Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 56613 [2020-20203]
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Federal Register / Vol. 85, No. 178 / Monday, September 14, 2020 / Notices
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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
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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).
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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
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[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
