Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies, 45287-45288 [2017-20811]
Download as PDF
<![CDATA[
45287
Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices
in the rule should take only 3 minutes
(0.05 hours) to complete.
2. Title: Flood Insurance.
OMB Number: 3064–0120.
Form Number: None.
Affected Public: Insured state
nonmember banks and state savings
associations.
Burden Estimate:
TABLE 1—BURDEN CALCULATION
Item
Share of
burden
Hours
Share
Hours
1. Disclosure to the Borrower ..................
2. Disclosure to the Servicer ...................
3. Report to FEMA of a Change in
Servicer ................................................
4. Recordkeeping (Bank keeps a copy of
all notifications) .....................................
50%
........................
0.50
........................
90%
........................
0.45
........................
0.225
0.225
25,097
25,097
........................
........................
10%
0.05
0.05
5,577
50
........................
0.50
1.0
........................
........................
0.50
1.0
0.50
1.0
55,770
111,540
Respondents (FDIC supervised banks with real estate loans) ...........................................................................................................
Frequency (Average no. of real estate loans serviced w/flood ins) ....................................................................................................
3,718
30
Total burden .................................................................................................................................................................................
111,540
Hours
Total hours
Sources: FDIC, FEMA, Federal Reserve Board.
General Description of Collection:
Each supervised lending institution is
currently required to provide a notice of
special flood hazards to each borrower
with a loan secured by a building or
mobile home located or to be located in
an area identified by the Director of the
Federal Emergency Management Agency
as being subject to special flood hazards.
The Riegle Community Development
Act requires that each institution also
provide a copy of the notice to the
servicer of the loan (if different from the
originating lender).
There is no change in the method or
substance of the collection. There is an
overall reduction in burden hours
which is the result of (1) economic
fluctuation reflected by a decrease in the
number of FDIC-supervised institutions
and (2) a decrease in the number of
flood insurance policies nationally. In
particular, the number of respondents
and the frequency of response (number
of loans) have decreased while the
hours per response remain the same.
Changes to Data and Assumptions:
FDIC estimates total annual burden to
be 111,540 hours. To obtain this figure,
FDIC relied on: (a) Data from the Federal
Emergency Management Agency
(FEMA) as of May 2017; (b) FDIC Call
Report data as of March 31, 2017; and
(c) Federal Reserve Board mortgage data
as of March 31, 2017.
FEMA reported there were 4,983,954
flood insurance policies in effect with a
total insured value of
$1,238,657,149,400.3
FDIC Call Report data showed that as
of March 31, 2017, there were a total of
5,790 FDIC-insured institutions with a
total of $4.25 trillion in 1–4 family;
3 https://www.fema.gov/flood-insurance-statistics-
current-month (accessed June 15, 2017).
VerDate Sep<11>2014
18:44 Sep 27, 2017
Jkt 241001
multifamily; nonfarm, nonresidential,
and agricultural loans secured by real
estate. As of March 31, 2017, there were
3,718 FDIC-regulated institutions with a
total value of about $1.19 trillion in
these loans. Based on the foregoing, we
estimate that FDIC-regulated banks hold
27.9% of these assets.
The Federal Reserve Board reported
$14.41 trillion in mortgage debt
outstanding in the U.S., with $4.63
trillion (32.4%) held by depository
institutions.4 Since this total debt held
by banks is close to the value of these
real estate loans from Call Report data,
we have confidence that we can meld
the data sets for estimation purposes.
We therefore assume that 32.4% of the
value of flood insurance policies will be
held by U.S. commercial banks: $401
billion.
In the absence of any data on the
number of real estate loans with flood
insurance at any bank, we resort to
apportion 32.4% of the number of flood
insurance policies (1,614,801) to
commercial banks, and 27.9% of those
to FDIC-regulated institutions (451,177).
Because the value of property varies
greatly between different geographical
regions and different banks, it is
doubtful that this estimation of the
number of policies is accurate.
However, there exists no other
reasonable method for deriving the
number of policies at each bank given
available data.
Next, we apportioned the 451,177
flood insurance policies to each FDICregulated institution according to its
share of real estate loans to total real
estate loans. The resulting
4 https://www.federalreserve.gov/econresdata/
releases/mortoutstand/mortoutstand20170331.htm
(accessed June 15, 2017).
PO 00000
Frm 00032
Fmt 4703
Sfmt 4703
apportionment results in an average of
121 policies per bank, and a median of
30 policies per bank. Because the
average is skewed by the large number
of policies at large banks, we believe the
median is a better measure for
calculating burden hours.
Our subject-matter experts (SMEs) for
this rule believe that the total burden to
the public for complying with this rule
is 1.0 hours per policy. We find four
PRA related tasks in this rule: (1)
Disclosure to Borrowers, (2) Disclosure
to Servicers, (3) Reporting to FEMA of
Changes in Coverage, and (4)
Recordkeeping for tasks 1–3 above. We
assume that Recordkeeping will
comprise 1⁄2 hour, and the remaining 1⁄2
is split between the other tasks. We
assume that 90% of policies will
involve a new origination, and 10% of
policies will involve a change in status.
With 3,718 respondents holding a
median of 30 policies and 1 hour of
burden per policy, we calculate a total
burden of 111,540 hours. This burden is
apportioned to each task as shown in
Table 1 above.
Dated at Washington, DC, this 22nd day of
September, 2017. Federal Deposit Insurance
Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2017–20759 Filed 9–27–17; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Savings and Loan Holding
Companies
The companies listed in this notice
have applied to the Board for approval,
E:\FR\FM\28SEN1.SGM
28SEN1
45288
Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices
pursuant to the Home Owners’ Loan Act
(12 U.S.C. 1461 et seq.) (HOLA),
Regulation LL (12 CFR part 238), and
Regulation MM (12 CFR part 239), and
all other applicable statutes and
regulations to become a savings and
loan holding company and/or to acquire
the assets or the ownership of, control
of, or the power to vote shares of a
savings association and nonbanking
companies owned by the savings and
loan 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 application also will 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 HOLA (12 U.S.C. 1467a(e)). 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 10(c)(4)(B) of the
HOLA (12 U.S.C. 1467a(c)(4)(B)). 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 October 23,
2017.
A. Federal Reserve Bank of Cleveland
(Nadine Wallman, Vice President) 1455
East Sixth Street, Cleveland, Ohio
44101–2566. Comments can also be sent
electronically to
Comments.applications@clev.frb.org:
1. First Mutual Holding Co.,
Lakewood, Ohio; to acquire Doolin
Security Savings Bank, FSB, New
Martinsville, West Virginia.
Board of Governors of the Federal Reserve
System, September 25, 2017.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2017–20811 Filed 9–27–17; 8:45 am]
BILLING CODE P
FEDERAL TRADE COMMISSION
Agency Information Collection
Activities; Proposed Collection;
Comment Request
Federal Trade Commission
(‘‘FTC’’ or ‘‘Commission’’).
ACTION: Notice.
AGENCY:
The FTC intends to ask the
Office of Management and Budget
(‘‘OMB’’) to extend for an additional
SUMMARY:
VerDate Sep<11>2014
18:44 Sep 27, 2017
Jkt 241001
three years the current Paperwork
Reduction Act (‘‘PRA’’) clearance for
information collection requirements
contained in the Commission’s Business
Opportunity Rule (‘‘Rule’’). That
clearance expires on January 31, 2018.
DATES: Comments must be submitted by
November 27, 2017.
ADDRESSES: Interested parties may file a
comment online or on paper, by
following the instructions in the
Request for Comment part of the
SUPPLEMENTARY INFORMATION section
below. Write ‘‘Business Opportunity
Rule Paperwork Comment, FTC File No.
P114408’’ on your comment, and file
your comment online at https://
ftcpublic.commentworks.com/ftc/
BusinessOpportunityRulePRA by
following the instructions on the webbased form. If you prefer to file your
comment on paper, mail your comment
to the following address: Federal Trade
Commission, Office of the Secretary,
600 Pennsylvania Avenue NW., Suite
CC–5610 (Annex J), 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, Washington, DC
20024.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information
should be addressed to Christine M.
Todaro, Attorney, Division of Marketing
Practices, Bureau of Consumer
Protection, Federal Trade Commission,
600 Pennsylvania Avenue NW., CC–
8528, Washington, DC 20580, (202) 326–
3711.
SUPPLEMENTARY INFORMATION: Under the
PRA, 44 U.S.C. 3501–3521, federal
agencies must obtain approval from
OMB for each collection of information
they conduct or sponsor. ‘‘Collection of
information’’ means agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. 44 U.S.C.
3502(3); 5 CFR 1320.3(c). As required by
section 3506(c)(2)(A) of the PRA, the
FTC is providing this opportunity for
public comment before requesting that
OMB extend the existing clearance for
the information collection requirements
contained in the Business Opportunity
Rule, 16 CFR part 437 (OMB Control
Number 3084–0142).
The FTC invites comments on: (1)
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;
(2) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information, including the validity of
PO 00000
Frm 00033
Fmt 4703
Sfmt 4703
the methodology and assumptions used;
(3) ways to enhance the quality, utility,
and clarity of the information to be
collected; and (4) ways to 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.
The Business Opportunity Rule
requires business opportunity sellers to
furnish to prospective purchasers a
disclosure document that provides
information relating to the seller, the
seller’s business, the nature of the
proposed business opportunity, as well
as additional information regarding any
claims about actual or potential sales,
income, or profits for a prospective
business opportunity purchaser. The
seller must also preserve information
that forms a reasonable basis for such
claims. These disclosure and
recordkeeping requirements are subject
to the PRA.
The Rule is designed to ensure that
prospective purchasers of a business
opportunity receive information that
will help them evaluate the opportunity
that is presented to them. Sellers must
disclose five key items of information in
a simple, one-page document:
• The seller’s identifying information;
• whether the seller makes a claim
about the purchaser’s likely earnings
(and, if the seller checks the ‘‘yes’’ box,
the seller must provide information
supporting any such claims);
• whether the seller, its affiliates or
key personnel have been involved in
certain legal actions (and, if yes, the
seller must provide a separate list of
those actions);
• whether the seller has a
cancellation or refund policy (and, if
yes, the seller must provide a separate
document stating the material terms of
such policies); and
• a list of persons who bought the
business opportunity within the
previous three years.
Misrepresentations and omissions are
prohibited under the Rule, and for sales
conducted in languages other than
English, all disclosures must be
provided in the language in which the
sale is conducted.
PRA Burden Analysis
Subject to public comment to shed
further light, the FTC retains its
respondent population estimates from
its prior OMB clearance for the
information collection requirements
E:\FR\FM\28SEN1.SGM
28SEN1
]]>Agencies
[Federal Register Volume 82, Number 187 (Thursday, September 28, 2017)]
[Notices]
[Pages 45287-45288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20811]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Savings and Loan
Holding Companies
The companies listed in this notice have applied to the Board for
approval,
[[Page 45288]]
pursuant to the Home Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA),
Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239),
and all other applicable statutes and regulations to become a savings
and loan holding company and/or to acquire the assets or the ownership
of, control of, or the power to vote shares of a savings association
and nonbanking companies owned by the savings and loan 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 application also will 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 HOLA (12 U.S.C. 1467a(e)). 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 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). 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 October 23, 2017.
A. Federal Reserve Bank of Cleveland (Nadine Wallman, Vice
President) 1455 East Sixth Street, Cleveland, Ohio 44101-2566. Comments
can also be sent electronically to Comments.applications@clev.frb.org:
1. First Mutual Holding Co., Lakewood, Ohio; to acquire Doolin
Security Savings Bank, FSB, New Martinsville, West Virginia.
Board of Governors of the Federal Reserve System, September 25,
2017.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2017-20811 Filed 9-27-17; 8:45 am]
BILLING CODE P
