Federal Register / Vol. 62, No. 200 / Thursday, October 16, 1997 / Notices 53785

company, in a nonbanking activity that

is listed in § 225.28 of Regulation Y (12

CFR 225.28) or that the Board has

determined by Order to be closely

related to banking and permissible for

bank holding companies. 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 4 of the

BHC Act.

Unless otherwise noted, comments

regarding the applications must be

received at the Reserve Bank indicated

or the offices of the Board of Governors

not later than October 29, 1997.

A. Federal Reserve Bank of

Minneapolis (Karen L. Grandstrand,

Vice President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480-2171:

1. U.S. Bancorp, Minneapolis,

Minnesota; to engage de novo through

its subsidiary, U.S. Bancorp

Investments, Inc., Minneapolis,

Minnesota, in underwriting and dealing

in commercial paper, municipal

revenue bonds, mortgage-backed

securities, and consumer-receivablerelated securities. See, Citicorp, J.P.

Morgan & Co., Inc., and Bankers Trust

New York Corp., 73 Fed. Res. Bull. 473

(1987); extending credit and servicing

loans, pursuant to § 225.28(b)(1) of the

Board’s Regulation Y; arranging

commercial real estate equity financing,

asset management servicing and

collection activities, and acquiring debt

in default, pursuant to §§

225.28(b)(2)(ii), (vi), and (vii) of the

Board’s Regulation Y; leasing personal

or real property, pursuant to §

225.28(b)(3) of the Board’s Regulation Y;

financial and investment advisory

activities, pursuant to § 225.28(b)(6) of

the Board’s Regulation Y; agency

transactional services for customer

investments, pursuant to § 225.28(b)(7)

of the Board’s Regulation Y; investment

transactions as principal, pursuant to §

225.28(b)(8) of the Board’s Regulation Y;

management consulting and counseling

activities, pursuant to §§

225.28(b)(9)(i)(A)(1) and (2) of the

Board’s Regulation Y; and insurance

agency activities, pursuant to §

225.28(b)(11)(vii) of the Board’s

Regulation Y.

Board of Governors of the Federal Reserve

System, October 9, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–27307 Filed 10–15–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Consumer Advisory Council; Notice of

Meeting of Consumer Advisory

Council

The Consumer Advisory Council will

meet on Thursday, October 30. The

meeting, which will be open to public

observation, will take place at the

Federal Reserve Board’s offices in

Washington, DC, in Terrace Room E of

the Martin Building. The meeting will

begin at 9:00 a.m. and is expected to

continue until 4:00 p.m., with a lunch

break from 12:30 p.m. until 2:00 p.m.

The Martin Building is located on C

Street, Northwest, between 20th and

21st Streets in Washington, DC.

The Council’s function is to advise

the Board on the exercise of the Board’s

responsibilities under the Consumer

Credit Protection Act and on other

matters on which the Board seeks its

advice. Time permitting, the Council

will discuss the following topics:

Special Rules Under Regulation E

(Electronic Fund Transfers): The

Depository and Delivery Systems

Committee will lead a discussion about

whether special rules are needed under

Regulation E for basic banking accounts

established by financial institutions to

provide electronic delivery of federal

benefits to individuals who currently do

not maintain deposit accounts; and if

there is a perceived need, what

characteristics should qualify an

account for special treatment.

Home Ownership Equity Protection

Act (HOEPA): The Consumer Credit

Committee will lead a discussion of

potential recommendations for

modifying the HOEPA provisions of the

Truth in Lending Act. HOEPA is

designed to protect borrowers entering

into high-cost home-secured loans. The

Council discussion will focus on

changes to achieve the act’s purpose

more effectively, such as by imposing

further restrictions to discourage

abusive creditor or broker practices,

providing more effective enforcement

tools to ensure compliance and protect

the consumer, and reducing the

complexity of the fees test used to

determine which loans are covered.

Streamlining Truth in Lending Act

and the Real Estate Settlement

Procedures Act (TILA/RESPA): To assist

in the process now under way for

reforming requirements under the TILA/

RESPA laws, the Consumer Credit

Committee will lead a discussion about

the information that consumers need

and should receive about costs when

seeking a mortgage loan. The discussion

will include an assessment of the

usefulness of disclosing the cost of

credit as an APR (annual percentage

rate) and will consider alternative cost

disclosures. It will also address timing:

when should the information be

provided to be of most benefit to

consumers.

CRA Implementation—Small

Business, Farm, and Community

Development Lending: The Bank

Regulations Committee will lead a

discussion regarding the ongoing

implementation of the revised

Community Reinvestment Act

regulations. In particular, attention will

focus on the CRA data for 1996 (which

were made public recently) regarding

small business, farm, and community

development lending by large

commercial banks and thrift

institutions. The Committee also will

discuss examination data for small and

large banks and interagency responses

to questions of interpretation that have

arisen under the revised CRA rules.

Open Session—Emerging Issues:

Council members will report on

emerging issues or trends that may have

potential impact on the Board’s role in

providing consumer protection, or on

other matters of interest.

Governor’s Report: Reserve Board

Member Laurence H. Meyer will report

on economic conditions, recent Board

initiatives, and issues of concern, with

an opportunity for questions from

Council members.

Committee Reports: Committees will

report on their Committee work and

discussions.

Other matters previously considered

by the Council or initiated by Council

members also may be discussed.

Persons wishing to submit views to

the Council regarding any of the above

topics may do so by sending written

statements to Deanna Aday-Keller,

Secretary, Consumer Advisory Council,

Division of Consumer and Community

Affairs, Board of Governors of the

Federal Reserve System, Washington,

DC 20551. Information about this

meeting may be obtained from Ms.

Aday-Keller, 202–452-6470.

Telecommunications Device for the Deaf

(TDD) users may contact Diane Jenkins,

202–452–3544.
53786 Federal Register / Vol. 62, No. 200 / Thursday, October 16, 1997 / Notices

Board of Governors of the Federal Reserve

System, October 9, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–27341 Filed 10–15–97; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL TRADE COMMISSION

[File No. 962–3072]

Ashland, Inc.; Analysis To Aid Public

Comment

AGENCY: Federal Trade Commission.

ACTION: Proposed consent agreement.

SUMMARY: The consent agreement in this

matter settles alleged violations of

federal law prohibiting unfair or

deceptive acts or practices or unfair

methods of competition. The attached

Analysis to Aid Public Comment

describes both the allegations in the

draft complaint that accompanies the

consent agreement and the terms of the

consent order—embodied in the consent

agreement—that would settle these

allegations.

DATES: Comments must be received on

or before December 15, 1997.

ADDRESSES: Comments should be

directed to: FTC/Office of the Secretary,

Room 159, 6th St. and Pa. Ave., NW.,

Washington, DC 20580.

FOR FURTHER INFORMATION CONTACT:

Elaine D. Kolish, Federal Trade

Commission, S–4302, 6th St. and

Pennsylvania Ave., NW., Washington,

DC 20580. (202) 326–3042. Robert

Frisby, Federal Trade Commission, S–

4302, 6th St. and Pennsylvania Ave.,

NW., Washington, DC 20580. (202) 326–

2098.

SUPPLEMENTARY INFORMATION: Pursuant

to section 6(f) of the Federal Trade

Commission Act, 38 Stat. 721, 15 U.S.C.

46, and section 2.34 of the

Commission’s Rules of Practice (16 CFR

2.34), notice is hereby given that the

above-captioned consent agreement

containing a consent order to cease and

desist, having been filed with and

accepted, subject to final approval, by

the Commission, has been placed on the

public record for a period of sixty (60)

days. The following Analysis to Aid

Public Comment describes the terms of

the consent agreement, and the

allegations in the accompanying

complaint. An electronic copy of the

full text of the consent agreement

package can be obtained from the

Commission Actions section of the FTC

Home Page (for October 8, 1997), on the

World Wide Web, at ‘‘http://

www.ftc.gov/os/actions97.htm.’’ A

paper copy can be obtained from the

FTC Public Reference Room, Room H–

130, Sixth Street and Pennsylvania

Ave., NW., Washington, DC 20580

either in person or by calling (202) 326–

3627. Public comment is invited. Such

comments or views will be considered

by the Commission and will be available

for inspection and copying at its

principal office in accordance with

section 4.9(b)(6)(ii) of the Commission’s

Rules of Practice (16 CFR 4.9(b)(6)(ii).

Analysis of Proposed Consent Order To

Aid Public Comment

The Federal Trade Commission has

accepted, subject to final approval, an

agreement to a proposed consent order

from Ashland, Inc. (‘‘Ashland’’). The

agreement would settle a proposed

complaint by the Federal Trade

Commission that Ashland engaged in

unfair or deceptive acts or practices in

violation of section 5(a) of the Federal

Trade Commission Act.

The proposed consent order has been

placed on the public record for sixty

(60) days for reception of comments by

interested persons. Comments received

during this period will become part of

the public record. After sixty (60) days,

the Commission will again review the

agreement and the comments received

and will decide whether it should

withdraw from the agreement or make

final the agreement’s proposed order.

This matter concerns advertising

practices related to the sale of Valvoline

TM8 Engine Treatment (‘‘TM8’’). The

proposed complaint charges that,

through the use of statements contained

in its advertisements and promotional

materials, Ashland made the following

unsubstantiated representations: (1)

TM8 bonds Teflon to engine parts; (2)

compared to motor oil alone, TM8:

reduces engine wear; reduces camshaft

bearing wear by up to 75%; reduces

main bearing wear by up to 75%; under

high temperature conditions

experienced by engines, provides twice

as much wear protection; extends the

duration of engine life; and improves

fuel economy; and (3) One treatment of

TM8 lasts for 50,000 miles. Lastly, the

proposed complaint alleges that

Ashland falsely represented that tests

prove that, compared to motor oil alone,

TM8: reduces camshaft bearing wear by

up to 75%; reduces main bearing wear

by up to 75%; under high temperature

conditions experienced by engines,

provides twice as much wear protection;

and improves fuel economy.

The proposed consent order contains

provisions designed to prevent Ashland

from engaging in similar acts and

practices in the future. Part I of the

proposed order prohibits Ashland from

making any representation about the

performance or attributes of any engine

treatment unless, at the time it makes

the representation, Ashland possesses

and relies upon competent and reliable

evidence, which when appropriate must

be scientific evidence, that substantiates

the representation. Part I also prohibits

Ashland from misrepresenting the

results of tests or studies.

The proposed order also contains

standards provisions regarding recordkeeping, notification of changes in

corporate status, distribution of the

order, termination of the order, and the

filing of a compliance report.

The purpose of this analysis is to

facilitate public comment on the

proposed order, and it is not intended

to constitute an official interpretation of

the agreement and the proposed order or

to modify their terms in any way.

Donald S. Clark,

Secretary.

[FR Doc. 97–27358 Filed 10–15–97; 8:45 am]

BILLING CODE 6750–01–M

DEPARTMENT OF HEALTH AND

HUMAN SERVICES

Food and Drug Administration

Medical Devices; Product Development

Protocol; Public Workshop

AGENCY: Food and Drug Administration,

HHS.

ACTION: Notice.

SUMMARY: The Food and Drug

Administration (FDA), in cooperation

with the Health Industry Manufacturers

Association (HIMA), is announcing a

public workshop to discuss use of the

Product Development Protocol (PDP) as

an alternate means for medical device

approval. This public workshop is being

held so that FDA may gather

information to assist in developing an

efficient, practical PDP process.

DATES: The public workshop will be

held on Wednesday, October 22, 1997,

8:30 a.m. to 5 p.m.

ADDRESSES: The public workshop will

be held at the Renaissance Hotel, 999

9th St. NW., Washington, DC 20001.

Attendees requiring overnight

accommodations may contact the hotel

at 202–898–9000 and reference the

FDA/HIMA meeting to ensure

conference rates. To register for the

public workshop, contact HIMA,

Meetings Department, 1200 G St. NW.,

Washington, DC 20005, 202–434–7237.

FOR FURTHER INFORMATION CONTACT:

Lillian L. Yin, Center for Devices and

Radiological Health (HFZ–470), 9200