Announcement of Financial Sector Liabilities, 33669-33670 [2020-11771]

Download as PDF Federal Register / Vol. 85, No. 106 / Tuesday, June 2, 2020 / Notices 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. Federal Deposit Insurance Corporation. Dated at Washington, DC, on May 28, 2020. Robert E. Feldman, Executive Secretary. [FR Doc. 2020–11855 Filed 6–1–20; 8:45 am] BILLING CODE 6714–01–P FEDERAL RESERVE SYSTEM [Docket No. OP–1719] khammond on DSKJM1Z7X2PROD with NOTICES Announcement of Financial Sector Liabilities Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, implemented by the Board’s Regulation XX, prohibits a merger or acquisition that would result in a financial company that controls more than 10 percent of the aggregate consolidated liabilities of all financial companies (aggregate financial sector liabilities). Specifically, an insured depository institution, a bank holding company, a savings and loan holding company, a foreign banking organization, any other company that controls an insured depository institution, and a nonbank financial company designated by the Financial Stability Oversight Council (each, a ‘‘financial company’’) is prohibited from merging or consolidating with, acquiring all or substantially all of the assets of, or acquiring control of, another company if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate financial sector liabilities.1 Pursuant to Regulation XX, the Federal Reserve will publish the aggregate financial sector liabilities by July 1 of each year. Aggregate financial sector liabilities equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. FOR FURTHER INFORMATION CONTACT: Lesley Chao, Lead Financial Institution Policy Analyst, (202) 974–7063; Sean Healey, Lead Financial Institution Policy Analyst, (202) 912–4611; Laura Bain, Counsel, (202) 736–5546; for the hearing impaired, TTY (202) 263–4869. Aggregate Financial Sector Liabilities Aggregate financial sector liabilities is equal to $21,229,884,414,000.2 This 1 12 U.S.C. 1852(a)(2), (b). number reflects the average of the financial sector liabilities figure for the year ending 2 This VerDate Sep<11>2014 20:46 Jun 01, 2020 Jkt 250001 measure is in effect from July 1, 2020 through June 30, 2021. Calculation Methodology Aggregate financial sector liabilities equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. The year-end financial sector liabilities figure equals the sum of the total consolidated liabilities of all top-tier U.S. financial companies and the U.S. liabilities of all top-tier foreign financial companies, calculated using the applicable methodology for each financial company, as set forth in Regulation XX and summarized below. Consolidated liabilities of a U.S. financial company that was subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal the difference between its risk-weighted assets (as adjusted upward to reflect amounts that are deducted from regulatory capital elements pursuant to the Federal banking agencies’ risk-based capital rules) and total regulatory capital, as calculated under the applicable riskbased capital rules. Companies in this category include (with certain exceptions listed below) bank holding companies, savings and loan holding companies, and insured depository institutions. The Federal Reserve used information collected on the Consolidated Financial Statements for Holding Companies (FR Y–9C) and the Bank Consolidated Reports of Condition and Income (Call Report) to calculate liabilities of these institutions. Consolidated liabilities of a U.S. financial company not subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal liabilities calculated in accordance with applicable accounting standards. Companies in this category include nonbank financial companies supervised by the Board, bank holding companies and savings and loan holding companies subject to the Federal Reserve’s Small Bank Holding Company Policy Statement, savings and loan holding companies substantially engaged in insurance underwriting or commercial activities, and U.S. companies that control insured depository institutions but are not bank holding companies or savings and loan holding companies. ‘‘Applicable accounting standards’’ is defined as Generally Accepted Accounting Principles (GAAP), or such other December 31, 2018 ($20,841,478,070,000) and the year ending December 31, 2019 ($21,618,290,757,000). PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 33669 accounting standard or method of estimation that the Board determines is appropriate.3 The Federal Reserve used information collected on the FR Y–9C, the Parent Company Only Financial Statements for Small Holding Companies (FR Y–9SP), and the Financial Company Report of Consolidated Liabilities (FR XX–1) to calculate liabilities of these institutions. Section 622 provides that the U.S. liabilities of a ‘‘foreign financial company’’ equal the risk-weighted assets and regulatory capital attributable to the company’s ‘‘U.S. operations.’’ Under Regulation XX, liabilities of a foreign banking organization’s U.S. operations are calculated using the riskweighted asset methodology for subsidiaries subject to the risk-based capital rule, plus the assets of all branches, agencies, and nonbank subsidiaries, calculated in accordance with applicable accounting standards. Liabilities attributable to the U.S. operations of a foreign financial company that is not a foreign banking organization are calculated in a similar manner to the method described for foreign banking organizations, but liabilities of a U.S. subsidiary not subject to the risk-based capital rule are calculated based on the U.S. subsidiary’s liabilities under applicable accounting standards. The Federal Reserve used information collected on the Capital and Asset Report for Foreign Banking Organizations (FR Y–7Q), the FR Y–9C, and the FR XX–1 to calculate liabilities of these institutions. By order of the Board of Governors of the Federal Reserve System, acting through the Director of Supervision and 3 A financial company may request to use an accounting standard or method of estimation other than GAAP if it does not calculate its total consolidated assets or liabilities under GAAP for any regulatory purpose (including compliance with applicable securities laws). 12 CFR 251.3(e). In previous years, the Board received and approved requests from eleven financial companies to use an accounting standard or method of estimation other than GAAP to calculate liabilities. Ten of the companies are insurance companies that report financial information under Statutory Accounting Principles (SAP), and one is a foreign company that controls a U.S. industrial loan company that reports financial information under International Financial Reporting Standards (IFRS). For the insurance companies, the Board approved a method of estimation that was based on line items from SAPbased reports, with adjustments to reflect certain differences in accounting treatment between GAAP and SAP. For the foreign company, the Board approved the use of IFRS. Such companies that continue to be subject to Regulation XX continue to use the previously approved methods. The Board did not receive any new requests this year. E:\FR\FM\02JNN1.SGM 02JNN1 33670 Federal Register / Vol. 85, No. 106 / Tuesday, June 2, 2020 / Notices Abstract Regulation under delegated authority, May 27, 2020. Ann Misback, Secretary of the Board. [FR Doc. 2020–11771 Filed 6–1–20; 8:45 am] BILLING CODE P FEDERAL TRADE COMMISSION Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension Federal Trade Commission. ACTION: Notice. AGENCY: The Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’) requests that the Office of Management and Budget (‘‘OMB’’) extend for an additional three years the current Paperwork Reduction Act (‘‘PRA’’) clearance for information collection requirements associated with its Funeral Industry Practice Rule (‘‘Funeral Rule’’ or ‘‘Rule’’). That clearance expires on June 30, 2020. DATES: Comments must be filed by July 2, 2020. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under Review—Open for Public Comments’’ or by using the search function. FOR FURTHER INFORMATION CONTACT: Patricia H. Poss, Division of Marketing Practices, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave. NW, Washington, DC 20580, pposs@ftc.gov, (202) 326–2413. SUPPLEMENTARY INFORMATION: Pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FTC has submitted to the Office of Management and Budget (‘‘OMB’’) this request for extension of the previously approved collection of information discussed below. Title of Collection: Funeral Industry Practice Rule, 16 CFR 453. OMB Control Number: 3084–0025. Type of Review: Extension without change of currently approved collection. Affected Public: Private Sector: Businesses and other for-profit entities. Estimated Number of Annual Respondents: 19,136. Estimated Annual Burden Hours: 164,006. Estimated Annual Labor Costs: $5,429,859. khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 20:46 Jun 01, 2020 Jkt 250001 The Funeral Rule ensures that consumers who are purchasing funeral goods and services have access to accurate itemized price information so they can purchase only the funeral goods and services they want or need. Among other things, the Rule requires a funeral provider to: (1) Provide consumers a copy of the funeral provider’s General Price List that itemizes the goods and services it offers; (2) show consumers a Casket Price List and an Outer Burial Container Price List at the outset of any discussion of those items or their prices, and in any event before showing consumers caskets or vaults; (3) provide price information from its price lists over the telephone; and (4) give consumers a Statement of Funeral Goods and Services Selected after determining the funeral arrangements with consumers. The Rule requires that funeral providers disclose this information to consumers and maintain records documenting their compliance with the Rule. Request for Comment On February 4, 2020, the FTC sought public comment on the information collection requirements in the Funeral Rule. 85 FR 6185 (Feb. 4, 2020). No relevant comments were received. Pursuant to the OMB regulations, 5 CFR part 1320, the FTC is providing this second opportunity for public comment while seeking OMB approval to renew clearance for the Rule’s information collection requirements. Your comment—including your name and your state—will be placed on the public record of this proceeding. Because your comment will be made public, you are solely responsible for making sure that your comment does not include any sensitive personal information, like anyone’s Social Security number, date of birth, driver’s license number or other state identification number or foreign country equivalent, passport number, financial account number, or credit or debit card number. You are also solely responsible for making sure that your comment does not include any sensitive health information, like medical records or other individually identifiable health information. In addition, do not include any ‘‘[t]rade secret or any commercial or financial information which is . . . privileged or confidential’’ as provided in Section 6(f) of the FTC Act 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16CFR 4.10(a)(2). In particular, do not include competitively sensitive information such as costs, sales statistics, inventories, formulas, patterns devices, PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 manufacturing processes, or customer names. Josephine Liu, Assistant General Counsel for Legal Counsel. [FR Doc. 2020–11877 Filed 6–1–20; 8:45 am] BILLING CODE 6750–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Disease Control and Prevention [60Day–20–1204; Docket No. CDC–2020– 0053] Proposed Data Collection Submitted for Public Comment and Recommendations Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS). ACTION: Notice with comment period. AGENCY: The Centers for Disease Control and Prevention (CDC), as part of its continuing efforts to reduce public burden and maximize the utility of government information, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. This notice invites comment on the ‘‘Behavioral Risk Factor Surveillance System (BRFSS) Asthma Call-back Survey (ACBS)’’ (OMB Control No. 0920–1204, expiration date 11/30/2020). The ACBS is an in-depth asthma survey conducted on a subset of BRFSS respondents with an asthma diagnosis. The goal of this survey is to strengthen the existing body of asthma data and to address critical questions surrounding the health and experiences of persons with asthma. DATES: Written comments must be received on or before August 3, 2020. ADDRESSES: You may submit comments, identified by Docket No. CDC–2020– 0053 by any of the following methods: • Federal eRulemaking Portal: Regulation.gov. Follow the instructions for submitting comments. • Mail: Jeffrey M. Zirger, Information Collection Review Office, Centers for Disease Control and Prevention, 1600 Clifton Road NE, MS–D74, Atlanta, Georgia 30329. Instructions: All submissions received must include the agency name and Docket Number. CDC will post, without change, all relevant comments to Regulations.gov. SUMMARY: Please note: Submit all comments through the Federal eRulemaking portal E:\FR\FM\02JNN1.SGM 02JNN1

Agencies

[Federal Register Volume 85, Number 106 (Tuesday, June 2, 2020)]
[Notices]
[Pages 33669-33670]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11771]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1719]


Announcement of Financial Sector Liabilities

    Section 622 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, implemented by the Board's Regulation XX, prohibits a 
merger or acquisition that would result in a financial company that 
controls more than 10 percent of the aggregate consolidated liabilities 
of all financial companies (aggregate financial sector liabilities). 
Specifically, an insured depository institution, a bank holding 
company, a savings and loan holding company, a foreign banking 
organization, any other company that controls an insured depository 
institution, and a nonbank financial company designated by the 
Financial Stability Oversight Council (each, a ``financial company'') 
is prohibited from merging or consolidating with, acquiring all or 
substantially all of the assets of, or acquiring control of, another 
company if the resulting company's consolidated liabilities would 
exceed 10 percent of the aggregate financial sector liabilities.\1\
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 1852(a)(2), (b).
---------------------------------------------------------------------------

    Pursuant to Regulation XX, the Federal Reserve will publish the 
aggregate financial sector liabilities by July 1 of each year. 
Aggregate financial sector liabilities equals the average of the year-
end financial sector liabilities figure (as of December 31) of each of 
the preceding two calendar years.

FOR FURTHER INFORMATION CONTACT: Lesley Chao, Lead Financial 
Institution Policy Analyst, (202) 974-7063; Sean Healey, Lead Financial 
Institution Policy Analyst, (202) 912-4611; Laura Bain, Counsel, (202) 
736-5546; for the hearing impaired, TTY (202) 263-4869.

Aggregate Financial Sector Liabilities

    Aggregate financial sector liabilities is equal to 
$21,229,884,414,000.\2\ This measure is in effect from July 1, 2020 
through June 30, 2021.
---------------------------------------------------------------------------

    \2\ This number reflects the average of the financial sector 
liabilities figure for the year ending December 31, 2018 
($20,841,478,070,000) and the year ending December 31, 2019 
($21,618,290,757,000).
---------------------------------------------------------------------------

Calculation Methodology

    Aggregate financial sector liabilities equals the average of the 
year-end financial sector liabilities figure (as of December 31) of 
each of the preceding two calendar years. The year-end financial sector 
liabilities figure equals the sum of the total consolidated liabilities 
of all top-tier U.S. financial companies and the U.S. liabilities of 
all top-tier foreign financial companies, calculated using the 
applicable methodology for each financial company, as set forth in 
Regulation XX and summarized below.
    Consolidated liabilities of a U.S. financial company that was 
subject to consolidated risk-based capital rules as of December 31 of 
the year being measured, equal the difference between its risk-weighted 
assets (as adjusted upward to reflect amounts that are deducted from 
regulatory capital elements pursuant to the Federal banking agencies' 
risk-based capital rules) and total regulatory capital, as calculated 
under the applicable risk-based capital rules. Companies in this 
category include (with certain exceptions listed below) bank holding 
companies, savings and loan holding companies, and insured depository 
institutions. The Federal Reserve used information collected on the 
Consolidated Financial Statements for Holding Companies (FR Y-9C) and 
the Bank Consolidated Reports of Condition and Income (Call Report) to 
calculate liabilities of these institutions.
    Consolidated liabilities of a U.S. financial company not subject to 
consolidated risk-based capital rules as of December 31 of the year 
being measured, equal liabilities calculated in accordance with 
applicable accounting standards. Companies in this category include 
nonbank financial companies supervised by the Board, bank holding 
companies and savings and loan holding companies subject to the Federal 
Reserve's Small Bank Holding Company Policy Statement, savings and loan 
holding companies substantially engaged in insurance underwriting or 
commercial activities, and U.S. companies that control insured 
depository institutions but are not bank holding companies or savings 
and loan holding companies. ``Applicable accounting standards'' is 
defined as Generally Accepted Accounting Principles (GAAP), or such 
other accounting standard or method of estimation that the Board 
determines is appropriate.\3\ The Federal Reserve used information 
collected on the FR Y-9C, the Parent Company Only Financial Statements 
for Small Holding Companies (FR Y-9SP), and the Financial Company 
Report of Consolidated Liabilities (FR XX-1) to calculate liabilities 
of these institutions.
---------------------------------------------------------------------------

    \3\ A financial company may request to use an accounting 
standard or method of estimation other than GAAP if it does not 
calculate its total consolidated assets or liabilities under GAAP 
for any regulatory purpose (including compliance with applicable 
securities laws). 12 CFR 251.3(e). In previous years, the Board 
received and approved requests from eleven financial companies to 
use an accounting standard or method of estimation other than GAAP 
to calculate liabilities. Ten of the companies are insurance 
companies that report financial information under Statutory 
Accounting Principles (SAP), and one is a foreign company that 
controls a U.S. industrial loan company that reports financial 
information under International Financial Reporting Standards 
(IFRS). For the insurance companies, the Board approved a method of 
estimation that was based on line items from SAP-based reports, with 
adjustments to reflect certain differences in accounting treatment 
between GAAP and SAP. For the foreign company, the Board approved 
the use of IFRS. Such companies that continue to be subject to 
Regulation XX continue to use the previously approved methods. The 
Board did not receive any new requests this year.
---------------------------------------------------------------------------

    Section 622 provides that the U.S. liabilities of a ``foreign 
financial company'' equal the risk-weighted assets and regulatory 
capital attributable to the company's ``U.S. operations.'' Under 
Regulation XX, liabilities of a foreign banking organization's U.S. 
operations are calculated using the risk-weighted asset methodology for 
subsidiaries subject to the risk-based capital rule, plus the assets of 
all branches, agencies, and nonbank subsidiaries, calculated in 
accordance with applicable accounting standards. Liabilities 
attributable to the U.S. operations of a foreign financial company that 
is not a foreign banking organization are calculated in a similar 
manner to the method described for foreign banking organizations, but 
liabilities of a U.S. subsidiary not subject to the risk-based capital 
rule are calculated based on the U.S. subsidiary's liabilities under 
applicable accounting standards. The Federal Reserve used information 
collected on the Capital and Asset Report for Foreign Banking 
Organizations (FR Y-7Q), the FR Y-9C, and the FR XX-1 to calculate 
liabilities of these institutions.
    By order of the Board of Governors of the Federal Reserve System, 
acting through the Director of Supervision and

[[Page 33670]]

Regulation under delegated authority, May 27, 2020.

Ann Misback,
Secretary of the Board.
[FR Doc. 2020-11771 Filed 6-1-20; 8:45 am]
BILLING CODE P