FR 2021-02670

The Federal Reserve System has published a notice concerning several applications related to changes in bank control. Specifically, the document pertains to individuals from the Tutera Family Group who are seeking to acquire or retain shares in Central Bancshares of Kansas City and its subsidiary, Central Bank of Kansas City. These applications are part of broader regulatory processes outlined under the Change in Bank Control Act. For transparency and public engagement, the notice mentions that documents related to these applications can be inspected at the Federal Reserve Bank of Kansas City and the Board of Governors. Moreover, the public is encouraged to submit comments on the applications until February 24, 2021.

Significant Issues and Concerns

One of the main issues with the document is its lack of an abstract or a clear statement of purpose, which can make it challenging for readers unfamiliar with financial regulations to grasp the notice's context or significance. Additionally, the document lists numerous individuals and trusts in a complex manner, which might be difficult for readers to interpret without prior knowledge of legal structures and financial jargon.

The document refers to specific legal and regulatory codes, such as 12 U.S.C. 1817(j) and 12 CFR 225.41, without offering explanations in layman's terms, potentially alienating those unfamiliar with legal references. This regulatory-heavy language can be seen as a barrier to understanding for the public.

Another notable concern is the limited timeframe for submitting public comments, set to February 24, 2021. This deadline restricts the opportunity for late stakeholders who may hold significant insights or concerns but have missed this window.

Impact on the Public

Broadly speaking, the document reflects typical regulatory oversight involved in changes in bank control, which is standard practice to ensure stability and transparency in banking and financial services. However, its potential impact on the general public largely depends on individual involvement in these financial institutions or significant interest in the banking sector.

Impact on Specific Stakeholders

For stakeholders directly involved in or affected by Central Bancshares of Kansas City and Central Bank of Kansas City, this notice is critical. It indicates potential changes in control and governance that could affect operations, governance, and future strategies of these institutions. Regulatory stakeholders and banking professionals will likely view this as an essential part of maintaining robust oversight over banking activities.

Conversely, for potential investors or community members, the notice may represent an opportunity for voice and participation through public comments, although the time restriction could hinder comprehensive community feedback. The decision rendered by these regulatory bodies, influenced by submitted comments, may ultimately shape the business landscape of the involved banks and affect local economic conditions.

In conclusion, while the document is part of a necessary regulatory process, its accessibility and engagement potential may be limited due to complex language and tight comment deadlines. Understanding and addressing these barriers could enhance public participation and comprehension of financial oversight practices.