Announcement of Financial Sector Liabilities, 31062-31063 [2017-14011]

Download as PDF 31062 Federal Register / Vol. 82, No. 127 / Wednesday, July 5, 2017 / Notices 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. 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 31, 2017. A. Federal Reserve Bank of Minneapolis (Brendan S. Murrin, Assistant Vice President) 90 Hennepin Avenue, Minneapolis, Minnesota 55480–0291: 1. Kirkwood Bancorporation Co. Bismarck, North Dakota; to acquire up to 33 percent of the voting shares of Kirkwood Bancorporation of Nevada, Inc., Las Vegas, Nevada, and thereby indirectly acquire shares of Kirkwood Bank of Nevada, Las Vegas, Nevada. Board of Governors of the Federal Reserve System, June 29, 2017. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2017–14054 Filed 7–3–17; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM [Docket No. Op–1567] sradovich on DSK3GMQ082PROD 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 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). VerDate Sep<11>2014 17:57 Jul 03, 2017 Jkt 241001 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 $21,010,053,985,500.2 This measure is in effect from July 1, 2017 through June 30, 2018. 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, 2016, companies in this category include (with certain exceptions listed below) bank holding companies, savings and loan holding 2 This number reflects the average of the financial sector liabilities figure for the year ending December 31, 2015 ($21,940,911,695,000) and the year ending December 31, 2016 ($20,079,196,276,000). The decrease in liabilities between year-end 2015 and 2016 was primarily caused by the status change of General Electric Company and Metlife, Inc. As of year-end 2015, both companies met the definition of financial company under Regulation XX and were included in the financial sector liability calculation for that year. As of year-end 2016, neither General Electric Company nor Metlife, Inc. met the definition of financial company and, thus, both were excluded from the financial liability calculation. A further decrease in liabilities resulted from certain foreign banking organizations holding more risk-based capital against their U.S.-based assets in year-end 2016, compared to year-end 2015. PO 00000 Frm 00024 Fmt 4703 Sfmt 4703 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. 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, 2016, 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. 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). E:\FR\FM\05JYN1.SGM 05JYN1 Federal Register / Vol. 82, No. 127 / Wednesday, July 5, 2017 / Notices 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), the FR Y–9C and the FR XX–1 to calculate liabilities of these institutions. The Board granted a request from one financial company to use an accounting standard or method of estimation other than GAAP to calculate liabilities. The requesting company is an insurance company that reports financial information under Statutory Accounting Principles (‘‘SAP’’). The Board approved a method of estimation for this company that is 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 Supervision and Regulation under delegated authority, June 28, 2017. Ann E. Misback, Secretary of the Board. [FR Doc. 2017–14011 Filed 7–3–17; 8:45 am] BILLING CODE 6210–01–P GENERAL SERVICES ADMINISTRATION [Notice-MK–2017–01; Docket No. 2017– 0002; Sequence 11] The Presidential Commission on Election Integrity (PCEI); Upcoming Public Advisory Meeting Office of Government-wide Policy (OGP), General Services Administration (GSA). ACTION: Meeting notice. The Presidential Advisory Commission on Election Integrity (Commission), a Federal Advisory Committee established in accordance with the Federal Advisory Committee Act (FACA), 5 U.S.C. App., and Executive Order 13799, (https:// www.federalregister.gov/documents/ 2017/05/16/2017-10003/establishmentof-presidential-advisory-commission-onelection-integrity) will hold its first meeting on Wednesday, July 19, 2017. This meeting will consist of a ceremonial swearing in of Commission members, introductions and statements from members, a discussion of the Commission’s charge and objectives, possible comments or presentations from invited experts, and a discussion of next steps and related matters. DATES: Meeting Date: The first Commission meeting will be held on Wednesday, July 19, 2017, from 11:00 sradovich on DSK3GMQ082PROD with NOTICES VerDate Sep<11>2014 17:57 Jul 03, 2017 Jkt 241001 The meeting will be held at the Eisenhower Executive Office Building, Room 350, located at 1650 Pennsylvania Avenue NW., Washington, DC 20502. It will be open to the public through livestreaming on https:// www.whitehouse.gov/live. ADDRESSES: To obtain information about the Commission or to submit written comments for the Commission’s consideration, contact the Commission’s Designated Federal Officer, Andrew Kossack, via email at ElectionIntegrityStaff@ovp.eop.gov or telephone at 202–456–3794. Please note the Commission may post written comments publicly, including names and contact information, in accordance with the provisions of FACA. There will not be oral comments from the public at this initial meeting. The Commission will provide individuals interested in providing oral comments the opportunity to do so at subsequent meetings. Requests to accommodate disabilities with respect to livestreaming or otherwise should also be sent to the email address listed above, preferably at least 10 days prior to the meeting to allow time for processing. Dated: June 30, 2017. Jeffrey A. Koses, Director, Office of Acquisition Policy, Office of Government-wide Policy. [FR Doc. 2017–14210 Filed 7–3–17; 8:45 am] BILLING CODE 6820–61–P DEPARTMENT OF HEALTH AND HUMAN SERVICES FOR FURTHER INFORMATION CONTACT: The Commission was established in accordance with E.O. 13799 of March 11, 2017, the Commission’s charter, and the provisions of FACA. The Commission will, consistent with applicable law and E.O. 13799, study the registration and voting processes used in Federal elections. The Commission shall be solely advisory and shall submit a report to the President of the United States that identifies the following: a. Those laws, rules, policies, activities, strategies, and practices that enhance the American people’s confidence in the integrity of the voting processes used in Federal elections; b. those laws, rules, policies, activities, strategies, and practices that undermine the American people’s confidence in the integrity of voting processes used in Federal elections; and c. those vulnerabilities in voting systems and practices used for Federal elections that could lead to improper voter registrations and improper voting, including fraudulent voter registrations and fraudulent voting. SUPPLEMENTARY INFORMATION: AGENCY: SUMMARY: a.m., Eastern Daylight Time (EDT) until no later than 5:00 p.m., EDT. 31063 PO 00000 Frm 00025 Fmt 4703 Sfmt 4703 Centers for Disease Control and Prevention [30Day–17–1146] Agency Forms Undergoing Paperwork Reduction Act Review The Centers for Disease Control and Prevention (CDC) has submitted the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995. The notice for the proposed information collection is published to obtain comments from the public and affected agencies. Written comments and suggestions from the public and affected agencies concerning the proposed collection of information are encouraged. Your comments should address any of the following: (a) Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) Evaluate the accuracy of the agencies estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; (c) Enhance the quality, utility, and clarity of the information to be collected; (d) Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses; and (e) Assess information collection costs. To request additional information on the proposed project or to obtain a copy of the information collection plan and instruments, call (404) 639–7570 or send an email to omb@cdc.gov. Written comments and/or suggestions regarding the items contained in this notice should be directed to the Attention: CDC Desk Officer, Office of Management and Budget, Washington, DC 20503 or by fax to (202) 395–5806. Written comments should be received within 30 days of this notice. E:\FR\FM\05JYN1.SGM 05JYN1

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[Federal Register Volume 82, Number 127 (Wednesday, July 5, 2017)]
[Notices]
[Pages 31062-31063]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-14011]


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FEDERAL RESERVE SYSTEM

[Docket No. Op-1567]


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 
$21,010,053,985,500.\2\ This measure is in effect from July 1, 2017 
through June 30, 2018.
---------------------------------------------------------------------------

    \2\ This number reflects the average of the financial sector 
liabilities figure for the year ending December 31, 2015 
($21,940,911,695,000) and the year ending December 31, 2016 
($20,079,196,276,000). The decrease in liabilities between year-end 
2015 and 2016 was primarily caused by the status change of General 
Electric Company and Metlife, Inc. As of year-end 2015, both 
companies met the definition of financial company under Regulation 
XX and were included in the financial sector liability calculation 
for that year. As of year-end 2016, neither General Electric Company 
nor Metlife, Inc. met the definition of financial company and, thus, 
both were excluded from the financial liability calculation. A 
further decrease in liabilities resulted from certain foreign 
banking organizations holding more risk-based capital against their 
U.S.-based assets in year-end 2016, compared to year-end 2015.
---------------------------------------------------------------------------

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, 2016, 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.
    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, 
2016, 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.

[[Page 31063]]

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), the FR Y-9C and the 
FR XX-1 to calculate liabilities of these institutions.
    The Board granted a request from one financial company to use an 
accounting standard or method of estimation other than GAAP to 
calculate liabilities. The requesting company is an insurance company 
that reports financial information under Statutory Accounting 
Principles (``SAP''). The Board approved a method of estimation for 
this company that is 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 Supervision and Regulation 
under delegated authority, June 28, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-14011 Filed 7-3-17; 8:45 am]
 BILLING CODE 6210-01-P