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Board of Governors of the Federal Reserve System—Applicability of the Congressional Review Act to Supervision and Regulation Letter 23-8

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Highlights

The Board of Governors of the Federal Reserve System (FRB) issued Supervision and Regulation Letter 23-8, Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens (SR 23-8). SR 23-8 advises that state member banks of the Federal Reserve System seeking to engage in certain dollar token activities must notify FRB and receive written notification of supervisory nonobjection from FRB before engaging in the proposed activities. SR 23-8 also describes the supervisory nonobjection process.

CRA adopts the definition of "rule" under the Administrative Procedure Act (APA) but excludes certain categories of rules from coverage. CRA requires that before a rule can take effect, an agency must submit a report on the rule to Congress and the Comptroller General, and it provides procedures for congressional review where Congress may disapprove of rules. We conclude that SR 23-8 meets the APA definition of a rule, but falls within CRA's exception for rules of agency organization, procedure, or practice that do not substantially affect the rights or obligations of non-agency parties. Therefore, CRA does not apply to SR 23-8.



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