March 18, 2013
Mr. Mark Bialek
Inspector General
Board of Governors of the Federal Reserve System
Washington, D.C. 20551
Dear Mr. Bialek:
Thank you for the opportunity to comment on your draft report about the status of the Federal Reserve Board's ("Board") implementation of TitleIII the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"). We appreciate the report's recoginition that, as of September 2011, the Board had substantially implemented the actions in the Joint Implementation Plan that are necessary to transfer the functions, employees, funds, and property of the office of Thrift Supervision to the Board, as applicable.
The report states that the Board will issue a notice of proposed rulemaking in the first quarter of 2013 under section 318(c) of the Dodd-Frank Act to collect assessments from banki holding companies and savings and loan holding companies with consolidatd assets of $50 billinon or more and nonbank financial companies supervised by the Board for the estimated cost of supervising and regulating those companies. We are working diligently to complete the proposed rulemaking and expect the proposal will be issued shortly, either by the end of the first quarter or in the beginning of the second quarter.
We are happy to discuss any questions you may have.
Sincerely,
/signed/
Scott G. Alvarez
General Counsel
