[Federal Register Volume 73, Number 71 (Friday, April 11, 2008)]
[Notices]
[Pages 19852-19853]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-7758]


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FEDERAL RESERVE SYSTEM


Public Meetings; Application by Bank of America Corporation, 
Charlotte, NC, To Acquire Countrywide Financial Corporation, Calabasas, 
CA

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice of public meetings.

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SUMMARY: The Board will hold public meetings in Los Angeles, 
California, and Chicago, Illinois, regarding the notice submitted by 
Bank of America Corporation, Charlotte, North Carolina, to acquire 
Countrywide Financial Corporation, Calabasas, California, and 
Countrywide Bank, FSB, Alexandria, Virginia, as well as certain other 
nonbanking subsidiaries, pursuant to the Bank Holding Company Act 
(``BHC Act'') and related statutes. The purpose of the public meetings 
is to collect information relating to factors the Board is required to 
consider under the BHC Act.

DATES: The Los Angeles, California, meeting will be held on Monday, 
April 28, 2008, and Tuesday, April 29, 2008, beginning at 8:30 a.m. 
PDT. The Chicago, Illinois, meeting will be held on Tuesday, April 22, 
2008, beginning at 8:30 a.m. CDT.

ADDRESSES: The public meeting in Los Angeles, California, will be held 
at the Los Angeles Branch of the Federal Reserve Bank of San Francisco, 
950 South Grand Avenue, Los Angeles, California. The public meeting in 
Chicago, Illinois, will be held at the Federal Reserve Bank of Chicago, 
230 South LaSalle Street, Chicago, Illinois.

FOR FURTHER INFORMATION CONTACT: For the Los Angeles meeting, contact 
Scott Turner, Community Affairs Officer, Federal Reserve Bank of San 
Francisco, 101 Market Street, San Francisco, California 94105 (phone: 
415/974-2722; facsimile: 415/393-1920). For the Chicago meeting, 
contact Alicia Williams, Vice President, Federal Reserve Bank of 
Chicago, 230 South LaSalle Street, Chicago, Illinois 60604 (phone: 312/
322-5910; facsimile: 312/913-2626).

SUPPLEMENTARY INFORMATION: On February 15, 2008, Bank of America 
Corporation, Charlotte, North Carolina (``Bank of America'') requested 
the Board's approval under the BHC Act and related statutes to acquire 
Countrywide Financial Corporation, Calabasas, California 
(``Countrywide''), and thereby acquire Countrywide's wholly owned 
savings association subsidiary, Countrywide Bank, FSB, as well as 
Countrywide's other nonbanking subsidiaries. The Board hereby orders 
that public meetings on the Bank of America/Countrywide proposal be 
held in Los Angeles, California, and Chicago, Illinois.

Purpose and Procedures

    The public meetings will collect information relating to factors 
the Board is required to consider under the BHC Act. The factors the 
BHC Act requires the Board to consider include whether the notificant's 
performance of the activities can reasonably be expected to produce 
benefits to the public (such as greater convenience, increased 
competition, and gains in efficiency) that outweigh possible adverse 
effects (such as undue concentration of resources, decreased or unfair 
competition, conflicts of interests, and unsound banking practices). 
Consideration of the above factors includes an evaluation of the 
financial and managerial resources of the notificant, including its 
subsidiaries, and any company to be acquired; the effect of the 
proposed transaction on those resources; and the management expertise, 
internal control and risk-management systems, and capital of the entity 
conducting the activity. In acting on a notice to acquire a savings 
association, the Board also reviews the records of performance of the 
insured depository institutions involved in the proposal under the 
Community Reinvestment Act, which requires the Board to take into 
account a relevant institution's record of meeting the credit needs of 
its entire community,

[[Page 19853]]

including low- and moderate-income neighborhoods, consistent with the 
safe and sound operation of the institution. 12 U.S.C. Sec.  2903.

Procedures for Hearing

    Testimony at the public meetings will be presented to a panel 
consisting of a Presiding Officer and other panel members appointed by 
the Presiding Officer. In conducting the public meetings, the Presiding 
Officer will have the authority and discretion to ensure that the 
meetings proceed in a fair and orderly manner. In contrast to a formal 
administrative hearing, the rules for taking evidence will not apply to 
the public meetings. Panel members may question witnesses but no cross-
examination of witnesses will be permitted. The public meetings will be 
transcribed, and the transcripts will be posted on the Board's public 
website within several days after the meetings. Information regarding 
the procedures for obtaining a copy of the transcript will be announced 
at the public meetings.
    On the basis of the requests received, the Presiding Officer will 
prepare a schedule for participants who will testify and establish the 
order of presentation. To ensure an opportunity for all interested 
commenters to present their views, the Presiding Officer may limit the 
time for presentation. Individuals not listed on the schedule may be 
permitted to speak at the public meeting if time permits at the 
conclusion of the schedule of witnesses, at the discretion of the 
Presiding Officer. Copies of testimony may, but need not, be filed with 
the Presiding Officer before a participant's presentation.

Request To Testify

    All persons wishing to testify at the public meeting to be held in 
Los Angeles must submit a written request to Scott Turner, Community 
Affairs Officer, Federal Reserve Bank of San Francisco, 101 Market 
Street, San Francisco, California 94105 (facsimile: 415/393-1920) no 
later than 5 p.m. PDT on April 15, 2008. All persons wishing to testify 
at the public meeting to be held in Chicago must submit a written 
request to Alicia Williams, Vice President, Federal Reserve Bank of 
Chicago, 230 South LaSalle Street, Chicago, Illinois 60604 (facsimile: 
312/913-2626) no later than 5 p.m. CDT on April 15, 2008.
    The request to testify must include the following information: (i) 
Identification of which meeting (and which day for the Los Angeles 
meeting) the participant wishes to attend; (ii) a brief statement of 
the nature of the expected testimony (including whether the testimony 
will support or oppose the proposed transaction or provide other 
comment on the proposal) and the estimated time required for the 
presentation; (iii) the address and telephone number (and e-mail 
address and facsimile number, if available) of the individual 
testifying; and (iv) identification of any special needs, such as 
individuals needing translation services, individuals with a physical 
disability who may need assistance, or individuals requiring visual 
aids for their presentation. To the extent available, translators will 
be provided for those wishing to present their views in a language 
other than English if so requested in the request to testify. 
Individuals interested only in attending the meeting, but not 
testifying, need not submit a written request.

    By order of the Board of Governors of the Federal Reserve 
System, effective April 8, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
 [FR Doc. E8-7758 Filed 4-10-08; 8:45 am]
BILLING CODE 6210-01-P