FR 2024-30450

The document from the Federal Register pertains to applications submitted under the Change in Bank Control Act, which is overseen by the Federal Reserve System. It details the efforts of certain individuals to acquire shares in a bank or bank holding company. The applications are accessible to the public for inspection at designated Federal Reserve locations or via online request. Comments from the public on these applications are encouraged, with a submission deadline set for January 6, 2025. The public should be mindful that any comments submitted will be made public in their entirety. A specific mention is made of Richard and Beth Wright's intention to retain voting shares in Milco Bancorporation, Inc., and indirectly in the Bank of Iberia, Missouri.

General Summary

This Federal Register notice involves the process by which individuals or entities seek to change control of a bank or holding company by acquiring shares. Such applications, subject to federal oversight, are part of ensuring transparency and adherence to regulations in the banking industry. Public involvement is encouraged through the submission of comments, which can help maintain accountability and provide diverse perspectives on the proposed changes.

Significant Issues and Concerns

Several issues arise from the document. Notably, it lacks detailed explanation of the criteria considered under paragraph 7 of the Change in Bank Control Act, which might leave readers unfamiliar with the Act in the dark about decision-making processes. Furthermore, the language used, including terms like "acting in concert" and "indirectly retain voting shares," might confuse laypersons. Simplifying or clarifying these phrases could be beneficial for public understanding. The notice also does not provide specific instructions on what constitutes relevant or appropriate comments, potentially leading to submissions that may not address the core issues under review.

Impact on the Public

The document impacts the public by offering an opportunity to participate in the regulatory process of bank control changes. Public comments can influence the regulatory outcome, ensuring that community and individual concerns are considered. However, the potential for comments to be disclosed in full, including any sensitive information inadvertently included by commenters, may deter some from participating.

Impact on Specific Stakeholders

For potential stakeholders, such as investors or community members, the document provides insight into who might control local or regional banks. For those involved in banking or finance, such as existing shareholders or competing banks, the document serves as a critical update that could impact market activities or competition. For the applicants, like Richard and Beth Wright in this case, the document represents a significant step in their efforts to maintain influence or control over their banking interests. Transparency in this process protects against unexpected shifts in control or strategy that could affect broader economic conditions or local banking practices.

In conclusion, while the notice underscores essential elements of transparency and public involvement in financial oversight, it could benefit from greater clarity and guidance to maximize engagement and understanding from the broader community.