Initial Federal Register Notice

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Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Notices

Great Lakes Restoration Initiative
covering (GLRI) FY15–19 and other
relevant matters.
DATES: The teleconference will be held
Wednesday, July 30, 2014 from 10:00
a.m. to 12:00 p.m. Central Time, 11:00
a.m. to 1:00 p.m. Eastern Time. An
opportunity will be provided to the
public to comment.
ADDRESSES: The public teleconference
will be held by teleconference only. The
teleconference number is: (877) 744–
6030; Participant code: 69651850.
FOR FURTHER INFORMATION: Any member
of the public wishing further
information regarding this
teleconference may contact Rita
Cestaric, Designated Federal Officer
(DFO), by telephone at 312–886–6815 or
email at [email protected]. General
information on the GLRI and the Board
can be found at http://www.glri.us.
SUPPLEMENTARY INFORMATION:
Background: The Board is a federal
advisory committee chartered under the
Federal Advisory Committee Act
(FACA), Public Law 92–463. EPA
established the Board in 2013 to provide
independent advice to the EPA
Administrator in her capacity as Chair
of the federal Great Lakes Interagency
Task Force (IATF). The Board conducts
business in accordance with FACA and
related regulations.
The Board consists of 18 members
appointed by EPA’s Administrator in
her capacity as IATF Chair. Members
serve as representatives of state, local
and tribal government, environmental
groups, agriculture, business,
transportation, foundations, educational
institutions, and as technical experts.
Availability of Meeting Materials: The
agenda and other materials in support of
the teleconference will be available at
http://greatlakesrestoration.us/advisory/
index.html in advance of the
teleconference.
Procedures for Providing Public Input:
Federal advisory committees provide
independent advice to federal agencies.
Members of the public can submit
relevant comments for consideration by
the Board. Input from the public to the
Board will have the most impact if it
provides specific information for the
Board to consider. Members of the
public wishing to provide comments
should contact the DFO directly.
Oral Statements: In general,
individuals or groups requesting to
provide comments or oral presentation
if appropriate at this public
teleconference will be limited to three
minutes per speaker, subject to the
number of people wanting to comment.
Interested parties should contact the
DFO in writing (preferably via email) at

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the contact information noted above by
July 29, 2014 to be placed on the list of
public speakers for the teleconference.
Written Statements: Written
statements must be received by July 25,
2014 so that the information may be
made available to the Board for
consideration. Written statements
should be supplied to the DFO in the
following formats: One hard copy with
original signature and one electronic
copy via email. Commenters are
requested to provide two versions of
each document submitted: one each
with and without signatures because
only documents without signatures may
be published on the GLRI Web page.
Accessibility: For information on
access or services for individuals with
disabilities, please contact the DFO at
the phone number or email address
noted above, preferably at least 10 days
prior to the teleconference, to give EPA
as much time as possible to process
your request.
Dated: July 7, 2014.
Cameron Davis,
Senior Advisor to the Administrator.
[FR Doc. 2014–16572 Filed 7–14–14; 8:45 am]
BILLING CODE 6560–50–P

FEDERAL MARITIME COMMISSION
Ocean Transportation Intermediary
License Reissuance
The Commission gives notice that the
following Ocean Transportation
Intermediary license has been reissued
pursuant to section 19 of the Shipping
Act of 1984 (46 U.S.C. 40101).
License No.: 024273N.
Name: Evgeny Lavrentev dba Galaxy
Enterprises LA.
Address: 14732 Calvert Street, Van
Nuys, CA 91411.
Date Reissued: May 28, 2014.
Sandra L. Kusumoto,
Director, Bureau of Certification and
Licensing.
[FR Doc. 2014–16473 Filed 7–14–14; 8:45 am]
BILLING CODE 6730–01–P

FEDERAL MARITIME COMMISSION
Ocean Transportation Intermediary
License Rescission of Order of
Revocation
The Commission gives notice that it
has rescinded its Order revoking the
following Ocean Transportation
Intermediary licenses pursuant to
section 19 of the Shipping Act of 1984
(46 U.S.C. 40101).
License No.: 022408NF.

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Name: Pactrans Global, LLC.
Address: 951 Thorndale Avenue,
Bensenville, IL 60106.
Order Published: July 3, 2014.
(Volume 79, No. 128, Pg. 38028).
License No.: 13599NF.
Name: Pactrans Air & Sea, Inc.
Address: 951 Thorndale Avenue, Elk
Grove Village, IL 60106.
Order Published: July 3, 2014.
(Volume 79, No. 128, Pg. 38028).
Sandra L. Kusumoto,
Director, Bureau of Certification and
Licensing.
[FR Doc. 2014–16474 Filed 7–14–14; 8:45 am]
BILLING CODE 6730–01–P

FEDERAL MARITIME COMMISSION
Ocean Transportation Intermediary
License Revocations and Terminations
The Commission gives notice that the
following Ocean Transportation
Intermediary license has been revoked
or terminated for the reason indicated
pursuant to section 19 of the Shipping
Act of 1984 (46 U.S.C. 40101) effective
on the date shown.
License No.: 020234F.
Name: Arrow Worldwide, LLC.
Address: 917 Pacific Avenue, Tacoma,
WA, 98402.
Date Revoked: June 20, 2014.
Reason: Failed to maintain a valid
bond.
Sandra L. Kusumoto,
Director, Bureau of Certification and
Licensing.
[FR Doc. 2014–16475 Filed 7–14–14; 8:45 am]
BILLING CODE 6730–01–P

FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
SUMMARY: On June 15, 1984, the Office
of Management and Budget (OMB)
delegated to the Board of Governors of
the Federal Reserve System (Board) its
approval authority under the Paperwork
Reduction Act (PRA), pursuant to 5 CFR
1320.16, to approve of and assign OMB
control numbers to collection of
information requests and requirements
conducted or sponsored by the Board
under conditions set forth in 5 CFR
1320 Appendix A.1. Board-approved
collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
AGENCY:

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Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Notices
Paperwork Reduction Act Submission,
supporting statements and approved
collection of information instruments
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.
DATES: Comments must be submitted on
or before September 15, 2014.
ADDRESSES: You may submit comments,
identified by FR Y–14A, FR Y–14Q, FR
Y–14M or FR Y–16, by any of the
following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: regs.comments@
federalreserve.gov. Include OMB
number in the subject line of the
message.
• FAX: (202) 452–3819 or (202) 452–
3102.
• Mail: Robert deV. Frierson,
Secretary, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at http://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper form in Room MP–500 of the
Board’s Martin Building (20th and C
Streets, NW.) between 9:00 a.m. and
5:00 p.m. on weekdays.
Additionally, commenters may send a
copy of their comments to the OMB
Desk Officer—Shagufta Ahmed—Office
of Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Room 10235
725 17th Street NW., Washington, DC
20503 or by fax to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT: A
copy of the PRA OMB submission,
including the proposed reporting form
and instructions, supporting statement,
and other documentation will be placed
into OMB’s public docket files, once
approved. These documents will also be
made available on the Federal Reserve
Board’s public Web site at: http://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be

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requested from the agency clearance
officer, whose name appears below.
Federal Reserve Board Clearance
Officer—Cynthia Ayouch—Office of the
Chief Data Officer, Board of Governors
of the Federal Reserve System,
Washington, DC 20551 (202) 452–3829.
Telecommunications Device for the Deaf
(TDD) users may contact (202) 263–
4869, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information
Collection Proposals
The following information
collections, which are being handled
under this delegated authority, have
received initial Board approval and are
hereby published for comment. At the
end of the comment period, the
proposed information collections, along
with an analysis of comments and
recommendations received, will be
submitted to the Board for final
approval under OMB delegated
authority. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Federal Reserve’s
functions; including whether the
information has practical utility;
b. The accuracy of the Federal
Reserve’s estimate of the burden of the
proposed information collection,
including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or start up costs
and costs of operation, maintenance,
and purchase of services to provide
information.
Proposal To Approve Under OMB
Delegated Authority the Extension for
Three Years, With Revision, of the
Following Reports
1. Report title: Capital Assessments
and Stress Testing information
collection.
Agency form number: FR Y–14A/Q/
M.
OMB control number: 7100–0341.
Effective Date: September 30, 2014,
and December 31, 2014.
Frequency: Annually, semi-annually,
quarterly, and monthly.
Reporters: Any top-tier bank holding
company (BHC) (other than a foreign
banking organization), that has $50
billion or more in total consolidated

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assets, as determined based on: (i) the
average of the BHC’s total consolidated
assets in the four most recent quarters
as reported quarterly on the BHC’s
Consolidated Financial Statements for
Bank Holding Companies (FR Y–9C)
(OMB No. 7100–0128); or (ii) the
average of the BHC’s total consolidated
assets in the most recent consecutive
quarters as reported quarterly on the
BHC’s FR Y–9Cs, if the BHC has not
filed an FR Y–9C for each of the most
recent four quarters. Reporting is
required as of the first day of the quarter
immediately following the quarter in
which it meets this asset threshold,
unless otherwise directed by the Federal
Reserve.
Estimated annual reporting hours: FR
Y–14A: Summary, 67,848 hours; Macro
scenario, 2,046 hours; Operational Risk,
396 hours; Regulatory capital
transitions, 759; and Regulatory capital
instruments, 660 hours. FR Y–14Q:
Securities risk, 1,584 hours; Retail risk,
2,112 hours; Pre-provision net revenue
(PPNR), 93,852 hours; Wholesale
corporate loans, 8,556 hours; Wholesale
commercial real estate (CRE) loans,
8,280 hours; Trading risk, 69,336 hours;
Regulatory capital transitions, 3,036
hours; Regulatory capital instruments,
5,280 hours; Operational risk, 6,600
hours; Mortgage Servicing Rights (MSR)
Valuation, 1,152 hours; Supplemental,
528 hours; and Retail Fair Value
Option/Held for Sale (Retail FVO/HFS),
1,408 hours; Counterparty credit risk
(CCR), 16,632 hours; and Balances,
2,112 hours; FR Y–14M: Retail 1st lien
mortgage, 171,360 hours; Retail home
equity, 165,240 hours; and Retail credit
card, 110,160 hours. FR Y–14
Implementation, 21,600 hours; and OnGoing Automation for existing
respondents, 14,400 hours.
Estimated average hours per response:
FR Y–14A: Summary, 1,028 hours;
Macro scenario, 31 hours; Operational
Risk, 12 hours; Regulatory capital
transitions, 23; and Regulatory capital
instruments, 20 hours. FR Y–14Q:
Securities risk, 12 hours; Retail risk, 16
hours; PPNR, 711 hours; Wholesale
corporate loans, 69 hours; Wholesale
CRE loans, 69 hours; Trading risk, 1,926
hours; Regulatory capital transitions, 23
hours; Regulatory capital instruments,
40 hours; Operational risk, 50 hours;
MSR Valuation, 24 hours;
Supplemental, 4 hours; and Retail FVO/
HFS, 16 hours; CCR, 462 hours; and
Balances, 16 hours; FR Y–14M: Retail
1st lien mortgage, 510 hours; Retail
home equity, 510 hours; and Retail
credit card, 510 hours. FR Y–14
Implementation, 7,200 hours; and OnGoing Automation for existing
respondents, 480 hours.

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Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Notices

Number of respondents: 33.
General description of report: The FR
Y–14 series of reports are authorized by
section 165 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (Dodd-Frank Act), which requires
the Federal Reserve to establish
prudential standards for BHCs with total
consolidated assets of $50 billion or
more and nonbank financial companies
supervised by the Federal Reserve in
order to mitigate risks to the financial
stability of the United States (12 U.S.C.
5365). Additionally, section 5 of the
BHC Act authorizes the Board to issue
regulations and conduct information
collections with regard to the
supervision of BHCs (12 U.S.C. 1844).
As these data are collected as part of
the supervisory process, they are subject
to confidential treatment under
exemption 8 of the Freedom of
Information Act (FOIA) (5 U.S.C.
552(b)(8)). In addition, commercial and
financial information contained in these
information collections may be exempt
from disclosure under exemption 4 of
FOIA (5 U.S.C. 552(b)(4)). Such
exemptions would be made on a caseby-case basis.
Abstract: The data collected through
the FR Y–14A/Q/M schedules provide
the Federal Reserve with the additional
information and perspective needed to
help ensure that large BHCs have strong,
firm-wide risk measurement and
management processes supporting their
internal assessments of capital adequacy
and that their capital resources are
sufficient given their business focus,
activities, and resulting risk exposures.
The annual Comprehensive Capital
Analysis and Review (CCAR) exercise is
also complemented by other Federal
Reserve supervisory efforts aimed at
enhancing the continued viability of
large BHCs, including continuous
monitoring of BHCs’ planning and
management of liquidity and funding
resources and regular assessments of
credit, market and operational risks, and
associated risk management practices.
Information gathered in this data
collection is also used in the
supervision and regulation of these
financial institutions. In order to fully
evaluate the data submissions, the
Federal Reserve may conduct follow up
discussions with or request responses to
follow up questions from respondents,
as needed.
The semi-annual FR Y–14A collects
large BHCs’ quantitative projections of
balance sheet, income, losses, and
capital across a range of macroeconomic
scenarios and qualitative information on
methodologies used to develop internal

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projections of capital across scenarios.1
The quarterly FR Y–14Q collects
granular data on BHCs’ various asset
classes and PPNR for the reporting
period. The monthly FR Y–14M
comprises three loan- and portfoliolevel collections, and one detailed
address matching collection to
supplement two of the portfolio and
loan-level collections. Both the FR Y–
14Q and the FR Y–14M are used to
support supervisory stress test models
and for continuous monitoring efforts.
Current Actions: The Federal Reserve
proposes revising several schedules of
the FR Y–14A/Q/M reports as well as
expanding the reporting panel. Most
revisions would be effective September
30, 2014, and some would be effective
December 31, 2014, as noted. Many of
the proposed changes would affect the
schedules of the FR Y–14A, including
increasing the reporting frequency of
two schedules. To allow the Federal
Reserve to enhance supervisory models
and ongoing supervision, the collection
of the CCR and portions of the
Operational Risk schedules would be
changed from annual to quarterly
frequency. Additionally, both
collections would be expanded to gain
greater clarity and insight into these risk
areas and to improve supervisory
modeling. Both the Summary and
Regulatory Capital Transitions
schedules would be revised to be
consistent with schedule HC–R of the
FR Y–9C. This would include the
addition, deletion, and modification of
items primarily related to changes to
standardized approach risk-weighted
asset (RWAs) components that are
currently being considered for the FR
Y–9C.
The FR Y–14Q (quarterly collection)
would be revised to (1) add items to and
modify items on the Regulatory
Transitions schedule consistent with the
changes to the FR Y–14A Regulatory
Capital Transitions schedule; (2) add a
schedule that would collect as-of date
balance information for 26 loan and
lease items, as well as 20 items that
provide sub-categorization of FR Y–9C
items and eight items related to the
unpaid principal balance of loan and
leases; (3) add six and modify three
items of the Corporate Loan schedule;
(4) add seven and modify six items of
the CRE schedule; (5) add a securities
identifier and security type to the
Securities schedule as well as an
additional table that collects
information related to cash flow and fair
value hedges, (6) expand the
1 BHCs that must re-submit their capital plan
generally also must provide a revised FR Y–14A in
connection with their resubmission.

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Operational Risk schedule with
information from the FR Y–14A
Operational Risk schedule that is being
changed from annual to quarterly
frequency, (7) add the CCR schedule
that is being changed from annual to
quarterly frequency and (8) expand the
collection of subordinated debt on the
Regulatory Capital Instruments schedule
to include subordinated debt
instruments that do not qualify as
regulatory capital.
The FR Y–14M (monthly collection)
would be revised to (1) add two items
to the Domestic First Lien Closed-end
1–4 Family Residential Loan (First Lien)
schedule and (2) add one item to the
Domestic Home Equity Loan and Home
Equity Line (Home Equity) schedule.
The data are used to assess the capital
adequacy of large BHCs using forwardlooking projections of revenue and
losses, to support supervisory stress test
models and continuous monitoring
efforts, as well as to inform the Federal
Reserve’s operational decision-making
as it continues to implement the DoddFrank Act.
Proposed Revision to the Reporting
Panel
The reporting panel would be revised
to include BHCs that are relying on
Supervision and Regulation Letter SR
01–01, effective September 30, 2014.
Proposed Revision to the FR Y–14A
The proposed revisions to the FR Y–
14A consist of clarifying instructions,
adding data items, deleting data items,
and redefining existing data items.
These proposed changes would (1)
increase consistency between the FR Y–
14A and FR Y–9C as well as between
the FR Y–14A and the FR Y–14Q, (2)
improve the scope of supervisory
models, (3) provide additional
information to greatly enhance the
ability of the Federal Reserve to analyze
the validity and integrity of firms’
projections, and (4) be responsive to
industry comments. The Federal
Reserve has conducted a thorough
review of proposed changes and
believes that the incremental burden of
these changes is justified given the need
for these data to properly conduct the
Federal Reserve’s supervisory
responsibilities related to the stress
testing and CCAR process as well as
ongoing supervisory activity as
described in more detail below.
Summary Schedule
Revisions to Income Statement SubSchedule (A.1a) Respondents have
noted a definitional difference between
the realized gains (losses) on availablefor-sale (AFS) and held-to-maturity

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Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Notices
(HTM) securities reported on the
Income Statement (items 127 and 128)
and the AFS and HTM totals computed
on sub-schedule A.3.c (Projected OtherThan-Temporary Impairment (OTTI) for
AFS and HTM Securities by Portfolio),
resulting from the Revised Capital
Framework. In order to accurately
collect information for the Income
Statement, The Federal Reserve
proposes changing items 127 and 128 to
be reported items instead of being equal
to the total amounts on sub-schedule
A.3.c. Additionally, for consistency
with changes proposed to sub-schedule
A.5 (Counterparty Risk) described
below, items 59 and 62 (Trading
Incremental Default Losses and Other
CCR Losses) would be modified to be
Trading Issuer Default Losses and CCR
Losses, and line item 61 (Counterparty
Incremental Default Losses) would be
removed.
Revisions to RWA and Capital SubSchedules (A.1.c.1 and A.1.d) 2 To better
align the collection of regulatory capital
components with schedule HC–R of the
FR Y–9C, the definitions of the items on
schedule A.1.d (Capital) have been
modified to refer to or mirror the
definitions that appear on the FR Y–9C.
Furthermore, in order to ensure
comparability among respondents and
that transition provisions are being
accurately and consistently applied,
respondents would be required to apply
the appropriate transition provisions to
all transition-affected items of schedule
A.1.d per the revised regulatory capital
rule. With regard to the RWA subschedules, the standardized approach
RWA and market RWA items of
schedule A.1.c.1 (General RWA) have
been changed in accordance with
modifications to schedule HC–R of the
FR Y–9C that are currently being
considered, and moved to a separate
schedule A.1.c.2 (Standardized RWA).
These changes include both the
modification and addition of items, for
an overall addition of 12 items.
Additionally, the computed items one
through five of the current sub-schedule
A.1.c.2 (Advanced RWA) would be
removed. Despite the alignment of these
schedules with the FR Y–9C, the
column of actual values has not been
removed because the values reported on
these schedules are assumed to have
completed the transition schedule
outlined in the Revised Capital
Framework, whereas values reported on
2 The Federal Reserve may modify the proposed
revisions to the FR Y–14 report prior to finalization
of this proposal as appropriate and consistent to
align with any additional changes being considered
to the FR Y–9C report.

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the FR Y–9C follow the transition
schedule.
Revisions to Retail Repurchase SubSchedule (A.2.b) Due to recent activity
by respondents involving settlements
related to their representation &
warranty (R&W) liabilities, additional
detail would be collected about the
R&W liabilities. Specifically, line items
would be added that collect the unpaid
principal balance (UPB) of loans
covered by completed settlements for
which liability remains and for which
no liability remains by vintage
beginning with 2004, as well as total
settlement across vintages, for the
following categories of loans: loans sold
to Fannie Mae, loans sold to Freddie
Mac, loans insured by the U.S.
government, loans securitized with
monoline insurance, loans secured
without monoline insurance, and whole
loans sold.
Revisions to Securities Sub-Schedule
(A.3) Because covered bonds are a
material exposure of BHCs that have
unique characteristics relative to other
asset categories currently on this subschedule, the Federal Reserve would
add a covered bond category to subschedules A.3.b, A.3.c, A.3.d, and A.3.e
in order to appropriately and separately
evaluate respondents’ projections of
these assets. Additionally, two columns
would be added to collect information
for each of the asset categories of subschedule A.3.d that would allow
changes in market value to be
distinguished from changes in portfolio
allocation for each projected quarter:
Beginning Fair Market Value and Fair
Value Rate of Change, which is the
weighted average percent change in fair
value over the quarter. Finally, to
reduce reporting burden and increase
efficiency in reporting, the nine subasset categories of Domestic NonAgency Residential Mortgage-Backed
Securities (RMBS) would be removed
from the same sub-schedules, and the
AFS and HTM portions of sub-schedule
A.3.c would be combined with the
addition of a column to identify AFS
amounts versus HTM amounts.
Revisions to Trading Sub-Schedule
(A.4) Because credit valuation
adjustment (CVA) losses are modeled
separately from trading portfolio losses,
the Federal Reserve proposes that the
profit (loss) amount related to CVA
hedges be reported separately from
other trading activity.
Revisions to Counterparty Risk SubSchedule (A.5) In order to allow
respondents to use alternative
methodologies for estimating losses
related to the default of issuers and
counterparties, the requirement of using
the incremental default risk (IDR)

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methodology would be removed.
Accordingly, line items 1, 1a and 1b
(Trading Incremental Default Losses,
Trading Incremental Default Losses
from securitized products, and Trading
Incremental Default Losses from other
credit sensitive instruments) would be
modified to be Trading Issuer Default
Losses. Additionally, line items 3
(Counterparty Incremental Default
Losses) and 3a (Impact of CCR IDR
Hedges) would be removed, line item 4
(Other CCR Losses) would be modified
to be CCR Losses, and the line item
Effect of CCR Hedges would be added.
Regulatory Capital Instruments
Schedule
Proposed changes to the Regulatory
Capital Instruments schedule would be
responsive to industry feedback and
ensure that information is being
accurately captured. Specifically, the
Federal Reserve proposes (1) adding an
item that collects employee stock
compensation to the four quarterly
redemption/repurchase and issuance
activity sub-sections; (2) adding 18
items to the general risk-based capital
rules section and 28 items to the revised
regulatory capital section that collect
activity other than issuances or
repurchases for each instrument in the
section, because respondents adding
this activity to other items; and (3)
changing the capital balance items in
the general risk-based capital rules
section and the revised regulatory
capital section from reported items to
formulas, since they would be able to be
computed using the items proposed
above.
Regulatory Capital Transitions Schedule
Similar to the changes proposed to be
made to the RWA and Capital subschedules of the Summary schedule,
proposed changes to the Regulatory
Capital Transitions schedule would be
made to better align the collection of
regulatory capital components with
schedule HC–R of the FR Y–9C, which
are currently being considered. The
Federal Reserve proposes (1) aligning
the definitions of the items on the
Capital Composition sub-schedule to be
consistent with schedule HC–R; (2)
modifying the RWA General subschedule to align with proposed
revisions to schedule HC–R, including
changing the name to Standardized
RWA and modifying, removing and
adding items for a net increase of 15
items; (3) modifying, adding and
removing items of the Advanced RWA
sub-schedule to align with schedule
A.1.c.2 (Advanced RWA on the
Summary schedule), for a net increase
of 21 items; and (4) revising the

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Leverage Ratio sub-schedule in
accordance with the supplementary
leverage ratio rulemaking proposal,3 for
a net increase of ten items. Despite the
alignment of these schedules with the
FR Y–9C, the column of actual values
has not been removed because the
values reported on these schedules are
assumed to have completed the
transition schedule outlined in the
Revised Capital Framework, whereas
values reported on the FR Y–9C follow
the transition schedule.

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Operational Risk Schedule
Proposed changes to the Operational
Risk schedule would provide greater
insight into the types and frequency of
operational risk expenses incurred by
respondents, which would improve
both supervisory modeling and ongoing
supervisory activities.
The Federal Reserve proposes adding
a data item for firms to voluntarily
disclose how much of their mortgage
related litigation reserve is attributable
to contractual representation and
warranty claims.
Additionally, effective December 31,
2014, the Federal Reserve proposes (1)
changing the collection of the annual
Legal Reserve information to be part of
the quarterly Operational Risk
collection as a separate sub-schedule;
(2) adding columns to collect Gross
Increase and Decrease to Reserves to
better track the flow of legal reserves;
and (3) requiring that the 20 previous
quarters of data be submitted upon
initial submission and four quarters of
data thereafter.
Counterparty Credit Risk Schedule
Significant additions would be made
to the CCR schedule in order to more
adequately and accurately capture
exposure information related to
derivatives and securities financing
transactions (SFTs) used in supervisory
loss estimates and supervisory
activities. These additions would
remediate deficiencies discovered in the
current collection related to exposure,
including a lack of information
regarding collateral, asset types, and
total exposure to a given counterparty,
and have been carefully evaluated
internally and vetted with respondents.
The Federal Reserve proposes (1)
changing the collection of CCR
information from annual to quarterly
frequency to capture the fluctuations in
counterparty risk and exposure (from
schedule F of the FR Y–14A to schedule
L of the FR Y–14Q); (2) adding a subschedule that collects the derivative
exposures at a legal-entity netting3 Proposed

changes to 12 CFR parts 208 and 217.

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agreement level for the top 25 noncentral clearing counterparty (non-CCP)
and non-G–7 counterparties, as well as
all CCPs and the G–7 counterparties that
includes a breakout of collateral into
cash and non-cash, and exposures into
14 asset categories; (3) changing current
the SFT sub-schedule to collect
exposures and collateral separately at a
counterparty legal-entity nettingagreement level for the top 25 non-CCP
and non-G–7 counterparties as well as
all CCPs and the G–7 and adding asset
sub-categories for a total of 30 specific
asset types; (4) removing all columns
with the BHC specification of margin
period of risk (MPOR) under the global
market shocks from sub-schedules F.1.aF.1.e and F.2; (5) removing the column
LGD Derived from Unstressed PD on
F.2; and (6) adding columns to
worksheet F.1.e to collect both gross and
net stressed and unstressed current
exposure to central clearing
counterparties.
Proposed Revision to the FR Y–14Q
The proposed revisions to the FR Y–
14Q consist of clarifying instructions,
adding a schedule, and adding, deleting
and redefining existing data items.
These proposed changes would be
responsive to industry comments and
provide additional information to
enhance supervisory models. The
Federal Reserve has conducted a
thorough review of proposed changes
and believes that because the proposed
item additions and modifications to the
FR Y–14Q request information currently
collected by respondents in their regular
course of business reporting burden will
be minimized. A summary of the
proposed changes by schedule is
provided below.
Proposed Balances Schedule
As part of revisions to the FR Y–14A/
Q/M announced September 30, 2013
(see 78 FR 59934), the Federal Reserve
removed the as-of column from
schedule A.1.b of the FR Y–14A
(Balance Sheet) in an effort to reduce
burden and avoid duplicative reporting.
However, this removal has caused
numerous issues related to both
reporting and analysis that have been
raised by respondents.
The proposed schedule would collect
the information required to eliminate
these issues and provide a clear
reconciliation between the FR Y–14 and
FR Y–9C reporting forms. Specifically,
the schedule would collect as-of balance
information for 26 loan and lease items,
as well as 20 FR Y–9C reconciliation
items and eight unpaid principal
balance items related to loan and leases.

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Supplemental Schedule
The Federal Reserve proposes
removing columns H through N and P
through R, because this information
would be collected on the proposed FR
Y–14Q Balances schedule.
Commercial Real Estate Schedule
The Federal Reserve proposes (1)
modifying item 20 (Amortization) to
capture non-standard amortization
schedule by allowing banks to report
‘-1’ in response to industry comments;
(2) adding an option to current item 21
(Recourse) that indicates partial
recourse and modifying option 1 to
indicate full recourse in order to capture
the level of recourse; (3) modifying
current item 25 (Loan Purpose) to
include an option for Mini-perm to
identify short-term loans on recently
constructed buildings because of their
unique credit risk; (4) modify current
item 39 (Property Size) in the CRE
schedule to only capture credit facilities
secured by one property of one type to
simplify the collection; (5) removing
current item 48 (Fair Value Adjustment)
and replacing it with three items that
provide additional detail on the drawn
and undrawn portions of the facilities
and the respondent’s methodology of
computation, both of which are key
factors for understanding the adjustment
made: Fair Value Committed Exposure,
Fair Value Adjustment Drawn, and
Lower of Cost or Market Flag to capture
the breakdown of adjustments between
the drawn and undrawn portions and
the approach used to calculate the
adjustment; (6) adding an item to collect
the date on which current occupancy
was determined in order to track this
information over time; (7) adding an
item that collects the Current Value
Basis, which provides a more accurate
understanding of the property valuation;
and (8) adding an item that captures the
credit facility currency in order to
evaluate exchange rate risk.
Additionally, effective December 31,
2014, the Federal Reserve proposes: (1)
expanding the required respondents for
the Basel II probability of default (PD),
loss given default (LGD), and exposure
at default (EAD) items to include all
respondents but giving the option to
non-advanced approaches respondents
to report an internal metric, which
would support ongoing supervisory
activities as well as provide more detail
on internal credit processes; (2) adding
an item that collects the date that a
credit facility has been renewed in order
to distinguish between new money and
renewals and to be able better to track
the loans over time; (3) adding an item
to collect the Shared National Credit

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(SNC) Internal Credit ID, which would
greatly enhance the ability to monitor
credit risk of reported loans; and (4)
adding an item that is a flag to indicate
prepayment penalties to be able to
account for the behavioral changes from
such penalties.

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Corporate Loan Schedule
The Federal Reserve proposes (1)
additionally excluding the reporting of
obligor financial data for offices of bank
holding companies, because this
information is no longer relevant; (2)
replacing current item 29 (FVA) with
three items (Fair Value Committed
Exposure, Fair Value Adjustment
Drawn, Lower of Cost or Market Flag),
similar to the CRE schedule; (3) adding
an item that captures the credit facility
currency in order to evaluate exchange
rate risk; and (4) adding an item to
collect the industry code for the entity
that is the primary source of the
repayment for the credit facility in order
to capture instances in which the
primary source of repayment is not the
obligor.
Additionally, effective December 31,
2014, the Federal Reserve proposes: (1)
replacing current field 17 (Credit
Facility Internal Risk Rating) in
Corporate Schedule with three items
adding three items: PD, LGD, and EAD,
which would be required by all
respondents, but giving the option to
non-advanced approaches respondents
to report an internal metric in order to
support ongoing supervisory activities
as well as provide more detail on
internal credit processes; (2) adding an
item that collects the date on which a
credit facility has been renewed in order
to distinguish between new money and
renewals and to be able better to track
the loans over time; (3) adding an item
that is a flag to indicate prepayment
penalties, similar to the CRE schedule;
(4) adding an item to collect the SNC
Internal Credit ID, also similar to the
CRE schedule; and (5) adding an item
that captures the market value of
collateral in order to incorporate the
collateral requirements of individual
loans.
All Retail Schedules (A.1 to A.10)
The Federal Reserve proposes
redefining items related to charge-offs
and recoveries to be consistent with
charge-offs and recoveries as defined in
the FR Y–9C.
International Credit Cards Schedule
The Federal Reserve proposes
modifying the third option (Other) of
the Product Type segment variable to be
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accurately align the segments with
respondents’ international credit card
portfolios.
International Auto Schedule
The Federal Reserve proposes
removing the item Basel II EAD and
replacing it with RWA per the most
recent capital framework, which is a
more meaningful item for closed-end
loans such as auto loans.
U.S. Auto Schedule
The Federal Reserve proposes (1)
modifying the LTV segmentation
variable to be based on the wholesale
value of the vehicle instead of the retail
value and adding the segmentation
‘‘N/A’’ for any missing data in order to
better align reporting with respondents’
internal records; (2) removing the item
Basel II EAD and replacing it with RWA
per the most recent capital framework,
which is a more meaningful item for
closed-end loans such as auto loans; and
(3) adding two variables related to LGD,
which would include the collection of
historical data, in order to capture key
components of LGD: Unpaid Principal
Balance at Charge-off and Percent Loss
Severity (3 month Lagged).
Trading Schedule
The Federal Reserve proposes to
collect the sensitivities related to CVA
hedges separately from all other trading
activity in order to accurately separate
the two exposures.
Securities Schedule
The Federal Reserve proposes (1)
adding a sub-schedule that collects the
identifier and amounts of each
investment security for which the
respondent has established a qualifying
hedging relationship (cash flow hedge
or fair value hedge, as defined according
to Generally Accepted Accounting
Principles (GAAP) in order to capture
the effect on Other Comprehensive
Income (OCI) attributable to changes in
the unrealized gains and losses of AFS
securities hedged; (2) adding an item
that indicates positions that are private
placements; (3) adding a security
category for Covered Bonds, which have
been found to be a major portion of the
securities reported in the Other
category; (4) requiring additional
descriptive information on municipal
bonds in the Description 2 column in
order to collect specific information for
instances in which the CUSIP
(Committee on Uniform Securities
Identification Procedures) number is
unavailable; (5) adding a column that
collects the currency denomination of
the reported bonds in order to account
for changes in exchange rates; (6)

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requiring additional information for
mutual fund categories in the
Description 2 column in order to collect
specific information for instances in
which the CUSIP is unavailable; and (7)
adding an item that collects a unique
identifier for each unique record.
Operational Risk Schedule
The Federal Reserve proposes (1)
adding a Unique Identifier item for each
row in order to clearly identify record
submissions with the same information
that are unique records; and, effective
December 31, 2014, (2) for each closed/
settled legal event above 250k adding (i)
date of awareness, (ii) date on which a
claim was filed, proceedings were
instituted, or settlement negotiations
began, (iii) date of settlement, fine, or
final judgment, (iv) cause of action, (v)
the reserve history, and (vi) terminal
outcome, which would all provide
greater insight into reserving practices
and changes in reserves.
Regulatory Capital Transitions Schedule
The Federal Reserve proposes revising
this schedule in accordance with
proposed changes to the FR Y–14A
Regulatory Capital Transitions schedule.
Regulatory Capital Instruments
Schedule
In order to better understand the
characteristics of subordinated debt
instruments, the collection would be
expanded to include all subordinated
debt instruments, not only those that
qualify as regulatory capital.
Additionally, a one-time collection of
the items from schedule C.3 (Issuances
During Quarter) for all subordinated
debt instruments as of quarter end
would be required for the Q3 2014 as of
period for respondents that are currently
reporting the schedule, or the initial
submission for respondents that begin
reporting the schedule after the Q3 2014
as of period.
Proposed Revisions to the FR Y–14M
Domestic First Lien Closed-end 1–4
Family Residential Loan Schedule
The Federal Reserve proposes (1)
adding an item that is a flag that
indicates if the first lien is a home
equity loan in order to ensure the most
appropriate risk characteristics are
associated with these loans, (2) adding
an item that collects the date that the
credit score of the borrower was
refreshed so this information can be
tracked over time, and (3) adding an
option to the Loan Purpose item that
identifies reverse mortgages.

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Domestic Home Equity Loan and Home
Equity Line Schedule
The Federal Reserve proposes (1)
adding an item that collects the date
that the credit score of the borrower was
refreshed, similar to the First Lien
schedule, and (2) adding an option to
the Loan Purpose item that identifies
reverse mortgages.
2. Report title: Annual Company-Run
Stress Test information collection.
Agency form number: FR Y–16.
OMB control number: 7100–0356.
Effective Date: March 31, 2015.
Frequency: Annually.
Reporters: BHCs, savings and loan
holding companies (SLHCs) 4 with
average total consolidated assets of
greater than $10 billion but less than
$50 billion, and any affiliated or
unaffiliated state member bank (SMB)
with average total consolidated assets of
more than $10 billion but less than $50
billion excluding SMB subsidiaries of
covered companies.5
Estimated annual reporting hours:
38,623 hours.
Estimated average hours per response:
469 hours; 3,600 hours, one-time
implementation.
Number of respondents: BHCs, 46;
SLHCs, 11; SMBs, 10; and one-time
implementation, 2.
General description of report: This
information collection is authorized
pursuant Section 165(i)(2) of the DoddFrank Act that specifically authorizes
the Board to issue regulations
implementing the annual stress testing
requirements for its supervised
institutions. 12 U.S.C. 5365(i)(2)(C).
More generally, with respect to BHCs,
Section 5(c) of the Bank Holding
Company Act, 12 U.S.C. 1844(c),
authorizes the Board to require a BHC
and any subsidiary ‘‘to keep the Board
informed as to—(i) its financial
condition, [and] systems for monitoring
and controlling financial and operating
risks. . . .’’ Section 9(6) of the Federal
Reserve Act, 12 U.S.C. 324, requires
SMBs to make reports of condition to
their supervising Reserve Bank in such
form and containing such information
as the Board may require. Finally, with
4 SLHCs are not subject to Dodd-Frank Act annual
company-run stress testing requirements until the
calendar year after SLHCs become subject to
regulatory capital requirements. All SLHCs except
those substantially engaged in insurance
underwriting or commercial activities are subject to
capital requirements beginning in 2015. These
‘‘covered SLHCs’’ are required to report using the
FR Y–16 in March 2017 (stress test as-of date
September 30, 2016).
5 ‘‘Covered companies’’ are defined as BHCs with
at least $50 billion in total consolidated assets and
nonbank systemically important financial
institutions, subject to annual supervisory stress
tests and semi-annual company-run stress tests.

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respect to SLHCs, under Section 312 of
the Dodd-Frank Act, 12 U.S.C. 5412, the
Board succeeded to all powers and
authorities of the OTS and its Director,
including the authority to require
SLHCs to ‘‘file . . . such reports as may
be required . . . in such form and for
such periods as the [agency] may
prescribe.’’ 12 U.S.C. 1467a(b)(2).
Obligation to Respond is Mandatory:
Section 165(i)(2)(A) provides that
‘‘financial companies that have total
consolidated assets [meeting the asset
thresholds] . . . and are regulated by a
primary Federal financial regulatory
agency shall conduct annual stress
tests.’’ Section 165(i)(2)(B) provides that
a company required to conduct annual
stress tests ‘‘shall submit a report to the
Board of Governors and to its primary
financial regulatory agency at such time,
in such form, and containing such
information as the primary financial
regulatory agency shall require.’’ 12
U.S.C. 5365(i)(2)(B).
Confidentiality: As noted under
Section 165(i)(2)(C)(iv), companies
conducting annual stress tests under
these provisions are ‘‘require[d] . . . to
publish a summary of the results of the
required stress tests.’’ 12 U.S.C.
5365(i)(2)(C)(iv). Regarding the
information collected by the Board,
however, as such information will be
collected as part of the Board’s
supervisory process, it may be accorded
confidential treatment under Exemption
8 of the Freedom of Information Act
(FOIA), 5 U.S.C. 552(b)(8). This
information also is the type of
confidential commercial and financial
information that may be withheld under
Exemption 4 of FOIA, 5 U.S.C.
552(b)(4). As required information, it
may be withheld under Exemption 4
only if public disclosure could result in
substantial competitive harm to the
submitting institution, under National
Parks & Conservation Ass’n v. Morton,
498 F.2d 765 (D.C. Cir. 1974).
Abstract: The annual FR Y–16 report
collects quantitative projections of
income, losses, assets, liabilities, and
capital across three scenarios provided
by the Board (baseline, adverse, and
severely adverse) and qualitative
supporting information on the
methodologies and processes used to
develop these internal projections.
Current Actions: The Federal Reserve
proposes the following revisions and
clarifications to the FR Y–16 report for
the report submission due annually
beginning on March 31, 2015: (1) add
common equity tier 1 capital as a data
item, (2) add common equity tier 1 risk
based capital ratio as a data item, and
(3) modify the reporting instructions to
clarify a number of items.

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On July 2, 2013, the Board approved
revised risk based and leverage capital
requirements for banking organizations
that implement the Basel III regulatory
capital reforms and certain changes
required by the Dodd-Frank Act (revised
capital framework).6 The revised capital
framework introduces the new common
equity tier 1 capital component and a
new common equity tier 1 risk based
capital ratio, changes the definition of
regulatory capital items, and changes
the calculation of risk-weighted assets.
All banking organizations that are not
subject to the advanced approaches rule
must begin to comply with the revised
capital framework beginning on January
1, 2015.7 Under the Board’s rules
implementing the stress tests
established by the Dodd-Frank Act,8
banking organizations would be
required to reflect the new capital rules,
including the new common equity tier
1 capital component and ratio, in their
company-run stress test planning
horizon as the revised capital
framework becomes applicable.
However, on September 30, 2013, the
Board provided BHCs and SMBs with
total consolidated assets of more than
$10 but less than $50 billion (other than
state member banks that are subsidiaries
of BHCs with total consolidated assets
of $50 billion or more) with a one-year
transition period to incorporate the
revised capital framework into their
company-run stress tests.9 Therefore,
the FR Y–16 did not include the effects
of the revised capital framework for the
initial 2014 stress test cycle.
The Federal Reserve proposes to
revise the FR Y–16 by adding a common
equity tier 1 capital data item to the
Balance Sheet Schedule and a common
equity tier 1 risk based capital ratio data
item to the Summary Schedule and
Balance Sheet Schedule in order to
reflect the requirements of the revised
capital framework. These revisions
would be effective for the 2015 stress
test cycle (with reporting in March
2015). In addition, the Federal Reserve
6 See Regulatory Capital Rules: Regulatory
Capital, Implementation of Basel III, Capital
Adequacy, Transition Provisions, Prompt Corrective
Action, Standardized Approach for Risk-weighted
Assets, Market Discipline and Disclosure
Requirements, Advanced Approaches Risk-Based
Capital Rule, and Market Risk Capital Rule (July 2,
2013), available at: http://www.federalreserve.gov/
newsevents/press/bcreg/20130702a.htm (Revised
capital framework).
7 A banking organization is subject to the
advanced approaches rule if it has consolidated
assets greater than or equal to $250 billion, if it has
total consolidated on-balance sheet foreign
exposures of at least $10 billion, or if it elects to
apply the advanced approaches rule.
8 See 77 FR 62378 (October 12, 2012) (codified at
12 CFR part, 252 subpart H) (stress test rule).
9 See 78 FR 59791 (September 30, 2013).

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Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Notices
proposes to clarify the FR Y–16
instructions to emphasize that
companies should transition to the
revised capital framework requirements
in its company-run stress test
projections in the quarter in which the
requirements become effective.
Specifically, companies would be
required to transition to the revised
capital framework and begin including
the common equity tier 1 capital data
item and common equity tier 1 risk
based capital ratio data item in
projected quarter two (1st quarter 2015)
through projected quarter nine (4th
quarter 2016) for each supervisory
scenario for the 2015 stress test cycle.
The Federal Reserve also proposes
several clarifications to the FR Y–16
report instructions, including:
indicating that the Scenario Variables
Schedule would be collected as a
reporting form in the Reporting Central
application (instead of as a file
submitted in Adobe Acrobat PDF
format); clarifying that covered SLHCs
will begin reporting in March 2017;
clarifying what BHCs and SLHCs should
include in Balance Sheet Schedule line
items 32 and 33 (retail and wholesale
funding); and finally clarifying how the
supporting qualitative information
should be organized.
Board of Governors of the Federal Reserve
System, July 9, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014–16443 Filed 7–14–14; 8:45 am]
BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

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Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
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 shares of 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 July 29,
2014.
A. Federal Reserve Bank of Kansas
City (Dennis Denney, Assistant Vice

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President) 1 Memorial Drive, Kansas
City, Missouri 64198–0001:
1. The Schwartz Family Revocable
Trust, Janice F. Schwartz, trustee; Susan
Andersen; and Mark Andersen, all of
Lawrence, Kansas, as members of the
Bob Schwartz Family Group, acting in
concert, and the Schwartz Family
Revocable Trust, and Janice F.
Schwartz, individually; to retain voting
shares of Blue Rapids Bancshares, Inc.,
and thereby indirectly retain voting
shares of State Bank of Blue Rapids,
both in Blue Rapids, Kansas.
B. Federal Reserve Bank of San
Francisco (Gerald C. Tsai, Director,
Applications and Enforcement) 101
Market Street, San Francisco, California
94105–1579:
1. Sang Young Lee, Chun Young Lee
and Lee’s Gold and Diamond Import,
Inc., La Canada, California; to acquire
voting shares of Pacific City Financial
Corporation, and thereby indirectly
acquire voting shares of Pacific City
Bank, both of Los Angeles, California.
Board of Governors of the Federal Reserve
System, July 9, 2014.
Michael J. Lewandowski,
Associate Secretary of the Board.
[FR Doc. 2014–16450 Filed 7–14–14; 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 applications will also 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

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noted, nonbanking activities will be
conducted throughout the United States.
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 August 8, 2014.
A Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. Cedar Valley Bankshares, LTD,
Charles City, Iowa; to acquire 100
percent of Hampton State Bank,
Hampton, Iowa.
Board of Governors of the Federal Reserve
System, July 10, 2014.
Michael J. Lewandowski,
Assistant Secretary of the Board.
[FR Doc. 2014–16515 Filed 7–14–14; 8:45 am]
BILLING CODE 6210–01–P

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 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.
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 August 8, 2014.
A. Federal Reserve Bank of
Philadelphia (William Lang, Senior Vice
President) 100 North 6th Street,
Philadelphia, Pennsylvania 19105–
1521:
1. National Penn Bancshares, Inc.,
Allentown, Pennsylvania; to acquire 100
percent of the voting shares of TF
Financial, Corporation, and indirectly

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