Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 63275-63276 [2020-22171]

Download as PDF Federal Register / Vol. 85, No. 195 / Wednesday, October 7, 2020 / Notices service contract may not begin before the day it is effective and filed with the Commission.’’ 1 On April 27, 2020, the Federal Maritime Commission published an Order to temporarily allow parties to file service contracts up to 30 days after they take effect. The Order made the relief effective immediately and lasting through December 31, 2020. The Commission noted in its Order that it might consider extending this exemption, as necessary, to address the continuing effects of the COVID–19 pandemic. In the interest of providing certainty and stability to supply chain stakeholders, the Commission believes it is necessary to extend this exemption until June 1, 2021. The temporary exemption was designed to help relieve coronavirus disease 2019 (COVID–19) impacts to the supply chain. COVID–19 has placed increased stresses and burdens on carriers and their customers. As noted in the Order of April 27, 2020, an increasing number of businesses have been working remotely as a result of social distancing guidance and stay-athome orders. The Commission understands that for some entities, this situation, combined with other COVID– 19–related disruptions to commercial operations, has made complying with service contract filing requirements difficult. This situation continues to exist and may continue to affect business operations. The benefits of relief from service contract filing requirements were identified by the Fact Finding 29 Supply Chain Innovation Teams working under the direction of the Fact Finding Officer.2 A unifying theme in the initial meetings of the Supply Chain Innovation Teams was that service contract negotiations are being disrupted for a variety of COVID–19 related causes. Teleworking arrangements complicate negotiations between carriers and shippers and that will continue to be true into the 2021 contract negotiation season. Additionally, some businesses continue to be technologically challenged to file service contracts from locations other than their offices. Individual shippers identified the importance for supply chain efficiency of relief from service 1 In contrast, the Commission’s regulations provide more flexibility to service contract amendments, which can be filed within 30 days after the amendment’s effective date. See §§ 530.3(i); 530.8(a)(2); 530.8(b)(8)(i); 530.14(a). 2 The Commission initiated Fact Finding No. 29, International Ocean Transportation Supply Chain Engagement, to identify operational solutions to cargo delivery system challenges related to Coronavirus–19. VerDate Sep<11>2014 17:21 Oct 06, 2020 Jkt 253001 contract filing and regulatory certainty upon which to make operational changes. Based on Fact Finding 29’s findings and recommendations, stakeholder interest, and in light of ongoing challenges presented by the pandemic and necessary changes to business operations, the Commission continues to believe that flexibility in service contract filing requirements provided by extension of the exemption will allow industry to continue adapting to market conditions, while still providing the Commission information necessary to assure competition and integrity for America’s ocean supply chain. This extension is also temporary and will remain in effect only until June 1, 2021. Exemptions from the requirements of Part 530 are governed by 46 CFR 530.13(b). Under this authority, the Commission may exempt any specified activity of persons subject to the Shipping Act from the requirements of Part 530 if the Commission finds that the exemption will not result in substantial reduction in competition or be detrimental to commerce. § 530.13(b) (incorporating 46 U.S.C. 40103(a) and 46 CFR 502.10, 502.92). The Commission has previously allowed for exemptions from the service contract regulations in exigent circumstances where the exemption meets the criteria in 46 U.S.C. 40103(a). See Pet. of Maersk Line A/S for an Exemption from 46 CFR 530.8, Pet. No. P1–17 (FMC July 19, 2017); Petition of COSCO Container Lines Company Ltd., 34 S.R.R. 97 (FMC 2016); Petition of Crowley Caribbean Servs., LLC, 33 S.R.R. 1461 (FMC 2016); Petition of Compan˜ı´a Sud Americana de Vapores S.A., 33 S.R.R. 934 (FMC 2015); Petition of Hanjin Shipping Co., Ltd., 31 S.R.R. 1080 (FMC 2009). Based on experience with the temporary exemption currently in place, the Commission concludes that extending the temporary exemption from certain requirements for original service contracts in §§ 530.3, 530.8, and § 530.14 until June 1, 2021, subject to certain conditions, will continue to reduce the filing burdens on the industry and will not result in a substantial reduction in competition or be detrimental to commerce. This exemption extension remains subject to the condition that original service contracts continue to be filed with the Commission. As is the case for service contract amendments, however, that filing may now be delayed up to 30 days after the effective date. The Commission has determined that these conditions PO 00000 Frm 00031 Fmt 4703 Sfmt 4703 63275 will minimize any potential negative effects on competition or commerce. Although the Commission’s Rules of Practice and Procedure normally require notice and an opportunity for a hearing be afforded to interested parties (including publication in the Federal Register of a notice of the proposed exemption and request for comments), see 46 CFR 502.92(c)–(d); 530.13(b) (cross-referencing § 502.92), the Commission may waive these requirements for regulatory exemptions to prevent undue hardship, manifest injustice, or if the expeditious conduct of business so requires. See 46 CFR 502.10; 530.13(b) (cross-referencing § 502.10). Given the immediate need for regulatory relief in light of the COVID– 19 pandemic and its effects on commercial operations, the Commission has determined that waiving the notice and hearing requirements in § 502.92 is necessary to prevent undue hardship and is required for the expeditious conduct of Commission business. Therefore it is ordered, that an extension of the temporary exemption from the requirements of 46 CFR 530.3(i); 530.8(a)(1), (b)(8)(i); and 530.14(a) for original service contracts is GRANTED, provided that: 1. Authorized persons must file with the Commission, in the manner set forth in appendix A of 46 CFR part 530, a true and complete copy of every original service contract no later than thirty (30) days after any cargo moves pursuant to that service contract; 2. Every original service contract filed with the Commission must include the effective date, which may be no more than thirty (30) calendar days prior to the filing date with the Commission; and 3. Performance under an original service contract may not begin until the day it is effective, provided that the service contract is filed with the Commission no later than thirty (30) calendar days after the effective date. It is further ordered, that this temporary exemption will remain in effect until June 1, 2021. By the Commission. Rachel Dickon, Secretary. [FR Doc. 2020–22106 Filed 10–6–20; 8:45 am] BILLING CODE 6730–02–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, E:\FR\FM\07OCN1.SGM 07OCN1 63276 Federal Register / Vol. 85, No. 195 / Wednesday, October 7, 2020 / Notices 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 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 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 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 November 6, 2020. A. Federal Reserve Bank of Dallas (Robert L. Triplett III, Senior Vice President) 2200 North Pearl Street, Dallas, Texas 75201–2272: 1. Louise Bancshares, Inc., Louise, Texas; to acquire Dilley State Bank, Dilley, Texas. Board of Governors of the Federal Reserve System, October 2, 2020. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2020–22171 Filed 10–6–20; 8:45 am] BILLING CODE 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 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 VerDate Sep<11>2014 17:21 Oct 06, 2020 Jkt 253001 owned by the bank holding company, including the companies listed below. 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 the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843), and interested persons may express their views in writing on the standards enumerated in section 4. Unless otherwise noted, nonbanking activities will be conducted throughout the United States. 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 November 5, 2020. A. Federal Reserve Bank of San Francisco (Sebastian Astrada, Director, Applications) 101 Market Street, San Francisco, California 94105–1579: 1. LendingClub Corporation, San Francisco, California; to become a bank holding company by acquiring voting shares of Radius Bancorp, Inc., and thereby indirectly acquire voting shares of Radius Bank, both of Boston, Massachusetts, upon Radius Bank’s conversion from a federal savings bank to a national bank. In connection with this application, LendingClub Corporation, directly and through its wholly-owned subsidiaries, LendingClub Warehouse I, LLC, LendingClub Warehouse II, LLC, and Consumer Loan Underlying Bond Depositor, LLC, all of San Francisco, California, to engage de novo in extending credit and servicing loans and activities related to extending credit pursuant to § 225.28(b)(1) and (b)(2) of Regulation Y, respectively. In addition, LendingClub Corporation to engage de novo in data processing activities pursuant to § 225.28(b)(14) of Regulation Y. PO 00000 Frm 00032 Fmt 4703 Sfmt 4703 Board of Governors of the Federal Reserve System, October 1, 2020. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2020–22092 Filed 10–6–20; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF DEFENSE GENERAL SERVICES ADMINISTRATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION [OMB Control No. 9000–0024; Docket No. 2020–0053; Sequence No. 10] Information Collection; Buy American, Trade Agreements, and Duty-Free Entry Department of Defense (DOD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA). ACTION: Notice and request for comments. AGENCY: In accordance with section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995, and the Office of Management and Budget (OMB) regulations, DoD, GSA, and NASA invite the public to comment on a revision and renewal concerning Buy American, trade agreements, and dutyfree entry. DoD, GSA, and NASA invite comments on: Whether the proposed collection of information is necessary for the proper performance of the functions of Federal Government acquisitions, including whether the information will have practical utility; the accuracy of the estimate of the burden of the proposed information collection; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the information collection on respondents, including the use of automated collection techniques or other forms of information technology. OMB has approved this information collection for use through November 30, 2020. DoD, GSA, and NASA propose that OMB extend its approval for use for three additional years beyond the current expiration date. DATES: DoD, GSA, and NASA will consider all comments received by December 7, 2020. ADDRESSES: DoD, GSA, and NASA invite interested persons to submit comments on this collection through https://www.regulations.gov and follow the instructions on the site. This website provides the ability to type short SUMMARY: E:\FR\FM\07OCN1.SGM 07OCN1

Agencies

FEDERAL RESERVE SYSTEM

[Federal Register Volume 85, Number 195 (Wednesday, October 7, 2020)]
[Notices]
[Pages 63275-63276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22171]


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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,

[[Page 63276]]

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 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 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 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 November 6, 2020.
    A. Federal Reserve Bank of Dallas (Robert L. Triplett III, Senior 
Vice President) 2200 North Pearl Street, Dallas, Texas 75201-2272:
    1. Louise Bancshares, Inc., Louise, Texas; to acquire Dilley State 
Bank, Dilley, Texas.

    Board of Governors of the Federal Reserve System, October 2, 
2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020-22171 Filed 10-6-20; 8:45 am]
BILLING CODE P

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