Today the Federal Reserve issued its semiannual regulatory flexibility agenda for fall 2017, which lists regulatory matters the agency anticipates having under consideration during the period from November 1, 2017 through April 30, 2018.

The agenda is notable in two respects.  First, the Federal Reserve anticipates issuing, together with the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, a proposed rule to implement the “source of strength” requirement of section 616(d) of the Dodd-Frank Act by September 2018.  Section 616(d) requires that any bank holding company or savings and loan holding company serve as a source of financial strength for any depository institution that it controls, and that any other company that controls an insured depository institution serve as a source of strength for such an institution.  Under section 616(d), the agencies were supposed to have issued an implementing rule no later than July 21, 2012.

Second, the agenda does not list a final rulemaking for the Net Stable Funding Ratio (“NSFR”) rule.  The federal banking agencies proposed the NSFR in May 2016, when the agencies were led by appointees of President Obama.  The NSFR’s absence on the Federal Reserve’s agenda suggests that the agencies – now led by appointees of President Trump in the case of the Federal Reserve and the OCC – may need additional time to determine how they intend to finalize the rule, if at all.