FR 2024-30298

The document released by the Federal Reserve System announces applications filed under the Change in Bank Control Act. These applications seek approval for the acquisition of shares in a bank or bank holding company. Specifically, it mentions the application of The Craig G. Phillips Revocable Trust to acquire shares of Freedom Bancshares, Inc., and indirectly, Freedom Bank, Inc. The notice invites public comments on these applications by January 3, 2025, and outlines how comments can be submitted.

Summary of the Document

The notice communicates that certain individuals or entities have applied to acquire ownership stakes in banks or bank holding companies. The applications are processed under the Change in Bank Control Act, which requires regulatory scrutiny and public awareness. Information regarding these applications is available for public review at specified locations, ensuring transparency in the review process.

Significant Issues and Concerns

There are a few notable issues present in the document:

1. Lack of Abstract: The absence of an abstract might make it difficult for readers to quickly grasp the main points or intent of the notice without delving deeper into the text.

2. Privacy Concerns: The document indicates that comments will be disclosed publicly without changes, which raises privacy concerns as personal or sensitive information included in comments may be exposed.

3. Referencing External Criteria: Mention of "paragraph 7 of the Act" without detailing the specific standards or criteria requires readers to conduct additional research to fully understand the implications or context, which could be cumbersome.

4. Complexity in Submission Instructions: The guidance on submitting comments is somewhat complex due to multiple submission options, potentially overwhelming readers who may find it challenging to discern the most appropriate method for their needs.

5. Lack of Impact Context: The notice does not discuss the potential impact of the acquisitions on the banks, holding companies, or broader communities, limiting public understanding and engagement.

Impact on the Public

For the general public, this document serves as a call to participate in the regulatory process by providing their insights or concerns regarding the proposed acquisitions. The transparency in making application details available and inviting comments is a positive step towards inclusive governance. However, the complexity in instructions and lack of contextual background might discourage public participation or limit informed feedback.

Impact on Specific Stakeholders

Positive Impacts:

• Entities Involved in the Acquisition: The publication of the notice is a necessary step for entities like The Craig G. Phillips Revocable Trust to proceed with their acquisition plans, paving the way for potentially expanded influence or strategic growth.

• Regulatory Bodies: The required disclosure and comment collection process allows the Federal Reserve System and associated regulatory bodies to gauge public sentiment, contributing valuable insights into decision-making.

Negative Impacts:

• Individuals Concerned with Privacy: Commenters who are concerned about personal information disclosure might refrain from voicing genuine concerns due to privacy issues, leading to a less comprehensive collection of public viewpoints.

• Local Communities: Communities potentially affected by these acquisitions may lack vital information about the implications for their local economies or banking services, hindering their ability to provide informed input.

In conclusion, while the document does well in engaging the public and ensuring transparency, it has areas where clarity and protection of personal information could be enhanced to better serve and involve the community.