Change in Bank Control Notices; Acquisitions of Shares of a Savings and Loan Holding Company, 3540 [2022-01257]

Download as PDF jspears on DSK121TN23PROD with NOTICES1 3540 Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices modifications intended to mitigate any increase in reporting burden. with other changes to the instructions, starting on September 1, 2022. Same Day Submission Deadline for Parts A, B, and D of FR 2420 The commenters indicated that the proposed same-day deadline for submission of data related to Federal Funds Purchased (Part A), Eurodollars (Part B), and Selected Deposits (Part D) transactions from the morning after the transaction is completed (next-day deadline) to the evening the transaction is completed (same-day deadline) would not be feasible for certain reporters and would leave insufficient time for reporting controls and other due diligence processes. The commenters also suggested that the proposed deadline would lead to an increase in re-filings of the FR 2420 report, as firms would need to re-file to correct mistakes which would also increase the reporting burden. In consideration of the additional burden on certain reporters that would have resulted from the proposed sameday deadline, the Board has not finalized this proposed revision to the FR 2420. The deadline for the above noted parts of FR 2420 will remain 7 a.m. ET on the day after the transaction date. However, the Board will nonetheless encourage firms to submit reports as early as possible in order to reduce operational risk associated with the publication of reference rates. The majority of reporting firms already submit data for these parts of FR 2420 on the same day as the transactions are completed, and the Board encourages other reporters to follow this convention when practicable. Reducing risks associated with reference rates production provides benefits to the public and financial markets, in addition to aiding monetary policy implementation, and the Board may repropose a same-day submission deadline in connection with a future renewal of the FR 2420. Changes to Instructions Submission Deadline for Part C of FR 2420 The commenters requested that implementation of the proposed earlier next-day deadline for Part C of FR 2420 be delayed at least until August 1, 2022, or 12 months after the release of the final form and instructions. The commenters argue that this later implementation date is needed for reporting firms to have sufficient time to adjust their internal reporting and control processes to accommodate the earlier reporting deadline. In light of the additional burden for reporting firms, the Board will require compliance with the next-day deadline for Part C, along VerDate Sep<11>2014 18:11 Jan 21, 2022 Jkt 256001 One commenter opposed several additions to the FR 2420 instructions, including provisions concerning securities lending, CDARS, and insured cash sweep transactions. Regarding securities lending transactions collateralized by cash, the commenter inquired why these transactions would be considered selected deposits. With respect to CDARS and insured cash sweep transactions, the commenter asserted that the proposed additions to the instructions may entail a significant increase in firms’ reporting burden, as the added language appeared to require data that may not be in the possession of reporting firms, but rather third parties. In response to the concerns raised by the commenter, the Board will not include the proposed additions concerning securities lending, CDARS, and insured cash sweep transactions in the final instructions.2 The Board adopted the remaining revisions to the FR 2420 as proposed. Board of Governors of the Federal Reserve System, January 19, 2022. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2022–01259 Filed 1–21–22; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Acquisitions of Shares of a Savings and Loan Holding Company The notificants listed below have applied under the Change in Bank Control Act (‘‘Act’’) (12 U.S.C. 1817(j)) and of the Board’s Regulation LL (12 CFR 238.31) to acquire shares of a savings and loan holding company. The factors that are considered in acting on the notices 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 2 The commenters also noted that the proposed reporting instructions were not made publicly available at the time the proposal was published in the Federal Register and requested that certain proposed changes to the instructions not be adopted as a result. The initial Federal Register notice stated that copies of the reporting form and instructions could be requested from the Board’s clearance officer, who was also identified in the notice. In response to the commenters’ letter, the proposed form and instructions were provided to the commenters and posted on the Board’s public website. PO 00000 Frm 00046 Fmt 4703 Sfmt 4703 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 February 8, 2022. A. Federal Reserve Bank of Minneapolis (Chris P. Wangen, Assistant Vice President), 90 Hennepin Avenue, Minneapolis, Minnesota 55480–0291. Comments can also be sent electronically to MA@mpls.frb.org: 1. Scott D. Hewitt, Park Rapids, Minnesota; to acquire voting shares of Dorset Bancshares, Inc., and thereby indirectly acquire voting shares of Northwoods Bank of Minnesota, all of Park Rapids, Minnesota. A. Federal Reserve Bank of Kansas City (Jeffrey Imgarten, Assistant Vice President) 1 Memorial Drive, Kansas City, Missouri 64198–0001: 1. Xinwei Lu, Glen Head, New York; Peter Sasaki, New York, New York; John Zeng, Newport Coast, California; and Beidi Zheng, Los Gatos, California; to form a group acting in concert to acquire voting shares of My Anns Corporation, and thereby indirectly acquire voting shares of Piqua State Bank, both of Piqua, Kansas. Board of Governors of the Federal Reserve System, January 19, 2022. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2022–01257 Filed 1–21–22; 8:45 am] BILLING CODE P FEDERAL TRADE COMMISSION Revised Jurisdictional Thresholds for Section 8 of the Clayton Act Federal Trade Commission. Notice. AGENCY: ACTION: The Federal Trade Commission announces the revised thresholds for interlocking directorates required by the 1990 amendment of Section 8 of the Clayton Act. Section 8 prohibits, with certain exceptions, one person from serving as a director or officer of two competing corporations if SUMMARY: E:\FR\FM\24JAN1.SGM 24JAN1

Agencies

[Federal Register Volume 87, Number 15 (Monday, January 24, 2022)]
[Notices]
[Page 3540]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01257]


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FEDERAL RESERVE SYSTEM


Change in Bank Control Notices; Acquisitions of Shares of a 
Savings and Loan Holding Company

    The notificants listed below have applied under the Change in Bank 
Control Act (``Act'') (12 U.S.C. 1817(j)) and of the Board's Regulation 
LL (12 CFR 238.31) to acquire shares of a savings and loan holding 
company. The factors that are considered in acting on the notices 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 February 8, 2022.
    A. Federal Reserve Bank of Minneapolis (Chris P. Wangen, Assistant 
Vice President), 90 Hennepin Avenue, Minneapolis, Minnesota 55480-0291. 
Comments can also be sent electronically to [email protected]:
    1. Scott D. Hewitt, Park Rapids, Minnesota; to acquire voting 
shares of Dorset Bancshares, Inc., and thereby indirectly acquire 
voting shares of Northwoods Bank of Minnesota, all of Park Rapids, 
Minnesota.
    A. Federal Reserve Bank of Kansas City (Jeffrey Imgarten, Assistant 
Vice President) 1 Memorial Drive, Kansas City, Missouri 64198-0001:
    1. Xinwei Lu, Glen Head, New York; Peter Sasaki, New York, New 
York; John Zeng, Newport Coast, California; and Beidi Zheng, Los Gatos, 
California; to form a group acting in concert to acquire voting shares 
of My Anns Corporation, and thereby indirectly acquire voting shares of 
Piqua State Bank, both of Piqua, Kansas.

    Board of Governors of the Federal Reserve System, January 19, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-01257 Filed 1-21-22; 8:45 am]
BILLING CODE P
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