Federal Reserve Board: H.2 Release for Week Ending June 20, 2015

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending June 20, 2015 is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank holding companies Merchants & Farmers Bancshares, Inc., Leesville, Louisiana — to acquire Vernon Bancshares, Inc., Leesville, and thereby acquire The Vernon Bank.
-Approved, June 15, 2015
Sterling Bancorp, Montebello, New York — to acquire Hudson Valley Holding Corporation, Yonkers, and thereby acquire Hudson Valley Bank, National Association.
-Approved, June 15, 2015
Banking supervision & regulation Regulation XX (Concentration Limit) — requests by 10 financial companies (BMW AG, Thrivent Financial, Northwestern Mutual Life Insurance Company, Illinois Agricultural Association, Donegal Mutual Insurance Company, Massachusetts Mutual Life Insurance Company, TIAA-CREF, Modern Woodmen of America, State Farm Mutual Automobile Insurance Company, and Alfa Mutual Insurance Company) to use alternative accounting standards to calculate their liabilities for purposes of Regulation XX, which generally prohibits a merger or acquisition that would involve or result in a financial company that controls more than 10 percent of the aggregate consolidated liabilities of all financial companies.
-Approved, June 17, 2015
Financial holding companies KB Financial Group, Inc., Seoul, Korea, and Kookmin Bank — elections to be treated as financial holding companies.
-Effective, June 18, 2015
Forms Forms — initial Board review to extend with revision the Banking Organization Systemic Risk Report (FR Y-15).
-Proposed, June 17, 2015Forms — final Board review to extend with revision the Annual Report of Holding Companies (FR Y-6), Annual Report of Foreign Banking Organizations (FR Y-7), and Report of Changes in Organizational Structure (FR Y-10), and to extend without revision the Supplement to the Report of Changes in Organizational Structure (FR Y-10E).
-Approved, June 17, 2015

Forms — final Board review to extend without revision the Recordkeeping Requirements Associated with Changes in Foreign Investments (Made Pursuant to Regulation K) (FR 2064), Recordkeeping and Disclosure Provisions Associated with Stress Testing Guidance (Stress Testing Guidance) (FR 4202), and Microeconomic Survey (FR 3051).
-Approved, June 18, 2015

Regulations and policies Regulation D (Reserve Requirements of Depository Institutions) — final amendments to make changes to the calculation of interest payments on excess balances maintained by depository institutions at Federal Reserve Banks.
-Approved, June 17, 2015

Regulation H (Membership of State Banking Institutions in the Federal Reserve System) — final interagency rule to implement provisions of the Homeowner Flood Insurance Affordability Act affecting escrow payments and the mandatory purchase of flood insurance.
-Approved, June 11, 2015

Enforcement Commerce Bank and Trust Holding Company Employee Stock Ownership Plan, Topeka, Kansas, and Commerce Bank and Trust Holding Company — written agreement issued May 23, 2013, terminated June 10, 2015.
-Announced, June 16, 2015

Prime Pacific Financial Services, Inc., Lynnwood, Washington — written agreement issued December 30, 2009, terminated June 16, 2015.
-Announced, June 18, 2015