82 FR 47206 - Proposed Guidance on Supervisory Expectations for Boards of Directors
FEDERAL RESERVE SYSTEM Federal Register Volume 82, Issue 195 (October 11, 2017)
Federal Register Volume 82, Issue 195 (October 11, 2017)
| Page Range | 47206-47207 | |
| FR Document | 2017-21859 |
[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)] [Notices] [Pages 47206-47207] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21859] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM [Docket No. OP-1570] Proposed Guidance on Supervisory Expectations for Boards of Directors AGENCY: Board of Governors of the Federal Reserve System (Board). ACTION: Notice; extension of comment period. ----------------------------------------------------------------------- SUMMARY: On August 9, 2017, the Board published in the Federal Register proposed guidance on supervisory expectations for boards of directors. To facilitate effective public comment on the proposed guidance, the Board has determined that an extension of the comment period until November 30, 2017, is appropriate. This action will allow interested persons additional time to analyze the proposal and prepare their comments. DATES: Comments on the proposal must be received on or before November 30, 2017. ADDRESSES: You may submit comments by any of the methods identified in the proposal.\1\ Please submit your comments using only one method. --------------------------------------------------------------------------- \1\ See ``Proposed Guidance on Supervisory Expectation for Boards of Directors,'' 82 FR 37219 (August 9, 2017). FOR FURTHER INFORMATION CONTACT: Michael Hsu, Associate Director, (202) 912-4330, Michael Solomon, Associate Director, (202) 452-3502, Richard Naylor, Associate Director, (202) 728-5854, Division of Supervision and Regulation; Ben McDonough, Assistant General Counsel, (202) 452-2036, Scott Tkacz, Senior Counsel, (202) 452-2744, Keisha Patrick, Senior Counsel, (202) 452-3559, or Chris Callanan, Senior Attorney, (202) 452- 3594, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For the hearing impaired only, Telecommunications Device for the Deaf (TDD) users may contact --------------------------------------------------------------------------- (202) 263-4869. SUPPLEMENTARY INFORMATION: On August 9, 2017, the Board published in the Federal Register proposed guidance on supervisory expectations for boards of directors of firms supervised by the Federal Reserve. The proposal addresses supervisory expectations for the boards of directors of bank holding companies, savings and loan holding companies, state member banks, U.S. branches and agencies of foreign banking organizations, and systemically important nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve. For the largest domestic bank and savings and loan holding companies and systemically important nonbank financial companies, the proposal would establish attributes of effective boards centered on the board's core responsibilities, which support safety and soundness, and would provide the framework with which the Federal Reserve would evaluate the effectiveness of a firm's boards of directors. For all domestic bank and savings and loan holding [[Page 47207]] companies, supervisory expectations for boards of directors contained in certain existing Federal Reserve Supervision and Regulation letters would be revised or eliminated to better distinguish a board's roles and responsibilities from those of senior management and allow boards to focus more of their time and resources on fulfilling their core responsibilities. In recognition of the range of issues addressed and the variety of considerations involved with implementing the proposal, the Board requested that commenters respond to a number of questions. The proposal stated that the comment period would close on October 10, 2017.\2\ --------------------------------------------------------------------------- \2\ Id. --------------------------------------------------------------------------- An extension of the comment period will facilitate public comment on the provisions of the proposal and the questions posed by the Board. Therefore, the Board is extending the end of the comment period for the proposal from October 10, 2017, to November 30, 2017. By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, October 5, 2017. Ann E. Misback, Secretary of the Board. [FR Doc. 2017-21859 Filed 10-10-17; 8:45 am] BILLING CODE P
![47206 Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices
Philadelphia, Pennsylvania 19105– inspection at the Federal Reserve Bank proposed guidance on supervisory
1521. Comments can also be sent indicated. The applications will also be expectations for boards of directors. To
electronically to available for inspection at the offices of facilitate effective public comment on
Comments.applications@phil.frb.org: the Board of Governors. Interested the proposed guidance, the Board has
1. Stephen M. Holden, Merchantville, persons may express their views in determined that an extension of the
New Jersey; as co-Voting Trustee of the writing on the standards enumerated in comment period until November 30,
J. Mark Baiada Voting Trust, Toms the BHC Act (12 U.S.C. 1842(c)). If the 2017, is appropriate. This action will
River, New Jersey, to join J. Mark proposal also involves the acquisition of allow interested persons additional time
Baiada, Moorestown, New Jersey; Ann a nonbanking company, the review also to analyze the proposal and prepare
Baiada, Moorestown, New Jersey; the includes whether the acquisition of the their comments.
1994 Baiada Family Trust, Evergreen, nonbanking company complies with the DATES: Comments on the proposal must
Colorado; Michael Baiada, Evergreen, standards in section 4 of the BHC Act be received on or before November 30,
Colorado, as trustee of the 1994 Baiada (12 U.S.C. 1843). Unless otherwise 2017.
Family Trust; L. Mathew and Janet noted, nonbanking activities will be ADDRESSES: You may submit comments
Baiada, Moorestown, New Jersey; Paul conducted throughout the United States. by any of the methods identified in the
Melan Baiada, Moorestown, New Jersey; Unless otherwise noted, comments proposal.1 Please submit your
the Paul Melan Baiada 1999 Family regarding each of these applications comments using only one method.
Trust, Moorestown, New Jersey; Diane must be received at the Reserve Bank FOR FURTHER INFORMATION CONTACT:
Baiada, Moorestown, New Jersey, as indicated or the offices of the Board of
trustee of the Paul Melan Baiada 1999 Michael Hsu, Associate Director, (202)
Governors not later than November 6, 912–4330, Michael Solomon, Associate
Family Trust; the Baiada Trust for the 2017.
Benefit of Caitlin Baiada, Moorestown, Director, (202) 452–3502, Richard
A. Federal Reserve Bank of Cleveland Naylor, Associate Director, (202) 728–
New Jersey; Diane Baiada and Michael (Nadine Wallman, Vice President) 1455
Baiada, as trustees of the Baiada Trust 5854, Division of Supervision and
East Sixth Street, Cleveland, Ohio Regulation; Ben McDonough, Assistant
for the Benefit of Caitlin Baiada; the 44101–2566. Comments can also be sent
Baiada Trust for the Benefit of Emma General Counsel, (202) 452–2036, Scott
electronically to Tkacz, Senior Counsel, (202) 452–2744,
Baiada, Moorestown, New Jersey; Diane Comments.applications@clev.frb.org:
Baiada and Michael Baiada, as trustees Keisha Patrick, Senior Counsel, (202)
1. First Financial Bancorp, Cincinnati, 452–3559, or Chris Callanan, Senior
of the Baiada Trust for the Benefit of Ohio; to merge with MainSource
Emma Baiada; and OceanFirst Bank, Attorney, (202) 452–3594, Legal
Financial Group, Inc., and thereby Division, Board of Governors of the
Toms River, New Jersey as the co-Voting indirectly acquire MainSource Bank,
Trustee of the J. Mark Baiada Voting Federal Reserve System, 20th and C
both of Greensburg, Indiana. Streets NW., Washington, DC 20551. For
Trust, Toms River, New Jersey, as part B. Federal Reserve Bank of Kansas
of a group acting in concert to retain the hearing impaired only,
City (Dennis Denney, Assistant Vice Telecommunications Device for the Deaf
voting shares and thereby retain shares President) 1 Memorial Drive, Kansas
of Cornerstone Financial Corporation, (TDD) users may contact (202) 263–
City, Missouri 64198–0001: 4869.
Mount Laurel, New Jersey, and thereby 1. BancFirst Corporation, Oklahoma
retain shares of Cornerstone Bank, City, Oklahoma; to merge with First SUPPLEMENTARY INFORMATION: On August
Mount Laurel, New Jersey. Wagoner Corporation, and thereby 9, 2017, the Board published in the
Board of Governors of the Federal Reserve indirectly acquire shares of First Bank Federal Register proposed guidance on
System, October 5, 2017. and Trust Company, both of Wagoner, supervisory expectations for boards of
Ann Misback, Oklahoma. directors of firms supervised by the
Secretary of the Board. 2. BancFirst Corporation, Oklahoma Federal Reserve. The proposal addresses
[FR Doc. 2017–21949 Filed 10–10–17; 8:45 am] City, Oklahoma; to merge with First supervisory expectations for the boards
Chandler Corp., and thereby indirectly of directors of bank holding companies,
BILLING CODE P
acquire shares of First Bank of Chandler, savings and loan holding companies,
both of Chandler, Oklahoma. state member banks, U.S. branches and
FEDERAL RESERVE SYSTEM agencies of foreign banking
Board of Governors of the Federal Reserve organizations, and systemically
System, October 4, 2017.
Formations of, Acquisitions by, and important nonbank financial companies
Ann Misback, designated by the Financial Stability
Mergers of Bank Holding Companies
Secretary of the Board. Oversight Council for supervision by the
The companies listed in this notice [FR Doc. 2017–21791 Filed 10–10–17; 8:45 am] Federal Reserve. For the largest
have applied to the Board for approval, BILLING CODE P domestic bank and savings and loan
pursuant to the Bank Holding Company holding companies and systemically
Act of 1956 (12 U.S.C. 1841 et seq.) important nonbank financial companies,
(BHC Act), Regulation Y (12 CFR 225), FEDERAL RESERVE SYSTEM the proposal would establish attributes
and all other applicable statutes and of effective boards centered on the
[Docket No. OP–1570]
regulations to become a bank holding board’s core responsibilities, which
company and/or to acquire the assets or Proposed Guidance on Supervisory support safety and soundness, and
asabaliauskas on DSKBBXCHB2PROD with NOTICES
the ownership of, control of, or the Expectations for Boards of Directors would provide the framework with
power to vote shares of a bank or bank which the Federal Reserve would
holding company and all of the banks AGENCY: Board of Governors of the evaluate the effectiveness of a firm’s
and nonbanking companies owned by Federal Reserve System (Board). boards of directors. For all domestic
the bank holding company, including ACTION: Notice; extension of comment bank and savings and loan holding
the companies listed below. period.
The applications listed below, as well 1 See ‘‘Proposed Guidance on Supervisory
as other related filings required by the SUMMARY: On August 9, 2017, the Board Expectation for Boards of Directors,’’ 82 FR 37219
Board, are available for immediate published in the Federal Register (August 9, 2017).
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![Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices 47207
companies, supervisory expectations for 1. Susan Schardt, Kearney, Nebraska, savings association and nonbanking
boards of directors contained in certain individually, and as co-trustee of the companies owned by the savings and
existing Federal Reserve Supervision following trusts: Brian Schardt Trust No. loan holding company, including the
and Regulation letters would be revised 2; the Christina Nokelby Trust No. 2; the companies listed below.
or eliminated to better distinguish a Kimberly Schardt Porter Trust No. 2; The applications listed below, as well
board’s roles and responsibilities from and the Rebecca Rathjen Trust No. 2, as other related filings required by the
those of senior management and allow and as a member of the Schardt Family Board, are available for immediate
boards to focus more of their time and Group; to acquire shares of Bank inspection at the Federal Reserve Bank
resources on fulfilling their core Management, Inc., Wahoo, Nebraska indicated. The application also will be
responsibilities. and thereby indirectly acquire voting available for inspection at the offices of
In recognition of the range of issues shares of First Bank of Nebraska, the Board of Governors. Interested
addressed and the variety of Wahoo, Nebraska. persons may express their views in
considerations involved with 2. Susan Schardt, Kearney, Nebraska, writing on the standards enumerated in
implementing the proposal, the Board individually, and as co-trustee of the the HOLA (12 U.S.C. 1467a(e)). If the
requested that commenters respond to a following trusts: Brian Schardt Trust No. proposal also involves the acquisition of
number of questions. The proposal 2; the Christina Nokelby Trust No. 2; the a nonbanking company, the review also
stated that the comment period would Kimberly Schardt Porter Trust No. 2; includes whether the acquisition of the
close on October 10, 2017.2 and the Rebecca Rathjen Trust No. 2; to nonbanking company complies with the
acquire voting shares of Exchange standards in section 10(c)(4)(B) of the
An extension of the comment period
Company, Kearney, Nebraska, and HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless
will facilitate public comment on the
thereby indirectly acquire voting shares otherwise noted, nonbanking activities
provisions of the proposal and the
of Exchange Bank, Gibbon, Nebraska. will be conducted throughout the
questions posed by the Board.
B. Federal Reserve Bank of Dallas United States.
Therefore, the Board is extending the
(Robert L. Triplett III, Senior Vice Unless otherwise noted, comments
end of the comment period for the
President) 2200 North Pearl Street, regarding each of these applications
proposal from October 10, 2017, to
Dallas, Texas 75201–2272: must be received at the Reserve Bank
November 30, 2017. 1. Robert G. Good, Corrales, New indicated or the offices of the Board of
By order of the Board of Governors of the Mexico; and Robert G. Good, M. Carolyn
Federal Reserve System, acting through the
Governors not later than November 7,
Good, Los Ranchos, New Mexico, the 2017.
Secretary of the Board under delegated Good Living Trust/Family Trust, Los
authority, October 5, 2017. A. Federal Reserve Bank of Cleveland
Ranchos, New Mexico, Cynthia Alysce (Nadine Wallman, Vice President) 1455
Ann E. Misback, Good, Andover, Massachusetts, the 2005
Secretary of the Board.
East Sixth Street, Cleveland, Ohio
Natalie Grace Good Trust, Andover, 44101–2566. Comments can also be sent
[FR Doc. 2017–21859 Filed 10–10–17; 8:45 am] Massachusetts, and Thomas Cody electronically to
BILLING CODE P Graves, the Lisa L. Graves Heritage Comments.applications@clev.frb.org:
Trust, the Cody Clark Graves Heritage 1. First Mutual Holding Co.,
Trust, and the Debra L. Graves Bridges Lakewood, Ohio; to acquire First Mutual
FEDERAL RESERVE SYSTEM Heritage Trust, all of Goldthwaite, Bank, Belpre, Ohio.
Texas, as a group acting in concert (the
Change in Bank Control Notices; Good-Graves Family Group); to retain Board of Governors of the Federal Reserve
Acquisitions of Shares of a Bank or voting shares of Goldthwaite System, October 4, 2017.
Bank Holding Company Bancshares, Inc., Goldthwaite, Texas, Ann Misback,
and thereby retain shares of Mills Secretary of the Board.
The notificants listed below have
applied under the Change in Bank County State Bank, Goldthwaite, Texas. [FR Doc. 2017–21876 Filed 10–10–17; 8:45 am]
BILLING CODE 6210–01–P
Control Act (12 U.S.C. 1817(j)) and Board of Governors of the Federal Reserve
§ 225.41 of the Board’s Regulation Y (12 System, October 4, 2017.
CFR 225.41) to acquire shares of a bank Ann Misback,
or bank holding company. The factors Secretary of the Board. FEDERAL TRADE COMMISSION
that are considered in acting on the [FR Doc. 2017–21792 Filed 10–10–17; 8:45 am]
notices are set forth in paragraph 7 of BILLING CODE P
Agency Information Collection
the Act (12 U.S.C. 1817(j)(7)). Activities; Proposed Collection;
The notices are available for Comment Request
immediate inspection at the Federal FEDERAL RESERVE SYSTEM AGENCY: Federal Trade Commission
Reserve Bank indicated. The notices (‘‘FTC’’ or ‘‘Commission’’).
also will be available for inspection at Formations of, Acquisitions by, and
Mergers of Savings and Loan Holding ACTION: Notice.
the offices of the Board of Governors.
Interested persons may express their Companies
SUMMARY: The information collection
views in writing to the Reserve Bank The companies listed in this notice requirements described below will be
indicated for that notice or to the offices have applied to the Board for approval, submitted to the Office of Management
of the Board of Governors. Comments
asabaliauskas on DSKBBXCHB2PROD with NOTICES
pursuant to the Home Owners’ Loan Act and Budget (OMB) for review, as
must be received not later than October (12 U.S.C. 1461 et seq.) (HOLA), required by the Paperwork Reduction
24, 2017. Regulation LL (12 CFR part 238), and Act (PRA). The FTC seeks public
A. Federal Reserve Bank of Kansas Regulation MM (12 CFR part 239), and comments on its proposal to extend, for
City (Dennis Denney, Assistant Vice all other applicable statutes and three years, the current PRA clearance
President) 1 Memorial Drive, Kansas regulations to become a savings and for information collection requirements
City, Missouri 64198–0001: loan holding company and/or to acquire contained in its Trade Regulation Rule
the assets or the ownership of, control entitled Labeling and Advertising of
2 Id. of, or the power to vote shares of a Home Insulation (R-value Rule or Rule).
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Document Created: 2018-10-25 09:57:30
Document Modified: 2018-10-25 09:57:30
| 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 | |
| Action | Notice; extension of comment period. | |
| Dates | Comments on the proposal must be received on or before November 30, 2017. | |
| Contact | Michael Hsu, Associate Director, (202) 912-4330, Michael Solomon, Associate Director, (202) 452-3502, Richard Naylor, Associate Director, (202) 728-5854, Division of Supervision and Regulation; Ben McDonough, Assistant General Counsel, (202) 452-2036, Scott Tkacz, Senior Counsel, (202) 452-2744, Keisha Patrick, Senior Counsel, (202) 452-3559, or Chris Callanan, Senior Attorney, (202) 452- 3594, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For the hearing impaired only, Telecommunications Device for the Deaf (TDD) users may contact | |
| FR Citation | 82 FR 47206 |
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