Supplemental Procedures Relating to Nonbank Financial Company Determinations, 7595-7596 [2015-02812]

Download as PDF Federal Register / Vol. 80, No. 28 / Wednesday, February 11, 2015 / Notices Board of Governors of the Federal Reserve System, February 6, 2015. Margaret McCloskey Shanks, Deputy Secretary of the Board. [FR Doc. 2015–02799 Filed 2–10–15; 8:45 am] BILLING CODE 6210–01–P FINANCIAL STABILITY OVERSIGHT COUNCIL Notice Seeking Comment on Asset Management Products and Activities AGENCY: Financial Stability Oversight Council. FEDERAL RESERVE SYSTEM ACTION: tkelley on DSK3SPTVN1PROD with NOTICES Board of Governors of the Federal Reserve System. Margaret McCloskey Shanks, Deputy Secretary of the Board. [FR Doc. 2015–02839 Filed 2–10–15; 8:45 am] BILLING CODE 6210–01–P VerDate Sep<11>2014 17:07 Feb 10, 2015 Jkt 235001 FINANCIAL STABILITY OVERSIGHT COUNCIL On December 24, 2015, the Financial Stability Oversight Council (the Council) published a ‘‘Notice Seeking Comment on Asset Management Products and Activities’’ (the Notice), which states that comments on the Notice must be received not later than February 23, 2015. The Council has determined that an extension of the comment period until March 25, 2015, is appropriate. Comments must be received not later than March 25, 2015. DATES: You may submit comments by any of the methods identified in the Notice. Please submit your comments using only one method. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Patrick Pinschmidt, Deputy Assistant Secretary for the Financial Stability Oversight Council, Department of the Treasury, at (202) 622–2495; Lyndsay Huot, Senior Policy Advisor, Office of the Financial Stability Oversight Council, Department of the Treasury, at (202) 622–5874; or Eric Froman, Office of the General Counsel, Department of the Treasury, at (202) 622–1942. On December 24, 2014, the Council published the Notice,1 seeking comment on whether and how certain asset management products and activities could pose potential risks to U.S. financial stability. Specifically, the Notice requests information about whether risks associated with liquidity and redemptions, leverage, operational functions, and resolution in the asset management industry could affect U.S. financial stability. The Notice states that comments must be received no later than February 23, 2015. The Council has determined that an extension of the comment period until March 25, 2015, is appropriate in order to provide the public more time to review, consider, and comment on the Notice. SUPPLEMENTARY INFORMATION: 1 Notice Seeking Comment on Asset Management Products and Activities, 79 Federal Register 77,488 (Dec. 24, 2014). PO 00000 [FR Doc. 2015–02813 Filed 2–10–15; 8:45 am] Notice; extension of comment 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)). The comment period for these applications has been extended. Comments regarding these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than February 26, 2015. A. Federal Reserve Bank of New York (Ivan Hurwitz, Vice President) 33 Liberty Street, New York, New York 10045–0001: 1. CIT Group Inc., Livingston, New Jersey, and its subsidiary, Carbon Merger Sub LLC, New York, New York; to acquire 100 percent of the voting shares of, and to merge with, IMB Holdco LLC, and thereby indirectly acquire voting shares of OneWest Bank, N.A., both in Pasadena, California. In addition, Carbon Merger Sub LLC has applied to become a bank holding company. Dated: February 4, 2015. Patrick Pinschmidt, Deputy Assistant Secretary for the Financial Stability Oversight Council, Department of the Treasury, Executive Director, Financial Stability Oversight Council. BILLING CODE 4810–25–P period. Formations of, Acquisitions by, and Mergers of Bank Holding Companies 7595 Frm 00032 Fmt 4703 Sfmt 4703 Supplemental Procedures Relating to Nonbank Financial Company Determinations Financial Stability Oversight Council. ACTION: Notice of document availability. AGENCY: This notice announces the availability of ‘‘Supplemental Procedures Relating to Nonbank Financial Company Determinations’’ (Supplemental Procedures). DATES: Effective [DATE TBD]. ADDRESSES: Copies of the Supplemental Procedures are located on the Financial Stability Oversight Council Web site, available at www.fsoc.gov. FOR FURTHER INFORMATION CONTACT: Requests for additional information should be directed to Deputy Assistant Secretary for the Financial Stability Oversight Council, Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220. SUPPLEMENTARY INFORMATION: Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) authorizes the Financial Stability Oversight Council (the Council) to determine that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System and be subject to enhanced prudential standards if the Council determines that material financial distress at the company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the company, could pose a threat to the financial stability of the United States. The Council has conducted a review of its practices related to the evaluation of nonbank financial companies under section 113 of the Dodd-Frank Act. The Council’s review included engagement with financial companies, trade associations, nonbank financial companies subject to Council determinations, public interest groups, members of Congress and their staffs, and other stakeholders. At its open meeting on January 21, 2015, the Council discussed its engagement with SUMMARY: E:\FR\FM\11FEN1.SGM 11FEN1 7596 Federal Register / Vol. 80, No. 28 / Wednesday, February 11, 2015 / Notices stakeholders and changes recommended by staff to the Council’s process for nonbank financial company determinations. Based on its review, the Council has adopted the Supplemental Procedures, which the Council intends to use for determinations in non-emergency situations, to supplement its rule and interpretive guidance regarding nonbank financial company determinations.1 The Council will continue to work to identify and evaluate additional potential enhancements to its practices and procedures that would promote the Council’s commitment to active engagement with companies under consideration for a determination and to transparency to the public. Patrick Pinschmidt, Deputy Assistant Secretary for the Financial Stability Oversight Council, Department of the Treasury, Executive Director, Financial Stability Oversight Council. [FR Doc. 2015–02812 Filed 2–10–15; 8:45 am] BILLING CODE 4810–25–P–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Agency Information Collection Activities; Proposed Collection; Public Comment Request Electronic Government Office, Department of Health and Human Services. ACTION: Notice. AGENCY: In compliance with section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995, Grants.gov (EGOV), Department of Health and Human Services, announces plans to submit an Information Collection Request (ICR), described below, to the Office of Management and Budget (OMB). The ICR is for a 3 year renewal of a previously-approved information collection assigned OMB control number 4040–0007—SF–424 B Assurances for Non-Construction Programs, which expired on June 30, 2014. The ICR also requests categorizing the form as a common form, meaning HHS will only request approval for its own use of the form rather than aggregating the burden estimate across all Federal Agencies as was done for previous actions on this OMB control number. Prior to submitting that ICR to OMB, EGOV seeks comments from the public regarding the burden estimate, below, or any other aspect of the ICR. DATES: The 60-day Comment Period closed on January 5, 2015. No comments were received. Comments on the ICR must be received on or before March 13, 2015. ADDRESSES: Submit your comments to Information.CollectionClearance@ hhs.gov or by calling (202) 690–6162. FOR FURTHER INFORMATION CONTACT: Information Collection Clearance staff, Information.CollectionClearance@ hhs.gov or (202) 690–6162. SUPPLEMENTARY INFORMATION: Form is available upon request. SUMMARY: Information Collection Request Title: SF–424 B Assurances for NonConstruction Programs. Abstract: SF–424 B Assurances for Non-Construction Programs is used as by the grant applicant when requesting funds for non-construction grant programs. Need and Proposed Use of the Information: The SF–424 B Assurances for Non-Construction Programs form is used as by the grant applicant when requesting funds for non-construction grant programs. The Federal awarding agencies use information submitted on this form for award determination of the Federal assistance awards programs. Likely Respondents: Federal grant applicants. Burden Statement: Burden in this context means the time expended by persons to generate, maintain, retain, disclose or provide the information requested. This includes the time needed to review instructions, to develop, acquire, install and utilize technology and systems for the purpose of collecting, validating and verifying information, processing and maintaining information, and disclosing and providing information, to train personnel and to be able to respond to a collection of information, to search data sources, to complete and review the collection of information, and to transmit or otherwise disclose the information. The total annual burden hours estimated for this ICR are summarized in the table below. TOTAL ESTIMATED ANNUALIZED BURDEN—HOURS Number of respondents Form name Number of responses per respondent Average burden per response (in hours) Total burden hours 40,000 tkelley on DSK3SPTVN1PROD with NOTICES Total .......................................................................................................... Grants.gov specifically requests comments on (1) the necessity and utility of the proposed information collection for the proper performance of the agency’s functions, (2) the accuracy of the estimated burden, (3) ways to enhance the quality, utility, and clarity of the information to be collected, and (4) the use of automated collection techniques or other forms of information 1 1 40,000 40,000 1 1 40,000 technology to minimize the information collection burden. DEPARTMENT OF HEALTH AND HUMAN SERVICES Darius Taylor, Information Collection Clearance Officer. Agency Information Collection Activities; Proposed Collection; Public Comment Request [FR Doc. 2015–02764 Filed 2–10–15; 8:45 am] BILLING CODE 4150–37–P Electronic Government Office, Department of Health and Human Services. AGENCY: ACTION: Notice. 1 Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies, 12 CFR part 1310 (2013). VerDate Sep<11>2014 17:07 Feb 10, 2015 Jkt 235001 PO 00000 Frm 00033 Fmt 4703 Sfmt 4703 E:\FR\FM\11FEN1.SGM 11FEN1

Agencies

Financial Stability Oversight Council

[Federal Register Volume 80, Number 28 (Wednesday, February 11, 2015)]
[Notices]
[Pages 7595-7596]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02812]


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FINANCIAL STABILITY OVERSIGHT COUNCIL


Supplemental Procedures Relating to Nonbank Financial Company 
Determinations

AGENCY: Financial Stability Oversight Council.

ACTION: Notice of document availability.

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SUMMARY: This notice announces the availability of ``Supplemental 
Procedures Relating to Nonbank Financial Company Determinations'' 
(Supplemental Procedures).

DATES: Effective [DATE TBD].

ADDRESSES: Copies of the Supplemental Procedures are located on the 
Financial Stability Oversight Council Web site, available at 
www.fsoc.gov.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Deputy Assistant Secretary for the Financial 
Stability Oversight Council, Department of the Treasury, 1500 
Pennsylvania Avenue NW., Washington, DC 20220.

SUPPLEMENTARY INFORMATION: Section 113 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (the Dodd-Frank Act) authorizes the 
Financial Stability Oversight Council (the Council) to determine that a 
nonbank financial company shall be supervised by the Board of Governors 
of the Federal Reserve System and be subject to enhanced prudential 
standards if the Council determines that material financial distress at 
the company, or the nature, scope, size, scale, concentration, 
interconnectedness, or mix of the activities of the company, could pose 
a threat to the financial stability of the United States.
    The Council has conducted a review of its practices related to the 
evaluation of nonbank financial companies under section 113 of the 
Dodd-Frank Act. The Council's review included engagement with financial 
companies, trade associations, nonbank financial companies subject to 
Council determinations, public interest groups, members of Congress and 
their staffs, and other stakeholders. At its open meeting on January 
21, 2015, the Council discussed its engagement with

[[Page 7596]]

stakeholders and changes recommended by staff to the Council's process 
for nonbank financial company determinations.
    Based on its review, the Council has adopted the Supplemental 
Procedures, which the Council intends to use for determinations in non-
emergency situations, to supplement its rule and interpretive guidance 
regarding nonbank financial company determinations.\1\ The Council will 
continue to work to identify and evaluate additional potential 
enhancements to its practices and procedures that would promote the 
Council's commitment to active engagement with companies under 
consideration for a determination and to transparency to the public.
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    \1\ Authority to Require Supervision and Regulation of Certain 
Nonbank Financial Companies, 12 CFR part 1310 (2013).

Patrick Pinschmidt,
Deputy Assistant Secretary for the Financial Stability Oversight 
Council, Department of the Treasury, Executive Director, Financial 
Stability Oversight Council.
[FR Doc. 2015-02812 Filed 2-10-15; 8:45 am]
BILLING CODE 4810-25-P-P

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