Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 56613 [2020-20203]

Download as PDF Federal Register / Vol. 85, No. 178 / Monday, September 14, 2020 / Notices khammond on DSKJM1Z7X2PROD with NOTICES A commenter indicated that the proposed revisions to items 11 and 12 would require firms that have adopted CECL to report duplicative data in these items as they are required to report in Schedule D.2, items 9 (‘‘ALL Managed Balance’’) and 10 (‘‘ALL Booked Balance’’), respectively. Additionally, the commenter asked the Board to clarify whether the values reported in items 11 and 12 should include projected interest and fees. Given that the Board has not adopted the revision as proposed to items 11 and 12, the instructions for items 11 and 12 will to continue to differ from those of items 9 and 10. The instructions for items 9 and 10 reflect the lifetime expected credit losses for firms that have adopted CECL, whereas the instructions for items 11 and 12 require institutions that have adopted CECL to report the allowance for credit losses managed or booked balance over the next 12 months, respectively. Also, given the intention to capture total projected losses within items 11 and 12, the Board has clarified the instructions for these items to require firms to include projected losses recognized to on-balance sheet interest and fees. Legal authorization and confidentiality: The Board has the authority to require BHCs to file the FR Y–14 reports pursuant to section 5(c) of the Bank Holding Company Act (‘‘BHC Act’’), 12 U.S.C. 1844(c), and pursuant to section 165(i) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), 12 U.S.C. 5365(i), as amended by section 401(a) and (e) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).11 The Board has authority to require SLHCs to file the FR Y–14 reports pursuant to section 10(b) of the Home Owners’ Loan Act (12 U.S.C. 1467a(b)), as amended by section 369(8) and 604(h)(2) of the Dodd-Frank Act. Lastly, the Board has authority to require U.S. IHCs of FBOs to file the FR Y–14 reports pursuant to section 5 of the BHC Act, as well as pursuant to sections 102(a)(1) and 165 of the DoddFrank Act, 12 U.S.C. 5311(a)(1) and 5365.12 In addition, section 401(g) of 11 Public Law 115–174, Title IV § 401(a) and (e), 132 Stat. 1296, 1356–59 (2018). 12 Section 165(b)(2) of the Dodd-Frank Act, 12 U.S.C. 5365(b)(2), refers to ‘‘foreign-based bank holding company.’’ Section 102(a)(1) of the DoddFrank Act, 12 U.S.C. 5311(a)(1), defines ‘‘bank holding company’’ for purposes of Title I of the Dodd-Frank Act to include foreign banking organizations that are treated as bank holding companies under section 8(a) of the International Banking Act of 1978, 12 U.S.C. 3106(a). The Board has required, pursuant to section 165(b)(1)(B)(iv) of VerDate Sep<11>2014 17:51 Sep 11, 2020 Jkt 250001 EGRRCPA, 12 U.S.C. 5365 note, provides that the Board has the authority to establish enhanced prudential standards for foreign banking organizations with total consolidated assets of $100 billion or more, and clarifies that nothing in section 401 ‘‘shall be construed to affect the legal effect of the final rule of the Board . . . entitled ‘Enhanced Prudential Standard for [BHCs] and Foreign Banking Organizations’ (79 FR 17240 (March 27, 2014)), as applied to foreign banking organizations with total consolidated assets equal to or greater than $100 million.’’ 13 The FR Y–14 reports are mandatory. The information collected in the FR Y–14 reports is collected as part of the Board’s supervisory process, and therefore, such information is afforded confidential treatment pursuant to exemption 8 of the Freedom of Information Act (FOIA), 5 U.S.C. 552(b)(8). In addition, confidential commercial or financial information, which a submitter actually and customarily treats as private, and which has been provided pursuant to an express assurance of confidentiality by the Board, is considered exempt from disclosure under exemption 4 of the FOIA, 5 U.S.C. 552(b)(4).14 Board of Governors of the Federal Reserve System, September 9, 2020. Michele Taylor Fennell, Assistant Secretary of the Board. [FR Doc. 2020–20189 Filed 9–11–20; 8:45 am] BILLING CODE 6210–01–P the Dodd-Frank Act, 12 U.S.C. 5365(b)(1)(B)(iv), certain foreign banking organizations subject to section 165 of the Dodd-Frank Act to form U.S. intermediate holding companies. Accordingly, the parent foreign-based organization of a U.S. IHC is treated as a BHC for purposes of the BHC Act and section 165 of the Dodd-Frank Act. Because Section 5(c) of the BHC Act authorizes the Board to require reports from subsidiaries of BHCs, section 5(c) provides additional authority to require U.S. IHCs to report the information contained in the FR Y– 14 reports. 13 The Board’s Final Rule referenced in section 401(g) of EGRRCPA specifically stated that the Board would require IHCs to file the FR Y–14 reports. See 79 FR 17240, 17304 (March 27, 2014). 14 Please note that the Board publishes a summary of the results of the Board’s CCAR testing pursuant to 12 CFR 225.8(f)(2)(v), and publishes a summary of the results of the Board’s DFAST stress testing pursuant to 12 CFR 252.46(b) and 12 CFR 238.134, which includes aggregate data. In addition, under the Board’s regulations, covered companies must also publicly disclose a summary of the results of the Board’s DFAST stress testing. See 12 CFR 252.58; 12 CFR 238.146. The public disclosure requirement contained in 12 CFR 252.58 for covered BHCs and covered IHCs is separately accounted for by the Board in the Paperwork Reduction Act clearance for FR YY (OMB No. 7100– 0350) and the public disclosure requirement for covered SLHCs is separately accounted for in by the Board in the Paperwork Reduction Act clearance for FR LL (OMB No. 7100–0380). PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 56613 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 applications are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The public portions of 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(s) indicated below and at the offices of the Board of Governors. This information may also be obtained on an expedited basis, upon request, by contacting the appropriate Federal Reserve Bank and from the Board’s Freedom of Information Office at https://www.federalreserve.gov/foia/ request.htm. 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 Street and Constitution Avenue NW, Washington, DC 20551–0001, not later than September 29, 2020. A. Federal Reserve Bank of Atlanta (Kathryn Haney, Assistant Vice President) 1000 Peachtree Street NE, Atlanta, Georgia 30309. Comments can also be sent electronically to Applications.Comments@atl.frb.org: 1. The SSX3 Trust, The SSX4 Trust, and William G. Smith, III, as trustee of both trusts, all of Tallahassee, Florida; to join the Smith Family Control Group, a group acting in concert, and retain voting shares of Capital City Bank Group, Inc., and thereby indirectly retain voting shares of Capital City Bank, both of Tallahassee, Florida. Board of Governors of the Federal Reserve System, September 9, 2020. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2020–20203 Filed 9–11–20; 8:45 am] BILLING CODE 6210–01–P E:\FR\FM\14SEN1.SGM 14SEN1

Agencies

[Federal Register Volume 85, Number 178 (Monday, September 14, 2020)]
[Notices]
[Page 56613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20203]


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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 
applications are set forth in paragraph 7 of the Act (12 U.S.C. 
1817(j)(7)).
    The public portions of 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(s) indicated below and 
at the offices of the Board of Governors. This information may also be 
obtained on an expedited basis, upon request, by contacting the 
appropriate Federal Reserve Bank and from the Board's Freedom of 
Information Office at https://www.federalreserve.gov/foia/request.htm. 
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 Street and Constitution 
Avenue NW, Washington, DC 20551-0001, not later than September 29, 
2020.
    A. Federal Reserve Bank of Atlanta (Kathryn Haney, Assistant Vice 
President) 1000 Peachtree Street NE, Atlanta, Georgia 30309. Comments 
can also be sent electronically to [email protected]:
    1. The SSX3 Trust, The SSX4 Trust, and William G. Smith, III, as 
trustee of both trusts, all of Tallahassee, Florida; to join the Smith 
Family Control Group, a group acting in concert, and retain voting 
shares of Capital City Bank Group, Inc., and thereby indirectly retain 
voting shares of Capital City Bank, both of Tallahassee, Florida.

    Board of Governors of the Federal Reserve System, September 9, 
2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020-20203 Filed 9-11-20; 8:45 am]
BILLING CODE 6210-01-P