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Federal Register / Vol. 86, No. 37 / Friday, February 26, 2021 / Rules and Regulations
nonbank financial institution would be a small entity.
Foreign banks including bridge banks are already covered by FDICIAs statutory definition of financial institution. Accordingly, while this final rule clarifies that foreign banks are financial institutions, it will not have any economic impact on foreign banks.
List of Subjects in 12 CFR Part 231
Banks, Banking, Financial institutions, Netting.
For the reasons set forth in the preamble, the Board amends Regulation EE, 12 CFR part 231, as follows:
PART 231NETTING ELIGIBILITY FOR
FINANCIAL INSTITUTIONS
REGULATION EE
1. The authority citation for part 231
continues to read as follows:

Authority: 12 U.S.C. 44021B and 44029.

2. In 231.2, redesignate paragraphs c through f as paragraphs d through g, and add new paragraph c to read as follows:

231.2

Definitions.

c Bridge institution means a legal entity that has been established by a governmental authority to take over, transfer, or continue operating critical functions and viable operations of an entity in resolution. A bridge institution could include a bridge depository institution or a bridge financial company organized by the Federal Deposit Insurance Corporation in accordance with 12 U.S.C. 1821n or 5390h, respectively, or a similar entity organized under foreign law.
3. Amend 231.3 by:
a. Revising paragraph a;
b. Redesignating paragraphs b and c as paragraphs c and d;
c. Adding new paragraphs b and e.
The revision and additions read as follows:

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231.3 Qualification as a financial institution.

a A person qualifies as a financial institution for purposes of sections 401
407 of the Act if it represents, orally or in writing, that it will engage in financial contracts as a counterparty on both sides of one or more financial markets and either 1 Had one or more financial contracts of a total gross dollar value of at least $1 billion in notional principal amount outstanding at such time or on any day during the previous 15-month period with counterparties that are not its affiliates; or
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2 Had total gross mark-to-market positions of at least $100 million aggregated across counterparties in one or more financial contracts at such time or on any day during the previous 15month period with counterparties that are not its affiliates.
b After two or more persons consolidate, such as through a merger or acquisition, the surviving person meets the quantitative thresholds under paragraphs a1 and a2 if, on the same, single calendar day during the previous 15-month period, the aggregate financial contracts of the consolidated persons would have met such quantitative thresholds.

e A person qualifies as a financial institution for purposes of sections 401
407 of the Act if it is 1 A swap dealer or major swap participant registered with the Commodity Futures Trading Commission pursuant to section 4s of the Commodity Exchange Act 7 U.S.C.
6s;
2 A security-based swap dealer or major security-based swap participant registered with the U.S. Securities and Exchange Commission pursuant to section 15F of the Securities Exchange Act of 1934 15 U.S.C. 78o10;
3 A derivatives clearing organization registered with the Commodity Futures Trading Commission pursuant to section 5ba of the Commodity Exchange Act 7 U.S.C. 7a1a or a derivatives clearing organization that the Commodity Futures Trading Commission has exempted from registration by rule or order pursuant to section 5bh of the Commodity Exchange Act 7 U.S.C. 7a1h;
4 A clearing agency registered with the U.S. Securities and Exchange Commission pursuant to section 17Ab of the Securities Exchange Act of 1934
15 U.S.C. 78q1b or a clearing agency that the U.S. Securities and Exchange Commission has exempted from registration by rule or order pursuant to section 17Ak of the Securities Exchange Act of 1934 15 U.S.C. 78q 1k;
5 A financial market utility that the Financial Stability Oversight Council has designated as, or as likely to become, systemically important pursuant to 12 U.S.C. 5463;
6 A qualifying central counterparty under 12 CFR 217.2;
7 A nonbank financial company that the Financial Stability Oversight Council has determined shall be supervised by the Board and subject to prudential standards, pursuant to 12
U.S.C. 5323;

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8 A foreign bank as defined in section 1b of the International Banking Act of 1978 12 U.S.C. 3101, including a foreign bridge bank;
9 A bridge institution established for the purpose of resolving a financial institution;
10 A Federal Reserve Bank or a foreign central bank; or 11 The Bank for International Settlements.
By order of the Board of Governors of the Federal Reserve System, February 17, 2021.
Ann Misback, Secretary of the Board.
FR Doc. 202103596 Filed 22521; 8:45 am BILLING CODE P

FEDERAL RESERVE SYSTEM
12 CFR Part 272
Federal Open Market Committee; Rules of Procedure Federal Open Market Committee.
ACTION: Final rule.
AGENCY:

The Federal Open Market Committee is amending its Rules of Procedure to replace the terms Chairman and Vice Chairman with Chair and Vice Chair, respectively.
DATES: Effective February 26, 2021.
FOR FURTHER INFORMATION CONTACT:
Matthew Luecke, Deputy Secretary of the Federal Open Market Committee, 202 4522576, 20th and C Streets NW, Washington, DC 20551; or Alye S.
Foster, Deputy Associate General Counsel 2024525289, Legal Division, Board of Governors of the Federal Reserve System.
SUPPLEMENTARY INFORMATION: The Federal Open Market Committee Committee is replacing the references in its Rules of Procedure to Chairman and Vice Chairman, with the genderneutral equivalent terms of Chair and Vice Chair. Although the terms Chairman and Vice Chairman are referenced in the Federal Reserve Act, traditionally these terms have been used to refer to persons regardless of gender.
As the terms are not intended to be and, in practice, are not gender-specific, the Committee is replacing of the terms Chairman and Vice Chairman in the Committees Rules of Procedure with their gender-neutral equivalents of Chair and Vice Chair, respectively.
This change also aligns the Committees Rules of Procedure with its practice.
Because the amended rule relates solely to the internal organization, procedure, or practice of the Committee, the public notice, public comment, and SUMMARY:

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