81 FR 81768 - Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities

FEDERAL RESERVE SYSTEM

Federal Register Volume 81, Issue 223 (November 18, 2016)

Page Range		81768-81768
FR Document		2016-27831

Federal Register, Volume 81 Issue 223 (Friday, November 18, 2016)

[Federal Register Volume 81, Number 223 (Friday, November 18, 2016)]
[Notices]
[Page 81768]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-27831]


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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 related to banking and permissible 
for bank holding companies. Unless otherwise noted, these activities 
will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. The notice also will be available for inspection at the 
offices of the Board of Governors. 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 not later than December 13, 2016.
    A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant 
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
    1. West Town Bancorp, Raleigh, North Carolina; to acquire 43.5 
percent of Windsor Advantage, LLC, Indianapolis, Indiana and thereby 
indirectly engage de novo in extending credit and servicing loans 
pursuant to section 225.28 (b)(1) of Regulation Y.

    Board of Governors of the Federal Reserve System, November 15, 
2016.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2016-27831 Filed 11-17-16; 8:45 am]
BILLING CODE 6210-01-P

81768 Federal Register / Vol. 81, No. 223 / Friday, November 18, 2016 / Notices

opportunities, and produce measureable regulations.9 In its OMB Supporting Dated: November 14, 2016.
results; 6 and (2) develop and maintain Statement, the OFCCP estimated that a Kevin Winkler,
a written program summary describing contractor with 1 to 100 employees Chief Information Officer, Federal Housing
the policies, practices, and procedures would take approximately 73 burden Finance Agency.
that the contractor uses to ensure that hours to create an initial written [FR Doc. 2016–27821 Filed 11–17–16; 8:45 am]
applicants and employees received program summary. While the OFCCP
BILLING CODE 8070–01–P
equal opportunities for employment and regulations require contractors to
advancement.7 In lieu of creating and perform time-consuming quantitative
maintaining a separate workforce analyses when developing their written
inclusion plan to submit in satisfaction program summaries, such analyses
FEDERAL RESERVE SYSTEM
of the MWI Clause, a contractor with 50 would not be required in connection
or more employees could submit the with the creation of a workforce Notice of Proposals To Engage in or
written program summary that it is inclusion plan. For this reason, FHFA To Acquire Companies Engaged in
already required to maintain under the believes that a contractor could develop Permissible Nonbanking Activities
OFCCP regulations to demonstrate its a workforce inclusion plan in about one-
good faith efforts to ensure the fair third of the time that it would take to The companies listed in this notice
inclusion of minorities and women in develop the written program summary have given notice under section 4 of the
its workforce. required under the OFCCP regulations. Bank Holding Company Act (12 U.S.C.
With respect to reporting burden, FHFA estimates that a contractor with
1843) (BHC Act) and Regulation Y, (12
FHFA estimates that it will take each fewer than 50 employees would spend
CFR part 225) to engage de novo, or to
contractor approximately one hour to approximately 25 hours creating a
acquire or control voting securities or
retrieve and submit to the FHFA the workforce inclusion plan for the first
time. The Agency estimates that each assets of a company, including the
documentation specified in the MWI companies listed below, that engages
Clause. Thus, the estimate of the annual contractor would then spend
approximately 10 hours annually in either directly or through a subsidiary or
burden upon contractors with 50 or other company, in a nonbanking activity
more employees associated with updating and maintaining its plan. This
results in an estimated average annual that is listed in § 225.28 of Regulation Y
reporting requirements under this (12 CFR 225.28) or that the Board has
information collection is 48 hours (48 recordkeeping burden over the next
three years on each contractor with determined by Order to be closely
contractors × 1 hour per contractor).
fewer than 50 employees of 15 hours related to banking and permissible for
II. Documentation Submitted by [(25 + 10 + 10)/3 years]. Thus, FHFA bank holding companies. Unless
Contractors With Fewer Than 50 estimates that the average annual otherwise noted, these activities will be
Employees recordkeeping burden on all contractors conducted throughout the United States.
with fewer than 50 employees over the Each notice is available for inspection
FHFA estimates that the average next three years will be 300 hours (20
annual burden on contractors with at the Federal Reserve Bank indicated.
contractors × 15 hours per contractor). The notice also will be available for
fewer than 50 employees will be 320 FHFA estimates that it will take each
hours (300 recordkeeping hours + 20 inspection at the offices of the Board of
contractor approximately one hour to
reporting hours). Governors. Interested persons may
retrieve and submit to FHFA the
express their views in writing on the
OFCCP regulations require contractors documentation specified in the MWI
with fewer than 50 employees to question whether the proposal complies
Clause. Thus, the estimate of the annual
maintain records on the race, ethnicity, burden upon contractors with fewer with the standards of section 4 of the
and gender of each employee.8 FHFA than 50 employees associated with BHC Act.
believes that such contractors also keep reporting requirements under this Unless otherwise noted, comments
EEO–1 job category information in the information collection is 20 hours (20 regarding the applications must be
normal course of business, despite the contractors × 1 hour per contractor). received at the Reserve Bank indicated
fact that they are not required by law to or the offices of the Board of Governors
C. Comments Request
do so. However, contractors with fewer not later than December 13, 2016.
than 50 employees may not have the FHFA requests written comments on
A. Federal Reserve Bank of Chicago
type of written program summary that is the following: (1) Whether the collection
of information is necessary for the (Colette A. Fried, Assistant Vice
required of larger contractors under the
proper performance of FHFA functions, President) 230 South LaSalle Street,
OFCCP regulations or any similar
document that could be submitted as a including whether the information has Chicago, Illinois 60690–1414:
workforce inclusion plan under the practical utility; (2) the accuracy of 1. West Town Bancorp, Raleigh, North
MWI Clause. Accordingly, such FHFA’s estimates of the burdens of the Carolina; to acquire 43.5 percent of
contractors may need to create a collection of information; (3) ways to Windsor Advantage, LLC, Indianapolis,
workforce inclusion plan to comply enhance the quality, utility, and clarity Indiana and thereby indirectly engage
with the MWI Clause. of the information collected; and (4) de novo in extending credit and
In order to estimate the burden ways to minimize the burden of the servicing loans pursuant to section
associated with creating a workforce collection of information on 225.28 (b)(1) of Regulation Y.
respondents, including through the use
mstockstill on DSK3G9T082PROD with NOTICES

inclusion plan, FHFA considered the Board of Governors of the Federal Reserve
OFCCP’s burden estimates for the time of automated collection techniques or
System, November 15, 2016.
needed to develop the written program other forms of information technology.
Yao-Chin Chao,
summaries required under its
9 See PRA Supporting Statement for the OFCCP Assistant Secretary of the Board.
Recordkeeping and Requirements-Supply and [FR Doc. 2016–27831 Filed 11–17–16; 8:45 am]
6 See 41 CFR 60–2.17. Service Program, OMB Control No. 1250–0003, at
7 See 41 CFR 60–2.31. BILLING CODE 6210–01–P
http://www.reginfo.gov/public/do/PRAView
8 See 41 CFR 60–3.4. Document?ref_nbr=201602-1250-001.

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Document Created: 2018-02-14 08:31:33
Document Modified: 2018-02-14 08:31:33

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 81768