83 FR 38303 - Proposed Agency Information Collection Activities; Comment Request
FEDERAL RESERVE SYSTEM Federal Register Volume 83, Issue 151 (August 6, 2018)
Federal Register Volume 83, Issue 151 (August 6, 2018)
| Page Range | 38303-38306 | |
| FR Document | 2018-16132 |
[Federal Register Volume 83, Number 151 (Monday, August 6, 2018)] [Notices] [Pages 38303-38306] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-16132] ======================================================================= ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice, request for comment. ----------------------------------------------------------------------- SUMMARY: The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to implement a new information collection, the Single-Counterparty Credit Limits (SCCL) (FR 2590; OMB No. 7100-NEW) and associated notice requirements in connection with the final SCCL rule published elsewhere in this issue of the Federal Register. DATES: Comments must be submitted on or before October 5, 2018. ADDRESSES: You may submit comments, identified by FR 2590, by any of the following methods:Agency website: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx. Email: [email protected]. Include OMB number in the subject line of the message. FAX: (202) 452-3819 or (202) 452-3102. Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551. All public comments are available from the Board's website at http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless modified for technical reasons or to remove personal identifying information at the commenter's request. Public comments may also be viewed electronically or in paper form in Room 3515, 1801 K Street NW (between 18th and 19th Streets NW), Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the Board requires that visitors make an appointment to inspect comments. You may do so by calling (202) 452-3684. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. Additionally, commenters may send a copy of their comments to the OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503 or by fax to (202) 395-6974. FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB's public docket files, once approved. These documents will also be made available on the Federal Reserve Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Board's functions, including whether the information has practical utility; b. The accuracy of the Board's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal. Proposal To Approve Under OMB Delegated Authority the Implementation of a New Information Collection Report title: Single-Counterparty Credit Limits. Agency form number: FR 2590. [[Page 38304]] OMB control number: 7100-NEW. Frequency: Quarterly; event-generated for requests for temporary relief. Respondents: U.S. bank holding companies (BHCs) with total consolidated assets that equal or exceed $250 billion, foreign banking organizations (FBOs) with U.S. banking operations and total consolidated assets that equal or exceed $250 billion, and the U.S. intermediate holding companies (IHCs) of such FBOs with total consolidated assets of at least $50 billion. Based on data as of December 31, 2017, this respondent panel would include 10 U.S. BHCs, 12 U.S. IHCs, and 82 FBOs. Estimated number of respondents: 104; 3 for requests for temporary relief. Estimated average hours per response: 254 for ongoing and 1,273 for one-time implementation and 10 for requests for temporary relief. Estimated annual burden hours: 237,982 (which includes 132,392 for one-time implementation and 30 for requests for temporary relief). General description of report: The proposed reporting form would provide the Federal Reserve with information to monitor a covered company's or a covered foreign entity's compliance with the SCCL set forth in the final SCCL rule published elsewhere in this issue of the Federal Register. The report would comprehensively capture the credit exposures of a respondent organization to its counterparties in accordance with the SCCL rule. A covered company is any U.S. BHC identified as a global systemically important BHC (GSIB) under the Board's Regulation Q and any other U.S. BHC with total consolidated assets that equal or exceed $250 billion. A covered foreign entity is any entity that is part of the combined U.S. operations of an FBO with total global consolidated assets that equal or exceed $250 billion, and any U.S. IHC of such an FBO with total consolidated assets that equal or exceed $50 billion. The reporting form first asks for general information about the respondent organization (e.g., the respondent organization's full legal name; the amount of its capital stock and surplus; whether the respondent would be considered a major covered company, major foreign banking organization, or major U.S. intermediate holding company under the final SCCL rule).\1\ The reporting form also permits any respondent that is an FBO to certify that it is subject to and complies with large exposure standards on a consolidated basis established by its home- country supervisor that are consistent with the large exposures framework published by the Basel Committee on Banking Supervision. The reporting form then requests data required to calculate the respondent organization's credit exposures and requires identification of counterparties by name and by entity type (e.g., sovereign entities, securitization funds). The form would require each respondent organization to report its top 50 counterparties.\2\ --------------------------------------------------------------------------- \1\ ``Major covered company,'' ``major foreign banking organization,'' and ``major U.S. intermediate holding company'' are defined terms in the final SCCL rule. See Sec. 252.71(y), 252.171(z), 252.171(aa). \2\ ``Counterparty'' is a defined term in the final SCCL rule. See Sec. 252.71(e), 252.171(f). --------------------------------------------------------------------------- The FR 2590 includes nine schedules. Five of these schedules (Schedules G-1 through G-5) collect information related to the gross exposures of the respondent organization to various counterparties, as calculated pursuant to the methods in Sec. 252.73 and 252.173, respectively, of the SCCL rule. A respondent organization must add the exposure amounts in the five G schedules to calculate its aggregate gross credit exposure. A respondent organization would then calculate its net credit exposure by adjusting its gross credit exposures using Schedules M-1 and M-2, which collect information related to eligible collateral and other eligible risk mitigants (e.g., eligible guarantees), respectively, pursuant to Sec. 252.74 and 252.174 of the SCCL rule. The respondent organization must take into account special provisions in the SCCL rule that require aggregation of certain connected counterparties due to economic interdependence--meaning the underlying risk of one counterparty's financial distress or failure would cause the financial distress or failure of another counterparty, as indicated by the presence of certain enumerated factors in the SCCL rule--or due to the presence of certain control relationships described in the SCCL rule.\3\ Data relevant to understanding the presence of any relationships that require such aggregation are reported in Schedules A-1 and A-2. --------------------------------------------------------------------------- \3\ The requirement to aggregate counterparties based on these relationships can be found in Sec. 252.76 and 252.176 of the SCCL rule. --------------------------------------------------------------------------- In filling out the schedules described above, the respondent organization must report exposures by counterparty, with a single counterparty in each row. The reporting form requires each respondent organization to report its top 50 counterparties. Detailed Discussion of Proposed Information Collection Activity Schedule G-1: General Exposures This schedule contains seven general gross credit exposure categories that are described in Sec. 252.73, 252.75, 252.173, and 252.175 of the SCCL rule: (i) Deposits; (ii) loans and leases; (iii) debt securities or investments; (iv) equity securities or investments; (v) committed credit lines; (vi) guarantees and letters of credit; and (vii) securitization arising from the look-through approach.\4\ These gross exposures are summed together, by counterparty, in the final column of Schedule G-1. --------------------------------------------------------------------------- \4\ Calculation of gross credit exposure as a result of item (vii) (securitization arising from the look-through approach) is described in Sec. 252.75 and 252.175 of the SCCL rule. Gross credit exposure to a securitization that does not require application of the look-through approach would be reported as either item (iii) (debt securities or investments) or item (iv) (equity securities or investments), as applicable. --------------------------------------------------------------------------- Schedule G-2: Repurchase Agreement Exposures This schedule collects gross credit exposures arising from repurchase agreements and reverse repurchase agreements as provided in Sec. 252.73 and 252.173 of the SCCL rule. It requires the respondent organization to identify the assets transferred and received in the transaction. Examples include sovereign entity debt, non-sovereign entity debt, main index equities,\5\ and cash. The penultimate column asks for the total gross credit exposure under bilateral netting agreements. The final column tallies the total gross credit exposure resulting from these transactions by counterparty. --------------------------------------------------------------------------- \5\ ``Main index'' is defined in the Board's capital rules, 12 CFR part 217. --------------------------------------------------------------------------- Schedule G-3: Securities Lending Exposures This schedule collects similar information to that collected in Schedule G-2 with respect to securities lending and securities borrowing transactions. Again, the final column tallies the total gross credit exposure resulting from these transactions by counterparty. Schedule G-4: Derivatives Exposures Schedule G-4 requires the respondent organization to report the gross notional amount of its derivatives transactions--interest rate, foreign exchange rate, credit, equity, commodity, or other--by counterparty, consistent with Sec. 252.73 and 252.173 of the SCCL rule. If the respondent organization has been authorized by the Board to use internal models to value such transactions, then [[Page 38305]] it can report its exposures using the ``Internal Model Method'' columns.\6\ Another column in Schedule G-4 is available for a respondent organization to report gross credit exposures resulting from qualifying master netting agreements.\7\ All respondent organizations are required to complete the total gross credit exposure column. --------------------------------------------------------------------------- \6\ If the respondent organization has not been authorized by the Board to use internal models, these columns would remain blank. \7\ ``Qualifying master netting agreement'' is defined in Sec. 252.71(cc) and 252.171(ee) of the SCCL rule. --------------------------------------------------------------------------- Schedule G-5: Risk-Shifting Exposures Schedule G-5 collects information related to gross credit exposures that have been impacted by the risk shifting requirements of Sec. 252.74 and 252.174 of the SCCL rule. Risk-shifting is required when a respondent organization employs five types of credit risk mitigants: (i) Eligible collateral; (ii) eligible guarantees; (iii) eligible credit derivatives; (iv) other eligible hedges; or (v) unused portion of certain extensions of credit. Risk-shifting may also be required in connection with credit transactions involving exempt counterparties.\8\ The final column aggregates the total gross exposure, by counterparty, due to risk-shifting. --------------------------------------------------------------------------- \8\ See Sec. 252.74(g) and 252.174(g) of the SCCL rule. ``Exempt counterparty'' is defined in the SCCL rule to mean an entity that is expressly exempted from or otherwise excluded from the requirements of the SCCL rule. See Sec. Sec. 252.71(q) and 252.171(r) of the SCCL rule. --------------------------------------------------------------------------- Schedule M-1: Eligible Collateral Sections 252.74 and 252.174 of the SCCL rule permit a respondent organization to subtract the value of any ``eligible collateral'' provided by a counterparty in connection with a particular transaction from its gross credit exposure for that transaction.\9\ The value of all such eligible collateral is reported in Schedule M-1. Eligible collateral include, but are not limited to, sovereign debt, non- sovereign debt, main index equities, other publicly traded equities, and cash. The final column sums the total credit risk mitigation impact due to eligible collateral, by counterparty. --------------------------------------------------------------------------- \9\ ``Eligible collateral'' is defined in sections 252.71(k) and 252.171(l). --------------------------------------------------------------------------- Schedule M-2: General Risk Mitigants Schedule M-2 collects information related to credit risk mitigation techniques other than the receipt of eligible collateral used by the firm to reduce its gross credit exposure in a given transaction. Permitted credit risk mitigation methods, described in Sec. 252.74 and 252.174 of the SCCL rule, are (i) eligible guarantees; (ii) eligible credit derivatives; (iii) other eligible hedges; (iv) unused portion of certain extensions of credit; and (v) credit transactions involving exempt entities. The final column sums the total credit risk mitigation effected by use of these techniques, by counterparty. Summary Sheet The reporting form contains a summary sheet that sums the respondent organization's aggregate gross credit exposure (as reported in the final columns of each of the five G schedules); calculates the respondent organization's aggregate net credit exposures by reducing its aggregate gross credit exposure by its aggregate credit risk mitigants (calculated by taking the sum of the final columns of the two M schedules); and divides the respondent organization's aggregate net credit exposure by its eligible capital base.\10\ The resulting ratio shows whether the respondent organization's aggregate net credit exposures comply with the limits of the SCCL rule. --------------------------------------------------------------------------- \10\ As noted above, a respondent organization's aggregate net credit exposure limits under the SCCL rule are based on a percentage of either its capital stock and surplus or its tier 1 capital, depending on the size of the respondent organization. ``Eligible capital base,'' as reported on this form, refers to either the respondent organization's capital stock and surplus or its tier 1 capital, as applicable. --------------------------------------------------------------------------- Schedule A-1: Economic Interdependence Sections 252.76(b) and 252.176(b) of the SCCL rule require a covered company, a covered foreign entity, or U.S. IHC with total consolidated assets that equal or exceed $250 billion to aggregate its net credit exposures to counterparties that are economically interdependent--meaning that the underlying risk of one counterparty's financial distress or failure would cause the financial distress or failure of another counterparty.\11\ Those sections enumerate specific factors that those covered companies or covered foreign entities must consider in order to assess whether counterparties are economically interdependent. Such factors include whether 50 percent or more of one counterparty's gross revenue is derived from the other counterparty, or whether two or more counterparties rely on the same source for the majority of their funding.\12\ The SCCL rule requires that counterparties that must be aggregated be treated as a single counterparty (reported in Schedule A-1 as an ``interconnected counterparty group'') for purposes of the aggregate net credit exposure limits of the SCCL rule. Schedule A-1 requires the respondent organization to provide its aggregate net credit exposure to each member of the interconnected counterparty group (one per column). The final column of Schedule A-1 sums the total net credit exposure of the respondent organization to each connected counterparty group. --------------------------------------------------------------------------- \11\ This requirement does not apply to U.S. IHCs with total consolidated assets of less than $250 billion, unless the Board determines in writing after notice and opportunity for hearing that the covered foreign entity must aggregate its exposures to two or more counterparties to prevent evasions of the purposes of subpart Q of Regulation YY (12 CFR part 252, subpart Q). See Sec. 252.176 of the SCCL rule. \12\ A covered company, foreign banking organization that is a covered foreign entity, or U.S. IHC with total consolidated assets that equal or exceed $250 billion is required to conduct an assessment for economic interdependence only if its aggregate net credit exposure to a counterparty exceeds 5 percent of its tier 1 capital. See Sec. Sec. 252.76(b) and 252.176(b) of the SCCL rule. If none of the enumerated factors are met, then the covered company or covered foreign entity need not aggregate exposures to those counterparties unless the Board determines that one or more other counterparties of the covered company or covered foreign entity are economically interdependent. Id. --------------------------------------------------------------------------- Schedule A-2: Control Relationships Sections 252.76(c) and 252.176(c) of the SCCL rule require a covered company, a covered foreign entity, or U.S. IHC with total consolidated assets that equal or exceed $250 billion to aggregate exposures to counterparties due to the presence of certain control relationships.\13\ These sections require that counterparties that are connected by certain specified control relationships must be treated as a single counterparty (reported in Schedule A-2 as a ``control counterparty group'') for purposes of the aggregate net credit exposure limits of the SCCL rule. Schedule A-2 requires the respondent organization to provide its aggregate net credit exposure to each member of the control counterparty group (one per column). The final column of Schedule A-2 sums the total net credit exposure of the respondent organization to each control counterparty group. --------------------------------------------------------------------------- \13\ This requirement does not apply to U.S. IHCs with total consolidated assets of less than $250 billion, unless the Board determines in writing after notice and opportunity for hearing that a covered company must aggregate its exposures to two or more counterparties to prevent evasions of the purposes of subpart Q of Regulation YY (12 CFR part 252, subpart Q). See Sec. 252.176 of the SCCL rule. --------------------------------------------------------------------------- In addition, certain provisions in the SCCL rule permit a covered company or covered foreign entity to request temporary relief from specific requirements of the rule. Specifically, the SCCL rule permits a covered company or covered foreign entity to request temporary relief from [[Page 38306]] requirements to aggregate one or more counterparties even if one or more factors indicating economic interdependence or control relationships are met, subject to certain conditions, including that such relief be in the public interest and consistent with the purpose of the rule.\14\ The SCCL rule also permits a covered company or covered foreign entity that is not in compliance with the requirements of the rule to request a special temporary credit exposure limit exemption from the Board to permit continued credit transactions with that counterparty, based upon a finding that those transactions are necessary or appropriate to preserve the safety and soundness of the covered company or U.S. financial stability.\15\ --------------------------------------------------------------------------- \14\ See Sec. Sec. 252.76(b)(3), 252.76(c)(2), 252.176(b)(3), and 252.176(c)(2) of the SCCL rule. \15\ See Sec. 252.78(c)(2) and 252.178(c)(2) of the SCCL rule. --------------------------------------------------------------------------- Legal authorization and confidentiality: Section 165(e) of the Dodd-Frank Act (12 U.S.C. 5365(e)) and section 5(c)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(c)(1)) authorize the Board to require these BHCs, FBOs, and U.S. IHCs to file a reporting form such as the proposed FR 2590 with the Board. The proposed FR 2590 would be mandatory for U.S. BHCs with total consolidated assets that equal or exceed $250 billion, FBOs with U.S. banking operations and total consolidated assets that equal or exceed $250 billion, and U.S. IHCs of such FBOs with at least $50 billion in total consolidated assets. The data collected on this proposed form includes financial information that is not normally disclosed by the respondent organizations, the release of which would likely cause substantial harm to the competitive position of the respondent organization if made publicly available. Therefore, the data collected on this form would be kept confidential under exemption 4 of the Freedom of Information Act, which protects from disclosure trade secrets and commercial or financial information (5 U.S.C. 552(b)(4)). Regarding notices associated with requests for temporary relief from specific requirements of the SCCL rule, a firm that wishes information in these notices to be kept confidential in accordance with exemption 4 of the Freedom of Information Act (5 U.S.C. 552(b)(4)) may request confidential treatment under the Board's rules regarding confidential treatment of information at 12 CFR 261.15. The Board's Legal Division will be asked to review the confidentiality status of such notices. By order of the Board of Governors of the Federal Reserve System, July 24, 2018. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2018-16132 Filed 8-3-18; 8:45 am] BILLING CODE 6210-01-P
![Federal Register / Vol. 83, No. 151 / Monday, August 6, 2018 / Notices 38303
number: 404–562–8293; email address: associated notice requirements in Officer—Nuha Elmaghrabi—Office of
marraccini.davina@epa.gov. connection with the final SCCL rule the Chief Data Officer, Board of
SUPPLEMENTARY INFORMATION: published elsewhere in this issue of the Governors of the Federal Reserve
Details about Participating in the Federal Register. System, Washington, DC 20551, (202)
Event: The public is invited to speak DATES: Comments must be submitted on 452–3829. Telecommunications Device
during the August 14 listening session. or before October 5, 2018. for the Deaf (TDD) users may contact
Those interested in speaking can sign ADDRESSES: You may submit comments, (202) 263–4869, Board of Governors of
up for a 3-minute speaking slot on the identified by FR 2590, by any of the the Federal Reserve System,
EPA’s website at https://www.epa.gov/ following methods: Washington, DC 20551.
pfas/pfas-community-engagement. • Agency website: http:// SUPPLEMENTARY INFORMATION: On June
Please check this website for event www.federalreserve.gov. Follow the 15, 1984, the Office of Management and
materials as they become available, instructions for submitting comments at Budget (OMB) delegated to the Board
including a full agenda, leading up to http://www.federalreserve.gov/apps/ authority under the Paperwork
the event. foia/proposedregs.aspx. Reduction Act (PRA) to approve of and
The PFAS National Leadership • Email: regs.comments@ assign OMB control numbers to
Summit: On May 22–23, 2018, the EPA federalreserve.gov. Include OMB collection of information requests and
hosted the PFAS National Leadership number in the subject line of the requirements conducted or sponsored
Summit. During the summit, message. by the Board. In exercising this
participants worked together to share • FAX: (202) 452–3819 or (202) 452– delegated authority, the Board is
information on ongoing efforts to 3102. directed to take every reasonable step to
characterize risks from PFAS, develop • Mail: Ann E. Misback, Secretary, solicit comment. In determining
monitoring and treatment/cleanup Board of Governors of the Federal whether to approve a collection of
techniques, identify specific near-term Reserve System, 20th Street and information, the Board will consider all
actions (beyond those already Constitution Avenue NW, Washington, comments received from the public and
underway) that are needed to address DC 20551. other agencies.
challenges currently facing states and All public comments are available
from the Board’s website at http:// Request for Comment on Information
local communities, and develop risk Collection Proposal
communication strategies that will help www.federalreserve.gov/apps/foia/
communities to address public concerns proposedregs.aspx as submitted, unless The Board invites public comment on
regarding PFAS. modified for technical reasons or to the following information collection,
The EPA wants to assure the public remove personal identifying information which is being reviewed under
that their input is valuable and at the commenter’s request. Public authority delegated by the OMB under
meaningful. Using information from the comments may also be viewed the PRA. Comments are invited on the
National Leadership Summit, public electronically or in paper form in Room following:
docket, and community engagements, 3515, 1801 K Street NW (between 18th a. Whether the proposed collection of
the EPA plans to develop a PFAS and 19th Streets NW), Washington, DC information is necessary for the proper
Management Plan for release later this 20006 between 9:00 a.m. and 5:00 p.m. performance of the Board’s functions,
year. A summary of the North Carolina on weekdays. For security reasons, the including whether the information has
Community Engagement will be made Board requires that visitors make an practical utility;
available to the public following the appointment to inspect comments. You b. The accuracy of the Board’s
event on the EPA’s PFAS Community may do so by calling (202) 452–3684. estimate of the burden of the proposed
Engagement website at: https:// Upon arrival, visitors will be required to information collection, including the
www.epa.gov/pfas/pfas-community- present valid government-issued photo validity of the methodology and
engagement. identification and to submit to security assumptions used;
screening in order to inspect and c. Ways to enhance the quality,
Dated: July 27, 2018. utility, and clarity of the information to
photocopy comments. Additionally,
Jennifer McLain, be collected;
commenters may send a copy of their
Acting Director, Office of Ground Water and comments to the OMB Desk Officer— d. Ways to minimize the burden of
Drinking Water.
Shagufta Ahmed—Office of Information information collection on respondents,
[FR Doc. 2018–16805 Filed 8–3–18; 8:45 am]
and Regulatory Affairs, Office of including through the use of automated
BILLING CODE 6560–50–P Management and Budget, New collection techniques or other forms of
Executive Office Building, Room 10235, information technology; and
e. Estimates of capital or startup costs
725 17th Street NW, Washington, DC
FEDERAL RESERVE SYSTEM and costs of operation, maintenance,
20503 or by fax to (202) 395–6974.
and purchase of services to provide
FOR FURTHER INFORMATION CONTACT: A information.
Proposed Agency Information
copy of the PRA OMB submission, At the end of the comment period, the
Collection Activities; Comment
including the proposed reporting form comments and recommendations
Request
and instructions, supporting statement, received will be analyzed to determine
AGENCY: Board of Governors of the and other documentation will be placed the extent to which the Board should
Federal Reserve System. into OMB’s public docket files, once modify the proposal.
approved. These documents will also be
sradovich on DSK3GMQ082PROD with NOTICES
ACTION: Notice, request for comment.
made available on the Federal Reserve Proposal To Approve Under OMB
SUMMARY: The Board of Governors of the Board’s public website at: http:// Delegated Authority the
Federal Reserve System (Board) invites www.federalreserve.gov/apps/ Implementation of a New Information
comment on a proposal to implement a reportforms/review.aspx or may be Collection
new information collection, the Single- requested from the agency clearance Report title: Single-Counterparty
Counterparty Credit Limits (SCCL) (FR officer, whose name appears below. Credit Limits.
2590; OMB No. 7100–NEW) and Federal Reserve Board Clearance Agency form number: FR 2590.
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![38306 Federal Register / Vol. 83, No. 151 / Monday, August 6, 2018 / Notices
requirements to aggregate one or more review the confidentiality status of such FEDERAL RESERVE SYSTEM
counterparties even if one or more notices.
factors indicating economic Formations of, Acquisitions by, and
By order of the Board of Governors of the
interdependence or control Mergers of Bank Holding Companies
Federal Reserve System, July 24, 2018.
relationships are met, subject to certain
Yao-Chin Chao, The companies listed in this notice
conditions, including that such relief be
Assistant Secretary of the Board. have applied to the Board for approval,
in the public interest and consistent
pursuant to the Bank Holding Company
with the purpose of the rule.14 The [FR Doc. 2018–16132 Filed 8–3–18; 8:45 am]
Act of 1956 (12 U.S.C. 1841 et seq.)
SCCL rule also permits a covered BILLING CODE 6210–01–P
(BHC Act), Regulation Y (12 CFR part
company or covered foreign entity that
225), and all other applicable statutes
is not in compliance with the
and regulations to become a bank
requirements of the rule to request a FEDERAL RESERVE SYSTEM
holding company and/or to acquire the
special temporary credit exposure limit
Change in Bank Control Notices; assets or the ownership of, control of, or
exemption from the Board to permit
Acquisitions of Shares of a Bank or the power to vote shares of a bank or
continued credit transactions with that
Bank Holding Company bank holding company and all of the
counterparty, based upon a finding that
banks and nonbanking companies
those transactions are necessary or
The notificants listed below have owned by the bank holding company,
appropriate to preserve the safety and
applied under the Change in Bank including the companies listed below.
soundness of the covered company or The applications listed below, as well
U.S. financial stability.15 Control Act (12 U.S.C. 1817(j)) and
as other related filings required by the
Legal authorization and § 225.41 of the Board’s Regulation Y (12
Board, are available for immediate
confidentiality: Section 165(e) of the CFR 225.41) to acquire shares of a bank
inspection at the Federal Reserve Bank
Dodd-Frank Act (12 U.S.C. 5365(e)) and or bank holding company. The factors indicated. The applications will also be
section 5(c)(1) of the Bank Holding that are considered in acting on the available for inspection at the offices of
Company Act of 1956 (12 U.S.C. notices are set forth in paragraph 7 of the Board of Governors. Interested
1844(c)(1)) authorize the Board to the Act (12 U.S.C. 1817(j)(7)). persons may express their views in
require these BHCs, FBOs, and U.S. The notices are available for writing on the standards enumerated in
IHCs to file a reporting form such as the immediate inspection at the Federal the BHC Act (12 U.S.C. 1842(c)). If the
proposed FR 2590 with the Board. The Reserve Bank indicated. The notices proposal also involves the acquisition of
proposed FR 2590 would be mandatory also will be available for inspection at a nonbanking company, the review also
for U.S. BHCs with total consolidated the offices of the Board of Governors. includes whether the acquisition of the
assets that equal or exceed $250 billion, nonbanking company complies with the
Interested persons may express their
FBOs with U.S. banking operations and standards in section 4 of the BHC Act
views in writing to the Reserve Bank
total consolidated assets that equal or (12 U.S.C. 1843). Unless otherwise
indicated for that notice or to the offices
exceed $250 billion, and U.S. IHCs of noted, nonbanking activities will be
such FBOs with at least $50 billion in of the Board of Governors. Comments
must be received not later than August conducted throughout the United States.
total consolidated assets. Unless otherwise noted, comments
20, 2018.
The data collected on this proposed regarding each of these applications
form includes financial information that A. Federal Reserve Bank of Kansas must be received at the Reserve Bank
is not normally disclosed by the City (Dennis Denney, Assistant Vice indicated or the offices of the Board of
respondent organizations, the release of President) 1 Memorial Drive, Kansas Governors not later than August 31,
which would likely cause substantial City, Missouri 64198–0001: 2018.
harm to the competitive position of the 1. Ernest E. (Gene) Dillard, Sheila A. A. Federal Reserve Bank of Dallas
respondent organization if made Dillard, and Aaron D. Dillard, all of (Robert L. Triplett III, Senior Vice
publicly available. Therefore, the data Tulsa Oklahoma, and Sarah E. Dillard, President) 2200 North Pearl Street,
collected on this form would be kept Dallas, Texas; to acquire voting shares Dallas, Texas 75201–2272:
confidential under exemption 4 of the of First Pryor Bancorp, Inc., Pryor, 1. Steele Holdings, Inc., Tyler, Texas;
Freedom of Information Act, which Oklahoma, and thereby be approved as to merge with Joaquin Bankshares, Inc.,
protects from disclosure trade secrets Huntington, Texas, and thereby
members of the Dillard family group,
and commercial or financial information indirectly acquire Texas State Bank,
which owns voting shares of First Pryor
(5 U.S.C. 552(b)(4)). Joaquin, Texas.
Bancorp, Inc. and thereby indirectly
Regarding notices associated with owns First Pryority Bank, Pryor, Board of Governors of the Federal Reserve
requests for temporary relief from Oklahoma, and Locust Grove Banshares, System, August 1, 2018.
specific requirements of the SCCL rule, Yao-Chin Chao,
Inc., Locust Grove, Oklahoma, which
a firm that wishes information in these Assistant Secretary of the Board.
owns Lakeside Bank of Salina, Salina,
notices to be kept confidential in [FR Doc. 2018–16753 Filed 8–3–18; 8:45 am]
accordance with exemption 4 of the Oklahoma, and Bank of Locust Grove,
Freedom of Information Act (5 U.S.C. Locust Grove, Oklahoma. BILLING CODE P
552(b)(4)) may request confidential Board of Governors of the Federal Reserve
treatment under the Board’s rules System, July 31, 2018. FEDERAL RESERVE SYSTEM
sradovich on DSK3GMQ082PROD with NOTICES
regarding confidential treatment of Yao-Chin Chao,
information at 12 CFR 261.15. The Assistant Secretary of the Board. Formations of, Acquisitions by, and
Board’s Legal Division will be asked to [FR Doc. 2018–16701 Filed 8–3–18; 8:45 am]
Mergers of Savings and Loan Holding
Companies
BILLING CODE P
14 See §§ 252.76(b)(3), 252.76(c)(2), 252.176(b)(3),
and 252.176(c)(2) of the SCCL rule. The companies listed in this notice
15 See § 252.78(c)(2) and 252.178(c)(2) of the have applied to the Board for approval,
SCCL rule. pursuant to the Home Owners’ Loan Act
VerDate Sep<11>2014 17:36 Aug 03, 2018 Jkt 244001 PO 00000 Frm 00034 Fmt 4703 Sfmt 4703 E:\FR\FM\06AUN1.SGM 06AUN1](https://thefederalregister.org/doc/83_FR_38454/page/4.svg)
Document Created: 2018-11-06 10:36:28
Document Modified: 2018-11-06 10:36:28
| 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, request for comment. | |
| Dates | Comments must be submitted on or before October 5, 2018. | |
| Contact | A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB's public docket files, once approved. These documents will also be made available on the Federal Reserve Board's public website at: http:// www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. | |
| FR Citation | 83 FR 38303 |
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