Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities, 42298 [2018-17975]
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Federal Register / Vol. 83, No. 162 / Tuesday, August 21, 2018 / Notices
Current actions: On January 22, 2018
the Board published a notice in the
Federal Register (83 FR 2983)
requesting public comment for 60 days
on the extension, with revision, of the
Reporting Requirements Associated
with Resolution Plans (Regulation QQ).
The revision to the clearance is burden
increase due to a reassessment of the
burden hours associated with
responding to the informational
requirements of Regulation QQ and to
guidance, feedback, and additional
requests for information by the agencies
as part of the iterative resolution
planning process. The increase in
burden is mitigated by the
postponement of the July 2018
submission date for the resolution plans
of the complex domestic filers, which
account for the largest percentage of
overall burden hours. The comment
period for this notice expired on March
23, 2018. The Board received one
comment on the proposal. The
commenter recommended a number of
potential changes to Regulation QQ
intended to enhance the quality of the
information collected pursuant to the
regulation and reduce the burden of the
information collection requirements.7
The Board is not adopting any of the
recommended changes at this time.
Either a revision to the Board’s
Regulation QQ or joint action with the
FDIC would be necessary to implement
each of the recommended changes. Most
of the recommendations would require
changes to the Board’s Regulation QQ,
which could only be accomplished
sradovich on DSK3GMQ082PROD with NOTICES
7 These
recommended changes include:
(i) Extending the annual resolution plan filing
cycle to a two-year cycle;
(ii) providing additional clarity on filing
deadlines;
(iii) requiring that any agency guidance be
provided more than 12 months in advance of each
filing deadline;
(iv) allowing firms to satisfy some of their
Regulation QQ requirements by incorporating their
IDI plans by reference;
(v) providing for further tailoring based on the
systemic risk posed by each firm,
(vi) further reducing the need for duplicative
reporting;
(vii) adjusting the forecasting expected from the
firms;
(viii) providing greater guidance regarding
regulatory expectations related to the resolution of
financial market utilities;
(ix) eliminating the strategic analysis section from
tailored plans;
(x) providing an opportunity for notice and
comment on any new information requirements, the
framework used for assessing resolution plans, and
the procedures related to remediation;
(xi) requiring the agencies to provide feedback on
plans within six months of plan submission;
(xii) refraining from making feedback provided to
the firms public or providing firms more time to
consider the feedback before it is made public; and
(xiii) reconsidering the procedures the Board and
FDIC undertake to engage with firms.
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pursuant to a rulemaking. In addition,
the Board could not unilaterally take the
actions requested by these comments,
even those that would not require a
rulemaking, as they fall under the
purview of a rule that the Board
proposed jointly with the FDIC and a
process that is jointly administered by
the two agencies.8 However, the Board
will consider the recommended changes
in due course as it determines, in
consultation with the FDIC, whether to
conduct a joint rulemaking. The
revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve
System, August 15, 2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018–17964 Filed 8–20–18; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Notice of Proposals To Engage in or
To Acquire Companies Engaged in
Permissible Nonbanking Activities
The companies listed in this notice
have given notice under section 10 of
the Home Owners’ Loan Act (12 U.S.C.
1467a) (HOLA) and Regulation LL, (12
CFR part 238) to engage de novo, or to
acquire or control voting securities or
assets of a company, including the
companies listed below, that engages
either directly or through a subsidiary or
other company, in a nonbanking activity
that is listed in § 238.53 of Regulation
LL (12 CFR 225.53). Unless otherwise
noted, these activities will be conducted
throughout the United States.
Each notice is available for inspection
at the Federal Reserve Bank indicated.
The notice also will be available for
inspection at the offices of the Board of
Governors. Interested persons may
express their views in writing on the
question whether the proposal complies
with the standards of section 10(c)(4)(B)
of the HOLA 12 U.S.C. 1467a(c)(4)(B).
Unless otherwise noted, comments
regarding the notices must be received
at the Reserve Bank indicated or the
offices of the Board of Governors not
later than September 4, 2018.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
8 See 12 U.S.C. 5365(d)(8) (requiring the Board
and FDIC to issue joint rules implementing the
Dodd-Frank Act’s resolution planning
requirements), 12 CFR. Part 243 (the Board’s
resolution planning rule), and 12 CFR. Part 381 (the
FDIC’s resolution planning rule). Aspects of the
statute and regulations require joint actions or
determinations by the Board and FDIC and
therefore the agencies have jointly developed a
coordinated resolution plan review process.
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President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. McHenry Bancorp, Inc., McHenry,
Illinois; to engage de novo in purchasing
and servicing loans, and holding and
managing improved real estate,
pursuant to sections 238.53(b)(1) and (8)
of Regulation LL.
Board of Governors of the Federal Reserve
System, August 16, 2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018–17975 Filed 8–20–18; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
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.
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 September 18,
2018.
A. Federal Reserve Bank of Dallas
(Robert L. Triplett III, Senior Vice
President) 2200 North Pearl Street,
Dallas, Texas 75201–2272:
1. Woodforest Financial Group
Employee Stock Ownership Plan, The
Woodlands, Texas; and Woodforest
Financial Group Employee Stock
Ownership Trust, Spring, Texas; to
acquire up to an additional 28 percent
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[Federal Register Volume 83, Number 162 (Tuesday, August 21, 2018)]
[Notices]
[Page 42298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17975]
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FEDERAL RESERVE SYSTEM
Notice of Proposals To Engage in or To Acquire Companies Engaged
in Permissible Nonbanking Activities
The companies listed in this notice have given notice under section
10 of the Home Owners' Loan Act (12 U.S.C. 1467a) (HOLA) and Regulation
LL, (12 CFR part 238) to engage de novo, or to acquire or control
voting securities or assets of a company, including the companies
listed below, that engages either directly or through a subsidiary or
other company, in a nonbanking activity that is listed in Sec. 238.53
of Regulation LL (12 CFR 225.53). Unless otherwise noted, these
activities will be conducted throughout the United States.
Each notice is available for inspection at the Federal Reserve Bank
indicated. The notice also will be available for inspection at the
offices of the Board of Governors. Interested persons may express their
views in writing on the question whether the proposal complies with the
standards of section 10(c)(4)(B) of the HOLA 12 U.S.C. 1467a(c)(4)(B).
Unless otherwise noted, comments regarding the notices must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than September 4, 2018.
A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
1. McHenry Bancorp, Inc., McHenry, Illinois; to engage de novo in
purchasing and servicing loans, and holding and managing improved real
estate, pursuant to sections 238.53(b)(1) and (8) of Regulation LL.
Board of Governors of the Federal Reserve System, August 16,
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-17975 Filed 8-20-18; 8:45 am]
BILLING CODE 6210-01-P
