Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions, 6712 [2015-02402]
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6712
Federal Register / Vol. 80, No. 25 / Friday, February 6, 2015 / Notices
• Email: comments@fdic.gov Include
the name of the collection in the subject
line of the message.
• Mail: Gary A. Kuiper, Counsel,
(202.898.3877), or John Popeo, Counsel,
(202.898.6923), MB–3007, Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Gary
A. Kuiper or John Popeo, at the FDIC
address above.
SUPPLEMENTARY INFORMATION:
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Proposal To Renew the Following
Currently-Approved Collection of
Information
1. Title: Assessment Rate Adjustment
Guidelines for Large and Highly
Complex Institutions.
OMB Number: 3064–0179.
Affected Public: Large and highly
complex depository institutions.
Estimated Number of Respondents:
11.
Estimated Time per Response: 80
hours.
Frequency of Response: Annual.
Estimated Total Annual Burden: 880
hours.
Total Annual Burden: 880 hours.
General Description of Collection:
These guidelines established process
through which large and highly
complex depository institutions could
request a deposit insurance assessment
rate adjustment from the FDIC.
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.
All comments will become a matter of
public record.
VerDate Sep<11>2014
18:52 Feb 05, 2015
Jkt 235001
Dated at Washington, DC, this 3rd day of
February 2015.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2015–02423 Filed 2–5–15; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2015–N–01]
Notice of Annual Adjustment of the
Cap on Average Total Assets That
Defines Community Financial
Institutions
Federal Housing Finance
Agency.
ACTION: Notice.
AGENCY:
The Federal Housing Finance
Agency (FHFA) has adjusted the cap on
average total assets that defines a
‘‘Community Financial Institution’’ to
$1,123,000,000, based on the annual
percentage increase in the Consumer
Price Index for all urban consumers
(CPI–U) as published by the Department
of Labor (DOL). These changes took
effect on January 1, 2015.
FOR FURTHER INFORMATION CONTACT:
Amy Tran, Division of Federal Home
Loan Bank Regulation, (202) 649–3319,
Amy.Tran@fhfa.gov, or Eric M.
Raudenbush, Assistant General Counsel,
(202) 649–3084, Eric.Raudenbush@
fhfa.gov, (not toll-free numbers), Federal
Housing Finance Agency, Constitution
Center, 400 Seventh Street SW.,
Washington, DC 20024.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Statutory and Regulatory Background
The Federal Home Loan Bank Act
(Bank Act) confers upon insured
depository institutions that meet the
statutory definition of a ‘‘Community
Financial Institution’’ (CFI) certain
advantages over non-CFI insured
depository institutions in qualifying for
Federal Home Loan Bank (Bank)
membership, and in the purposes for
which they may receive long-term
advances and the collateral they may
pledge to secure advances.1 Section
2(10)(A) of the Bank Act and § 1263.1 of
FHFA’s regulations define a CFI as any
Bank member the deposits of which are
insured by the Federal Deposit
Insurance Corporation and that has
average total assets below a statutory
cap.2 The Bank Act was amended in
2008 to set the statutory cap at $1
1 See
12 U.S.C. 1424(a), 1430(a).
2 See 12 U.S.C. 1422(10)(A); 12 CFR 1263.1.
PO 00000
Frm 00032
Fmt 4703
Sfmt 4703
billion and to require the Director of
FHFA to adjust the cap annually to
reflect the percentage increase in the
CPI–U, as published by the DOL, for the
prior year.3 For 2014, FHFA set the CFI
asset cap at $1,108,000,000, which
reflected a 1.2 percent increase over
2013, based upon the increase in the
CPI–U between 2012 and 2013.4
II. The CFI Asset Cap for 2015
As of January 1, 2015, FHFA has
increased the CFI asset cap from
$1,108,000,000 to $1,123,000,000,
which reflects a 1.3 percent increase in
the unadjusted CPI–U from November
2013 to November 2014. The new
amount was obtained by rounding to the
nearest million, as has been the practice
for all prior adjustments. Consistent
with the practice of other Federal
agencies, FHFA bases the annual
adjustment to the CFI asset cap on the
percentage increase in the CPI–U from
November of the year prior to the
preceding calendar year to November of
the preceding calendar year, because the
November figures represent the most
recent available data as of January 1st of
the current calendar year.
In calculating the CFI asset cap, FHFA
uses CPI–U data that have not been
seasonally adjusted (i.e., the data have
not been adjusted to remove the
estimated effect of price changes that
normally occur at the same time and in
about the same magnitude every year).
The DOL encourages use of unadjusted
CPI–U data in applying ‘‘escalation’’
provisions such as that governing the
CFI asset cap, because the factors that
are used to seasonally adjust the data
are amended annually, and seasonally
adjusted data that are published earlier
are subject to revision for up to five
years following their original release.
Unadjusted data are not routinely
subject to revision, and previously
published unadjusted data are only
corrected when significant calculation
errors are discovered.
Dated: January 27, 2015.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2015–02402 Filed 2–5–15; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL MARITIME COMMISSION
Sunshine Act Meeting
AGENCY:
Federal Maritime Commission.
February 11, 2015; 10:00
TIME AND DATE:
a.m.
3 See 12 U.S.C. 1422(10); 12 CFR 1263.1 (defining
the term CFI asset cap).
4 See 79 FR 1862 (Jan. 10, 2014).
E:\FR\FM\06FEN1.SGM
06FEN1
Agencies
[Federal Register Volume 80, Number 25 (Friday, February 6, 2015)]
[Notices]
[Page 6712]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02402]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
[No. 2015-N-01]
Notice of Annual Adjustment of the Cap on Average Total Assets
That Defines Community Financial Institutions
AGENCY: Federal Housing Finance Agency.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Federal Housing Finance Agency (FHFA) has adjusted the cap
on average total assets that defines a ``Community Financial
Institution'' to $1,123,000,000, based on the annual percentage
increase in the Consumer Price Index for all urban consumers (CPI-U) as
published by the Department of Labor (DOL). These changes took effect
on January 1, 2015.
FOR FURTHER INFORMATION CONTACT: Amy Tran, Division of Federal Home
Loan Bank Regulation, (202) 649-3319, Amy.Tran@fhfa.gov, or Eric M.
Raudenbush, Assistant General Counsel, (202) 649-3084,
Eric.Raudenbush@fhfa.gov, (not toll-free numbers), Federal Housing
Finance Agency, Constitution Center, 400 Seventh Street SW.,
Washington, DC 20024.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Background
The Federal Home Loan Bank Act (Bank Act) confers upon insured
depository institutions that meet the statutory definition of a
``Community Financial Institution'' (CFI) certain advantages over non-
CFI insured depository institutions in qualifying for Federal Home Loan
Bank (Bank) membership, and in the purposes for which they may receive
long-term advances and the collateral they may pledge to secure
advances.\1\ Section 2(10)(A) of the Bank Act and Sec. 1263.1 of
FHFA's regulations define a CFI as any Bank member the deposits of
which are insured by the Federal Deposit Insurance Corporation and that
has average total assets below a statutory cap.\2\ The Bank Act was
amended in 2008 to set the statutory cap at $1 billion and to require
the Director of FHFA to adjust the cap annually to reflect the
percentage increase in the CPI-U, as published by the DOL, for the
prior year.\3\ For 2014, FHFA set the CFI asset cap at $1,108,000,000,
which reflected a 1.2 percent increase over 2013, based upon the
increase in the CPI-U between 2012 and 2013.\4\
---------------------------------------------------------------------------
\1\ See 12 U.S.C. 1424(a), 1430(a).
\2\ See 12 U.S.C. 1422(10)(A); 12 CFR 1263.1.
\3\ See 12 U.S.C. 1422(10); 12 CFR 1263.1 (defining the term CFI
asset cap).
\4\ See 79 FR 1862 (Jan. 10, 2014).
---------------------------------------------------------------------------
II. The CFI Asset Cap for 2015
As of January 1, 2015, FHFA has increased the CFI asset cap from
$1,108,000,000 to $1,123,000,000, which reflects a 1.3 percent increase
in the unadjusted CPI-U from November 2013 to November 2014. The new
amount was obtained by rounding to the nearest million, as has been the
practice for all prior adjustments. Consistent with the practice of
other Federal agencies, FHFA bases the annual adjustment to the CFI
asset cap on the percentage increase in the CPI-U from November of the
year prior to the preceding calendar year to November of the preceding
calendar year, because the November figures represent the most recent
available data as of January 1st of the current calendar year.
In calculating the CFI asset cap, FHFA uses CPI-U data that have
not been seasonally adjusted (i.e., the data have not been adjusted to
remove the estimated effect of price changes that normally occur at the
same time and in about the same magnitude every year). The DOL
encourages use of unadjusted CPI-U data in applying ``escalation''
provisions such as that governing the CFI asset cap, because the
factors that are used to seasonally adjust the data are amended
annually, and seasonally adjusted data that are published earlier are
subject to revision for up to five years following their original
release. Unadjusted data are not routinely subject to revision, and
previously published unadjusted data are only corrected when
significant calculation errors are discovered.
Dated: January 27, 2015.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2015-02402 Filed 2-5-15; 8:45 am]
BILLING CODE 8070-01-P