Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 3048-3049 [2020-00750]
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lotter on DSKBCFDHB2PROD with NOTICES
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Federal Register / Vol. 85, No. 12 / Friday, January 17, 2020 / Notices
conditions that apply when the sponsor
of a securitization allocates to
originators of securitized assets a
portion of the credit risk the sponsor is
required to retain. The sponsor must
provide the same disclosures required
by section 244.4(c) of Regulation RR or
section 246.6(c) of the SEC’s credit risk
retention rule, as applicable, and must
also, a reasonable period of time prior
to the sale of the ABS as part of the
securitization transaction, disclose the
following to potential investors: The
name and form of organization of any
originator that acquired and retained (or
will acquire and retain) an interest in
the transaction; a description of the
form, amount, and nature of such
interest; and the method of payment for
such interest. A sponsor relying on this
section is also required to maintain and
adhere to policies and procedures that
are reasonably designed to monitor
originator compliance with the retention
amount, as well as hedging, transferring,
and pledging requirements, and to
promptly notify the holders of the ABS
interests issued in the transaction in the
event of originator non-compliance with
such requirements.
Exemption for Qualified Residential
Mortgages and Exemptions for
Securitizations of Certain Three-to-Four
Unit Mortgage Loans. Sections 244.13
and 244.19(g) of Regulation RR and
sections 246.13 and 246.19(g) of the
SEC’s credit risk retention rule provide
exemptions from the risk retention
requirements for qualified residential
mortgages and qualifying three-to-four
unit residential mortgage loans that
meet certain criteria, including that the
depositor with respect to the
securitization transaction certify that it
has evaluated the effectiveness of its
internal supervisory controls and
concluded that the controls are
effective, and that the sponsor provide
a copy of the certification to potential
investors prior to sale of asset-backed
securities in the issuing entity. In
addition, sections 244.13(c)(3) and
244.19(g)(3) of Regulation RR and
sections 246.13(c)(3) and 246.19(g)(3) of
the SEC’s credit risk retention rule
provide that a sponsor that has relied
upon the exemptions will not lose the
exemptions if, after closing of the
transaction, it is determined that one or
more of the residential mortgage loans
does not meet all of the criteria,
provided that the depositor complies
with certain specified requirements,
including prompt notice to the holders
of the asset-backed securities of any
loan that is required to be repurchased
by the sponsor, the amount of such
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18:20 Jan 16, 2020
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repurchased loan, and the cause for
such repurchase.
Qualifying Commercial Loans, CRE
Loans, and Automobile Loans. Section
244.15 of Regulation RR and section
246.15 of the SEC’s credit risk retention
rule provide exemptions from the risk
retention requirements for qualifying
commercial loans that meet the criteria
specified in section 244.16 of Regulation
RR or section 246.16 of the SEC’s credit
risk retention rule, qualifying CRE loans
that meet the criteria specified in
section 244.17 of Regulation RR or
section 246.17 of the SEC’s credit risk
retention rule, and qualifying
automobile loans that meet the criteria
specified in section 244.18 of Regulation
RR or section 246.18 of the SEC’s credit
risk retention rule. A sponsor must
disclose to potential investors, a
reasonable period of time prior to the
sale of asset-backed securities of the
issuing entity: A description of the
manner in which the sponsor
determined the aggregate risk retention
requirement for the securitization
transaction after including qualifying
commercial loans, qualifying CRE loans,
or qualifying automobile loans with 0
percent risk retention. In addition, the
sponsor is required to disclose
descriptions of the qualifying
commercial loans, qualifying CRE loans,
and qualifying automobile loans
(qualifying assets), and descriptions of
the assets that are not qualifying assets,
and the material differences between the
group of qualifying assets and the group
of assets that are not qualifying assets
with respect to the composition of each
group’s loan balances, loan terms,
interest rates, borrower credit
information, and characteristics of any
loan collateral. Additionally, a sponsor
must retain the above disclosures in its
records until three years after all ABS
interests are no longer outstanding.
Underwriting Standards for
Qualifying Commercial Loans,
Underwriting Standards for Qualifying
CRE Loans, and Underwriting Standards
for Qualifying Automobile Loans.
Sections 244.16, 244.17, and 244.18 of
Regulation RR and sections 246.16,
246.17, and 246.18 of the SEC’s credit
risk retention rule each require that the
depositor of an asset-backed security
certify that it has evaluated the
effectiveness of its internal supervisory
controls and concluded that its internal
supervisory controls are effective. The
sponsor is required to provide a copy of
the certification to potential investors
prior to the sale of asset-backed
securities in the issuing entity, and the
sponsor must promptly notify the
holders of the asset-backed securities of
any loan included in the transaction
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that is required to be cured or
repurchased by the sponsor, including
the principal amount of such loan and
the cause for such cure or repurchase.
Additionally, a sponsor must retain the
disclosures required in sections
244.16(a)(8), 244.17(a)(10), and
244.18(a)(8) of Regulation RR or sections
246.16(a)(8), 246.17(a)(10), and
246.18(a)(8) of the SEC’s credit risk
retention rule, as applicable, in its
records until three years after all ABS
interests are no longer outstanding.
Legal authorization and
confidentiality: The FR RR is authorized
pursuant to section 15G of the Securities
Exchange Act, which authorizes the
Board, jointly with the Office of the
Comptroller of the Currency (OCC),
Federal Deposit Insurance Corporation
(FDIC), and SEC, to prescribe risk
retention regulations (15 U.S.C. 78o–11).
The FR RR is mandatory.
The FR RR contains recordkeeping
and disclosure requirements that are not
submitted to the Board, so the issue of
confidentiality will not normally arise.
If the Board’s examiners retain a copy of
the records as part of an examination,
the records may be exempt from
disclosure under exemption 8 of the
Freedom of Information Act, which
exempts from disclosure matters that are
‘‘contained in or related to examination,
operating, or condition reports prepared
by, on behalf of, or for the use of an
agency responsible for the regulation or
supervision of financial institutions’’ (5
U.S.C. 552(b)(8)).
Current actions: On September 30,
2019, the Board published a notice in
the Federal Register (84 FR 51569)
requesting public comment for 60 days
on the extension, without revision, of
the FR RR. The comment period for this
notice expired on November 29, 2019.
The Board did not receive any
comments.
Board of Governors of the Federal Reserve
System, January 14, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020–00746 Filed 1–16–20; 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 (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
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17JAN1
Federal Register / Vol. 85, No. 12 / Friday, January 17, 2020 / Notices
notices are set forth in paragraph 7 of
the Act (12 U.S.C. 1817(j)(7)).
The applications listed below, as well
as other related filings required by the
Board, if any, 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 paragraph 7 of
the Act.
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
and Constitution Avenue NW,
Washington, DC 20551–0001, not later
than February 3, 2020.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. The DMB Corporation, Inc.
Employee Stock Ownership Plan,
DeForest, Wisconsin, Bradley Schroeder,
DeForest, Wisconsin; Rhonda
Gilbertson, Pardeeville, Wisconsin; and
Rachel Larson, Columbus, Wisconsin, as
co-trustees; and as members of a group
acting in concert with State Bank of
Cross Plains, Cross Plains, Wisconsin, as
custodian for the Heather L. Schroeder
Individual Retirement Account; Bradley
Schroeder and Heather Schroeder, both
of DeForest, Wisconsin; Kevin
Gilbertson and Rhonda Gilbertson, both
of Pardeeville, Wisconsin; and Aaron
Larson and Rachel Larson, both of
Columbus, Wisconsin, to retain voting
shares of DMB Corporation, Inc., and
thereby indirectly retain voting shares of
DMB Community Bank, both of
DeForest, Wisconsin.
Board of Governors of the Federal Reserve
System, January 14, 2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020–00750 Filed 1–16–20; 8:45 am]
BILLING CODE P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
lotter on DSKBCFDHB2PROD with NOTICES
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, with revision, the Market
SUMMARY:
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18:20 Jan 16, 2020
Jkt 250001
Risk Capital Rule (FR 4201; OMB No.
7100–0314).
DATES: Comments must be submitted on
or before March 17, 2020.
ADDRESSES: You may submit comments,
identified by FR 4201, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov/. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Email: regs.comments@
federalreserve.gov. Include the OMB
number in the subject line of the
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments are available
from the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room 146, 1709 New York
Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on
weekdays. For security reasons, the
Board requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (OMB) Desk
Officer—Shagufta Ahmed—Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Room 10235,
725 17th Street NW, Washington, DC
20503, or by fax to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT: A
copy of the Paperwork Reduction Act
(PRA) OMB submission, including the
reporting form and instructions,
supporting statement, and other
documentation will be placed into
OMB’s public docket files, if approved.
These documents will also be made
available on the Board’s public website
at https://www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears below.
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3049
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the PRA to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’s
estimate of the burden of the proposed
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;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Board should
modify the proposal.
Proposal under OMB Delegated
Authority to Extend for Three Years,
With Revision, the Following
Information Collection:
Report title: Market Risk Capital Rule.
Agency form number: FR 4201.
OMB control number: 7100–0314.
Frequency: Annually, quarterly, and
on occasion.
Respondents: Bank holding
companies, savings and loan holding
companies, intermediate holding
companies, and state member banks.
Estimated number of respondents: 37.
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]]>Agencies
[Federal Register Volume 85, Number 12 (Friday, January 17, 2020)]
[Notices]
[Pages 3048-3049]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00750]
-----------------------------------------------------------------------
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 (Act) (12 U.S.C. 1817(j)) and Sec. 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
[[Page 3049]]
notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).
The applications listed below, as well as other related filings
required by the Board, if any, 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 paragraph 7 of the Act.
Comments regarding each of these applications must be received at
the Reserve Bank indicated or the offices of the Board of Governors,
Ann E. Misback, Secretary of the Board, 20th and Constitution Avenue
NW, Washington, DC 20551-0001, not later than February 3, 2020.
A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
1. The DMB Corporation, Inc. Employee Stock Ownership Plan,
DeForest, Wisconsin, Bradley Schroeder, DeForest, Wisconsin; Rhonda
Gilbertson, Pardeeville, Wisconsin; and Rachel Larson, Columbus,
Wisconsin, as co-trustees; and as members of a group acting in concert
with State Bank of Cross Plains, Cross Plains, Wisconsin, as custodian
for the Heather L. Schroeder Individual Retirement Account; Bradley
Schroeder and Heather Schroeder, both of DeForest, Wisconsin; Kevin
Gilbertson and Rhonda Gilbertson, both of Pardeeville, Wisconsin; and
Aaron Larson and Rachel Larson, both of Columbus, Wisconsin, to retain
voting shares of DMB Corporation, Inc., and thereby indirectly retain
voting shares of DMB Community Bank, both of DeForest, Wisconsin.
Board of Governors of the Federal Reserve System, January 14,
2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020-00750 Filed 1-16-20; 8:45 am]
BILLING CODE P
