Notice of Termination of Receiverships, 9071 [2021-02783]

Download as PDF 9071 Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices circumstances or conditions related to the subject accounts; or failure to satisfy conditions applicable to each. The following exception was granted by the FDIC as of February 4, 2021. I. Mortgage Servicing Accounts for Which the Covered Institution’s System of Record Cannot Calculate Principal and Interest at an Account Level at a Given Point in Time The FDIC granted time-limited exception relief to covered institutions up to March 31, 2022, from the information technology system requirements of 12 CFR 370.3 and the recordkeeping requirements of 12 CFR 370.4 for principal and interest payments held in mortgage servicing accounts for which the covered institutions act as servicers or subservicers. The recommended relief will provide the covered institutions additional time to remediate their servicing platforms and internal processing capabilities pending further direction from the FDIC. Pursuant to 12 CFR 330.7(d), mortgage principal and interest payments are insured for the cumulative balance paid into the account by the mortgagors, up to the limit of the standard maximum deposit insurance amount per mortgagor. If a covered institution does not maintain deposit records that enable it to calculate deposit insurance, the covered institution must maintain, at a minimum, the following in its deposit account records: (i) The unique identifier of the account holder; and (ii) the corresponding ‘‘pending reason’’ code listed in pending file format set forth in Appendix B to Part 370. The covered institutions service the mortgage loans using platforms hosted by third party vendors. Principal and interest payments from mortgagors are placed into the mortgage servicing accounts with the funds held in custody for the investors that own the underlying mortgages. Because the loans are tracked and managed as a group by pool, the servicing platforms do not have a mechanism to allocate the mortgage servicing accounts balances to specific mortgagors. As a result, the covered institutions do not have a process to input mortgagor principal and interest data into their information technology systems to calculate deposit insurance coverage for the mortgage servicing accounts. Remediation efforts are underway and include the development of a business requirements document, system updates, implementation, and testing. However, a number of the covered institutions have asked the FDIC for additional clarification of the part 370 recordkeeping rule with respect to the mortgage servicing accounts to determine how to produce borrower account level principal and interest data on a date of failure. Given the complexities of payments to investors under the agreements with the covered institutions, additional information from the FDIC is needed to finalize programming logic and various business requirements documents between the Banks and their service providers. The FDIC’s grant of relief is subject to the condition that each covered institution must submit within 60 days, upon receipt of additional information from the FDIC with respect to the part 370 processing for the mortgage servicing account ownership right and capacity code, a status report setting forth the project plan and timeline for integrating the mortgage servicing account ownership right and capacity code processing capabilities into the covered institution’s information technology system. The FDIC reserves the right to rescind or modify the grant of relief upon any material change of circumstances or conditions related to the accounts subject to this request. Federal Deposit Insurance Corporation. Dated at Washington, DC, on February 5, 2021. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2021–02781 Filed 2–10–21; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION Notice of Termination of Receiverships The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law. NOTICE OF TERMINATION OF RECEIVERSHIPS Fund khammond on DSKJM1Z7X2PROD with NOTICES 10152 10245 10277 10280 10502 ............. ............. ............. ............. ............. Receivership name City State The Buckhead Community Bank ....................... Sun West Bank .................................................. Palos Bank And Trust Company ....................... Imperial Savings & Loan Association ................ Valley Bank ........................................................ Atlanta ................................................................ Las Vegas .......................................................... Palos Heights ..................................................... Martinsville ......................................................... Moline ................................................................. GA .......... NV .......... IL ............ VA .......... IL ............ The Receiver has further irrevocably authorized and appointed FDICCorporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the VerDate Sep<11>2014 16:39 Feb 10, 2021 Jkt 253001 Receiverships have ceased to exist as legal entities. (Authority: 12 U.S.C. 1819) Federal Deposit Insurance Corporation. Dated at Washington, DC, on February 5, 2021. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2021–02783 Filed 2–10–21; 8:45 am] BILLING CODE 6714–01–P PO 00000 Food and Drug Administration [Docket No. FDA–2021–N–0173] Vaccines and Related Biological Products Advisory Committee; Notice of Meeting; Establishment of a Public Docket; Request for Comments Food and Drug Administration, HHS. Fmt 4703 Sfmt 4703 02/01/2021 02/01/2021 02/01/2021 02/01/2021 02/01/2021 DEPARTMENT OF HEALTH AND HUMAN SERVICES AGENCY: Frm 00028 Termination date E:\FR\FM\11FEN1.SGM 11FEN1

Agencies

[Federal Register Volume 86, Number 27 (Thursday, February 11, 2021)]
[Notices]
[Page 9071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02783]


-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION


Notice of Termination of Receiverships

    The Federal Deposit Insurance Corporation (FDIC or Receiver), as 
Receiver for each of the following insured depository institutions, was 
charged with the duty of winding up the affairs of the former 
institutions and liquidating all related assets. The Receiver has 
fulfilled its obligations and made all dividend distributions required 
by law.

                                     Notice of Termination of Receiverships
----------------------------------------------------------------------------------------------------------------
                                                                                                    Termination
           Fund                Receivership name              City                  State              date
----------------------------------------------------------------------------------------------------------------
10152.....................  The Buckhead Community   Atlanta...............  GA.................      02/01/2021
                             Bank.
10245.....................  Sun West Bank..........  Las Vegas.............  NV.................      02/01/2021
10277.....................  Palos Bank And Trust     Palos Heights.........  IL.................      02/01/2021
                             Company.
10280.....................  Imperial Savings & Loan  Martinsville..........  VA.................      02/01/2021
                             Association.
10502.....................  Valley Bank............  Moline................  IL.................      02/01/2021
----------------------------------------------------------------------------------------------------------------

    The Receiver has further irrevocably authorized and appointed FDIC-
Corporate as its attorney-in-fact to execute and file any and all 
documents that may be required to be executed by the Receiver which 
FDIC-Corporate, in its sole discretion, deems necessary, including but 
not limited to releases, discharges, satisfactions, endorsements, 
assignments, and deeds. Effective on the termination dates listed 
above, the Receiverships have been terminated, the Receiver has been 
discharged, and the Receiverships have ceased to exist as legal 
entities.

(Authority: 12 U.S.C. 1819)

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on February 5, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-02783 Filed 2-10-21; 8:45 am]
BILLING CODE 6714-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.