Announcement of Financial Sector Liabilities, 38686-38687 [2015-16658]

Download as PDF 38686 Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices FEDERAL DEPOSIT INSURANCE CORPORATION Notice to All Interested Parties of the Termination of the Receivership of 10108, First Coweta Bank, Newnan, GA Notice is hereby given that the Federal Deposit Insurance Corporation (‘‘FDIC’’) as Receiver for First Coweta Bank, (‘‘the Receiver’’) intends to terminate its receivership for said institution. The FDIC was appointed receiver of First Coweta Bank on August 21, 2009. The liquidation of the receivership assets has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors. Based upon the foregoing, the Receiver has determined that the continued existence of the receivership will serve no useful purpose. Consequently, notice is given that the receivership shall be terminated, to be effective no sooner than thirty days after the date of this Notice. If any person wishes to comment concerning the termination of the receivership, such comment must be made in writing and sent within thirty days of the date of this Notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 32.1, 1601 Bryan Street, Dallas, TX 75201. No comments concerning the termination of this receivership will be considered which are not sent within this time frame. Dated: June 30, 2015. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2015–16512 Filed 7–6–15; 8:45 am] BILLING CODE 6714–01–P FEDERAL RESERVE SYSTEM [Docket No. OP–1516] tkelley on DSK3SPTVN1PROD with NOTICES Announcement of Financial Sector Liabilities Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, implemented by the Board’s Regulation XX, prohibits a merger or acquisition that would result in a financial company that controls more than 10 percent of the aggregate consolidated liabilities of all financial companies (‘‘aggregate financial sector liabilities’’). Specifically, an insured depository institution, a bank holding company, a savings and loan holding VerDate Sep<11>2014 20:31 Jul 06, 2015 Jkt 235001 company, a foreign banking organization, any other company that controls an insured depository institution, and a nonbank financial company designated by the Financial Stability Oversight Council (each, a ‘‘financial company’’) is prohibited from merging or consolidating with, acquiring all or substantially all of the assets of, or acquiring control of, another company (‘‘covered acquisition’’) if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate financial sector liabilities.1 Pursuant to Regulation XX, the Federal Reserve will publish the aggregate consolidated liabilities of all financial companies by July 1 of each year. For the first period (July 1, 2015– June 30, 2016), aggregate financial sector liabilities is equal to the financial sector liabilities calculated as of December 31, 2014. For all subsequent periods, aggregate financial sector liabilities will equal the average of the financial sector liabilities as of December 31 of each of the preceding two calendar years. FOR FURTHER INFORMATION CONTACT: Felton Booker, Senior Supervisory Financial Analyst (202) 912–4651; Sean Healey, Senior Financial Analyst, (202) 912–4611; Christine Graham, Counsel, (202) 452–3005; Matthew Suntag, Senior Attorney, (202) 452–3694; for persons who are deaf or hard of hearing, TTY (202) 263–4869. Aggregate Financial Sector Liabilities As of December 31, 2014, aggregate financial sector liabilities is equal to $21,632,232,035,000. This measure is in effect from July 1, 2015 through June 30, 2016. Calculation Methodology Aggregate financial sector liabilities equals the sum of the financial sector liabilities of all financial companies, calculated using the methodology set forth in Regulation XX and summarized below. Financial sector liabilities of a U.S. financial company that was subject to consolidated risk-based capital rules as of December 31, 2014, equals the difference between its risk-weighted assets (as adjusted upward to reflect amounts that are deducted from regulatory capital elements pursuant to the Federal banking agencies’ risk-based capital rules) and total regulatory capital, as calculated under the applicable risk-based capital rules. Companies in this category include bank holding companies and insured depository institutions. The Federal PO 00000 1 12 U.S.C. 1852(a)(2), (b). Frm 00026 Fmt 4703 Sfmt 4703 Reserve used information collected on the Consolidated Financial Statements for Holding Companies (FR Y–9C) and the Bank Consolidated Reports of Condition and Income (Call Report) to calculate liabilities of these institutions. Financial sector liabilities of a U.S. financial company that was not subject to consolidated risk-based capital rules as of December 31, 2014, equal liabilities calculated in accordance with applicable accounting standards. Companies in this category include savings and loan holding companies, nonbank financial companies supervised by the Board, bank holding companies with total consolidated assets of less than $1 billion, and U.S. depository institution holding companies that are not bank holding companies or savings and loan holding companies. ‘‘Applicable accounting standards’’ is defined as GAAP, or such other accounting standard or method of estimation that the Board determines is appropriate.2 The Federal Reserve used information collected on the FR Y–9C, the Parent Company Only Financial Statements for Small Holding Companies (FR Y–9SP), and the Financial Company Report of Consolidated Liabilities (FR XX–1) to calculate liabilities of these institutions. Section 622 provides that the financial sector liabilities of a ‘‘foreign financial company’’ equal the riskweighted assets and regulatory capital attributable to the company’s ‘‘U.S. operations.’’ Under Regulation XX, financial sector liabilities of a foreign banking organization’s U.S. operations are calculated using the risk-weighted asset methodology for subsidiaries subject to risk-based capital rules, and applicable accounting standards for all branches, agencies, and nonbank subsidiaries. Financial sector liabilities attributable to the U.S. operations of a foreign financial company that is not a foreign banking organization are calculated in a similar manner to the method described for foreign banking organizations, but liabilities of a U.S. subsidiary not subject to risk-based capital rules are calculated based on the U.S. subsidiary’s liabilities under applicable accounting standards. The Federal Reserve used information collected on the Capital and Asset Report for Foreign Banking Organizations (FR Y–7Q) and the FR XX–1 to calculate liabilities of these institutions. 2 A financial company may request to use an accounting standard or method of estimation other than GAAP if it does not calculate its total consolidated assets or liabilities under GAAP for any regulatory purpose (including compliance with applicable securities laws). 12 CFR 251.3(e). E:\FR\FM\07JYN1.SGM 07JYN1 Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices The Board granted requests from ten financial companies to use an accounting standard or method of estimation other than GAAP to calculate liabilities. Nine of the companies were insurance companies that report financial information under Statutory Accounting Principles (‘‘SAP’’), and one was a foreign company that controls a U.S. industrial loan company that reports financial information under International Financial Reporting Standards (‘‘IFRS’’). For the insurance companies, the Board approved a method of estimation that was based on line items from SAP reports, with adjustments to reflect certain differences in accounting treatment between GAAP and SAP. For the foreign company, the Board approved the use of IFRS. By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division Banking Supervision and Regulation under delegated authority, July 1, 2015. Robert deV. Frierson, Secretary of the Board. 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 July 30, 2015. A. Federal Reserve Bank of Dallas (Robert L. Triplett III, Senior Vice President) 2200 North Pearl Street, Dallas, Texas 75201–2272: 1. Friendswood Capital Corporation, Houston, Texas; to become a bank holding company by the conversion of Texan Bank, Houston, Texas, from a federal savings bank to a national bank charter. Board of Governors of the Federal Reserve System, July 1, 2015. Michael J. Lewandowski, Associate Secretary of the Board. [FR Doc. 2015–16593 Filed 7–6–15; 8:45 am] BILLING CODE 6210–01–P FEDERAL TRADE COMMISSION [File No. 152 3069] JS Autoworld, Inc.; Analysis of Proposed Consent Order To Aid Public Comment [FR Doc. 2015–16658 Filed 7–6–15; 8:45 am] BILLING CODE 6210–01–P Federal Trade Commission. Proposed Consent Agreement. AGENCY: FEDERAL RESERVE SYSTEM ACTION: tkelley on DSK3SPTVN1PROD with NOTICES 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. Comments must be received on or before July 29, 2015. ADDRESSES: Interested parties may file a comment at https:// ftcpublic.commentworks.com/ftc/ planetnissanconsent online or on paper, by following the instructions in the Request for Comment part of the SUPPLEMENTARY INFORMATION section below. Write ‘‘JS Autoworld, Inc.— Consent Agreement; File No. 152–3069’’ on your comment and file your comment online at https:// ftcpublic.commentworks.com/ftc/ planetnissanconsent by following the instructions on the web-based form. If you prefer to file your comment on paper, write ‘‘JS Autoworld, Inc.— Consent Agreement; File No. 152–3069’’ on your comment and on the envelope, and mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite CC– VerDate Sep<11>2014 20:31 Jul 06, 2015 Jkt 235001 The consent agreement in this matter settles alleged violations of federal law prohibiting unfair or deceptive acts or practices. The attached Analysis to Aid Public Comment describes both the allegations in the draft complaint and the terms of the consent order—embodied in the consent agreement—that would settle these allegations. DATES: PO 00000 Frm 00027 Fmt 4703 Sfmt 4703 38687 5610 (Annex D), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 20024. FOR FURTHER INFORMATION CONTACT: Yan Fang, FTC Western Region, (415–848– 5150), 901 Market Street, Suite 570, San Francisco, CA 94103. SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal Trade Commission Act, 15 U.S.C. 46(f), and FTC Rule 2.34, 16 CFR 2.34, notice is hereby given that the above-captioned consent agreement containing consent order to cease and desist, having been filed with and accepted, subject to final approval, by the Commission, has been placed on the public record for a period of thirty (30) days. The following Analysis to Aid Public Comment describes the terms of the consent agreement, and the allegations in the complaint. An electronic copy of the full text of the consent agreement package can be obtained from the FTC Home Page (for June 29, 2015), on the World Wide Web at: https://www.ftc.gov/ os/actions.shtm. You can file a comment online or on paper. For the Commission to consider your comment, we must receive it on or before July 29, 2015. Write ‘‘JS Autoworld, Inc.—Consent Agreement; File No. 152–3069’’ on your comment. Your comment—including your name and your state—will be placed on the public record of this proceeding, including, to the extent practicable, on the public Commission Web site, at https://www.ftc.gov/os/ publiccomments.shtm. As a matter of discretion, the Commission tries to remove individuals’ home contact information from comments before placing them on the Commission Web site. Because your comment will be made public, you are solely responsible for making sure that your comment does not include any sensitive personal information, like anyone’s Social Security number, date of birth, driver’s license number or other state identification number or foreign country equivalent, passport number, financial account number, or credit or debit card number. You are also solely responsible for making sure that your comment does not include any sensitive health information, like medical records or other individually identifiable health information. In addition, do not include any ‘‘[t]rade secret or any commercial or financial information which . . . is privileged or confidential,’’ as discussed E:\FR\FM\07JYN1.SGM 07JYN1

Agencies

FEDERAL RESERVE SYSTEM

[Federal Register Volume 80, Number 129 (Tuesday, July 7, 2015)]
[Notices]
[Pages 38686-38687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16658]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1516]


Announcement of Financial Sector Liabilities

    Section 622 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, implemented by the Board's Regulation XX, prohibits a 
merger or acquisition that would result in a financial company that 
controls more than 10 percent of the aggregate consolidated liabilities 
of all financial companies (``aggregate financial sector 
liabilities''). Specifically, an insured depository institution, a bank 
holding company, a savings and loan holding company, a foreign banking 
organization, any other company that controls an insured depository 
institution, and a nonbank financial company designated by the 
Financial Stability Oversight Council (each, a ``financial company'') 
is prohibited from merging or consolidating with, acquiring all or 
substantially all of the assets of, or acquiring control of, another 
company (``covered acquisition'') if the resulting company's 
consolidated liabilities would exceed 10 percent of the aggregate 
financial sector liabilities.\1\
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    \1\ 12 U.S.C. 1852(a)(2), (b).
---------------------------------------------------------------------------

    Pursuant to Regulation XX, the Federal Reserve will publish the 
aggregate consolidated liabilities of all financial companies by July 1 
of each year. For the first period (July 1, 2015-June 30, 2016), 
aggregate financial sector liabilities is equal to the financial sector 
liabilities calculated as of December 31, 2014. For all subsequent 
periods, aggregate financial sector liabilities will equal the average 
of the financial sector liabilities as of December 31 of each of the 
preceding two calendar years.

FOR FURTHER INFORMATION CONTACT: Felton Booker, Senior Supervisory 
Financial Analyst (202) 912-4651; Sean Healey, Senior Financial 
Analyst, (202) 912-4611; Christine Graham, Counsel, (202) 452-3005; 
Matthew Suntag, Senior Attorney, (202) 452-3694; for persons who are 
deaf or hard of hearing, TTY (202) 263-4869.

Aggregate Financial Sector Liabilities

    As of December 31, 2014, aggregate financial sector liabilities is 
equal to $21,632,232,035,000. This measure is in effect from July 1, 
2015 through June 30, 2016.

Calculation Methodology

    Aggregate financial sector liabilities equals the sum of the 
financial sector liabilities of all financial companies, calculated 
using the methodology set forth in Regulation XX and summarized below.
    Financial sector liabilities of a U.S. financial company that was 
subject to consolidated risk-based capital rules as of December 31, 
2014, equals the difference between its risk-weighted assets (as 
adjusted upward to reflect amounts that are deducted from regulatory 
capital elements pursuant to the Federal banking agencies' risk-based 
capital rules) and total regulatory capital, as calculated under the 
applicable risk-based capital rules. Companies in this category include 
bank holding companies and insured depository institutions. The Federal 
Reserve used information collected on the Consolidated Financial 
Statements for Holding Companies (FR Y-9C) and the Bank Consolidated 
Reports of Condition and Income (Call Report) to calculate liabilities 
of these institutions.
    Financial sector liabilities of a U.S. financial company that was 
not subject to consolidated risk-based capital rules as of December 31, 
2014, equal liabilities calculated in accordance with applicable 
accounting standards. Companies in this category include savings and 
loan holding companies, nonbank financial companies supervised by the 
Board, bank holding companies with total consolidated assets of less 
than $1 billion, and U.S. depository institution holding companies that 
are not bank holding companies or savings and loan holding companies. 
``Applicable accounting standards'' is defined as GAAP, or such other 
accounting standard or method of estimation that the Board determines 
is appropriate.\2\ The Federal Reserve used information collected on 
the FR Y-9C, the Parent Company Only Financial Statements for Small 
Holding Companies (FR Y-9SP), and the Financial Company Report of 
Consolidated Liabilities (FR XX-1) to calculate liabilities of these 
institutions.
---------------------------------------------------------------------------

    \2\ A financial company may request to use an accounting 
standard or method of estimation other than GAAP if it does not 
calculate its total consolidated assets or liabilities under GAAP 
for any regulatory purpose (including compliance with applicable 
securities laws). 12 CFR 251.3(e).
---------------------------------------------------------------------------

    Section 622 provides that the financial sector liabilities of a 
``foreign financial company'' equal the risk-weighted assets and 
regulatory capital attributable to the company's ``U.S. operations.'' 
Under Regulation XX, financial sector liabilities of a foreign banking 
organization's U.S. operations are calculated using the risk-weighted 
asset methodology for subsidiaries subject to risk-based capital rules, 
and applicable accounting standards for all branches, agencies, and 
nonbank subsidiaries. Financial sector liabilities attributable to the 
U.S. operations of a foreign financial company that is not a foreign 
banking organization are calculated in a similar manner to the method 
described for foreign banking organizations, but liabilities of a U.S. 
subsidiary not subject to risk-based capital rules are calculated based 
on the U.S. subsidiary's liabilities under applicable accounting 
standards. The Federal Reserve used information collected on the 
Capital and Asset Report for Foreign Banking Organizations (FR Y-7Q) 
and the FR XX-1 to calculate liabilities of these institutions.

[[Page 38687]]

    The Board granted requests from ten financial companies to use an 
accounting standard or method of estimation other than GAAP to 
calculate liabilities. Nine of the companies were insurance companies 
that report financial information under Statutory Accounting Principles 
(``SAP''), and one was a foreign company that controls a U.S. 
industrial loan company that reports financial information under 
International Financial Reporting Standards (``IFRS''). For the 
insurance companies, the Board approved a method of estimation that was 
based on line items from SAP reports, with adjustments to reflect 
certain differences in accounting treatment between GAAP and SAP. For 
the foreign company, the Board approved the use of IFRS.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Director of the Division Banking 
Supervision and Regulation under delegated authority, July 1, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-16658 Filed 7-6-15; 8:45 am]
BILLING CODE 6210-01-P

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