Community Volunteer Income Tax Assistance (VITA) Matching Grant Program-Availability of Application Packages, 17776-17777 [2013-06563]
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Federal Register / Vol. 78, No. 56 / Friday, March 22, 2013 / Notices
of the leveraged portfolio more
frequently and in greater depth than
other segments in the loan portfolio.
Such assessments should be performed
by individuals with the expertise and
experience for these types of loans and
the borrower’s industry. Portfolio
reviews should generally be conducted
at least annually. For many financial
institutions, the risk characteristics of
leveraged portfolios, such as high
reliance on enterprise value,
concentrations, adverse risk rating
trends, or portfolio performance, may
dictate more frequent reviews.
A financial institution should staff its
internal credit review function
appropriately and ensure that the
function has sufficient resources to
ensure timely, independent, and
accurate assessments of leveraged
lending transactions. Reviews should
evaluate the level of risk, risk rating
integrity, valuation methodologies, and
the quality of risk management. Internal
credit reviews should include the
review of the institution’s leveraged
lending practices, policies, and
procedures to ensure that they are
consistent with regulatory guidance.
Stress-Testing
A financial institution should develop
and implement guidelines for
conducting periodic portfolio stress
tests on loans originated to hold as well
as loans originated to distribute, and
sensitivity analyses to quantify the
potential impact of changing economic
and market conditions on its asset
quality, earnings, liquidity, and
capital.12 The sophistication of stresstesting practices and sensitivity analyses
should be consistent with the size,
complexity, and risk characteristics of
the institution’s leveraged loan
portfolio. To the extent a financial
institution is required to conduct
enterprise-wide stress tests, the
leveraged portfolio should be included
in any such tests.
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12 See
interagency guidance ‘‘Supervisory
Guidance on Stress-Testing for Banking
Organizations With More Than $10 Billion in Total
Consolidated Assets,’’ Final Supervisory Guidance,
77 FR 29458 (May 17, 2012), at https://www.gpo.gov/
fdsys/pkg/FR-2012-05-17/html/2012-11989.htm,
and the joint ‘‘Statement to Clarify Supervisory
Expectations for Stress-Testing by Community
Banks,’’ May 14, 2012, by the OCC at https://
www.occ.gov/news-issuances/news-releases/2012/
nr-ia-2012-76a.pdf; the Board at
www.federalreserve.gov/newsevents/press/bcreg/
bcreg20120514b1.pdf; and the FDIC at https://
www.fdic.gov/news/news/press/2012/pr12054a.pdf.
See also FDIC Final Rule, Annual Stress Test, 77 FR
62417 (Oct. 15, 2012) (to be codified at 12 CFR part
325, subpart. C).
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Conflicts of Interest
A financial institution should develop
appropriate policies and procedures to
address and to prevent potential
conflicts of interest when it has both
equity and lending positions. For
example, an institution may be reluctant
to use an aggressive collection strategy
with a problem borrower because of the
potential impact on the value of an
institution’s equity interest. A financial
institution may encounter pressure to
provide financial or other privileged
client information that could benefit an
affiliated equity investor. Such conflicts
also may occur when the underwriting
financial institution serves as financial
advisor to the seller and simultaneously
offers financing to multiple buyers (that
is, stapled financing). Similarly, there
may be conflicting interests among the
different lines of business within a
financial institution or between the
financial institution and its affiliates.
When these situations occur, potential
conflicts of interest arise between the
financial institution and its customers.
Policies and procedures should clearly
define potential conflicts of interest,
identify appropriate risk management
controls and procedures, enable
employees to report potential conflicts
of interest to management for action
without fear of retribution, and ensure
compliance with applicable laws.
Further, management should have an
established training program for
employees on appropriate practices to
follow to avoid conflicts of interest, and
provide for reporting, tracking, and
resolution of any conflicts of interest
that occur.
Reputational Risk
Leveraged lending transactions are
often syndicated through the financial
and institutional markets. A financial
institution’s apparent failure to meet its
legal responsibilities in underwriting
and distributing transactions can
damage its market reputation and
impair its ability to compete. Similarly,
a financial institution that distributes
transactions which over time have
significantly higher default or loss rates
and performance issues may also see its
reputation damaged.
Compliance
Frm 00150
Dated: February 19, 2013.
Thomas J. Curry,
Comptroller of the Currency.
Board of Governors of the Federal Reserve
System, March 8, 2013.
Robert deV. Frierson,
Secretary of the Board.
Dated at Washington, DC, this 11th day of
March, 2013.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2013–06567 Filed 3–21–13; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Community Volunteer Income Tax
Assistance (VITA) Matching Grant
Program—Availability of Application
Packages
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice.
AGENCY:
The legal and regulatory issues raised
by leveraged transactions are numerous
and complex. To ensure potential
conflicts are avoided and laws and
regulations are adhered to, an
institution’s independent compliance
function should periodically review the
institution’s leveraged lending activity.
This guidance is consistent with the
PO 00000
principles of safety and soundness and
other agency guidance related to
commercial lending.
In particular, because leveraged
transactions often involve a variety of
types of debt and bank products, a
financial institution should ensure that
its policies incorporate safeguards to
prevent violations of anti-tying
regulations. Section 106(b) of the Bank
Holding Company Act Amendments of
1970 13 prohibits certain forms of
product tying by financial institutions
and their affiliates. The intent behind
Section 106(b) is to prevent financial
institutions from using their market
power over certain products to obtain an
unfair competitive advantage in other
products.
In addition, equity interests and
certain debt instruments used in
leveraged transactions may constitute
‘‘securities’’ for the purposes of federal
securities laws. When securities are
involved, an institution should ensure
compliance with applicable securities
laws, including disclosure and other
regulatory requirements. An institution
should also establish policies and
procedures to appropriately manage the
internal dissemination of material,
nonpublic information about
transactions in which it plays a role.
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SUMMARY: This document provides
notice of the availability of the
application package for the 2014
Community Volunteer Income Tax
13 12
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Federal Register / Vol. 78, No. 56 / Friday, March 22, 2013 / Notices
Assistance (VITA) Matching Grant
Program.
FOR FURTHER INFORMATION CONTACT:
Application packages are
available electronically from the IRS on
May 1, 2013 by visiting: IRS.gov (key
word search—‘‘VITA Grant’’) or through
Grants.gov. The deadline for submitting
an application to the IRS for the
Community VITA Matching Grant
Program is May 31, 2013. All
applications must be submitted through
Grants.gov.
ADDRESSES: Internal Revenue Service,
Grant Program Office, 401 West
Peachtree St. NW., Suite 1645, Stop
420–D, Atlanta, GA 30308.
FOR FURTHER INFORMATION CONTACT:
Grant Program Office via their email
address at
Grant.Program.Office@irs.gov.
DATES:
Authority
for the Community Volunteer Income
Tax Assistance (VITA) Matching Grant
Program is contained in the Department
of Defense and Full-Year Continuing
Appropriations Act, 2011, Public Law
112–10, signed April 15, 2011.
SUPPLEMENTARY INFORMATION:
Dated: March 12, 2013.
Deborah Matthews,
Acting Chief, Grant Program Office, IRS,
Stakeholder Partnerships, Education &
Communication.
Grant Program Office via their email
address at tce.grant.office@irs.gov.
SUPPLEMENTARY INFORMATION: Authority
for the Tax Counseling for the Elderly
(TCE) Program is contained in Section
163 of the Revenue Act of 1978, Public
Law 95–600, (92 Stat. 12810), November
6, 1978. Regulations were published in
the Federal Register at 44 FR 72113 on
December 13, 1979. Section 163 gives
the IRS authority to enter into
cooperative agreements with private or
public non-profit agencies or
organizations to establish a network of
trained volunteers to provide free tax
information and return preparation
assistance to elderly individuals.
Elderly individuals are defined as
individuals age 60 and over at the close
of their taxable year. Because
applications are being solicited before
the FY 2014 budget has been approved,
cooperative agreements will be entered
into subject to the appropriation of
funds.
Dated: March 12, 2013.
Deborah Matthews,
Acting Chief, Grant Program Office, IRS,
Stakeholder Partnerships, Education &
Communication.
[FR Doc. 2013–06562 Filed 3–21–13; 8:45 am]
BILLING CODE 4830–01–P
[FR Doc. 2013–06563 Filed 3–21–13; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
DEPARTMENT OF THE TREASURY
[OMB Control No. 2900–0616]
Internal Revenue Service
Tax Counseling for the Elderly (TCE)
Program Availability of Application
Packages
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice.
srobinson on DSK4SPTVN1PROD with NOTICES
AGENCY:
SUMMARY: This document provides
notice of the availability of Application
Packages for the 2014 Tax Counseling
for the Elderly (TCE) Program.
DATES: Application Packages are
available electronically from the IRS on
May 1, 2013 by visiting: IRS.gov (key
word search—‘‘TCE’’) or through
Grants.gov. The deadline for submitting
an application package to the IRS for the
Tax Counseling for the Elderly (TCE)
Program is May 31, 2013. All
applications must be submitted through
Grants.gov.
ADDRESSES: Internal Revenue Service,
Grant Program Office, 5000 Ellin Road,
NCFB C4–110,
SE:W:CAR:SPEC:FO:GPO, Lanham,
Maryland 20706.
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Proposed Information Collection
(Application for Furnishing Long-Term
Care Service to Beneficiaries of
Veterans Affairs, and Residential Care
Home Program) Activity: Comment
Request
Veterans Health
Administration, Department of Veterans
Affairs.
ACTION: Notice.
AGENCY:
SUMMARY: The Veterans Health
Administration (VHA), Department of
Veterans Affairs (VA), is announcing an
opportunity for public comment on the
proposed collection of certain
information by the agency. Under the
Paperwork Reduction Act (PRA) of
1995, Federal agencies are required to
publish notice in the Federal Register
concerning each proposed collection of
information, including each proposed
extension of a currently approved
collection, and allow 60 days for public
comment in response to the notice. This
notice solicits comments for information
needed to determine non-Federal
PO 00000
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17777
nursing home qualification to provide
care to Veteran patients.
DATES: Written comments and
recommendations on the proposed
collection of information should be
received on or before May 21, 2013.
ADDRESSES: Submit written comments
on the collection of information through
the Federal Docket Management System
(FDMS) at www.Regulations.gov; or to
Cynthia Harvey-Pryor, Veterans Health
Administration (10B4), Department of
Veterans Affairs, 810 Vermont Avenue
NW., Washington, DC 20420 or email:
cynthia.harvey-pryor@va.gov. Please
refer to ‘‘2900–0616’’ in any
correspondence. During the comment
period, comments may be viewed online
through FDMS.
FOR FURTHER INFORMATION CONTACT:
Cynthia Harvey-Pryor (202) 461–5870 or
Fax (202) 273–9387.
SUPPLEMENTARY INFORMATION: Under the
PRA of 1995 (Pub. L. 104–13; 44 U.S.C.
3501–3521), Federal agencies must
obtain approval from OMB for each
collection of information they conduct
or sponsor. This request for comment is
being made pursuant to Section
3506(c)(2)(A) of the PRA.
With respect to the following
collection of information, VHA invites
comments on: (1) Whether the proposed
collection of information is necessary
for the proper performance of VHA’s
functions, including whether the
information will have practical utility;
(2) the accuracy of VHA’s estimate of
the burden of the proposed collection of
information; (3) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (4)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
the use of other forms of information
technology.
Titles:
a. Application for Furnishing LongTerm Care Services to Beneficiaries of
Veterans Affairs, VA Form 10–1170.
b. Residential Care Home Program—
Sponsor Application, VA Form 2407.
OMB Control Number: 2900–0616.
Type of Review: Revision of a
currently approved collection.
Abstract:
a. VA Form 10–1170 is completed by
community agencies wishing to provide
long term care to Veterans receiving VA
benefits.
b. VA Form 10–2407 is an application
used by a residential care facility or
home that wished to provide residential
home care to Veterans. It serves as the
agreement between VA and the
residential care home that the home will
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]]>Agencies
[Federal Register Volume 78, Number 56 (Friday, March 22, 2013)]
[Notices]
[Pages 17776-17777]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-06563]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Community Volunteer Income Tax Assistance (VITA) Matching Grant
Program--Availability of Application Packages
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This document provides notice of the availability of the
application package for the 2014 Community Volunteer Income Tax
[[Page 17777]]
Assistance (VITA) Matching Grant Program.
DATES: Application packages are available electronically from the IRS
on May 1, 2013 by visiting: IRS.gov (key word search--``VITA Grant'')
or through Grants.gov. The deadline for submitting an application to
the IRS for the Community VITA Matching Grant Program is May 31, 2013.
All applications must be submitted through Grants.gov.
ADDRESSES: Internal Revenue Service, Grant Program Office, 401 West
Peachtree St. NW., Suite 1645, Stop 420-D, Atlanta, GA 30308.
FOR FURTHER INFORMATION CONTACT: Grant Program Office via their email
address at Grant.Program.Office@irs.gov.
SUPPLEMENTARY INFORMATION: Authority for the Community Volunteer Income
Tax Assistance (VITA) Matching Grant Program is contained in the
Department of Defense and Full-Year Continuing Appropriations Act,
2011, Public Law 112-10, signed April 15, 2011.
Dated: March 12, 2013.
Deborah Matthews,
Acting Chief, Grant Program Office, IRS, Stakeholder Partnerships,
Education & Communication.
[FR Doc. 2013-06563 Filed 3-21-13; 8:45 am]
BILLING CODE 4830-01-P
