82 FR 839 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 2 (January 4, 2017)

Page Range		839-840
FR Document		2016-31913

Federal Register, Volume 82 Issue 2 (Wednesday, January 4, 2017)

[Federal Register Volume 82, Number 2 (Wednesday, January 4, 2017)]
[Notices]
[Pages 839-840]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-31913]


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FEDERAL RESERVE SYSTEM


Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies

    The companies listed in this notice have applied to the Board for 
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other 
applicable statutes and regulations to become a bank holding company 
and/or to acquire the assets or the ownership of, control of, or the 
power to vote shares of a bank or bank holding company and all of the 
banks and nonbanking companies owned by the bank holding company, 
including the companies listed below.
    The applications listed below, as well as other related filings 
required by the Board, are available for immediate inspection at the 
Federal Reserve Bank indicated. The applications will also be available 
for inspection at the offices of the Board of Governors. Interested 
persons may express their views in writing on the standards enumerated 
in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the 
acquisition of a nonbanking company, the review also includes whether 
the acquisition of the

[[Page 840]]

nonbanking company complies with the standards in section 4 of the BHC 
Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities 
will be conducted throughout the United States.
    Unless otherwise noted, comments regarding each of these 
applications must be received at the Reserve Bank indicated or the 
offices of the Board of Governors not later than January 27, 2017.
    A. Federal Reserve Bank of St. Louis (David L. Hubbard, Senior 
Manager) P.O. Box 442, St. Louis, Missouri 63166-2034. Comments can 
also be sent electronically to [email protected]:
    1. American Pacific Bancorp, Inc., Harrisburg, Illinois; to become 
a bank holding company by acquiring 67 percent of Main Street 
Bancshares, Inc., Harrisburg, Illinois, and thereby indirectly 
acquiring Grand Rivers Community Bank, Grand Chain, Illinois.

    Board of Governors of the Federal Reserve System, December 29, 
2016.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2016-31913 Filed 1-3-17; 8:45 am]
BILLING CODE 6210-01-P

Federal Register / Vol. 82, No. 2 / Wednesday, January 4, 2017 / Notices 839

grandfathered service or service under ADMINISTRATOR’S CERTIFICATION revenues of the power system; or (2) is
Southwestern’s OATT), they will not be The revised rate schedule will repay for a power system that has either
renewed; so if continued service is all costs of the Integrated System annual sales normally less than 100
desired, it would be under a new SPP including amortization of the power million kilowatt hours or an installed
OATT agreement, per SPP OATT investment consistent with the capacity of less than 20,000 kilowatts.
Attachment AD. provisions of Department of Energy When consistent with the APA, DOE
4. Do you expect Section 2.3.5. to Order No. RA 6120.2. In accordance regulations also provide that the
with Delegation Order Nos. 00–037.00A, effective date of rate schedules put into
apply to both SPP NITS and
effective October 25, 2013, and 00– effect on an interim basis by the Deputy
Southwestern NITS? I believe the peak
001.00F, effective November 17, 2014, Secretary may be sooner than 30 days
billing demand methodology is
and Section 5 of the Flood Control Act after the Deputy Secretary’s decision
different. Section 2.3.5 applies to
of 1944, the Administrator has when making a minor rate adjustment.
Southwestern NITS only. The new Additionally, DOE emphasizes that
Section 2.3.6 applies to SPP NITS only. determined that the proposed Integrated
there were no substantive issues or
5. My understanding is that SPP bills System rate schedule is consistent with
concerns raised during the public
NITS load on a 12CP basis, whereas, applicable law and the lowest possible
comment period for the NFTS–13A rate
rates consistent with sound business
Southwestern bills NITS load on a 1CP schedule action.
principles.
basis (per 2.3.5). Is it correct that NITS
Transmission Customers on ORDER
ENVIRONMENT
Southwestern’s system will pay less for In view of the foregoing and pursuant
The Southwestern NEPA Compliance
SPP NITS service than for equivalent to the authority delegated to me by the
Officer determined that the currently-
Southwestern NITS service? Secretary of Energy, I hereby confirm,
approved Integrated System rates fall
Southwestern NITS customers are billed approve and place in effect on an
within the class of actions that are
on a 1 CP basis and SPP NITS interim basis, effective January 1, 2017,
categorically excluded from the
customers are billed on 12 CP basis, the Southwestern Integrated System
requirements of preparing either an
both in accordance with their respective Rate Schedule NFTS–13A which shall
Environmental Impact Statement or an
OATT’s. remain in effect on an interim basis
Environmental Assessment. No
through September 30, 2017, or until the
As to whether or not SPP NITS will additional evaluation of the
FERC confirms and approves the rates
cost less than Southwestern NITS, environmental impact of the proposed
on a final basis.
several factors will have to be assessed rate schedule changes was conducted Dated: December 23, 2016.
to make that determination, including because no change in anticipated Elizabeth Sherwood-Randall,
the entities’ proportion of load at the revenues was contemplated. Deputy Secretary.
time of the monthly CP and the amount
ADMINISTRATIVE PROCEDURES [FR Doc. 2016–31885 Filed 1–3–17; 8:45 am]
of transmission service reserved that
BILLING CODE 6450–01–P
was transitioned to SPP NITS (per the The Administrative Procedure Act (5
proposed Section 2.3.6). Additionally, U.S.C. 553(d)) (APA) prescribes that the
entities choosing to utilize SPP NITS required publication or service of a
substantive rule shall be made not less FEDERAL RESERVE SYSTEM
will be subject to various SPP charges
(i.e. Schedule 11) that may add cost to than 30 days before its effective date,
Formations of, Acquisitions by, and
the SPP NITS. The analysis of these except (1) a substantive rule that grants
Mergers of Bank Holding Companies
costs can only be determined by the or recognizes an exemption or relieves
particular customer and their unique set a restriction; (2) interpretative rules and The companies listed in this notice
of circumstances. Therefore, a statement statements of policy; or (3) as otherwise have applied to the Board for approval,
that conveys certainty of a lower cost for provided by the agency for good cause pursuant to the Bank Holding Company
SPP NITS cannot be made. found and published with the rule. For Act of 1956 (12 U.S.C. 1841 et seq.)
the reasons stated in the paragraph that (BHC Act), Regulation Y (12 CFR part
Comment: follows, the Department of Energy 225), and all other applicable statutes
(DOE) finds good cause to waive the 30- and regulations to become a bank
1. There are several general references
day delay in effective date because a 30- holding company and/or to acquire the
in the proposed NFTS–13A to Network day delay would be unnecessary. assets or the ownership of, control of, or
Integration Transmission Service. In a In this action, Southwestern updates the power to vote shares of a bank or
few instances, the document refers to the method for charging non-Federal bank holding company and all of the
SPP NITS or Southwestern NITS. I think transmission customers who choose to banks and nonbanking companies
it would be good to clarify in each contract for SPP NITS on owned by the bank holding company,
instance if we are referring to SPP NITS, Southwestern’s transmission system including the companies listed below.
Southwestern NITS, or both. Comment under the SPP OATT from a stated rate The applications listed below, as well
acknowledged. We will review the to a revenue-requirement based charge, as other related filings required by the
language and ensure the final rate to better align with standard practices Board, are available for immediate
schedule has clarity between SPP NITS utilized by SPP. Because the NFTS–13A inspection at the Federal Reserve Bank
and Southwestern NITS. rate schedule change will result in no indicated. The applications will also be
change in anticipated revenues, it is available for inspection at the offices of
mstockstill on DSK3G9T082PROD with NOTICES

AVAILABILITY OF INFORMATION
considered a ‘‘minor rate adjustment’’ the Board of Governors. Interested
Information regarding this rate pursuant to 10 CFR part 903, subpart A, persons may express their views in
schedule change is available for public and Southwestern has treated it as such writing on the standards enumerated in
review in the offices of Southwestern in the rate schedule actions to date. A the BHC Act (12 U.S.C. 1842(c)). If the
Power Administration, Williams Tower ‘‘minor rate adjustment’’ is defined as a proposal also involves the acquisition of
I, One West Third Street, Tulsa, rate adjustment that (1) will produce a nonbanking company, the review also
Oklahoma 74103. less than 1 percent change in the annual includes whether the acquisition of the

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840 Federal Register / Vol. 82, No. 2 / Wednesday, January 4, 2017 / Notices

nonbanking company complies with the Chad Wisdom McManus 2016 600 Pennsylvania Ave. NW., Mailstop
standards in section 4 of the BHC Act Irrevocable Trust, and Chad Wisdom CC–8232, Washington, DC 20580.
(12 U.S.C. 1843). Unless otherwise McManus, acting in his capacity as SUPPLEMENTARY INFORMATION: The FTC
noted, nonbanking activities will be trustee of both trusts, all of Enid, IoT Home Inspector Challenge (the
conducted throughout the United States. Oklahoma; and the Kelsey Grace ‘‘Contest’’) encourages the public to
Unless otherwise noted, comments Gingrich 2012 Irrevocable Trust, the create a tool that consumers can deploy
regarding each of these applications Kelsey Grace Hunter 2016 Irrevocable to guard against security vulnerabilities
must be received at the Reserve Bank Trust, and Kelsey Grace Hunter (née in software on the IoT devices in their
indicated or the offices of the Board of Gingrich), acting in her capacity as homes. The tool would, at a minimum,
Governors not later than January 27, trustee of both trusts, all of Edmond, help protect consumers from security
2017. Oklahoma; to acquire voting shares of vulnerabilities caused by out–of-date
A. Federal Reserve Bank of St. Louis Grace Investment Company, Inc., Alva, software. The competition’s purpose is
(David L. Hubbard, Senior Manager) Oklahoma, and thereby join the existing to stimulate innovation and progress in
P.O. Box 442, St. Louis, Missouri Peggy J. Wisdom Family Control Group protecting and empowering consumers
63166–2034. Comments can also be sent previously approved to control 25 against security risks associated with
electronically to percent or more of the voting shares of IoT devices in the home.
Comments.applications@stls.frb.org: Grace Investment Company, Inc. Grace
1. American Pacific Bancorp, Inc., A. Background
Investment Company, Inc. is the parent
Harrisburg, Illinois; to become a bank holding company of Alva State Bank Every day, American consumers use
holding company by acquiring 67 and Trust Company, Alva, Oklahoma; Internet-connected devices 1 to make
percent of Main Street Bancshares, Inc., First National Bank in Okeene, Okeene, their homes ‘‘smarter.’’ Consumers can
Harrisburg, Illinois, and thereby Oklahoma; and The First State Bank, remotely program their smart home
indirectly acquiring Grand Rivers Kiowa, Kansas. devices to turn on their lights, start the
Community Bank, Grand Chain, Illinois. oven, and turn on soft music so they
Board of Governors of the Federal Reserve
Board of Governors of the Federal Reserve return to a comfortable environment
System, December 29, 2016.
System, December 29, 2016. when they get home from work. Smart
Yao-Chin Chao,
Yao-Chin Chao, video monitors enable consumers to
Assistant Secretary of the Board. remotely view their homes, pets, or
Assistant Secretary of the Board. [FR Doc. 2016–31914 Filed 1–3–17; 8:45 am] children. Smart fire and burglar alarms
[FR Doc. 2016–31913 Filed 1–3–17; 8:45 am]
BILLING CODE 6210–01–P address safety issues through sensors
BILLING CODE 6210–01–P
and alerts. And smart thermostats can
automatically adjust temperature
FEDERAL TRADE COMMISSION settings depending on the time of day
FEDERAL RESERVE SYSTEM
and presence of people in the house. To
Change in Bank Control Notices; IoT Home Inspector Challenge tie all these devices together, smart
Acquisitions of Shares of a Bank or AGENCY: Federal Trade Commission. home platforms are also beginning to
Bank Holding Company proliferate across the marketplace.
ACTION: Notice; public challenge. While these smart devices enable
The notificants listed below have SUMMARY: The Federal Trade enormous convenience and safety
applied under the Change in Bank Commission (‘‘FTC’’) announces a prize benefits, they can also create security
Control Act (12 U.S.C. 1817(j)) and competition that challenges the public risks. For example, press reports from
§ 225.41 of the Board’s Regulation Y (12 to create a technical solution (‘‘tool’’) October 2016 demonstrated how smart
CFR 225.41) to acquire shares of a bank that consumers can deploy to guard devices could be used in ‘‘botnets’’ to
or bank holding company. The factors against security vulnerabilities in disrupt the Internet.2 This incident
that are considered in acting on the software on the Internet of Things demonstrated that lax IoT device
notices are set forth in paragraph 7 of (‘‘IoT’’) devices in their homes. The tool security can threaten not just device
the Act (12 U.S.C. 1817(j)(7)). would, at a minimum, help protect owners, but the entire Internet. In
The notices are available for another incident, a group of hackers
consumers from security vulnerabilities
immediate inspection at the Federal allegedly gained unauthorized access to
caused by out-of-date software.
Reserve Bank indicated. The notices routers manufactured by the tech
Contestants have the option of adding
also will be available for inspection at company ASUS and left a text file
features, such as those that would
the offices of the Board of Governors. warning stating, ‘‘Your Asus router (and
address hard-coded, factory default or
Interested persons may express their your documents) can be accessed by
easy-to-guess passwords. The prize for
views in writing to the Reserve Bank anyone in the world with an internet
the competition is up to $25,000, with
indicated for that notice or to the offices connection.’’ 3 The FTC announced a
$3,000 available for each honorable
of the Board of Governors. Comments
mention winner(s). Winners will be
must be received not later than January 1 As used herein, ‘‘Internet-connected,’’ ‘‘IoT,’’ or
announced on or about July 27, 2017. ‘‘smart’’ devices are devices other than desktop or
18, 2017.
DATES: The deadline for registering and laptop computers or smartphones.
A. Federal Reserve Bank of Kansas 2 See, e.g., ‘‘Americans uneasy with IoT devices
City (Dennis Denney, Assistant Vice submitting entries is May 22, 2017 at
like those used in Dyn DDoS attack, survey finds,’’
President) 1 Memorial Drive, Kansas 12:00 p.m. EDT. Further instructions Tech Crunch, Darrell Etherington (October 24,
City, Missouri 64198–0001: and requirements regarding the 2016) (stating that a ‘‘coordinated botnet attack
mstockstill on DSK3G9T082PROD with NOTICES

1. The Bryant James Gingrich 2012 registration and submission process will effectively choked internet access to a large number
of popular sites’’ and was attributed ‘‘in large part
Irrevocable Trust, the Bryant James be provided on the Contest Web site due to the spread of connected Internet of Things
Gingrich 2016 Irrevocable Trust, and (ftc.gov/iothomeinspector). (IoT) devices’’), available at https://
Bryant James Gingrich, acting in his FOR FURTHER INFORMATION CONTACT: techcrunch.com/2016/10/24/americans-uneasy-
with-iot-devices-like-those-used-in-dyn-ddos-attack-
capacity as trustee of both trusts, all of Ruth Yodaiken, 202–326–2127, Division survey-finds/.
Alva, Oklahoma; the Chad Wisdom of Privacy and Identity Protection, 3 ‘‘ASUS Settles FTC Charges That Insecure Home

McManus 2012 Irrevocable Trust, the Bureau of Consumer Protection, FTC; Routers and ‘‘Cloud’’ Services Put Consumers’

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Document Created: 2017-01-04 00:29:08
Document Modified: 2017-01-04 00:29:08

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		82 FR 839