Announcement of Financial Sector Liabilities, 45288-45289 [2016-16529]

Download as PDF 45288 Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices FEDERAL DEPOSIT INSURANCE CORPORATION Notice to All Interested Parties of the Termination of the Receivership of 10386, Bank of Shorewood Shorewood, Illinois Notice is hereby given that the Federal Deposit Insurance Corporation (‘‘FDIC’’) as Receiver for Bank of Shorewood, Shorewood, Illinois (‘‘the Receiver’’) intends to terminate its receivership for said institution. The FDIC was appointed receiver of Bank of Shorewood on August 5, 2011. 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 34.6, 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: July 7, 2016. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2016–16456 Filed 7–12–16; 8:45 am] BILLING CODE 6714–01–P FEDERAL MARITIME COMMISSION jstallworth on DSK7TPTVN1PROD with NOTICES Notice of Agreements Filed The Commission hereby gives notice of the filing of the following agreements under the Shipping Act of 1984. Interested parties may submit comments on the agreements to the Secretary, Federal Maritime Commission, Washington, DC 20573, within twelve days of the date this notice appears in the Federal Register. Copies of the agreements are available through the Commission’s Web site (www.fmc.gov) or by contacting the Office of VerDate Sep<11>2014 15:08 Jul 12, 2016 Jkt 238001 Agreements at (202)-523–5793 or tradeanalysis@fmc.gov. Agreement No.: 012367–002. Title: MSC/Maersk Line TransAtlantic Space Charter Agreement. Parties: Maersk Line A/S and MSC Mediterranean Shipping Company S.A. Filing Party: Wayne R. Rohde, Esq.; Cozen O’Conner; 1200 19th Street NW.; Washington, DC 20036. Synopsis: The amendment revises the amount of space to be chartered under the agreement. Agreement No.: 012424. Title: CMA CGM/APL Slot Exchange Agreement. Parties: CMA CGM, S.A.; APL Co. Pte Ltd; and American President Lines, Ltd. Filing Party: Draughn B. Arbona, Esq; CMA CGM (America) LLC; 5701 Lake Wright Drive; Norfolk, VA 23502. Synopsis: The agreement authorizes the parties to exchange slots in the trade between the U.S. East Coast on the one hand, and Italy, Egypt, United Arab Emirates, Sri Lanka, Singapore, Thailand, China, Hong Kong, Vietnam, Malaysia and Canada on the other hand. By Order of the Federal Maritime Commission. Dated: July 8, 2016. Karen V. Gregory, Secretary. [FR Doc. 2016–16570 Filed 7–12–16; 8:45 am] BILLING CODE 6731–AA–P FEDERAL RESERVE SYSTEM [Docket No. OP–1542] 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 if the resulting company’s consolidated liabilities PO 00000 Frm 00015 Fmt 4703 Sfmt 4703 would exceed 10 percent of the aggregate financial sector liabilities.1 Pursuant to Regulation XX, the Federal Reserve will publish the aggregate financial sector liabilities by July 1 of each year. Aggregate financial sector liabilities equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. FOR FURTHER INFORMATION CONTACT: Sean Healey, Supervisory Financial Analyst, (202) 912–4611; Matthew Suntag, Senior Attorney, (202) 452– 3694; for persons who are deaf or hard of hearing, TTY (202) 263–4869. Aggregate Financial Sector Liabilities Aggregate financial sector liabilities is equal to $21,786,571,865,000.2 This measure is in effect from July 1, 2016 through June 30, 2017. Calculation Methodology Aggregate financial sector liabilities equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. The year-end financial sector liabilities figure equals the sum of the total consolidated liabilities of all top-tier U.S. financial companies and the U.S. liabilities of all top-tier foreign financial companies, calculated using the applicable methodology for each financial company, as set forth in Regulation XX and summarized below. Consolidated liabilities of a U.S. financial company that was subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal 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 riskbased capital rules. For the year ending on December 31, 2015, companies in this category include (with certain exceptions listed below) bank holding companies, savings and loan 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. 1 12 U.S.C. 1852(a)(2), (b). number reflects the average of the financial sector liabilities figure for the year ending December 31, 2014 ($21,632,232,035,000) and the year ending December 31, 2015 ($21,940,911,695,000). 2 This E:\FR\FM\13JYN1.SGM 13JYN1 jstallworth on DSK7TPTVN1PROD with NOTICES Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices Consolidated liabilities of a U.S. financial company not subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal liabilities calculated in accordance with applicable accounting standards. For the year ending on December 31, 2015, companies in this category include nonbank financial companies supervised by the Board, bank holding companies and savings and loan holding companies subject to the Federal Reserve’s Small Bank Holding Company Policy Statement, savings and loan holding companies substantially engaged in insurance underwriting or commercial activities, and U.S. companies that control depository institutions but 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.3 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 U.S. 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, liabilities of a foreign banking organization’s U.S. operations are calculated using the riskweighted asset methodology for subsidiaries subject to risk-based capital rules, plus the assets of all branches, agencies, and nonbank subsidiaries, calculated in accordance with applicable accounting standards. 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. 3 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). VerDate Sep<11>2014 15:08 Jul 12, 2016 Jkt 238001 The Board granted requests from three financial companies to use an accounting standard or method of estimation other than GAAP to calculate liabilities. All three companies were insurance companies that report financial information under Statutory Accounting Principles (‘‘SAP’’). The Board approved methods of estimation for these companies that were based on line items from SAP reports, with adjustments to reflect certain differences in accounting treatment between GAAP and SAP. 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, June 28, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016–16529 Filed 7–12–16; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company The notificants listed below have applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than July 28, 2016. A. Federal Reserve Bank of St. Louis (David L. Hubbard, Senior Manager) P.O. Box 442, St. Louis, Missouri 63166–2034. Comments can also be sent electronically to Comments.applications@stls.frb.org: 1. Janive Blanchard, Russellville, Arkansas, as trustee of the Blanchard Living Trust; Charles Bowen Blanchard, Russellville, Arkansas; Charles H. Blanchard, Russellville, Arkansas; Cynthia Blanchard, Russellville, Arkansas, individually and as co-trustee of the William H. Bowen Share No. 2 Trust, the William H. Bowen Exempt Share No. 1 QTIP Trust, and the William H. Bowen Nonexempt Share No. 1 QTIP Trust; Mary P. Hardman, PO 00000 Frm 00016 Fmt 4703 Sfmt 4703 45289 Fayetteville, Arkansas, individually and as co-trustee of the William H. Bowen Share No. 2 Trust, the William H. Bowen Exempt Share No. 1 QTIP Trust, and the William H. Bowen Nonexempt Share No. 1 QTIP Trust; and W. Scott Bowen, as co-trustee of the William H. Bowen Share No. 2 Trust, the William H. Bowen Exempt Share No. 1 QTIP Trust, and the William H. Bowen Nonexempt Share No. 1 QTIP Trust, to acquire voting shares of First State Banking Corporation, Russellville, Arkansas, and thereby acquire First State Bank, Russellville, Arkansas. 2. James Troy ‘‘J.T.’’ Compton, Mountain View, Arkansas; Charles Kevin Compton, Little Rock, Arkansas; Kris David Compton, Hendersonville, North Carolina; James Kent ‘‘Ken’’ Compton, Conway, Arkansas, each as a general partner and limited partner of the Compton Stone Quarry Family Limited Partnership, LLLP, and as members of the Compton family control group that also includes Lauren Ashley Compton, Niva Compton Lancaster, Springfield, Missouri, as trustee of the Niva Compton Lancaster GST Exempt Trust, Niva Compton Lancaster as trustee of the Niva Lancaster Revocable Living Trust, Charles Daniels and Sonya Daniels, both of Navarre, Florida, as cotrustees of the Daniels Family Trust Dated 7/12/2006, Sonya Daniels as trustee of the Douglas Lancaster Trust and Charles Kevin Compton as trustee of the Kevin Compton Revocable Trust, to acquire voting shares of Stone Bancshares, Inc., of Mountain View, Arkansas, and thereby acquire Stone Bank, Mountain View, Arkansas. Board of Governors of the Federal Reserve System, July 7, 2016. Margaret Shanks, Deputy Secretary of the Board. [FR Doc. 2016–16453 Filed 7–12–16; 8:45 am] BILLING CODE 6210–01–P GENERAL SERVICES ADMINISTRATION [Notice–MZ–2016–01; Docket No. 2016– 0002; Sequence No. 18] Notice of Public Meeting Concerning the Unified Shared Services Management Office, Update on the Federal Shared Services Ecosystem Unified Shared Services Management Office, Office of Government-wide Policy (OGP), General Services Administration (GSA). ACTION: Meeting notice. AGENCY: This meeting is intended to provide industry partners with an SUMMARY: E:\FR\FM\13JYN1.SGM 13JYN1

Agencies

[Federal Register Volume 81, Number 134 (Wednesday, July 13, 2016)]
[Notices]
[Pages 45288-45289]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16529]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1542]


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 if the resulting company's consolidated liabilities would 
exceed 10 percent of the aggregate financial sector liabilities.\1\
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 1852(a)(2), (b).
---------------------------------------------------------------------------

    Pursuant to Regulation XX, the Federal Reserve will publish the 
aggregate financial sector liabilities by July 1 of each year. 
Aggregate financial sector liabilities equals the average of the year-
end financial sector liabilities figure (as of December 31) of each of 
the preceding two calendar years.

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

Aggregate Financial Sector Liabilities

    Aggregate financial sector liabilities is equal to 
$21,786,571,865,000.\2\ This measure is in effect from July 1, 2016 
through June 30, 2017.
---------------------------------------------------------------------------

    \2\ This number reflects the average of the financial sector 
liabilities figure for the year ending December 31, 2014 
($21,632,232,035,000) and the year ending December 31, 2015 
($21,940,911,695,000).
---------------------------------------------------------------------------

Calculation Methodology

    Aggregate financial sector liabilities equals the average of the 
year-end financial sector liabilities figure (as of December 31) of 
each of the preceding two calendar years. The year-end financial sector 
liabilities figure equals the sum of the total consolidated liabilities 
of all top-tier U.S. financial companies and the U.S. liabilities of 
all top-tier foreign financial companies, calculated using the 
applicable methodology for each financial company, as set forth in 
Regulation XX and summarized below.
    Consolidated liabilities of a U.S. financial company that was 
subject to consolidated risk-based capital rules as of December 31 of 
the year being measured, equal 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. For the year ending on 
December 31, 2015, companies in this category include (with certain 
exceptions listed below) bank holding companies, savings and loan 
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.

[[Page 45289]]

    Consolidated liabilities of a U.S. financial company not subject to 
consolidated risk-based capital rules as of December 31 of the year 
being measured, equal liabilities calculated in accordance with 
applicable accounting standards. For the year ending on December 31, 
2015, companies in this category include nonbank financial companies 
supervised by the Board, bank holding companies and savings and loan 
holding companies subject to the Federal Reserve's Small Bank Holding 
Company Policy Statement, savings and loan holding companies 
substantially engaged in insurance underwriting or commercial 
activities, and U.S. companies that control depository institutions but 
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.\3\ 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.
---------------------------------------------------------------------------

    \3\ 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 U.S. 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, 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, plus the assets of 
all branches, agencies, and nonbank subsidiaries, calculated in 
accordance with applicable accounting standards. 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.
    The Board granted requests from three financial companies to use an 
accounting standard or method of estimation other than GAAP to 
calculate liabilities. All three companies were insurance companies 
that report financial information under Statutory Accounting Principles 
(``SAP''). The Board approved methods of estimation for these companies 
that were based on line items from SAP reports, with adjustments to 
reflect certain differences in accounting treatment between GAAP and 
SAP.

    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, June 28, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-16529 Filed 7-12-16; 8:45 am]
 BILLING CODE 6210-01-P