20822 Federal Register / Vol. 65, No. 75 / Tuesday, April 18, 2000 / Notices

On March 17, 2000, the Federal

Reserve published an interim rule in the

Federal Register that established

procedures that generally require a

financial holding company to file a postcommencement notice with the

appropriate Federal Reserve Bank

within 30 days of commencing a

financial activity or acquiring a

company engaged in a financial activity

(see 12 CFR 225.87). For activities or

investments commencing before April

11, 2000, this notice could be submitted

in the form of a letter and the agency

form number for this information

collection was the FR 4012.

For activities or investments

commencing on or after April 11, 2000,

and until the Federal Reserve indicates

otherwise, an FHC must use the

modified FR Y–6A to satisfy the postcommencement notice requirement. An

FHC need not submit any additional

documentation to fulfill the postcommencement notice requirement.

The Federal Reserve soon will

undertake a comprehensive review of

the FR Y–6A in order to streamline the

form and instructions and make them

easier to understand and complete. This

review will include a Federal Register

notice and a request for public

comments.

2. Report title: Foreign Banking

Organization Structure Report on U.S.

Banking and Nonbanking Activities.

Agency form number: FR Y–7A.

OMB Control number: 7100–0125.

Effective Date: April 11, 2000.

Frequency: annual, on occasion.

Reporters: foreign banking

organizations.

Annual reporting hours: 3,321.

Estimated average hours per response:

4.65 hour for annual reporters, 5 hours

for financial holding companies that file

on an event-generated basis.

Number of respondents: 327.

Small businesses are not affected.

General description of report: This

information collection is mandatory (12

U.S.C. 1844(c), 3106, and 3108(a)).

Upon request from a respondent, certain

information may be given confidential

treatment pursuant to the Freedom of

Information Act (5 U.S.C. §§ 552(b)(4)

and (6)).

Abstract: The FR Y–7A is an annual

structural report completed by foreign

banking organizations that engage in

banking in the United States, either

indirectly through a subsidiary bank,

Edge or agreement corporation, or

commercial lending company, or

directly through a branch or agency. The

report collects structural information on

the foreign banking organization and its

subsidiaries and is currently filed as of

the reporter’s fiscal year end. The

information contained in this report is

used by the Federal Reserve System to

assess the foreign banking organization’s

ability to be a continuing source of

strength to its U.S. banking operations

and to determine compliance with U.S.

laws and regulations.

As a result of the enactment of the

Gramm-Leach-Bliley Act of 1999 (GLB

Act), the Federal Reserve has: (1)

Required foreign banking organizations

that are financial holding companies to

report changes in investments and

activities related to the GLB Act on the

FR Y–7A on an event-generated basis

and file the report thirty calendar days

after the event, (2) added structure items

to capture information on financial

holding company status, financial

subsidiary holder status, functionally

regulated subsidiaries, and financial

subsidiaries, (3) revised the index of

regulatory codes and provisions and the

index of activity codes, and (4) revised

the instructions for the types of

investments reportable on the form.

On March 17, 2000, the Federal

Reserve published an interim rule in the

Federal Register that established

procedures that generally require a

financial holding company to file a postcommencement notice with the

appropriate Federal Reserve Bank

within 30 days of commencing a

financial activity or acquiring a

company engaged in a financial activity

(see 12 CFR 225.87). For activities or

investments commencing before April

11, 2000, this notice could be submitted

in the form of a letter and the agency

form number for this information

collection was the FR 4012.

For activities or investments

commencing on or after April 11, 2000,

and until the Federal Reserve indicates

otherwise, an FHC must use the

modified FR Y–7A to satisfy the postcommencement notice requirement. An

FHC need not submit any additional

documentation to fulfill the postcommencement notice requirement.

The Federal Reserve soon will

undertake a comprehensive review of

the FR Y–7A, which will include a

Federal Register notice and a request for

public comment.

Board of Governors of the Federal Reserve

System, April 13, 2000.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 00–9676 Filed 4–17–00; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Agency Information Collection

Activities: Announcement of Board

Approval Under Delegated Authority

and Submission to OMB

SUMMARY: 

Background

Notice is hereby given of the final

approval of a proposed information

collection by the Board of Governors of

the Federal Reserve System (Board)

under OMB delegated authority, as per

5 CFR 1320.16 (OMB Regulations on

Controlling Paperwork Burdens on the

Public). Board-approved collections of

information are incorporated into the

official OMB inventory of currently

approved collections of information.

Copies of the OMB 83-Is and supporting

statements and approved collection of

information instrument(s) are placed

into OMB’s public docket files. The

Federal Reserve may not conduct or

sponsor, and the respondent is not

required to respond to, an information

collection that has been extended,

revised, or implemented on or after

October 1, 1995, unless it displays a

currently valid OMB control number.

FOR FURTHER INFORMATION CONTACT:

Chief, Financial Reports Section—Mary

M. West—Division of Research and

Statistics, Board of Governors of the

Federal Reserve System, Washington,

DC 20551 (202–452–3829), OMB Desk

Officer—Alexander T. Hunt—Office of

Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Room 3208,

Washington, DC 20503 (202–395–7860).

Final Approval Under OMB Delegated

Authority of the Extension for Three

Years, Without Revision, of the

Following Report

1. Report title: The Recordkeeping and

Disclosure Requirements in Connection

with Regulation Z (Truth in Lending).

Agency form number: unnum Reg Z.

OMB Control Number: 7100–0199.

Frequency: Event-generated.

Reporters: State Member Banks.

Annual reporting hours: 1,863,754

hours.

Estimated average hours per response:

Open-end credit: initial terms 2.5

minutes, change in terms 1 minute;

Periodic statement 45 seconds; Error

resolution 15 minutes; Credit and

charge card accounts: Advance

disclosures 10 seconds, renewal notice

5 seconds, insurance notice 15 seconds;

Home equity plans: advance disclosure

2 minutes, change in terms 2 minutes;

Closed-end credit disclosures 6.4

minutes; Advertising 30 minutes.

Federal Register / Vol. 65, No. 75 / Tuesday, April 18, 2000 / Notices 20823

Number of respondents: 988.

Small businesses are affected.

General description of report: Title I

of the Consumer Credit Protection Act

(15 U.S.C. 1601 et seq.) authorizes the

Board to issue regulations to carry out

the provisions of the Consumer Credit

Protection Act (15 U.S.C. 1604(a)). Since

the Federal Reserve does not collect any

information, no issue of confidentiality

arises. Transaction-or account-specific

disclosures and billing error allegations

are not publicly available and are

confidential between the creditor and

consumer. Abstract: Regulation Z (12

CFR part 226) implements the Truth in

Lending Act (15 U.S.C. 1601 et seq.).

The act and regulation ensure adequate

disclosure of the costs and terms of

credit to consumers on an eventgenerated basis. For open-end credit

(revolving credit accounts), creditors are

required to disclose information about

the initial costs and terms and to

provide periodic statements of account

activity, notices of change in terms, and

statements of rights concerning billing

error procedures. The regulation also

requires specific types of disclosures for

credit and charge card accounts, and

home equity plans. For closed-end loans

(such as mortgage and installment

loans) cost disclosures are required to be

provided prior to consummation.

Specific products trigger special

disclosures, such as reverse mortgages,

certain variable rate loans, and certain

mortgages with rates and fees above a

specific amount. Regulation Z also

contains rules concerning credit

advertising. Creditors are required to

retain records as evidence of

compliance with Regulation Z for

twenty-four months (subpart D, section

226.25).

Board of Governors of the Federal Reserve

System, April 13, 2000.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 00–9677 Filed 4–17–00; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

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. The notices

also will 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 3,

2000.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri

63166–2034:

1. Sara J. Harrison, Little Rock,

Arkansas; to retain voting shares of

Southern State Bancshares, Inc.,

Malvern, Arkansas, and thereby

indirectly retain voting shares of

Southern State Bank, Malvern,

Arkansas.

Board of Governors of the Federal Reserve

System, April 13, 2000.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 00–9678 Filed 4–17–00; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and

Mergers of Bank Holding Companies

The companies listed in this notice

have applied to the Board for approval,

pursuant to the Bank Holding Company

Act of 1956 (12 U.S.C. 1841 et seq.)

(BHC Act), Regulation Y (12 CFR Part

225), and all other applicable statutes

and regulations to become a bank

holding company and/or to acquire the

assets or the ownership of, control of, or

the power to vote shares of a bank or

bank holding company and all of the

banks and nonbanking companies

owned by the bank holding company,

including the companies listed below.

The applications listed below, as well

as other related filings required by the

Board, are available for immediate

inspection at the Federal Reserve Bank

indicated. The application also will be

available for inspection at the offices of

the Board of Governors. Interested

persons may express their views in

writing on the standards enumerated in

the BHC Act (12 U.S.C. 1842(c)). If the

proposal also involves the acquisition of

a nonbanking company, the review also

includes whether the acquisition of the

nonbanking company complies with the

standards in section 4 of the BHC Act

(12 U.S.C. 1843). Unless otherwise

noted, nonbanking activities will be

conducted throughout the United States.

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 each of these applications

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than May 12, 2000.

A. Federal Reserve Bank of

Richmond (A. Linwood Gill, III, Vice

President) 701 East Byrd Street,

Richmond, Virginia 23261–4528:

1. Wachovia Corporation, WinstonSalem, North Carolina; to merge with

Commerce National Corporation, Winter

Park, Florida, and thereby indirectly

acquire National Bank of Commerce,

Winter Park, Florida.

Board of Governors of the Federal

Reserve System, April 13, 2000.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 00–9679 Filed 4–17–00; 8:45 am]

BILLING CODE 6210–01–P

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 May 2, 2000.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411