Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 47070 [2012-19291]

Download as PDF 47070 Federal Register / Vol. 77, No. 152 / Tuesday, August 7, 2012 / Notices income ratio of the borrower and any co-borrowers; and the unpaid principal balance, term-to-maturity, interest rate, and type (i.e., fixed- or adjustable-rate) of the loan. The remaining data that would not normally be exchanged in the ordinary course of business comprises information identifying the race, ethnicity, and gender of the borrower and any co-borrowers, which are items that the Banks are required to aggregate and report by census-tract to FHFA under section 10(k) of the Bank Act. It is these few items that comprise the actual information collection requirement to which Bank members and housing associates may be required to respond. The OMB control number for the information collection, which expires on October 31, 2012, is 2590–0008. The likely respondents are member and nonmember financial institutions that sell AMA assets to Banks. B. Burden Estimate FHFA estimates that the hour burden associated with the AMA collection will be lower than that estimated when the agency last requested clearance for this control number. FHFA estimates that the total annual average number of AMA loans acquired by all Banks will be 48,000 and that the average time needed for a respondent to record and transmit the relevant data to the acquiring Bank will be 5 minutes per loan. Accordingly, the estimate for the total annual hour burden on respondents is 4,000 hours (48,000 loans × 5 minutes per loan). mstockstill on DSK4VPTVN1PROD with NOTICES C. Comment Request FHFA requests written comments on the following: (1) Whether the collection of information is necessary for the proper performance of FHFA functions, including whether the information has practical utility; (2) the accuracy of the FHFA estimates of the burdens of the collection of information; (3) ways to enhance the quality, utility and clarity of the information collected; and (4) ways to minimize the burden of the collection of information, including through the use of automated collection techniques or other forms of information technology. Dated: July 31, 2012. Kevin Winkler, Chief Information Officer, Federal Housing Finance Agency. ACTION: Formations of, Acquisitions by, and Mergers of Bank Holding Companies SUMMARY: 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 applications will also 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. 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 August 31, 2012. A. Federal Reserve Bank of New York (Ivan Hurwitz, Vice President) 33 Liberty Street, New York, New York 10045–0001: 1. Oriental Financial Group Inc., San Juan, Puerto Rico; to acquire 100 percent of the voting shares of BBVAPR Holding Corporation, and thereby indirectly acquire Banco Bilbao Vizcaya Argentaria Puerto Rico, both in San Juan, Puerto Rico. Board of Governors of the Federal Reserve System, August 2, 2012. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2012–19291 Filed 8–6–12; 8:45 am] BILLING CODE 6210–01–P FEDERAL TRADE COMMISSION [FR Doc. 2012–19243 Filed 8–6–12; 8:45 am] Withdrawal of the Commission Policy Statement on Monetary Equitable Remedies in Competition Cases BILLING CODE 8070–01–P AGENCY: VerDate Mar<15>2010 16:52 Aug 06, 2012 Jkt 226001 Notice of withdrawal of Commission policy statement. FEDERAL RESERVE SYSTEM PO 00000 Federal Trade Commission. Frm 00043 Fmt 4703 Sfmt 4703 In 2003 the Federal Trade Commission issued a Policy Statement on Monetary Remedies in Competition Cases. The Commission has now withdrawn the Policy Statement. DATES: Effective Date: July 31, 2012. FOR FURTHER INFORMATION CONTACT: Mark Seidman, Attorney, Bureau of Competition, Federal Trade Commission, 600 Pennsylvania Avenue NW., Washington, DC 20580, 202–326– 3296 SUPPLEMENTARY INFORMATION: Statement of the Commission, Effecting the Withdrawal of the Commission’s Policy Statement on Monetary Equitable Remedies in Competition Cases (July 31, 2012) In 2003, the Federal Trade Commission issued the Policy Statement on Monetary Remedies in Competition Cases (‘‘Policy Statement’’),1 which outlined an analytical framework to guide Commission determination of appropriate circumstances for the use of monetary equitable remedies in federal court. Although intended to clarify past Commission views on this topic, the practical effect of the Policy Statement was to create an overly restrictive view of the Commission’s options for equitable remedies.2 Accordingly, the Commission withdraws the Policy Statement and will rely instead upon existing law, which provides sufficient guidance on the use of monetary equitable remedies. As past cases demonstrate, disgorgement and restitution can be effective remedies in competition matters, both to deprive wrongdoers of unjust enrichment and to restore their victims to the positions they would have occupied but for the illegal behavior. Because the ordinary purpose and effect of anticompetitive conduct is to enrich wrongdoers at the expense of consumers, competition cases may often be appropriate candidates for monetary equitable relief. Although our decisions and orders generally focus on structural 1 Fed. Trade Comm’n, Policy Statement on Monetary Equitable Remedies in Competition Cases, 68 FR 45,820 (Aug. 4, 2003) [hereinafter ‘‘Policy Statement’’]. 2 Although footnote 4 of the Policy Statement notes that ‘‘[i]t does not create any right or obligation, impose any element of proof, or adjust the burden of proof or production of evidence on any particular issue, as those standards have been established by the courts,’’ we are concerned that parties could mistakenly argue that the factors laid out in the Policy Statement are binding on the Commission, thus creating an unnecessary side issue in litigation. Id. at n.4. E:\FR\FM\07AUN1.SGM 07AUN1

Agencies

[Federal Register Volume 77, Number 152 (Tuesday, August 7, 2012)]
[Notices]
[Page 47070]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-19291]


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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 applications will also 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.
    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 August 31, 2012.
    A. Federal Reserve Bank of New York (Ivan Hurwitz, Vice President) 
33 Liberty Street, New York, New York 10045-0001:
    1. Oriental Financial Group Inc., San Juan, Puerto Rico; to acquire 
100 percent of the voting shares of BBVAPR Holding Corporation, and 
thereby indirectly acquire Banco Bilbao Vizcaya Argentaria Puerto Rico, 
both in San Juan, Puerto Rico.

    Board of Governors of the Federal Reserve System, August 2, 
2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012-19291 Filed 8-6-12; 8:45 am]
BILLING CODE 6210-01-P