on the Board's review of the public comments. Unlike with rules, however, final guidance is not binding on supervised institutions and does not carry the force of law.
- Supervisory Matter: In fulfilling the Federal Reserve's mandate to supervise certain financial institutions to promote their safety and soundness and safeguard financial stability, the Board may take a number of supervisory actions. These include reviewing resolution plans submitted by financial institutions, reviewing the results of supervisory stress testing, setting certain additional capital requirements, and overseeing how Board-supervised institutions are examined and rated, among other things.
- Emergency Facility: Under section 13(3) of the Federal Reserve Act, the Federal Reserve has authority to lend to certain entities in "unusual and exigent circumstances." By law, these emergency lending programs must be broad-based and not designed to support a single institution or sector of the economy, among other requirements. In addition, Congress requires that the Federal Reserve ensure that taxpayers are protected against losses. Actions taken under section 13(3) require consultation with the Treasury Secretary.
- Enforcement Action: The Federal Reserve may take enforcement actions against the financial institutions it supervises, as well as certain parties affiliated with those institutions, for violations of law, rule, or regulation, or unsafe and unsound practices, among other things. This category may also be listed as orders of dismissal.
- Banking Order: The Federal Reserve reviews applications by certain financial institutions for approval to engage in certain transactions, such as mergers and acquisitions, or engage in certain activities. When the Board must act on applications, it issues a formal order explaining its decision.
- Regulatory Matter: Regulatory matters include certain actions the Board may take under its statutory authority and rules and regulations related to the formation, operations, activities, and acquisitions of financial institutions. This category may also be listed as votes on final orders, final standards, and regulations.
- Board Action: Board actions may include requests for comment, notices of public meetings, issuance of reports, the setting of fee schedules, matters related to payment systems, appointments, clarifications, and other Board announcements.
Last Update: July 21, 2023