Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 15858 [05-6102]
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15858
Federal Register / Vol. 70, No. 59 / Tuesday, March 29, 2005 / Notices
If the proposed changes to Regulation
E are made final, state nonmember
banks will need to modify their
Regulation E disclosures to provide
initial disclosures that electronic check
conversion transactions are a new type
of transfer that can be made from a
consumer’s account. The FDIC estimates
that it will require institutions, on
average, one business day to reprogram
and update systems to include the new
notice concerning electronic check
conversion disclosure to their ongoing
Regulation E disclosure requirements.
The one-time burden would be 42,400
hours (8 hours × 5,300 respondents).
If the proposed changes to Regulation
E are made final, institutions involved
in offering payroll card accounts will be
required to ensure compliance with
Regulation E and provide disclosure of
basic terms, costs, and rights relating to
electronic fund transfer services in
connection with the payroll card
account. Certain information must be
disclosed to consumers, including:
initial and updated electronic fund
transfer terms, transaction information,
periodic statements of activity, the
consumer’s potential liability for
unauthorized transfers, and error
resolution rights and procedures. The
disclosures are standardized and
machine-generated and do not
substantively change from one
individual account to another; thus, the
average time for providing the
disclosure to all consumers should be
minimal.
The FDIC estimates that five state
nonmember banks participate in payroll
card account programs and that each
institution will make approximately
5,000 disclosures which will require an
average of 1.5 minutes per disclosure to
prepare and distribute, resulting in 625
hours of annual burden. The FDIC
estimates that the five institutions will
take, on average, 7 hours to prepare and
distribute 12 periodic statements for an
annual burden of 420 hours. The FDIC
estimates that the five respondents will
take, on average, 30 minutes for eight
error resolution procedures for a total of
20 hours. The payroll card account
disclosures would add 1,065 hours of
ongoing burden to the current annual
Regulation E burden of 28,930 hours.
At this time, the FDIC does not
believe that any state nonmember banks
are engaged in electronic check
conversion transactions as a merchant
or payee. The FDIC is not proposing to
make any changes to the Regulation CC
or DD parts of the OMB approved
information collection. The FDIC’s
burden estimate is based on the FRB’s
proposed rule; we will adjust it as
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necessary to make it consistent with the
FRB’s final rule.
Request for Comment
Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the information collection,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the information collection on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the collection
should be modified prior to submission
to OMB for review and approval.
Comments submitted in response to this
notice also will be summarized or
included in the FDIC’s request to OMB
for renewal of this collection. All
comments will become a matter of
public record.
Dated in Washington, DC, this 22nd day of
March, 2005.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 05–6121 Filed 3–28–05; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR Part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The application also will be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
PO 00000
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Fmt 4703
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writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Additional information on all bank
holding companies may be obtained
from the National Information Center
website at www.ffiec.gov/nic/.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than April 22, 2005.
A. Federal Reserve Bank of Atlanta
(Andre Anderson, Vice President) 1000
Peachtree Street, N.E., Atlanta, Georgia
30303:
1. Hometown Community Bancshares,
Inc., Braselton, Georgia; to become a
bank holding company by acquiring 100
percent of the voting shares of
Hometown Community Bank of Georgia
(in organization), Braselton, Georgia.
B. Federal Reserve Bank of
Minneapolis (Jacqueline G. Nicholas,
Community Affairs Officer) 90
Hennepin Avenue, Minneapolis,
Minnesota 55480-0291:
1. Deerwood Bancshares, Inc.,
Deerwood, Minnesota; to merge with
Northome Bancshares, Inc., Northome,
Minnesota, and thereby indirectly
acquire Northland Community Bank,
Northome, Minnesota.
Board of Governors of the Federal Reserve
System, March 23, 2005.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 05–6102 Filed 3–28–05; 8:45 am]
BILLING CODE 6210–01–S
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR Part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
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29MRN1
]]>Agencies
[Federal Register Volume 70, Number 59 (Tuesday, March 29, 2005)]
[Notices]
[Page 15858]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-6102]
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FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Bank Holding
Companies
The companies listed in this notice have applied to the Board for
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C.
1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other
applicable statutes and regulations to become a bank holding company
and/or to acquire the assets or the ownership of, control of, or the
power to vote shares of a bank or bank holding company and all of the
banks and nonbanking companies owned by the bank holding company,
including the companies listed below.
The applications listed below, as well as other related filings
required by the Board, are available for immediate inspection at the
Federal Reserve Bank indicated. The application also will be available
for inspection at the offices of the Board of Governors. Interested
persons may express their views in writing on the standards enumerated
in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the
acquisition of a nonbanking company, the review also includes whether
the acquisition of the nonbanking company complies with the standards
in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted,
nonbanking activities will be conducted throughout the United States.
Additional information on all bank holding companies may be obtained
from the National Information Center website at www.ffiec.gov/nic/.
Unless otherwise noted, comments regarding each of these
applications must be received at the Reserve Bank indicated or the
offices of the Board of Governors not later than April 22, 2005.
A. Federal Reserve Bank of Atlanta (Andre Anderson, Vice President)
1000 Peachtree Street, N.E., Atlanta, Georgia 30303:
1. Hometown Community Bancshares, Inc., Braselton, Georgia; to
become a bank holding company by acquiring 100 percent of the voting
shares of Hometown Community Bank of Georgia (in organization),
Braselton, Georgia.
B. Federal Reserve Bank of Minneapolis (Jacqueline G. Nicholas,
Community Affairs Officer) 90 Hennepin Avenue, Minneapolis, Minnesota
55480-0291:
1. Deerwood Bancshares, Inc., Deerwood, Minnesota; to merge with
Northome Bancshares, Inc., Northome, Minnesota, and thereby indirectly
acquire Northland Community Bank, Northome, Minnesota.
Board of Governors of the Federal Reserve System, March 23,
2005.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 05-6102 Filed 3-28-05; 8:45 am]
BILLING CODE 6210-01-S
