83 FR 42298 - Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 162 (August 21, 2018)

Page Range		42298-42298
FR Document		2018-17975

Federal Register, Volume 83 Issue 162 (Tuesday, August 21, 2018)

[Federal Register Volume 83, Number 162 (Tuesday, August 21, 2018)]
[Notices]
[Page 42298]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-17975]


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FEDERAL RESERVE SYSTEM


Notice of Proposals To Engage in or To Acquire Companies Engaged 
in Permissible Nonbanking Activities

    The companies listed in this notice have given notice under section 
10 of the Home Owners' Loan Act (12 U.S.C. 1467a) (HOLA) and Regulation 
LL, (12 CFR part 238) to engage de novo, or to acquire or control 
voting securities or assets of a company, including the companies 
listed below, that engages either directly or through a subsidiary or 
other company, in a nonbanking activity that is listed in Sec.  238.53 
of Regulation LL (12 CFR 225.53). Unless otherwise noted, these 
activities will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. The notice also will be available for inspection at the 
offices of the Board of Governors. Interested persons may express their 
views in writing on the question whether the proposal complies with the 
standards of section 10(c)(4)(B) of the HOLA 12 U.S.C. 1467a(c)(4)(B).
    Unless otherwise noted, comments regarding the notices must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than September 4, 2018.
    A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant 
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
    1. McHenry Bancorp, Inc., McHenry, Illinois; to engage de novo in 
purchasing and servicing loans, and holding and managing improved real 
estate, pursuant to sections 238.53(b)(1) and (8) of Regulation LL.

    Board of Governors of the Federal Reserve System, August 16, 
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-17975 Filed 8-20-18; 8:45 am]
BILLING CODE 6210-01-P

42298 Federal Register / Vol. 83, No. 162 / Tuesday, August 21, 2018 / Notices

Current actions: On January 22, 2018 pursuant to a rulemaking. In addition, President) 230 South LaSalle Street,
the Board published a notice in the the Board could not unilaterally take the Chicago, Illinois 60690–1414:
Federal Register (83 FR 2983) actions requested by these comments, 1. McHenry Bancorp, Inc., McHenry,
requesting public comment for 60 days even those that would not require a Illinois; to engage de novo in purchasing
on the extension, with revision, of the rulemaking, as they fall under the and servicing loans, and holding and
Reporting Requirements Associated purview of a rule that the Board managing improved real estate,
with Resolution Plans (Regulation QQ). proposed jointly with the FDIC and a pursuant to sections 238.53(b)(1) and (8)
The revision to the clearance is burden process that is jointly administered by of Regulation LL.
increase due to a reassessment of the the two agencies.8 However, the Board Board of Governors of the Federal Reserve
burden hours associated with will consider the recommended changes System, August 16, 2018.
responding to the informational in due course as it determines, in Ann Misback,
requirements of Regulation QQ and to consultation with the FDIC, whether to Secretary of the Board.
guidance, feedback, and additional conduct a joint rulemaking. The [FR Doc. 2018–17975 Filed 8–20–18; 8:45 am]
requests for information by the agencies revisions will be implemented as BILLING CODE 6210–01–P
as part of the iterative resolution proposed.
planning process. The increase in Board of Governors of the Federal Reserve
burden is mitigated by the System, August 15, 2018. FEDERAL RESERVE SYSTEM
postponement of the July 2018
Ann Misback,
submission date for the resolution plans Formations of, Acquisitions by, and
Secretary of the Board.
of the complex domestic filers, which Mergers of Bank Holding Companies
account for the largest percentage of [FR Doc. 2018–17964 Filed 8–20–18; 8:45 am]
overall burden hours. The comment BILLING CODE 6210–01–P The companies listed in this notice
period for this notice expired on March have applied to the Board for approval,
23, 2018. The Board received one pursuant to the Bank Holding Company
comment on the proposal. The FEDERAL RESERVE SYSTEM Act of 1956 (12 U.S.C. 1841 et seq.)
commenter recommended a number of (BHC Act), Regulation Y (12 CFR part
Notice of Proposals To Engage in or 225), and all other applicable statutes
potential changes to Regulation QQ
To Acquire Companies Engaged in and regulations to become a bank
intended to enhance the quality of the
Permissible Nonbanking Activities holding company and/or to acquire the
information collected pursuant to the
regulation and reduce the burden of the The companies listed in this notice assets or the ownership of, control of, or
information collection requirements.7 have given notice under section 10 of the power to vote shares of a bank or
The Board is not adopting any of the the Home Owners’ Loan Act (12 U.S.C. bank holding company and all of the
recommended changes at this time. 1467a) (HOLA) and Regulation LL, (12 banks and nonbanking companies
Either a revision to the Board’s CFR part 238) to engage de novo, or to owned by the bank holding company,
Regulation QQ or joint action with the acquire or control voting securities or including the companies listed below.
FDIC would be necessary to implement assets of a company, including the The applications listed below, as well
each of the recommended changes. Most companies listed below, that engages as other related filings required by the
of the recommendations would require either directly or through a subsidiary or Board, are available for immediate
changes to the Board’s Regulation QQ, other company, in a nonbanking activity inspection at the Federal Reserve Bank
which could only be accomplished that is listed in § 238.53 of Regulation indicated. The applications will also be
LL (12 CFR 225.53). Unless otherwise available for inspection at the offices of
7 These recommended changes include:
noted, these activities will be conducted the Board of Governors. Interested
(i) Extending the annual resolution plan filing
throughout the United States. persons may express their views in
cycle to a two-year cycle; writing on the standards enumerated in
(ii) providing additional clarity on filing Each notice is available for inspection
deadlines; at the Federal Reserve Bank indicated. the BHC Act (12 U.S.C. 1842(c)). If the
(iii) requiring that any agency guidance be The notice also will be available for proposal also involves the acquisition of
provided more than 12 months in advance of each inspection at the offices of the Board of a nonbanking company, the review also
filing deadline;
Governors. Interested persons may includes whether the acquisition of the
(iv) allowing firms to satisfy some of their nonbanking company complies with the
Regulation QQ requirements by incorporating their express their views in writing on the
IDI plans by reference; question whether the proposal complies standards in section 4 of the BHC Act
(v) providing for further tailoring based on the with the standards of section 10(c)(4)(B) (12 U.S.C. 1843). Unless otherwise
systemic risk posed by each firm,
of the HOLA 12 U.S.C. 1467a(c)(4)(B). noted, nonbanking activities will be
(vi) further reducing the need for duplicative conducted throughout the United States.
reporting; Unless otherwise noted, comments
Unless otherwise noted, comments
(vii) adjusting the forecasting expected from the regarding the notices must be received
regarding each of these applications
firms; at the Reserve Bank indicated or the
(viii) providing greater guidance regarding
must be received at the Reserve Bank
offices of the Board of Governors not
regulatory expectations related to the resolution of indicated or the offices of the Board of
later than September 4, 2018.
financial market utilities; Governors not later than September 18,
(ix) eliminating the strategic analysis section from A. Federal Reserve Bank of Chicago
2018.
tailored plans; (Colette A. Fried, Assistant Vice A. Federal Reserve Bank of Dallas
(x) providing an opportunity for notice and
comment on any new information requirements, the
(Robert L. Triplett III, Senior Vice
8 See 12 U.S.C. 5365(d)(8) (requiring the Board
sradovich on DSK3GMQ082PROD with NOTICES

framework used for assessing resolution plans, and President) 2200 North Pearl Street,
and FDIC to issue joint rules implementing the
the procedures related to remediation; Dodd-Frank Act’s resolution planning Dallas, Texas 75201–2272:
(xi) requiring the agencies to provide feedback on requirements), 12 CFR. Part 243 (the Board’s 1. Woodforest Financial Group
plans within six months of plan submission; resolution planning rule), and 12 CFR. Part 381 (the Employee Stock Ownership Plan, The
(xii) refraining from making feedback provided to FDIC’s resolution planning rule). Aspects of the Woodlands, Texas; and Woodforest
the firms public or providing firms more time to statute and regulations require joint actions or
consider the feedback before it is made public; and determinations by the Board and FDIC and
Financial Group Employee Stock
(xiii) reconsidering the procedures the Board and therefore the agencies have jointly developed a Ownership Trust, Spring, Texas; to
FDIC undertake to engage with firms. coordinated resolution plan review process. acquire up to an additional 28 percent

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Document Created: 2018-08-21 00:07:10
Document Modified: 2018-08-21 00:07:10

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		83 FR 42298