83 FR 12010 - Hearing Procedures; Notice of Availability

FINANCIAL STABILITY OVERSIGHT COUNCIL

Federal Register Volume 83, Issue 53 (March 19, 2018)

Page Range		12010-12011
FR Document		2018-05548

The Financial Stability Oversight Council (Council) has adopted amendments to its procedures for hearings conducted by the Council under Title I and Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).\1\ The amendments were adopted primarily in order to add hearings conducted under section 117 of the Dodd-Frank Act to the scope of the procedures. ---------------------------------------------------------------------------

Federal Register, Volume 83 Issue 53 (Monday, March 19, 2018)

[Federal Register Volume 83, Number 53 (Monday, March 19, 2018)]
[Notices]
[Pages 12010-12011]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05548]


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FINANCIAL STABILITY OVERSIGHT COUNCIL


Hearing Procedures; Notice of Availability

AGENCY: Financial Stability Oversight Council.

ACTION: Notice of availability.

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SUMMARY: The Financial Stability Oversight Council (Council) has 
adopted amendments to its procedures for hearings conducted by the 
Council under Title I and Title VIII of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act).\1\ The amendments 
were adopted primarily in order to add hearings conducted under section 
117 of the Dodd-Frank Act to the scope of the procedures.
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    \1\ Public Law 111-203 (Jul. 21, 2010).

DATES: The amendments to the hearing procedures were effective on March 
13, 2018. Written comments on the amendments must be received on or 
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before April 18, 2018.

FOR FURTHER INFORMATION CONTACT: Eric A. Froman, Executive Director, 
Financial Stability Oversight Council, U.S. Treasury Department, (202) 
622-1942; Stephen T. Milligan, Attorney-Advisor, U.S. Treasury 
Department, (202) 622-4051.

ADDRESSES: Interested persons are invited to submit comments on the 
procedures according to the instructions below. All submissions must 
refer to the document title.
    Electronic submission of comments. Interested persons may submit 
comments electronically through the Federal eRulemaking Portal at 
http://www.regulations.gov. Electronic submission of comments allows 
the commenter maximum time to prepare and submit a comment, ensures 
timely receipt, and enables the Council to make them available to the 
public. Comments submitted electronically through the http://www.regulations.gov website can be viewed by other commenters and 
interested members of the public. Commenters should follow the 
instructions provided on that site to submit comments electronically.
    Mail. Send comments to Financial Stability Oversight Council, 1500 
Pennsylvania Avenue NW, Washington, DC 20220.
    Public inspection of comments. All properly submitted comments will 
be available for inspection and downloading at http://www.regulations.gov.
    Additional instructions. In general, comments received, including 
attachments and other supporting materials, are part of the public 
record and are available to the public. Do not submit any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.

SUPPLEMENTARY INFORMATION: 

Background

    On May 22, 2012, the Council approved hearing procedures relating 
to the conduct of hearings before the Council in connection with 
proposed determinations regarding nonbank financial companies and 
financial market utilities and related emergency waivers or 
modifications under sections 113 and 804 of the Dodd-Frank Act.\2\ At 
the time, the Council sought public comment on all aspects of the 
hearing procedures, in order to further consider whether any provision 
should be modified. On April 4, 2013, the Council approved certain 
amendments to the hearing procedures to expand their scope to include 
hearings for financial institutions engaged in payment, clearing, or 
settlement activities that are the subject of a proposed designation by 
the Council under Title VIII of the Dodd-Frank Act.\3\
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    \2\ 12 U.S.C. 5323, 5463; 77 FR 31,855 (May 30, 2012).
    \3\ 78 FR 22,546 (April 16, 2013).

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[[Page 12011]]

Amendments to Hearing Procedures

    On March 13, 2018, the Council adopted amendments to the hearing 
procedures, primarily to add hearings conducted under section 117 of 
the Dodd-Frank Act to the scope of the procedures. The Council has 
posted the amended hearing procedures on its website at https://www.treasury.gov/initiatives/fsoc/designations/Pages/Hearing-Procedures.aspx and on http://www.regulations.gov. Although the 
amendments were effective when adopted, the Council is requesting 
comments on the procedures and may make further amendments to reflect 
any comments received.
    Section 117 of the Dodd-Frank Act applies to an entity that was a 
bank holding company having total consolidated assets equal to or 
greater than $50 billion as of January 1, 2010, that received financial 
assistance under or participated in the Capital Purchase Plan 
established under the Troubled Asset Relief Program authorized by the 
Emergency Economic Stabilization Act of 2008, and to any successor 
entity (as defined by the Board of Governors of the Federal Reserve 
System (Board of Governors) in consultation with the Council) to such a 
bank holding company.\4\ Section 117(b) of the Dodd-Frank Act provides 
that such an entity shall, if it ceases to be a bank holding company, 
be treated as a nonbank financial company subject to supervision by the 
Board of Governors as if the Council had made a determination under 
section 113 of the Dodd-Frank Act with respect to that entity.\5\ 
Section 117(c) of the Dodd-Frank Act provides that an entity may 
request, in writing, an opportunity for a written or oral hearing 
before the Council to appeal its treatment as a nonbank financial 
company supervised by the Board of Governors.\6\
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    \4\ 12 U.S.C. 5327.
    \5\ 12 U.S.C. 5327(b).
    \6\ 12 U.S.C. 5327(c).
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    The Council amended the hearing procedures to add hearings 
conducted under section 117 of the Dodd-Frank Act to the scope of the 
procedures. Specifically, the Council amended the definition of 
``petitioner'' in section 2 of the hearing procedures to add a 
reference to entities that are appealing their treatment pursuant to 
section 117 of the Dodd-Frank Act. Section 3(b) of the hearing 
procedures was amended to provide that a petitioner that is appealing 
its treatment pursuant to section 117 may request a hearing by 
submitting a written request to the Chairperson of the Council. Section 
5(b)(3)(ii) of the hearing procedures was amended to provide that any 
petitioner, including a petitioner appealing its treatment pursuant to 
section 117 of the Dodd-Frank Act, may submit additional written 
materials to supplement any materials presented during an oral hearing 
not later than 7 days after the date of that hearing. A new paragraph 
(4) was added to section 5(b) to provide that, in cases where an oral 
hearing is held under section 113 or 117 of the Dodd-Frank Act, the 
date of the hearing shall be deemed to be the date on which the Council 
has received any supplemental materials that are timely submitted after 
the oral hearing. The definition of ``hearing date'' in section 2 was 
accordingly deleted as unnecessary.
    To reflect the addition of hearings conducted under section 117 of 
the Dodd-Frank Act to the scope of the procedures, conforming changes 
were made to sections 1(a) and (b) (regarding the authority for and 
scope of the procedures); section 4(b) (regarding the submission of 
written materials); section 7 (regarding the denial and dismissal of a 
hearing); and section 8(a) (providing that the substantive standards 
for Council review of petitions is not affected by the hearing 
procedures).
    Finally, the Council made certain non-substantive or technical 
changes to update the hearing procedures. Specifically, the definitions 
of ``hearing'' and ``oral hearing'' in section 2 were deleted as 
unnecessary. Section 5(c)(2) was amended to clarify that, even when the 
Council determines to conduct an oral hearing through representatives, 
each member of the Council is entitled to participate in the oral 
hearing in lieu of appointing a representative. The former section 
5(d)(1), providing that if the Council grants a request for an oral 
hearing, the hearing shall be conducted through both the submission of 
written materials and an oral hearing, was omitted from the hearing 
procedures as redundant with other provisions in the procedures. The 
former section 5(d)(2), providing for the conduct of an oral hearing, 
was redesignated as section 5(c)(3) and amended to add, consistent with 
the Council's past practice, that the Chairperson of the Council, his 
representative, or the Hearing Clerk (as defined in the procedures) 
will preside at an oral hearing. Section 5(e), regarding transcripts of 
oral hearings, was redesignated as section 5(d) and amended to remove 
the reference to the petitioner's right to ``inspect'' a transcript or 
other recording of the oral argument, leaving the reference to the 
petitioner's right to receive a copy of the transcript or other 
recording and to submit corrections.

    Dated: March 13, 2018.
Eric A. Froman,
Executive Director, Financial Stability Oversight Council.
[FR Doc. 2018-05548 Filed 3-16-18; 8:45 am]
 BILLING CODE 4810-25-P-P

Federal Register / Vol. 83, No. 53 / Monday, March 19, 2018 / Notices 12011

Amendments to Hearing Procedures amended to provide that any petitioner, Dated: March 13, 2018.
On March 13, 2018, the Council including a petitioner appealing its Eric A. Froman,
adopted amendments to the hearing treatment pursuant to section 117 of the Executive Director, Financial Stability
procedures, primarily to add hearings Dodd-Frank Act, may submit additional Oversight Council.
conducted under section 117 of the written materials to supplement any [FR Doc. 2018–05548 Filed 3–16–18; 8:45 am]
Dodd-Frank Act to the scope of the materials presented during an oral BILLING CODE 4810–25–P–P
procedures. The Council has posted the hearing not later than 7 days after the
amended hearing procedures on its date of that hearing. A new paragraph
website at https://www.treasury.gov/ (4) was added to section 5(b) to provide
GENERAL SERVICES
initiatives/fsoc/designations/Pages/ that, in cases where an oral hearing is
ADMINISTRATION
Hearing-Procedures.aspx and on http:// held under section 113 or 117 of the
www.regulations.gov. Although the Dodd-Frank Act, the date of the hearing [Notice–PBS–2018–03; Docket No. 2018–
amendments were effective when shall be deemed to be the date on which 0002; Sequence No. 3]
adopted, the Council is requesting the Council has received any
supplemental materials that are timely Notice of Availability of a Final
comments on the procedures and may
submitted after the oral hearing. The Environmental Assessment for the
make further amendments to reflect any
definition of ‘‘hearing date’’ in section 2 Otay Mesa USDA Plant Inspection
comments received.
Section 117 of the Dodd-Frank Act was accordingly deleted as unnecessary. Station
applies to an entity that was a bank To reflect the addition of hearings
AGENCY: Public Buildings Service (PBS),
holding company having total conducted under section 117 of the
Pacific Rim Division, General Services
consolidated assets equal to or greater Dodd-Frank Act to the scope of the
procedures, conforming changes were Administration (GSA).
than $50 billion as of January 1, 2010, ACTION: Notice of availability.
that received financial assistance under made to sections 1(a) and (b) (regarding
or participated in the Capital Purchase the authority for and scope of the
SUMMARY: We are advising the public
Plan established under the Troubled procedures); section 4(b) (regarding the
that GSA has prepared a Final
Asset Relief Program authorized by the submission of written materials); section
Environmental Assessment (EA) and
Emergency Economic Stabilization Act 7 (regarding the denial and dismissal of
Finding of No Significant Impact
of 2008, and to any successor entity (as a hearing); and section 8(a) (providing
(FONSI) for the construction of the
defined by the Board of Governors of the that the substantive standards for
Council review of petitions is not proposed U.S. Department of
Federal Reserve System (Board of Agriculture (USDA) Animal and Plant
Governors) in consultation with the affected by the hearing procedures).
Finally, the Council made certain Health Inspection Service (APHIS) Plant
Council) to such a bank holding Inspection Station (PIS), adjacent to the
company.4 Section 117(b) of the Dodd- non-substantive or technical changes to
update the hearing procedures. existing Otay Mesa Land Port of Entry
Frank Act provides that such an entity (LPOE) in Otay Mesa, San Diego County,
shall, if it ceases to be a bank holding Specifically, the definitions of
‘‘hearing’’ and ‘‘oral hearing’’ in section California. Based on its finding of no
company, be treated as a nonbank significant impacts, GSA has
financial company subject to 2 were deleted as unnecessary. Section
5(c)(2) was amended to clarify that, even determined that an Environmental
supervision by the Board of Governors Impact Statement need not be prepared.
as if the Council had made a when the Council determines to
conduct an oral hearing through DATES: A public meeting to solicit
determination under section 113 of the
representatives, each member of the comments and provide information
Dodd-Frank Act with respect to that
Council is entitled to participate in the about the Final EA and FONSI will be
entity.5 Section 117(c) of the Dodd-
Frank Act provides that an entity may oral hearing in lieu of appointing a held on Thursday, March 29, 2018, from
request, in writing, an opportunity for a representative. The former section 4:00 p.m. to 6:00 p.m., Pacific Time
written or oral hearing before the 5(d)(1), providing that if the Council (PT).
Council to appeal its treatment as a grants a request for an oral hearing, the ADDRESSES: The meeting will be held at
nonbank financial company supervised hearing shall be conducted through both the Holiday Inn Express & Suites
by the Board of Governors.6 the submission of written materials and Conference Room, located at 2296 Niels
The Council amended the hearing an oral hearing, was omitted from the Bohr Court, San Diego, California 92154.
procedures to add hearings conducted hearing procedures as redundant with Copies of the EA and FONSI are also
under section 117 of the Dodd-Frank other provisions in the procedures. The available for public inspection at the
Act to the scope of the procedures. former section 5(d)(2), providing for the Otay Mesa-Nestor Branch Library,
Specifically, the Council amended the conduct of an oral hearing, was
located at 3003 Coronado Avenue, San
definition of ‘‘petitioner’’ in section 2 of redesignated as section 5(c)(3) and
Diego, CA 92154. The Final EA and
the hearing procedures to add a amended to add, consistent with the
FONSI can also be viewed on the GSA
reference to entities that are appealing Council’s past practice, that the
website at http://www.gsa.gov/nepa.
their treatment pursuant to section 117 Chairperson of the Council, his
Click on NEPA Library, then Public
of the Dodd-Frank Act. Section 3(b) of representative, or the Hearing Clerk (as
Documents. In addition, copies may be
the hearing procedures was amended to defined in the procedures) will preside
obtained by calling or writing to the
provide that a petitioner that is at an oral hearing. Section 5(e),
individual listed below.
appealing its treatment pursuant to regarding transcripts of oral hearings,
FOR FURTHER INFORMATION CONTACT:
sradovich on DSK3GMQ082PROD with NOTICES

section 117 may request a hearing by was redesignated as section 5(d) and
amended to remove the reference to the Please contact Osmahn Kadri, NEPA
submitting a written request to the Project Manager, Pacific Rim Region,
Chairperson of the Council. Section petitioner’s right to ‘‘inspect’’ a
transcript or other recording of the oral GSA, 50 United Nations Plaza, Room
5(b)(3)(ii) of the hearing procedures was 3345, Mailbox 9, San Francisco, CA
argument, leaving the reference to the
4 12 U.S.C. 5327. petitioner’s right to receive a copy of the 94102, by phone at 415–522–3617, or
5 12 U.S.C. 5327(b). transcript or other recording and to via email to osmahn.kadri@gsa.gov.
6 12 U.S.C. 5327(c). submit corrections. SUPPLEMENTARY INFORMATION:

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Document Created: 2018-03-17 04:24:38
Document Modified: 2018-03-17 04:24:38

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 of availability.
Dates		The amendments to the hearing procedures were effective on March 13, 2018. Written comments on the amendments must be received on or
Contact		Eric A. Froman, Executive Director, Financial Stability Oversight Council, U.S. Treasury Department, (202) 622-1942; Stephen T. Milligan, Attorney-Advisor, U.S. Treasury Department, (202) 622-4051.
FR Citation		83 FR 12010