Banks Doing Bank Things, Government Taking Notes Somewhere
Published Date: 1/14/2025
Notice
Summary
Bank companies want to grow by forming new groups, buying others, or merging, and they’ve asked the Federal Reserve for approval. This affects banks and their owners, with rules making sure everything stays safe and fair. Decisions happen quickly to keep the banking world moving smoothly, with some money penalties if rules aren’t followed on time.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Civil money penalties for late filings
Institutions face civil money penalties (CMPs) for late filing of certain reports; the notice references maximum CMP amounts including a $157-per-day maximum under 12 U.S.C. 1828(h) when an assessment is less than $10,000, and in some statutes the maximum penalty is the lesser of the stated amount or 1 percent of total assets. The Federal Deposit Insurance Corporation (FDIC) has regulations that further subdivide and adjust these amounts based on institution size and lateness.
Public access and comment deadline
The public portions of these bank holding company applications are available for immediate inspection at the Federal Reserve Bank(s) listed and at the Board of Governors. Interested persons may submit written comments (which will be publicly disclosed) to the Reserve Bank or the Board of Governors; comments must be received not later than February 13, 2025, and should not include confidential or personally identifying information.
UIR Acceptance's acquisition application
UIR Acceptance Corporation, Lemont, Illinois, applied to become a bank holding company by acquiring Easton Bancshares, Inc., and thereby indirectly acquiring Community Bank of Easton (Easton, Illinois). Interested persons may comment on this application to the Federal Reserve Bank of Chicago or the Board by February 13, 2025.
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