Federal Register / Vol. 74, No. 38 / Friday, February 27, 2009 / Notices 8961 

9For example, if the Banks were to issue CMOs 

as part of the program, the Banks would want such 

interests to qualify for the tax treatment provided 

to REMICs. The Banks, however, because they are 

not subject to Federal taxes, would most likely be 

considered a ‘‘disqualified organization’’ under the 

REMIC tax provisions and therefore could not hold 

any residual interests that were created by the 

securitization. See 26 U.S.C. 860E. 

GC–03 at 5. Although the Bank in 

question never implemented this 

program, so no loans were securitized 

under it, the legal reasoning remains 

valid given that the incidental powers 

provisions have not been amended since 

the program was approved. The same 

legal reasoning could be extended to a 

more general securitization program for 

the Banks. 

With respect to legal issues, we are 

specifically seeking comment on the 

following: 

G.1. Do the incidental authorities in 

section 11(a) and 11(e)(1) of the Bank 

Act provide a sufficient basis to 

authorize a securitization program, 

especially if the Banks are allowed to 

guarantee the securitized mortgages? 

G.2. Are there other laws, such as the 

Government Corporation Control Act or 

specific tax provisions, which could 

create obstacles to a Bank securitization 

program? 9

G.3. Given that different formats for 

securitization could be adopted by the 

Banks, would some formats present 

more legal obstacles to a program than 

others? 

V. Summary of Request for Comment 

In anticipation of presenting a report 

to Congress by July 30, 2009, FHFA is 

seeking public comment with respect to 

a possible securitization program in the 

Bank System. Some of the policy and 

safety and soundness issues that FHFA 

would need to address in the study are 

described in this notice. FHFA 

anticipates that responses to the 

questions raised in this notice will 

constitute an important source of 

relevant data and analysis. In addition 

to responses on the specific questions 

raised, commenters should provide 

other information that they believe may 

be useful in our analysis and 

preparation of the FHFA report to 

Congress. 

Dated: February 23, 2009. 

James B. Lockhart III, 

Director, Federal Housing Finance Agency. 

[FR Doc. E9–4262 Filed 2–26–09; 8:45 am] 

BILLING CODE 8070–01–P 

FEDERAL RESERVE SYSTEM 

Change in Bank Control Notices; 

Acquisition of Shares of Bank or Bank 

Holding Companies 

The notificants listed below have 

applied under the Change in Bank 

Control Act (12 U.S.C. 1817(j)) and 

§ 225.41 of the Board’s Regulation Y (12 

CFR 225.41) to acquire a bank or bank 

holding company. The factors that are 

considered in acting on the notices are 

set forth in paragraph 7 of the Act (12 

U.S.C. 1817(j)(7)). 

The notices are available for 

immediate inspection at the Federal 

Reserve Bank indicated. The notices 

also will be available for inspection at 

the office of the Board of Governors. 

Interested persons may express their 

views in writing to the Reserve Bank 

indicated for that notice or to the offices 

of the Board of Governors. Comments 

must be received not later than March 

16, 2009. 

A. Federal Reserve Bank of 

Minneapolis (Jacqueline G. King, 

Community Affairs Officer) 90 

Hennepin Avenue, Minneapolis, 

Minnesota 55480–0291: 

1. Gary Ihry; Mary Ihry; Wade Ihry; 

Marilyn Ihry; Keith Ihry; Brenda Ihry, all 

of Hope, North Dakota, and Reed Ihry, 

of Devils Lake, North Dakota, to acquire 

voting shares of Quality Bankshares, 

Inc., and thereby indirectly acquire 

voting shares of Quality Bank, both of 

Fingal, North Dakota. 

Board of Governors of the Federal Reserve 

System, February 24, 2009. 

Robert deV. Frierson, 

Deputy Secretary of the Board. 

[FR Doc. E9–4206 Filed 2–26–09; 8:45 am] 

BILLING CODE 6210–01–S 

FEDERAL RESERVE SYSTEM 

Notice of Proposals to Engage in 

Permissible Nonbanking Activities or 

To Acquire Companies That Are 

Engaged in Permissible Nonbanking 

Activities 

The companies listed in this notice 

have given notice under section 4 of the 

Bank Holding Company Act (12 U.S.C. 

1843) (BHC Act) and Regulation Y (12 

CFR Part 225) 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 § 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. Additional information on all 

bank holding companies may be 

obtained from the National Information 

Center website at www.ffiec.gov/nic/. 

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 March 16, 2009. 

A. Federal Reserve Bank of Atlanta 

(Steve Foley, Vice President) 1000 

Peachtree Street, N.E., Atlanta, Georgia 

30309: 

1. Educational Services of America, 

Inc. and Educational Funding of the 

South, Inc., both of Knoxville, 

Tennessee, to engage in community 

development activities, pursuant to 

section 225.28(b)(12) of Regulation Y. 

Board of Governors of the Federal Reserve 

System, February 24, 2009. 

Robert deV. Frierson, 

Deputy Secretary of the Board. 

[FR Doc. E9–4205 Filed 2–26–09; 8:45 am] 

BILLING CODE 6210–01–S 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

National Institute for Occupational 

Safety and Health; Final Effect of 

Designation of a Class of Employees 

for Addition to the Special Exposure 

Cohort 

AGENCY: Centers for Disease Control and 

Prevention (CDC), Department of Health 

and Human Services (HHS). 

ACTION: Notice. 

SUMMARY: The Department of Health and 

Human Services (HHS) gives notice 

concerning the final effect of the HHS 

decision to designate a class of 

employees at Vitro Manufacturing in 

Canonsburg, Pennsylvania, as an 

addition to the Special Exposure Cohort 

(SEC) under the Energy Employees 

Occupational Illness Compensation 

Program Act of 2000. On January 16, 

2009, as provided for under 42 U.S.C. 

7384q(b), the Secretary of HHS 

designated the following class of 

employees as an addition to the SEC: 

All AWE employees who worked at Vitro 

Manufacturing in Canonsburg, Pennsylvania, 


rwilkins on PROD1PC63 with NOTICES2