Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 51099 [2022-17925]
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Federal Register / Vol. 87, No. 160 / Friday, August 19, 2022 / Notices
Exempt ESBT Trust, John Ross, as
trustee, the Sandra K. Ross 2021 GSTExempt ESBT Trust, Sandra Stinson, as
trustee, John W. Ross and Missy Ross,
James Szopinski, Community National
Bank f/b/o Jeffrey Stinson IRA, all of
Milan, Tennessee; and Barry Jones,
Trenton, Tennessee; a group acting in
concert to acquire and retain voting
shares of Hometown Bancorp, Inc., and
thereby indirectly acquire and retain
voting shares of The Bank of Milan, both
of Milan, Tennessee.
Board of Governors of the Federal Reserve
System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–17824 Filed 8–18–22; 8:45 am]
BILLING CODE P
FEDERAL RESERVE SYSTEM
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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 6, 2022.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. The Revocable Trust Agreement
No. 060134, James O. Beavers, trustee,
both of Taylorville, Illinois; to retain
voting shares of First Bancorp of
VerDate Sep<11>2014
18:26 Aug 18, 2022
Jkt 256001
Taylorville, Inc., and thereby indirectly
retain voting shares of First National
Bank in Taylorville, both of Taylorville,
Illinois.
B. 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. Tyler Engstrom, Westhope, North
Dakota; to acquire voting shares of
Peoples State Holding Company
(Company), and thereby indirectly
acquire voting shares of Peoples State
Bank (Bank), both of Westhope, North
Dakota. Additionally, Tyler Engstrom;
Curtis Moum, Westhope, North Dakota;
and Darin Bohl, Bottineau, North
Dakota, as a group acting in concert, to
acquire voting shares of Company and
thereby indirectly acquire voting shares
of Bank.
Board of Governors of the Federal Reserve
System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–17925 Filed 8–18–22; 8:45 am]
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FEDERAL RESERVE SYSTEM
[Docket No. OP–1747]
Guidelines for Evaluating Account and
Services Requests
Board of Governors of the
Federal Reserve System.
ACTION: Final guidance.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) has
approved final guidelines (Account
Access Guidelines) for Federal Reserve
Banks (Reserve Banks) to utilize in
evaluating requests for access to Reserve
Bank master accounts and services
(accounts and services).
DATES: Implementation Date is August
19, 2022.
FOR FURTHER INFORMATION CONTACT:
Jason Hinkle, Assistant Director (202–
912–7805), Division of Reserve Bank
Operations and Payment Systems, or
Gavin Smith, Senior Counsel (202–452–
3474), Legal Division, Board of
Governors of the Federal Reserve
System. For users of TTY–TRS, please
call 711 from any telephone, anywhere
in the United States.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background
The payments landscape is evolving
rapidly as technological progress and
other factors are leading both to the
introduction of new financial products
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51099
and services and to different ways of
providing traditional banking services.
Relatedly, there has been a recent uptick
in novel charter types being authorized
or considered by federal and state
banking authorities across the country.
As a result, the Reserve Banks are
receiving an increasing number of
inquiries and access requests from
institutions that have obtained, or are
considering obtaining, such novel
charter types.
A. Summary of May 2021 Proposed
Account Access Guidelines
On May 5, 2021, the Board requested
comment on proposed guidelines to be
used by Reserve Banks in evaluating
requests for accounts and services
(Original Proposal or Proposed
Guidelines).1 2 The Original Proposal
reflected the Board’s policy goals of (1)
ensuring the safety and soundness of the
banking system, (2) effectively
implementing monetary policy, (3)
promoting financial stability, (4)
protecting consumers, and (5)
promoting a safe, efficient, inclusive,
and innovative payment system. The
Original Proposal was also intended to
ensure that Reserve Banks apply a
transparent and consistent set of factors
when reviewing requests for access to
accounts and services (access requests).3
The Original Proposal consisted of the
following six principles:
1. Each institution requesting an account or
services must be eligible under the Federal
Reserve Act or other federal statute to
maintain an account at a Reserve Bank and
receive Federal Reserve services and should
have a well-founded, clear, transparent, and
enforceable legal basis for its operations.
2. Provision of an account and services to
an institution should not present or create
undue credit, operational, settlement, cyber
or other risks to the Reserve Bank.
3. Provision of an account and services to
an institution should not present or create
undue credit, liquidity, operational,
settlement, cyber or other risks to the overall
payment system.
4. Provision of an account and services to
an institution should not create undue risk to
the stability of the U.S. financial system.
5. Provision of an account and services to
an institution should not create undue risk to
the overall economy by facilitating activities
such as money laundering, terrorism
financing, fraud, cybercrimes, or other illicit
activity.
1 86
FR 25865 (May 11, 2021).
Proposed Guidelines are designed to be
applied to both new and pending access requests as
well as cases where the Reserve Bank determines
to reevaluate the risk of existing accounts. This
broad application is intended to ensure that risks
are identified and mitigated and that institutions
are treated in a fair and equitable manner.
3 In developing the Account Access Guidelines,
the Board sought to incorporate as much as possible
existing Reserve Bank risk management practices.
2 The
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[Federal Register Volume 87, Number 160 (Friday, August 19, 2022)]
[Notices]
[Page 51099]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17925]
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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 6, 2022.
A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
1. The Revocable Trust Agreement No. 060134, James O. Beavers,
trustee, both of Taylorville, Illinois; to retain voting shares of
First Bancorp of Taylorville, Inc., and thereby indirectly retain
voting shares of First National Bank in Taylorville, both of
Taylorville, Illinois.
B. 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. Tyler Engstrom, Westhope, North Dakota; to acquire voting shares
of Peoples State Holding Company (Company), and thereby indirectly
acquire voting shares of Peoples State Bank (Bank), both of Westhope,
North Dakota. Additionally, Tyler Engstrom; Curtis Moum, Westhope,
North Dakota; and Darin Bohl, Bottineau, North Dakota, as a group
acting in concert, to acquire voting shares of Company and thereby
indirectly acquire voting shares of Bank.
Board of Governors of the Federal Reserve System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-17925 Filed 8-18-22; 8:45 am]
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