Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 27743-27744 [2020-10020]
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Federal Register / Vol. 85, No. 91 / Monday, May 11, 2020 / Notices
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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: Survey of Household
Economics and Decisionmaking (SHED).
Agency form number: FR 3077.
OMB control number: 7100–0374.
Frequency: Annually; On occasion.
Respondents: The Board expects that
the respondents would include a
nationally representative sample of noninstitutionalized individuals 1 who are
18 years of age and older. Due to the
nature of the third-party vendor’s
respondent pool, this sample naturally
includes repeat respondents, which
allows for evaluating changes in
respondents’ economic conditions, as
well as time series analysis.
In 2019, the Board changed how
respondents were selected to participate
in the SHED questionnaire to more
closely reflect a nationally
representative sample. Thus, effective
with the 2019 questionnaire, the
respondent panel no longer contained a
low- and moderate-income oversample.
Instead, the same number of
respondents were interviewed but those
respondents were drawn as a random
sample of adults, rather than by
attempting to sample a disproportionate
share of low- and moderate-income
adults. This change was made to obtain
a respondent sample that more closely
reflects the overall adult population and
to reflect that these deviations from a
nationally representative sample were
no longer necessary for analyses of these
populations given the current size of the
SHED respondent pool.
Effective with the 2018 SHED
questionnaire, the respondent panel also
no longer included an explicit sample of
repeat respondents. Because
approximately one-fifth of the vendor’s
total online respondent pool for the
questionnaire is already comprised of
repeat respondents, a substantial
fraction of questionnaire respondents
are repeat respondents without the need
to have an explicit repeat sample.
The Board plans to continue to
sample a nationally representative pool
of respondents without an oversample
of low- and moderate-income
individuals and without an explicit
repeat sample group.
Estimated number of respondents:
Quantitative survey, 21,500
1 Non-institutionalized individuals refers to
individuals who are not inmates of institutions,
such as those who are incarcerated or live in a
retirement home, hospital, or other medical
institution, as well as active duty military.
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respondents; qualitative survey, 30
respondents.
Estimated average hours per response:
Quantitative survey, 0.35 hours;
qualitative survey, 2 hours.
Estimated annual burden hours:
Quantitative survey, 7,525 hours;
qualitative survey, 180 hours.
General description of report: The FR
3077 questionnaire is used to collect
insightful information from consumers
concerning the well-being of U.S.
households and how individuals and
their families are faring in the economy.
The collected information could be used
for the Board’s Report on the Economic
Well-Being of U.S. Households; Board
studies or working papers; professional
journals; the Federal Reserve Bulletin;
testimony and reports to the Congress;
or other vehicles. The SHED
questionnaire includes such topics as
individuals’ overall financial wellbeing, employment experiences, income
and savings behaviors, economic
preparedness, access to banking and
credit, housing and living arrangement
decisions, education and human capital,
student loans, and retirement planning.
The overall content of the SHED
questionnaire depends on changing
economic, regulatory, or legislative
developments as well as changes in the
financial services industry.
Proposed revisions: The ad hoc SHED
questionnaire has undergone numerous
revisions in order to both minimize
respondent burden and capture new and
emerging topics. For example, beginning
with the 2017 SHED questionnaire, the
questionnaire asked about exposure to
opioids under the ‘‘Health and
Insurance’’ component; the 2018
questionnaire included a question on
willingness to take financial risks; and
the 2019 questionnaire included several
questions on exposure to the criminal
justice system and new aspects of
employment in the gig economy. The
Board also annually reviews existing
survey questions to identify those that
no longer need to be included or could
be included only periodically. Examples
of questions cycled off of the
questionnaire include asking
homeowners why they own their home,
questions on auto-lending, and
questions on expectations for the
financial well-being of the respondents’
children. The Board proposes to
maintain the 2019 questionnaire, which
includes these changes, as the core
content. The Board also proposes to
continue to add or remove a limited
number of questions annually to reflect
new areas of interest on an ad hoc basis.
However, the time necessary to respond
to the newer questions on the
questionnaire, which were added in
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27743
recent years, has taken respondents less
time than it took to respond to the older
questions that were removed, thereby
reducing the overall respondent burden.
Additionally, as the Board’s
understanding of the time necessary to
complete the questionnaire has
improved with additional years of data
collection, it has been determined that
the completion time is lower than
initially estimated. This improvement in
the time estimates led to a reduction in
the expected respondent burden for the
questionnaire.
Legal authorization and
confidentiality: Section 2A of the
Federal Reserve Act requires that the
Board maintain long run growth of the
monetary and credit aggregates
commensurate with the economy’s long
run potential to increase production, so
as to promote effectively the goals of
maximum employment, stable prices,
and moderate long-term interest rates
(12 U.S.C. 225a). The Board uses the
information obtained from the FR 3077
to help fulfill these obligations. The FR
3077 is a voluntary information
collection.
Personally identifiable information
collected on the SHED questionnaire,
which would identify individual
respondents, will be withheld under
exemption 6 of the Freedom of
Information Act (FOIA). Exemption 6 of
the FOIA protects information from
being disclosed that would result in an
unwarranted invasion of personal
privacy (5 U.S.C. 552(b)(6)). In the event
cognitive interviews are conducted with
select individuals to obtain qualitative
feedback regarding an individual
respondent’s thoughts or reflections on
the questions posed in the SHED
questionnaire, both the questions posed
to the individual respondent and their
responses would be protected by
exemption 6 of the FOIA (5 U.S.C.
552(b)(6)).
Board of Governors of the Federal Reserve
System, May 5, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020–09940 Filed 5–8–20; 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
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27744
Federal Register / Vol. 85, No. 91 / Monday, May 11, 2020 / Notices
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, 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 the BHC Act
(12 U.S.C. 1842(c)).
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
Street and Constitution Avenue NW,
Washington DC 20551–0001, not later
than June 10, 2020.
A. Federal Reserve Bank of San
Francisco (Sebastian Astrada, Director,
Applications) 101 Market Street, San
Francisco, California 94105–1579:
1. Varo Money, Inc., San Francisco,
California; to become a bank holding
company by acquiring Varo Bank,
National Association, Draper, Utah.
Board of Governors of the Federal Reserve
System, May 6, 2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020–10020 Filed 5–8–20; 8:45 am]
BILLING CODE P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, without revision, the Registration
of Mortgage Loan Originators (CFPB G;
OMB No. 7100–0328).
FOR FURTHER INFORMATION CONTACT:
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.
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,
khammond on DSKJM1Z7X2PROD with NOTICES
AGENCY:
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Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to
(202) 395–6974.
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. These
documents also are available on the
Federal Reserve 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 above.
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. Boardapproved collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
PRA Submission, supporting
statements, and approved collection of
information instrument(s) are placed
into OMB’s public docket files.
Final Approval Under OMB Delegated
Authority of the Extension for Three
Years, Without Revision, of the
Following Information Collection
Report title: Registration of Mortgage
Loan Originators.
Agency form number: CFPB G.
OMB control number: 7100–0328.
Frequency: Annually.
Respondents: State member banks
(SMBs) with $10 billion or less in total
assets that are not affiliates of insured
depository institutions with total assets
of more than $10 billion; subsidiaries of
such SMBs that are not functionally
regulated within the meaning of section
5(c)(5) of the Bank Holding Company
Act; branches and agencies of foreign
banks (other than federal branches,
federal agencies, and insured state
branches of foreign banks); and
commercial lending companies owned
or controlled by foreign banks
(collectively, ‘‘banking organizations’’),
as well as employees of banking
organizations who act as residential
mortgage loan originators (MLOs).
Estimated number of respondents:
MLO’s (new)—initial set up, 396
respondents; MLO’s (new)—disclosure,
396 respondents; MLO’s (existing)—
updates for changes, 11,422
respondents; MLO’s (existing)—
maintenance and disclosures, 22,844
respondents; Banking organizations, 674
respondents.
Estimated average hours per response:
MLO’s (new)—initial set up, 2.5 hours;
MLO’s (new)—disclosure, 1 hour;
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MLO’s (existing)—updates for changes,
0.25 hour; MLO’s (existing)—
maintenance and disclosures, 0.85 hour;
Banking organizations, 118 hours.
Estimated annual burden hours:
MLO’s (new)—initial set up, 990 hours;
MLO’s (new)—disclosure, 396 hours;
MLO’s (existing)—updates for changes,
2,856 hours; MLO’s (existing)—
maintenance and disclosures, 19,417
hours; Banking organizations, 79,532
hours.
General description of report: In
accordance with the Secure and Fair
Enforcement for Mortgage Licensing Act
(S.A.F.E. Act), the Consumer Financial
Protection Bureau’s (CFPB) Regulation
G requires MLOs to register with the
Nationwide Mortgage Licensing System
and Registry (NMLS or Registry),1
maintain this registration, obtain a
unique identifier, and disclose to
consumers upon request and through
the Registry their unique identifier and
the MLO’s employment history and
publicly adjudicated disciplinary and
enforcement actions. The CFPB’s
regulation also requires the institutions
employing MLOs to adopt and follow
written policies and procedures to
ensure that their employees comply
with these requirements and to conduct
annual independent compliance tests.
Legal authorization and
confidentiality: The CFPB’s Regulation
G is authorized pursuant to the S.A.F.E.
Act and the Dodd-Frank Act, which
transferred to the CFPB the ‘‘consumer
financial protection functions,’’
including the S.A.F.E. Act, previously
vested in certain other Federal
agencies.2 The Board is authorized to
enforce consumer financial protection
functions, including the CFPB’s
Regulation G, with respect to SMBs with
$10 billion or less in total assets that are
not affiliates of insured depository
institutions with total assets of more
than $10 billion and the subsidiaries of
such SMBs that are not functionally
regulated within the meaning of section
5(c)(5) of the Bank Holding Company
Act (see 12 U.S.C. 1844(c)(5)) under
section 1061 of the Dodd Frank Act.3
The International Banking Act (IBA)
requires ‘‘every branch or agency of a
foreign bank and every commercial
lending company controlled by one or
more foreign banks . . . [to] conduct its
operations in the United States in full
compliance with provisions of any law
of the United States . . . which impose
requirements that protect the rights of
1 https://
mortgage.nationwidelicensingsystem.org/Pages/
default.aspx.
2 12 U.S.C. 5101 et seq; 12 U.S.C. 5581.
3 12 U.S.C. 5581(c).
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[Federal Register Volume 85, Number 91 (Monday, May 11, 2020)]
[Notices]
[Pages 27743-27744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10020]
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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
[[Page 27744]]
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, 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 the BHC Act (12 U.S.C. 1842(c)).
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 Street and Constitution
Avenue NW, Washington DC 20551-0001, not later than June 10, 2020.
A. Federal Reserve Bank of San Francisco (Sebastian Astrada,
Director, Applications) 101 Market Street, San Francisco, California
94105-1579:
1. Varo Money, Inc., San Francisco, California; to become a bank
holding company by acquiring Varo Bank, National Association, Draper,
Utah.
Board of Governors of the Federal Reserve System, May 6, 2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020-10020 Filed 5-8-20; 8:45 am]
BILLING CODE P
