Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 23792 [2019-10796]
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Federal Register / Vol. 84, No. 100 / Thursday, May 23, 2019 / Notices
holding company or bank has
aggregated trading assets and trading
liabilities equal to 10 percent or more of
quarter-end total assets or $1 billion or
more (covered FDIC-supervised
institutions). Currently, only one FDICregulated entity meets the criteria of the
information collection requirements that
are located at 12 CFR 324.203 through
324.212. The collection of information
is necessary to ensure capital adequacy
appropriate for the level of market risk.
Section 324.203(a)(1) requires covered
FDIC-supervised institutions to have
clearly defined policies and procedures
for determining which trading assets
and trading liabilities are trading
positions and specifies the factors a
covered FDIC-supervised institution
must take into account in drafting those
policies and procedures. Section
324.203(a)(2) requires covered FDICsupervised institutions to have clearly
defined trading and hedging strategies
for trading positions that are approved
by senior management and specifies
what the strategies must articulate.
Section 324.203(b)(1) requires covered
FDIC-supervised institutions to have
clearly defined policies and procedures
for actively managing all covered
positions and specifies the minimum
requirements for those policies and
procedures. Sections 324.203(c)(4)
through 324.203(c)(10) require the
annual review of internal models and
specify certain requirements for those
models. Section 324.203(d) requires the
internal audit group of a covered FDICsupervised institution to prepare an
annual report to the board of directors
on the effectiveness of controls
supporting the market risk measurement
systems.
Section 324.204(b) requires covered
FDIC-supervised institutions to conduct
quarterly backtesting. Section
324.205(a)(5) requires institutions to
demonstrate to the FDIC the
appropriateness of proxies used to
capture risks within value-at-risk
models. Section 324.205(c) requires
institutions to develop, retain, and make
available to the FDIC value-at-risk and
profit and loss information on subportfolios for two years. Section
324.206(b)(3) requires covered FDICsupervised institutions to have policies
and procedures that describe how they
determine the period of significant
financial stress used to calculate the
institution’s stressed value-at-risk
models and to obtain prior FDIC
approval for any material changes to
these policies and procedures.
Section 324.207(b)(1) details
requirements applicable to a covered
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FDIC-supervised institution when the
covered FDIC-supervised institution
uses internal models to measure the
specific risk of certain covered
positions. Section 324.208 requires
covered FDIC-supervised institutions to
obtain prior written FDIC approval for
including equity positions in its
incremental risk modeling. Section
324.209(a) requires prior FDIC approval
for the use of a comprehensive risk
measure. Section 324.209(c)(2) requires
covered FDIC-supervised institutions to
retain and report the results of
supervisory stress testing. Section
324.210(f)(2)(i) requires covered FDICsupervised institutions to document an
internal analysis of the risk
characteristics of each securitization
position in order to demonstrate an
understanding of the position. Section
324.212 applies to certain covered FDICsupervised institutions that are not
subsidiaries of bank holding companies,
and requires quarterly quantitative
disclosures, annual qualitative
disclosures, and a formal disclosure
policy approved by the board of
directors that addresses the approach for
determining the market risk disclosures
it makes.
The annual burden for this
information collection is estimated to be
5,228 hours. This represents an increase
of 1,300 hours from the current burden
estimate of 3,928 hours. This increase is
not due to any new requirements
imposed by the FDIC. Rather, it is due
to FDIC’s reassessment of the number of
respondents as well as the frequency of
responses per respondent per year.
Request for Comment
Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the information collection,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
Dated at Washington, DC, on May 20, 2019.
PO 00000
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2019–10795 Filed 5–22–19; 8:45 am]
BILLING CODE 6714–01–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 June 19, 2019.
A. Federal Reserve Bank of
Minneapolis (Mark A. Rauzi, Vice
President), 90 Hennepin Avenue,
Minneapolis, Minnesota 55480–0291:
1. Meta Financial Group, Inc., Sioux
Falls, South Dakota; to become a bank
holding company upon the conversion
of its federal savings bank subsidiary,
MetaBank, Sioux Falls, South Dakota,
into a national bank to be named
MetaBank, National Association.
Board of Governors of the Federal Reserve
System, May 20, 2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2019–10796 Filed 5–22–19; 8:45 am]
BILLING CODE P
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[Federal Register Volume 84, Number 100 (Thursday, May 23, 2019)]
[Notices]
[Page 23792]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10796]
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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 June 19, 2019.
A. Federal Reserve Bank of Minneapolis (Mark A. Rauzi, Vice
President), 90 Hennepin Avenue, Minneapolis, Minnesota 55480-0291:
1. Meta Financial Group, Inc., Sioux Falls, South Dakota; to become
a bank holding company upon the conversion of its federal savings bank
subsidiary, MetaBank, Sioux Falls, South Dakota, into a national bank
to be named MetaBank, National Association.
Board of Governors of the Federal Reserve System, May 20, 2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2019-10796 Filed 5-22-19; 8:45 am]
BILLING CODE P
