Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities, 32267-32268 [2021-12821]

Download as PDF Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices FEDERAL RESERVE SYSTEM [Docket No. OP–1751] Announcement of Financial Sector Liabilities 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’’).1 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.2 Under Regulation XX, the Federal Reserve will publish the aggregate financial sector liabilities by July 1 of each year. Aggregate financial sector liabilities are equal to 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; Matthew Suntag, Senior Counsel, (202) 452–3694; 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 $21,787,962,476,000.3 This measure is in effect from July 1, 2021 through June 30, 2022. lotter on DSK11XQN23PROD with NOTICES1 Calculation Methodology The aggregate financial sector liabilities measure equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. The yearend 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 1 Reguation XX implements section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. See 12 U.S.C. 1852. 2 12 U.S.C. 1852(a)(2), (b); 12 CFR 251.3. 3 This number reflects the average of the financial sector liabilities figure for the years ending December 31, 2019 ($21,618,290,757,000) and December 31, 2020 (21,957,634,194,000). VerDate Sep<11>2014 18:41 Jun 16, 2021 Jkt 253001 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 the U.S. financial company’s riskweighted 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.4 The Federal Reserve used 4 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 were insurance companies that reported financial information under Statutory Accounting Principles (‘‘SAP’’), and one was a foreign company that controlled a U.S. industrial loan company that reported financial information under International Financial Reporting Standards (‘‘IFRS’’). For the PO 00000 Frm 00024 Fmt 4703 Sfmt 4703 32267 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. 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, and 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 Regulation under delegated authority. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–12744 Filed 6–16–21; 8:45 am] BILLING CODE P FEDERAL RESERVE SYSTEM Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities The companies listed in this notice have given notice under section 4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and Regulation Y, (12 CFR part 225) to engage de novo, or to acquire or control voting securities or assets of a company, including the companies listed below, that engages either directly or through a subsidiary or other company, in a nonbanking activity that is listed in § 225.28 of Regulation Y (12 CFR 225.28) or that the Board has determined by Order to be closely 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. E:\FR\FM\17JNN1.SGM 17JNN1 32268 Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices related to banking and permissible for bank holding companies. Unless otherwise noted, these activities will be conducted throughout the United States. 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 question whether the proposal complies with the standards of section 4 of the BHC Act. Unless otherwise noted, comments regarding the 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 July 2, 2021. A. Federal Reserve Bank of Kansas City (Jeffrey Imgarten, Assistant Vice President) 1 Memorial Drive, Kansas City, Missouri 64198–0001: 1. BSB Bancshares, Inc., Brunswick, Nebraska; to engage de novo in extending credit and servicing loans, pursuant to section 225.28(b)(1) of the Board’s Regulation Y. Board of Governors of the Federal Reserve System, June 14, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–12821 Filed 6–16–21; 8:45 am] BILLING CODE P Comments on the collection(s) of information must be received by the OMB desk officer by July 19, 2021. 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 30-day Review—Open for Public Comments’’ or by using the search function. To obtain copies of a supporting statement and any related forms for the proposed collection(s) summarized in this notice, you may make your request using one of following: 1. Access CMS’ website address at: https://www.cms.gov/Regulations-andGuidance/Legislation/ PaperworkReductionActof1995/PRAListing.html DATES: DEPARTMENT OF HEALTH AND HUMAN SERVICES FOR FURTHER INFORMATION CONTACT: Centers for Medicare & Medicaid Services SUPPLEMENTARY INFORMATION: [Document Identifier: CMS–10209 and CMS– 10102] Agency Information Collection Activities: Submission for OMB Review; Comment Request Centers for Medicare & Medicaid Services, Health and Human Services (HHS). ACTION: Notice. AGENCY: lotter on DSK11XQN23PROD with NOTICES1 information from the public. Under the Paperwork Reduction Act of 1995 (PRA), federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension or reinstatement of an existing collection of information, and to allow a second opportunity for public comment on the notice. Interested persons are invited to send comments regarding the burden estimate or any other aspect of this collection of information, including the necessity and utility of the proposed information collection for the proper performance of the agency’s functions, the accuracy of the estimated burden, ways to enhance the quality, utility, and clarity of the information to be collected, and the use of automated collection techniques or other forms of information technology to minimize the information collection burden. The Centers for Medicare & Medicaid Services (CMS) is announcing an opportunity for the public to comment on CMS’ intention to collect SUMMARY: VerDate Sep<11>2014 18:41 Jun 16, 2021 Jkt 253001 William Parham at (410) 786–4669. Under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501–3520), federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. The term ‘‘collection of information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) and includes agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A)) requires federal agencies to publish a 30-day notice in the Federal Register concerning each proposed collection of information, PO 00000 Frm 00025 Fmt 4703 Sfmt 4703 including each proposed extension or reinstatement of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, CMS is publishing this notice that summarizes the following proposed collection(s) of information for public comment: 1. Type of Information Collection Request: Revision of a currently approved collection; Title of Information Collection: Medicare Advantage Chronic Care Improvement Program (CCIP) Attestations; Use: Section 1852(e) of the Social Security Act (the Act) requires that Medicare Advantage (MA) organizations (MAOs) have an ongoing Quality Improvement (QI) Program. CMS regulations at 42 CFR 422.152(a) outline the QI Program requirements for MAOs, which include the development and implementation of a Chronic Care Improvement Program (CCIP) that meets the requirements of 422.152(c) for each contract. MAOs must use the Health Plan Management System (HPMS) to report the status of their CCIP to CMS by December 31 annually. Submissions include an attestation by the MAO regarding its compliance with the ongoing CCIP requirement (42 CFR 422.152(c)(2)). MAOs are only required to attest electronically that they are complying with the ongoing CCIP requirement. In addition, MAOs should assess and internally document activities related to the CCIP on an ongoing basis, as well as modify interventions and/or processes as necessary. A less frequent collection would not allow CMS to ensure that annual requirements are being met. This collection allows CMS to ensure that annual requirements are still being met, while also reducing plan burden. Form Number: CMS–10209 (OMB Control number: 0938–1023); Frequency: Annually; Affected Public: Private Sector—Business or other for-profits; Number of Respondents: 645; Total Annual Responses: 645; Total Annual Hours: 161. (For policy questions regarding this collection contact Lynn Pereira at 410–786–2274) 2. Type of Information Collection Request: Extension of a currently approved collection; Title of Information Collection: National Implementation of Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS); Use: The HCAHPS (Hospital Consumer Assessment of Healthcare Providers and Systems) Survey is the first national, standardized, publicly reported survey of patients’ perspectives of their hospital care. HCAHPS is a 29-item survey instrument and data collection E:\FR\FM\17JNN1.SGM 17JNN1

Agencies

[Federal Register Volume 86, Number 115 (Thursday, June 17, 2021)]
[Notices]
[Pages 32267-32268]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12821]


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FEDERAL RESERVE SYSTEM


Notice of Proposals To Engage in or To Acquire Companies Engaged 
in Permissible Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation Y, (12 CFR part 225) to engage de novo, or to acquire or 
control voting securities or assets of a company, including the 
companies listed below, that engages either directly or through a 
subsidiary or other company, in a nonbanking activity that is listed in 
Sec.  225.28 of Regulation Y (12 CFR 225.28) or that the Board has 
determined by Order to be closely

[[Page 32268]]

related to banking and permissible for bank holding companies. Unless 
otherwise noted, these activities will be conducted throughout the 
United States.
    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 question 
whether the proposal complies with the standards of section 4 of the 
BHC Act.
    Unless otherwise noted, comments regarding the 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 July 
2, 2021.
    A. Federal Reserve Bank of Kansas City (Jeffrey Imgarten, Assistant 
Vice President) 1 Memorial Drive, Kansas City, Missouri 64198-0001:
    1. BSB Bancshares, Inc., Brunswick, Nebraska; to engage de novo in 
extending credit and servicing loans, pursuant to section 225.28(b)(1) 
of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, June 14, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-12821 Filed 6-16-21; 8:45 am]
BILLING CODE P