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Federal Register / Vol. 75, No. 190 / Friday, October 1, 2010 / Notices
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 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 October 28,
2010.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. Rigler Investment Co., New
Hampton, Iowa; to acquire 100 percent
of the voting shares of State Bank &
Trust Company, Waverly, Iowa.
Board of Governors of the Federal Reserve
System, September 28, 2010.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2010–24666 Filed 9–30–10; 8:45 am]
BILLING CODE 6210–01–S

FEDERAL RESERVE SYSTEM
[Docket No. OP–1345]

Policy on Payment System Risk
Board of Governors of the
Federal Reserve System.
ACTION: Notice.
AGENCY:

The Board of Governors of the
Federal Reserve System (Board) is
announcing the implementation date of
March 24, 2011, for revisions to part II
of its Policy on Payment System Risk
(PSR). The revisions explicitly recognize
the role of the central bank in providing
intraday credit to healthy depository
institutions, and establish a zero fee for
collateralized daylight overdrafts, a 50

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basis point (annual rate) charge for
uncollateralized daylight overdrafts, and
a biweekly daylight overdraft fee waiver
of $150. The Board approved these
revisions in late 2008 for
implementation in approximately two
years following substantial changes to
the Reserve Bank infrastructure.
DATES: Effective Date: The policy will
take effect on March 24, 2011.
FOR FURTHER INFORMATION CONTACT:
Jeffrey Marquardt, Deputy Director (202)
452–2360, Susan Foley, Deputy
Associate Director (202) 452–3596, or
Jeffrey Walker, Manager (202) 721–4559,
Division of Reserve Bank Operations
and Payment Systems, Board of
Governors of the Federal Reserve
System; for users of
Telecommunications Device for the Deaf
(‘‘TDD’’) only, contact (202) 263–4869.
SUPPLEMENTARY INFORMATION: On
December 19, 2008, the Board approved
revisions to part II of its PSR policy
designed to improve intraday liquidity
management and payment flows for the
banking system, while also helping to
mitigate credit exposures of the Federal
Reserve Banks (Reserve Banks) from
daylight overdrafts.1 The revisions
formally recognize the role of the central
bank in providing intraday credit to
depository institutions and encourage
them to collateralize explicitly their
daylight overdrafts. Collateralized
daylight overdrafts will be charged a
zero fee, while uncollateralized daylight
overdrafts will be charged 50 basis
points (annual rate), an increase from
the current rate of 36 basis points
(annual rate), to encourage the voluntary
use of collateral. The Board also
approved a biweekly daylight overdraft
fee waiver of $150 to minimize the
effect of the proposed policy changes on
institutions that use small amounts of
daylight overdrafts. In addition, the
Board changed other elements of the
PSR policy dealing with daylight
overdrafts, including adjusting net debit
caps, streamlining max cap procedures
for certain FBOs (implemented in March
2009), eliminating the deductible for
daylight overdraft fees, and increasing
the penalty daylight overdraft fee for
ineligible institutions to 150 basis
points (annual rate). The revisions to the
PSR policy will become effective on
March 24, 2011.
The Board encourages depository
institutions to review documentation
explaining the implementation of the
revised PSR policy. Institutions should
review either the Overview of the
Federal Reserve’s Payment System Risk
Policy (Overview) or the Guide to the
1 See

PO 00000

73 FR 79109, December 24, 2008.

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Federal Reserve’s Payment System Risk
Policy (the Guide). The purpose of the
Overview is to help depository
institutions that use only minimal
amounts of Federal Reserve intraday
credit understand and comply with the
PSR policy. The purpose of the Guide is
to help institutions that use Federal
Reserve intraday credit more regularly,
foreign banking organizations, and those
that may be considered ‘‘special
situations’’ because of their legal
structure or payment activity,
understand and comply with more
detailed aspects of the PSR policy.
Versions of the Guide and Overview
that have been updated with
information related to the revised policy
will be available on the Board’s Web site
later this year at http://
www.federalreserve.gov/
paymentsystems/psr_relpolicies.htm.
The current versions of the Guide and
Overview will be available on the
Board’s Web site until 30 days after the
implementation date.
The Federal Reserve will also publish
updated guidelines for collateral
pledging and withdrawal to help
institutions better understand the types
of collateral eligible to pledge and the
processing steps associated with these
types of collateral. This information will
be available on the discount window
and PSR Web site later this year at
http://www.frbdiscountwindow.org. In
addition, to assist all institutions in
understanding the effect of the revised
policy on their daylight overdraft fees,
the Board created a simplified fee
calculator that is located on the Board’s
Web site at https://
www.federalreserve.gov/apps/RPFCalc/.
The calculator enables institutions to
input daylight overdraft and collateral
data to estimate their daylight overdraft
fees under the revised PSR policy. The
calculator will be available until 30 days
after the implementation date.
By order of the Board of Governors of the
Federal Reserve System, September 23, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010–24649 Filed 9–30–10; 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.

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