Fifth District Savings Bank, New Orleans, Louisiana; Approval of Conversion Application, 43979 [2024-10939]

Download as PDF lotter on DSK11XQN23PROD with NOTICES1 Federal Register / Vol. 89, No. 98 / Monday, May 20, 2024 / Notices risk the sponsor is required to retain, including disclosure of the name and form of organization of any originator that acquires and retains an interest in the transaction, a description of the form, amount and nature of such interest, and the method of payment for such interest (§ 43.11(a)(2)). A sponsor relying on this section is required to maintain and adhere to policies and procedures that are reasonably designed to monitor originator compliance with retention amount and hedging, transferring and pledging requirements (§ 43.11(b)(2)(i)), and to promptly notify the holders of the ABS interests in the transaction in the event of originator non-compliance with such regulatory requirements (§ 43.11(b)(2)(ii)). Sections 43.13 and 43.19(g) provide exemptions from the risk retention requirements for qualified residential mortgages and qualifying 3-to-4 unit residential mortgage loans that meet certain specified criteria, including that the depositor with respect to the securitization transaction certify that it has evaluated the effectiveness of its internal supervisory controls and concluded that the controls are effective (§§ 43.13(b)(4)(i) and 43.19(g)(2)), and that the sponsor provide a copy of the certification to potential investors prior to sale of asset-backed securities in the issuing entity (§§ 43.13(b)(4)(iii) and 43.19(g)(2)). In addition, §§ 43.13(c)(3) and 43.19(g)(3) provide that a sponsor that has relied upon the exemptions will not lose the exemptions if, after closing of the transaction, it is determined that one or more of the residential mortgage loans does not meet all of the criteria; provided that the depositor complies with certain specified requirements, including prompt notice to the holders of the asset-backed securities of any loan that is required to be repurchased by the sponsor, the amount of such repurchased loan, and the cause for such repurchase. Section 43.15 provides exemptions from the risk retention requirements for qualifying commercial loans that meet the criteria specified in § 43.16, qualifying CRE loans that meet the criteria specified in § 43.17, and qualifying automobile loans that meet the criteria specified in § 43.18. Section 43.15 also requires the sponsor to disclose a description of the manner in which the sponsor determined the aggregate risk retention requirement for the securitization transaction after including qualifying commercial loans, qualifying CRE loans, or qualifying automobile loans with 0 percent risk retention (§ 43.15(a)(4)). In addition, the sponsor is required to disclose descriptions of the qualifying VerDate Sep<11>2014 19:14 May 17, 2024 Jkt 262001 commercial loans, qualifying CRE loans, and qualifying automobile loans (‘‘qualifying assets’’), and descriptions of the assets that are not qualifying assets, and the material differences between the group of qualifying assets and the group of assets that are not qualifying assets with respect to the composition of each group’s loan balances, loan terms, interest rates, borrower credit information, and characteristics of any loan collateral (§ 43.15(b)(3)). Additionally, a sponsor must retain the disclosures required in §§ 43.15(a) and (b) in its records and must provide the disclosure upon request to the Commission and the sponsor’s appropriate Federal banking agency, if any, until three years after all ABS interests are no longer outstanding (§ 43.15(d)). Sections 43.16, 43.17 and 43.18 each require that: the depositor of the assetbacked security certify that it has evaluated the effectiveness of its internal supervisory controls and concluded that its internal supervisory controls are effective (§§ 43.16(a)(8)(i), 43.17(a)(10)(i), and 43.18(a)(8)(i)); the sponsor is required to provide a copy of the certification to potential investors prior to the sale of asset-backed securities in the issuing entity (§§ 43.16(a)(8)(iii), 43.17(a)(10)(iii), and 43.18(a)(8)(iii)); and the sponsor must promptly notify the holders of the assetbacked securities of any loan included in the transaction that is required to be cured or repurchased by the sponsor, including the principal amount of such loan and the cause for such cure or repurchase (§§ 43.16(b)(3), 43.17(b)(3), and 43.18(b)(3)). Additionally, a sponsor must retain the disclosures required in §§ 43.16(a)(8), 43.17(a)(10) and 43.18(a)(8) in its records and must provide the disclosure upon request to the Commission and the sponsor’s appropriate Federal banking agency, if any, until three years after all ABS interests are no longer outstanding (§ 43.15(d)). Type of Review: Regular. Affected Public: Businesses or other for-profit. Estimated Frequency of Response: On occasion. Estimated Number of Respondents: 35. Estimated Total Annual Burden: 2,835 hours. Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper PO 00000 Frm 00180 Fmt 4703 Sfmt 4703 43979 performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the burden of the collection of information; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Patrick T. Tierney, Assistant Director, Office of the Comptroller of the Currency. [FR Doc. 2024–10998 Filed 5–17–24; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [OCC Charter Number 700133] Fifth District Savings Bank, New Orleans, Louisiana; Approval of Conversion Application Notice is hereby given that on May 10, 2024, the Office of the Comptroller of the Currency (OCC) approved the application of Fifth District Savings Bank, New Orleans, Louisiana, to convert to the stock form of organization. Copies of the application are available on the OCC website at the FOIA Reading Room (https://foiapal.occ.gov/palMain.aspx) under Mutual to Stock Conversion Applications. If you have any questions, please contact Licensing Activities at (202) 649–6260. (Authority: 12 CFR 192.205). Dated: May 10, 2024. By the Office of the Comptroller of the Currency. Stephen A. Lybarger, Deputy Comptroller for Licensing. [FR Doc. 2024–10939 Filed 5–17–24; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Notice of OFAC Sanctions Action Office of Foreign Assets Control, Treasury. ACTION: Notice. AGENCY: E:\FR\FM\20MYN1.SGM 20MYN1

Agencies

[Federal Register Volume 89, Number 98 (Monday, May 20, 2024)]
[Notices]
[Page 43979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10939]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

[OCC Charter Number 700133]


Fifth District Savings Bank, New Orleans, Louisiana; Approval of 
Conversion Application

    Notice is hereby given that on May 10, 2024, the Office of the 
Comptroller of the Currency (OCC) approved the application of Fifth 
District Savings Bank, New Orleans, Louisiana, to convert to the stock 
form of organization. Copies of the application are available on the 
OCC website at the FOIA Reading Room (https://foia-pal.occ.gov/palMain.aspx) under Mutual to Stock Conversion Applications. If you 
have any questions, please contact Licensing Activities at (202) 649-
6260.

(Authority: 12 CFR 192.205).

    Dated: May 10, 2024.

    By the Office of the Comptroller of the Currency.
Stephen A. Lybarger,
Deputy Comptroller for Licensing.
[FR Doc. 2024-10939 Filed 5-17-24; 8:45 am]
BILLING CODE 4810-33-P

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