26034 Federal Register / Vol. 60, No. 94 / Tuesday, May 16, 1995 / Notices

Dated: May 10, 1995.

Floyd Fithian,

Secretary, Farm Credit Administration Board.

[FR Doc. 95–12015 Filed 5–15–95; 8:45 am]

BILLING CODE 6705–01–P

[BM–09–MAY–95–03]

Policy Statement on Regulatory

Philosophy

AGENCY: Farm Credit Administration.

ACTION: Policy statement.

SUMMARY: The Farm Credit

Administration (FCA) Board reaffirmed

the Policy Statement on Regulatory

Philosophy (59 FR 32189, June 22, 1994)

in order to assist in the creation of an

environment which promotes the

confidence of customer/shareholders,

investors and the public in the Farm

Credit System’s (System) financial

strength and future viability. The FCA

recommited to promulgate regulations

only as required by law, as necessary to

interpret the law, or as necessary to

promote the safe and sound operation of

System institutions.

EFFECTIVE DATE: May 9, 1995.

FOR FURTHER INFORMATION CONTACT:

Floyd Fithian, Secretary to the Farm

Credit Administration Board, Farm

Credit Administration, McLean, Virginia

22102–5090, (703) 883–4000, TDD (703)

883–4444.

SUPPLEMENTARY INFORMATION: The text of

the Board’s policy statement on

regulatory philosophy is set forth below

in its entirety:

FCA Board Action on Policy Statement

on Regulatory Philosophy, BM–09–

MAY–95–03, FCA–PS–59

Effective Date: May 9, 1995.

Effect on Previous Action: Replaces

BM–17–FEB–94–02 [FCA–PS–59]

Sources of Authority: Farm Credit Act of

1971, as amended; 12 U.S.C. 2001 et seq.

The FCA Board adopts the edited

version and reaffirms the policy

statement on regulatory philosophy as

follows:

The FCA shall develop regulations

consistent with its authorities under the

Farm Credit Act of 1971 (Act), as

amended, and other relevant statutes. It

is the FCA Board’s philosophy to

promulgate regulations that are

necessary to implement the law and to

promote the safety and soundness of the

Farm Credit System (System). In

general, the Board’s regulatory objective

will be to:

Create an environment that promotes the

confidence of customer/shareholders and

investors and the public in the Farm Credit

System’s financial strength and future

viability and grants System institutions the

maximum flexibility consistent with this

purpose to offer high quality, reasonably

priced credit and other services to customer/

shareholders.

The FCA Board believes that safe and

sound operations of System institutions

will promote the following: (a) Investor

confidence in System debt securities,

which works to ensure adequate funds

at reasonable rates for lending to

customer/shareholders; and, (b)

customer/shareholder confidence in

each cooperatively owned System

institution, which works to ensure

adequate market share and sufficient

capital.

To effectively achieve its objective,

the FCA will:

1. Promulgate regulations only as

required by law, as necessary to

interpret the law, or as necessary to

promote the safe and sound operation of

System institutions.

2. Work to eliminate outdated

regulations and ensure that its

regulations implement the purposes of

the law without unnecessary burden or

cost. The FCA will adopt its regulatory

approach based on a reasoned

determination that the benefits of the

intended regulations justify their cost.

3. Strive to ensure that each

regulation has a well-defined objective

and addresses specifically identified

risks or problems. Preambles to

regulation will explain the FCA Board’s

rationale for the regulatory solution

adopted.

4. Promulgate regulations that, to the

extent feasible, specify performance

criteria and objectives rather than

operational methods for achieving their

purposes. Operational constraints

imposed by regulation should be based

on specific statutory requirements or the

achievement of regulatory objectives.

5. Give high priority to issues that

pose the greatest risk within the Farm

Credit System.

6. Consider policy positions of the

other financial regulators to determine

whether consistency would facilitate the

objectives of the Act or whether a

different approach is warranted.

7. Draft its regulations and policy

statements to be clear and easy to

understand, with the goal of minimizing

the potential for ambiguity, uncertainty,

and resultant litigation.

8. Utilize innovative approaches to

seeking the public’s perspective

regarding regulatory proposals in

appropriate circumstances.

The FCA Board will consider these

principles as it develops new regulatory

initiatives and as it reviews existing

regulations to determine whether they

continue to be necessary and effective.

The FCA Board is committed to

thoughtfully evaluating competing

considerations to arrive at its regulatory

judgments.

Adopted this 9th day of May, 1995 by

order of the Board.

Dated May 10, 1995.

Floyd Fithian,

Secretary, Farm Credit Administration Board.

[FR Doc. 95–12016 Filed 5–15–95; 8:45 am]

BILLING CODE 6705–01–P

FEDERAL RESERVE SYSTEM

Cooperatieve Centrale RaiffeisenBoerenleenbank B.A.; Notice of

Application to Engage de novo in

Permissible Nonbanking Activities

The company listed in this notice has

filed an application under § 225.23(a)(1)

of the Board’s Regulation Y (12 CFR

225.23(a)(1)) for the Board’s approval

under section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to commence or to

engage de novo, either directly or

through a subsidiary, in a nonbanking

activity that the Board has determined

is closely related to banking and

permissible for bank holding

companies. Unless otherwise noted,

such activities will be conducted

throughout the United States.

The application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application has been accepted for

processing, it will also be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing on the

question whether consummation of the

proposal can ‘‘reasonably be expected to

produce benefits to the public, such as

greater convenience, increased

competition, or gains in efficiency, that

outweigh possible adverse effects, such

as undue concentration of resources,

decreased or unfair competition,

conflicts of interests, or unsound

banking practices.’’ Any request for a

hearing on this question must be

accompanied by a statement of the

reasons a written presentation would

not suffice in lieu of a hearing,

identifying specifically any questions of

fact that are in dispute, summarizing the

evidence that would be presented at a

hearing, and indicating how the party

commenting would be aggrieved by

approval of the proposal.

Comments regarding the application

must be received at the Reserve Bank
Federal Register / Vol. 60, No. 94 / Tuesday, May 16, 1995 / Notices 26035

indicated or the offices of the Board of

Governors not later than May 30, 1995.

A. Federal Reserve Bank of New

York (William L. Rutledge, Senior Vice

President) 33 Liberty Street, New York,

New York 10045:

1. Cooperatieve Centrale RaiffeisenBoerenleenbank B.A., Rabobank

Nederland, Utrecht, Netherland to

engage de novo through its subsidiary,

Rabo Capital Services, Inc., New York,

New York, in intermediating in the

international swap markets by acting as

an originator and principal in interest

rate swap and currency swap

transactions; acting as an originator and

principal with respect to certain riskmanagement products such as caps,

floors and collars, as well as options on

swaps, caps, floors and collars (Swap

Derivative Products); acting as a broker

or agent with respect to the foregoing

transactions and instruments; and acting

as an advisor to institutional customers

regarding financial strategies involving

interest rate and currency swaps and

Swap Derivative Products. See LongTerm Credit Bank of Japan, Limited, 79

Federal Reserve Bulletin 345 (1993)).

Board of Governors of the Federal Reserve

System, May 10, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–11996 Filed 5–15–95; 8:45 am]

BILLING CODE 6210–01–F

First Peoples Bancshares, Inc., et al.;

Formations of; Acquisitions by; and

Mergers of Bank Holding Companies

The companies listed in this notice

have applied for the Board’s approval

under section 3 of the Bank Holding

Company Act (12 U.S.C. 1842) and §

225.14 of the Board’s Regulation Y (12

CFR 225.14) to become a bank holding

company or to acquire a bank or bank

holding company. The factors that are

considered in acting on the applications

are set forth in section 3(c) of the Act

(12 U.S.C. 1842(c)).

Each application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application has been accepted for

processing, it will also be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing to the

Reserve Bank or to the offices of the

Board of Governors. Any comment on

an application that requests a hearing

must include a statement of why a

written presentation would not suffice

in lieu of a hearing, identifying

specifically any questions of fact that

are in dispute and summarizing the

evidence that would be presented at a

hearing.

Unless otherwise noted, comments

regarding each of these applications

must be received not later than June 9,

1995.

A. Federal Reserve Bank of Atlanta

(Zane R. Kelley, Vice President) 104

Marietta Street, N.W., Atlanta, Georgia

30303:

1. First Peoples Bancshares, Inc., Pine

Mountain, Georgia; to become a bank

holding company by acquiring 100

percent of the voting shares of First

Peoples Bank, Pine Mountain, Georgia.

2. First Sterling Bancshares, Inc.,

Auburndale, Florida; to merge with

Commerce Bank Corporation, Winter

Haven, Florida, and thereby acquire

Commerce Bank of Central Florida,

Winter Haven, Florida.

B. Federal Reserve Bank of

Minneapolis (James M. Lyon, Vice

President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480:

1. International Bancorporation,

Golden Valley, Minnesota; to merge

with American Bancorporation Holding

Company of Brainerd, Brainerd,

Minnesota, and thereby acquire

American National Bank of Brainerd,

Brainerd, Minnesota.

Board of Governors of the Federal Reserve

System, May 10, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–11997 Filed 5–15–95; 8:45 am]

BILLING CODE 6210–01–F

The Joy Partners, Ltd.; Change in Bank

Control Notices; Acquisitions of

Shares of Banks 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. Once the

notices have been accepted for

processing, they will also be available

for inspection at the offices 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 May 30, 1995.

A. Federal Reserve Bank of Kansas

City (John E. Yorke, Senior Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198:

1. The Joy Partners, Ltd., Ardmore,

Oklahoma, and T.C. Craighead and Co.,

Ardmore, Oklahoma, General Partner; to

acquire an additional 14.96 percent, for

a total of 15.17 percent, of the voting

shares of Citizens Commerce

Corporation, Ardmore, Oklahoma, and

thereby indirectly acquire Citizens Bank

of Ardmore, Ardmore, Oklahoma.

Board of Governors of the Federal Reserve

System, May 10, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–11998 Filed 5–15–95; 8:45 am]

BILLING CODE 6210–01–F

Mellon Bank Corporation, et al.;

Acquisitions of Companies Engaged in

Permissible Nonbanking Activities

The organizations listed in this notice

have applied under § 225.23(a)(2) or (f)

of the Board’s Regulation Y (12 CFR

225.23(a)(2) or (f)) for the Board’s

approval under section 4(c)(8) of the

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

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to acquire or

control voting securities or assets of a

company engaged in a nonbanking

activity that is listed in § 225.25 of

Regulation Y as closely related to

banking and permissible for bank

holding companies. Unless otherwise

noted, such activities will be conducted

throughout the United States.

Each application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application has been accepted for

processing, it will also be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing on the

question whether consummation of the

proposal can ‘‘reasonably be expected to

produce benefits to the public, such as

greater convenience, increased

competition, or gains in efficiency, that

outweigh possible adverse effects, such

as undue concentration of resources,

decreased or unfair competition,

conflicts of interests, or unsound

banking practices.’’ Any request for a

hearing on this question must be

accompanied by a statement of the

reasons a written presentation would

not suffice in lieu of a hearing,

identifying specifically any questions of

fact that are in dispute, summarizing the

evidence that would be presented at a

hearing, and indicating how the party

commenting would be aggrieved by

approval of the proposal.

Unless otherwise noted, comments

regarding each of these applications