Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities, 54078-54079 [E6-15193]

Download as PDF hsrobinson on PROD1PC61 with NOTICES 54078 Federal Register / Vol. 71, No. 177 / Wednesday, September 13, 2006 / Notices Community Reinvestment Act examinations, the Federal Reserve will be able to assess banking presence in the relevant markets. Currently, such analysis is not possible. Data would be submitted for the following branches and offices: 1. Full service (brick & mortar, retail) ’ traditional offices. 2. Electronic Banking ’ offices where Internet and other similar deposits are booked. 3. Limited service (military, drive– through, mobile or seasonal, and retail) – limited, but often take or include deposits. 4. Loan production and consumer credit – limited, normally nondeposit, but extend credit. 5. Trust – limited and nondeposit. 6. Administrative (administrative, contractual, messenger) – all other limited and nondeposit. Competitive analysis is required by the BHC Act (sections 3(c) (1) and (2)) and the Bank Merger Act (section 18(c)). The purpose of collecting data in these six categories is to gain accurate information regarding the degree of each institution’s market presence in local markets. Categories 1 and 3 are branches that take deposits and directly serve the area where they are located. Categories 2 and 5 are also deposit–taking branches but their deposits are likely to have originated from consumers in locations other than where the branch is located, implying that branch presence in the market may not indicate service in that market. The inclusion of a separate category for loan production and consumer credit offices is intended to capture retail bank activity, which may be substantial, in markets where the institution has no deposit–taking branches. The last category captures those locations not elsewhere classified. The proposal to classify all branches into six categories is based upon the current collection of branch data in the Federal Deposit Insurance Corporation’s (FDIC’s) Summary of Deposits (SOD) Report (OMB No. 3064–0061). Each of the current SOD classifications can be mapped directly into one of the proposed categories. This should reduce burden on respondents. The Federal Reserve requests specific comment on whether these categories are the best way to break out service level types. Branch data are essential for carrying out the Federal Reserve’s statutory responsibility to analyze the competitive effects of proposed bank mergers and acquisitions. In many bank merger applications, applicants have argued that the competitive analysis should take into account the precise activities at a given branch. This VerDate Aug<31>2005 16:19 Sep 12, 2006 Jkt 208001 includes cases where they have argued for the exclusion of deposits or branches on the grounds that the deposits are non–local in origin. Similarly, applicants have argued that other firms are competitors by virtue of the presence of loan production offices. The lack of data in these cases has hindered analysis. The Federal Reserve System relies heavily on domestic branch data for economic and market research as well as policy. Many research projects that use branch data are designed to enhance the Federal Reserve’s understanding of the relationship between banking market structure (as measured by the number of firms operating in a market, market concentration, entry, and exit), firm behavior (prices and service quality), and performance (profitability). Branch data have been used for a variety of additional market studies, including several pertaining to lending patterns of banks. For the Survey of Small Business Finances (FR 3044; OMB No. 7100– 0262), branch data are critical in determining distances between firms and their banks and for creating Herfindahl indexes (which measure industry concentration). Accurate address information is increasingly important as the technology for geocoding data improves. A recent example of using branch data for research and policy work was in evaluating the impact of Hurricane Katrina on the banking system immediately after the disaster. The Federal Reserve also provided geocoded maps of branches in the affected areas to the Red Cross. Although Hurricane Katrina happened in August 2005, the most current universe of branch data available for analysis was as of June 2004. Better branch data would have enabled economists to incorporate branch structure changes between June 2004 and August 2005 into their analysis and policy decisions. The Federal Reserve’s Home Mortgage Disclosure Act (HMDA) system uses branch information to determine the reporting panel. In addition, HMDA (OMB No. 7100–0147) and CRA (OMB No. 7100–0197) data are geocoded and numerous studies and reports regarding fair lending practices are based on the HMDA files that include branch data. This proposal would replace most of the current process for gathering domestic branch structure data, which is inadequate. Branch data for domestic state member banks are communicated to the Federal Reserve primarily through the application process. Information for all other domestic bank branches (branches of national and nonmember banks) is obtained by searching FDIC PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 and Office of the Comptroller of the Currency bulletins. The Federal Reserve needs a formal information collection to ensure that these data are consistent, complete, and updated on the same frequency. Collecting branch data for the institutions associated with top–tier BHCs, state member banks unaffiliated with a BHC, and Edge and agreement corporations would cover 95 percent of the banking branches and 82 percent of banking and thrift branches. Creating the FR Y–10E Supplement The Federal Reserve also proposes to create a free–form supplement that would be used to collect additional structural information deemed to be critical and needed in an expedited manner. This reporting form would be called the FR Y–10E. The Federal Reserve proposes to create a free–form supplement to the FR Y–10 so that, should there be an immediate need for certain critical organizational structural information, the necessary data could be collected on this supplement at the earliest practicable date. Such a need could arise, for example, because of a statutory change or an unexpected market event. Such a supplement currently exists for financial data on the FR Y–9C. The Federal Reserve expects to use this supplement infrequently and only when there is not sufficient time to take proposed changes through the full clearance process. Board of Governors of the Federal Reserve System, September 7, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E6–15123 Filed 9–12–06; 8:45 am] BILLING CODE 6210–01–S FEDERAL RESERVE SYSTEM Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities The companies listed in this notice have given notice under section 4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and Regulation Y (12 CFR Part 225) to engage de novo, or to acquire or control voting securities or assets of a company, including the companies listed below, that engages either directly or through a subsidiary or other company, in a nonbanking activity that is listed in § 225.28 of Regulation Y (12 CFR 225.28) or that the Board has determined by Order to be closely related to banking and permissible for bank holding companies. Unless E:\FR\FM\13SEN1.SGM 13SEN1 Federal Register / Vol. 71, No. 177 / Wednesday, September 13, 2006 / Notices otherwise noted, these activities will be conducted throughout the United States. Each notice is available for inspection at the Federal Reserve Bank indicated. The notice also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the question whether the proposal complies with the standards of section 4 of the BHC Act. Additional information on all bank holding companies may be obtained from the National Information Center Web site at www.ffiec.gov/nic/. Unless otherwise noted, comments regarding the applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than September 28, 2006. A. Federal Reserve Bank of New York (Anne McEwen, Financial Specialist) 33 Liberty Street, New York, New York 10045-0001: 1. Lloyds TSB Group and Lloyds TSB Bank, both of London, England, to engage de novo through a wholly-owned subsidiary, Scottish Widows Investment Partnership, Ltd., New York, New York in investment advisory activities pursuant to section 225.28(b)(6) of Regulation Y. Board of Governors of the Federal Reserve System, September 8, 2006. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E6–15193 Filed 9–12–06; 8:45 am] BILLING CODE 6210–01–S Trans No. FEDERAL RESERVE SYSTEM Sunshine Act Meeting Board of Governors of the Federal Reserve System. AGENCY HOLDING THE MEETING: 12 p.m., Tuesday, September 19, 2006. 54079 Board of Governors of the Federal Reserve System, September 8, 2006. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. 06–7643 Filed 9–8–06; 5:15 pm] BILLING CODE 6210–01–S TIME AND DATE: Marriner S. Eccles Federal Reserve Board Building, 20th and C Streets, NW., Washington, DC 20551. PLACE: STATUS: Closed. MATTERS TO BE CONSIDERED: 1. Personnel actions (appointments, promotions, assignments, reassignments, and salary actions) involving individual Federal Reserve System employees. 2. Any items carried forward from a previously announced meeting. FOR FURTHER INFORMATION CONTACT: Michelle Smith, Director, or Dave Skidmore, Assistant to the Board, Office of Board Members at 202–452–2955. You may call 202–452–3206 beginning at approximately 5 p.m. two business days before the meeting for a recorded announcement of bank and bank holding company applications scheduled for the meeting; or you may contact the Board’s Web site at http:// www.federalreserve.gov for an electronic announcement that not only lists applications, but also indicates procedural and other information about the meeting. SUPPLEMENTARY INFORMATION: Acquiring FEDERAL TRADE COMMISSION Granting of Request for Early Termination of the Waiting Period Under the Premerger Notification Rules Section 7A of the Clayton Act, 25 U.S.C. 18a, as added by Title II of the Hart-Scott-Rodino Antitrust Improvement Act of 1976, requires persons contemplating certain mergers or acquisitions to give the Federal Trade Commission and the Assistant Attorney General advance notice and to wait designated periods before consummation of such plans. Section 7A(b)(2) of the Act permits the agencies, in individual cases, to terminate this waiting period prior to its expiration and requires that notice of this action be published in the Federal Register. The following transactions were granted early termination of the waiting period provided by law and the premerger notification rules. The grants were made by the Federal Trade Commission and the Assistant Attorney General for the Antitrust Division of the Department of Justice. Neither agency intends to take any action with respect to these proposed acquisitions during the applicable waiting period. Acquired Entities Transactions Granted Early Termination—08/14/2006 ....... ....... ....... ....... Valassis Communications, Inc ................ Westerra Credit Union ............................. Motient Corporation ................................. CSM nv .................................................... 20061514 ....... 20061516 ....... Thoma Cressey Fund VII, L.P ................ Dennis Mehiel .......................................... ADVO, Inc ............................................... Gateway Credit Union ............................. SkyTerra Communications, Inc ............... Sam L. Stolbun and Alana R. Spiwak (Spouses). Excelligence Learning Corporation ......... LINPAC Group Limited ............................ 20061520 20061521 20061523 20061525 hsrobinson on PROD1PC61 with NOTICES 20061432 20061492 20061508 20061512 ....... ....... ....... ....... J.P. Morgan Chase & Co ........................ Genworth Financial, Inc .......................... Paul Tudor Jones II ................................. AXA S.A .................................................. NCO Group, Inc ...................................... AssetMark Investment Services, Inc ....... First Avenue Networks, Inc ..................... Credit Suisse Group ................................ 20061535 20061536 20061537 20061542 20061544 20061547 20061549 ....... ....... ....... ....... ....... ....... ....... Silver Lake Partners II, L.P ..................... Sunoco Logistics Partners L.P ................ GGC Investment Fund II, L.P ................. Applied Micro Circuits Corporation ......... Brachem Acquisition SCA ....................... Robert G. Burton, Sr ............................... Parthenon Investors III, LP ..................... IPC Acquisition Corp ............................... Sunoco, Inc ............................................. Symphony Technology Fund II–A, L.P ... Quake Technologies, Inc ........................ Brenntag-Interfer (BC) SCA .................... Cenveo, Inc ............................................. William Blair Capital Partners VII QP, L.P. ADVO, Inc. Gateway Credit Union. SkyTerra Communications, Inc. CGI Desserts, Inc. Excelligence Learning Corporation LINPAC America Inc., LINPAC Inc., PICNAL Acquisition Inc. NCO Group, Inc. AssetMark Investment Service, Inc. First Avenue Networks, Inc. Winterthur Schweizerische, Versicherungs-Gesellschaft IPC Acquisition Corp. Sunoco, Inc. GERS Holdings, Inc. Quake Technologies, Inc. Brenntag Investor Holding GmbH. Cenveo, Inc. PRIMIS Marketing Group, Inc. Transactions Granted Early Termination—08/15/2006 20061456 ....... VerDate Aug<31>2005 Owens & Minor, Inc ................................. 17:08 Sep 12, 2006 Jkt 208001 PO 00000 McKesson Corporation ............................ Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\13SEN1.SGM McKesson Medical Surgical Inc. 13SEN1

Agencies

[Federal Register Volume 71, Number 177 (Wednesday, September 13, 2006)]
[Notices]
[Pages 54078-54079]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-15193]


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FEDERAL RESERVE SYSTEM


Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies that are Engaged in Permissible 
Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation Y (12 CFR Part 225) to engage de novo, or to acquire or 
control voting securities or assets of a company, including the 
companies listed below, that engages either directly or through a 
subsidiary or other company, in a nonbanking activity that is listed in 
Sec.  225.28 of Regulation Y (12 CFR 225.28) or that the Board has 
determined by Order to be closely related to banking and permissible 
for bank holding companies. Unless

[[Page 54079]]

otherwise noted, these activities will be conducted throughout the 
United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. The notice also will be available for inspection at the 
offices of the Board of Governors. Interested persons may express their 
views in writing on the question whether the proposal complies with the 
standards of section 4 of the BHC Act. Additional information on all 
bank holding companies may be obtained from the National Information 
Center Web site at www.ffiec.gov/nic/.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than September 28, 2006.
    A. Federal Reserve Bank of New York (Anne McEwen, Financial 
Specialist) 33 Liberty Street, New York, New York 10045-0001:
    1. Lloyds TSB Group and Lloyds TSB Bank, both of London, England, 
to engage de novo through a wholly-owned subsidiary, Scottish Widows 
Investment Partnership, Ltd., New York, New York in investment advisory 
activities pursuant to section 225.28(b)(6) of Regulation Y.

    Board of Governors of the Federal Reserve System, September 8, 
2006.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E6-15193 Filed 9-12-06; 8:45 am]
BILLING CODE 6210-01-S