Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 78207-78209 [E6-22259]

Download as PDF Federal Register / Vol. 71, No. 249 / Thursday, December 28, 2006 / Notices FEDERAL MARITIME COMMISSION Ocean Transportation Intermediary License Revocations The Federal Maritime Commission hereby gives notice that the following Ocean Transportation Intermediary licenses have been revoked pursuant to section 19 of the Shipping Act of 1984 (46 U.S.C. chapter 409) and the regulations of the Commission pertaining to the licensing of Ocean Transportation Intermediaries, 46 CFR part 515, effective on the corresponding date shown below: License Number: 020451N. Name: Daniel Cole Logistics, LLC. Address: 313 F Trindale Road, Suite 201, Archdale, NC 27263. Date Revoked: December 1, 2006. Reason: Surrendered license voluntarily. License Number: 018287NF. Name: Tisco Logistics, Inc. Address: 19 Schuyler Street, Pasippany, NJ 07054. Date Revoked: December 7, 2006. Reason: Surrendered license voluntarily. Sandra L. Kusumoto, Director, Bureau of Certification and Licensing. [FR Doc. E6–22291 Filed 12–27–06; 8:45 am] FEDERAL MARITIME COMMISSION Ocean Transportation Intermediary License Reissuances Notice is hereby given that the following Ocean Transportation Intermediary licenses have been reissued by the Federal Maritime Commission pursuant to section 19 of the Shipping Act of 1984 (46 U.S.C. Chapter 409), and the regulations of the Commission pertaining to the licensing of Ocean Transportation Intermediaries, 46 CFR Part 515. BILLING CODE 6730–01–P License No. Name/Address 003172NF ........................................ The Interport Company, Inc., 2300 E. Higgins, Suite 209A, Elk Grove Village, IL 60007. American Pioneer Shipping L.L.C., 80 Morristown Road, Room 273, Bernardsville, NJ 07924. 016159N .......................................... Sandra L. Kusumoto, Director, Bureau of Certification and Licensing. [FR Doc. E6–22292 Filed 12–27–06; 8:45 am] BILLING CODE 6730–01–P FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB sroberts on PROD1PC70 with NOTICES SUMMARY: Background Notice is hereby given of the final approval of proposed information collection(s) by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB’s public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer—Michelle Shore—Division of VerDate Aug<31>2005 20:03 Dec 27, 2006 Jkt 211001 78207 Date Reissued Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202– 452–3829). OMB Desk Officer—Mark Menchik— Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, Washington, DC 20503, or e-mail to mmenchik@omb.eop.gov. Final approval under OMB delegated authority of the extension for three years, with revision, of the following reports: Report titles: Report of Changes in Organizational Structure, Report of Changes in FBO Organizational Structure, Supplement to the Report of Changes in Organizational Structure, Notification of Foreign Branch Status, Annual Report of Bank Holding Companies, and Annual Report of Foreign Banking Organizations (collectively the Structure Reports). Agency form numbers: FR Y–10 (formerly FR Y–10, FR Y–10F, FR Y– 10S, and FR 2058), FR Y–10E, FR Y–6, and FR Y–7. OMB control numbers: 7100–0297, 7100–0069, 7100–0124, and 7100–0125. Effective Dates: FR Y–6, FR Y–7, and FR Y–10S: December 31, 2006; FR Y–10 and FR Y–10E: June 30, 2007. Frequency: Event-generated, annual. Reporters: Bank holding companies (BHCs), foreign banking organizations (FBOs), member banks, Edge and agreement corporations. Annual reporting hours: FR Y–10, 11,072 hours; FR Y–10E, 1,384 hours; FR Y–6, 21,913 hours; FR Y–7, 900 hours. PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 November 17, 2006. November 23, 2006. Estimated average hours per response: FR Y–10, 1.00 hour; FR Y–10E, 0.50 hours; FR Y–6, 4.25 hours; FR Y–7, 3.50 hours. Number of respondents: FR Y–10 and FR Y–10E, 2,768; FR Y–6, 5,156; FR Y– 7, 257. General description of report: These information collections are mandatory under the Federal Reserve Act, the BHC Act, and the International Banking Act (12 U.S.C. 248 (a)(1), 321, 601, 602, 611a, 615, 1843(k), 1844(c), 3106, and 3108(a)) and Regulations K and Y (12 CFR 211.13(c), 225.5(b), and 225.87). Individual respondent data are not considered confidential. However, respondents may request confidential treatment for any information that they believe is subject to an exemption from disclosure under the FOIA, 5 U.S.C. 552(b). Abstract: The FR Y–10 is an eventgenerated information collection submitted by top-tier domestic BHCs, including financial holding companies (FHCs), and state member banks unaffiliated with a BHC, to capture changes in their regulated investments and activities. The Federal Reserve uses the data to monitor structure information on subsidiaries and regulated investments of these entities engaged in banking and nonbanking activities. The FR Y–10F is an event-generated information collection submitted by FBOs, including FHCs, to capture changes in their regulated investments and activities. The Federal Reserve uses the data to ensure compliance with U.S. E:\FR\FM\28DEN1.SGM 28DEN1 sroberts on PROD1PC70 with NOTICES 78208 Federal Register / Vol. 71, No. 249 / Thursday, December 28, 2006 / Notices banking laws and regulations and to determine the risk profile of the FBO. The FR Y–10S is a supplement to the FR Y–10. The Federal Reserve uses the data to assess the effectiveness of banking organizations’ compliance with the Sarbanes-Oxley Act of 2002 and enhance the Federal Reserve’s ability to evaluate regulatory data by reconciling it accurately with market data reported to shareholders. The FR 2058 is an event-generated information collection submitted by member banks, BHCs, and Edge and agreement corporations to notify the Federal Reserve of the opening, closing, or relocation of a foreign branch. The Federal Reserve needs the information to fulfill its statutory obligation to supervise foreign branches of U.S. banking organizations. The FR Y–6 is an annual information collection submitted by top-tier BHCs and nonqualifying FBOs. It collects financial data, an organization chart, and information about shareholders. The Federal Reserve uses the data to monitor holding company operations and determine holding company compliance with the provisions of the Bank Holding Company Act (BHC Act) and Regulation Y (12 CFR part 225). The FR Y–7 is an annual information collection submitted by qualifying FBOs to update their financial and organizational information with the Federal Reserve. The Federal Reserve uses information to assess an FBO’s ability to be a continuing source of strength to its U.S. operations and to determine compliance with U.S. laws and regulations. Current Actions: On September 13, 2006, the Federal Reserve published a notice in the Federal Register (71 FR 54075) requesting public comment for 60 days on the extension, with revision, of the Structure Reports. The comment period for this notice expired on November 13, 2006. The Board received comment letters from four large BHCs and three industry trade associations. Nearly all of the commenters supported the Federal Reserve’s proposal to combine the FR Y–10, FR Y–10F, FR Y– 10S, and FR 2058 into one eventgenerated reporting form. They noted that this change would streamline and simplify the data submission process. In addition to addressing the comments, the Federal Reserve decided to retain a question on the Banking and Nonbanking Schedules of the FR Y–10 on whether a company is consolidated in the respondent’s financial statements. This data will be collected for certain types of foreign offices as it is needed to determine which institutions must submit the Consolidated Reports of VerDate Aug<31>2005 20:03 Dec 27, 2006 Jkt 211001 Condition and Income (FFIEC 031 and FFIEC 041; OMB No. 7100–0036). General Comments Definition of Control and Reportable Investments Several commenters raised issues concerning the control standard used to determine reportability for purposes of the reporting forms. For ease of reference, the control standard will be moved to the Glossary portion of the instructions; however, the Glossary entry for control will be identical in substance to the control standard found in the current FR Y–10 and FR Y–10F instructions. One commenter expressed concern that a reporter’s control of 25 percent or more of a company’s total equity could, by itself, trigger reportability for purposes of the FR Y– 10. However, in 2004, references to control of 25 percent or more of total equity were deleted from the control standard used for purposes of these reporting forms and, as noted, the current revisions make no changes to this control standard. Several commenters requested that public welfare investments be exempt from reportability on the reporting forms. In addition to their current reportability on the FR Y–10, FR Y–10F, FR Y–6, and FR Y–7, public welfare investments made through banks are also subject to prior-or post-notice filing requirements with federal banking agencies, as are a limited number of similar investments made by BHCs outside banks. To avoid duplicate reporting of these investments, the FR Y–10, FR Y–6, and FR Y–7 instructions would be revised to exempt from reportability those public welfare investments subject to prior-or postnotice filing requirements with federal banking agencies,1 if held through a company that itself has been reported on the FR Y–10 and that is principally engaged in community development or public welfare activities. One trade association requested an exemption from reporting interests deemed to be controlled by the reporter solely by virtue of the ‘‘10 percent voting interest plus a director or officer interlock’’ presumption used for purposes of the reporting forms. The commenter asserted that this reporting requirement could be especially onerous with respect to FBO reporting of interests on the FR Y–7 held under section 2(h)(2) of the BHC Act. As noted, no change to the definition of control for reporting purposes, including in the application of this 1 Such as those reportable on the CD–1 (OMB No. 1557–0196) or FR H–6 (OMB No. 7100–0278). PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 control presumption to any of the structure reporting forms, will be made at this time. Nevertheless, the Federal Reserve will continue to consider whether limited relief from the reporting requirements applicable to section 2(h)(2) investments may be appropriate. Several commenters questioned whether the changes to reporting of limited liability companies, partnerships, limited partnerships, and entities that are 100% owned would require institutions to submit FR Y–10 data for entities currently in existence. The commenters noted that the number of submissions could be very large. The Federal Reserve will clarify that these new requirements will only be applicable for submissions after June 30, 2007, and would not be imposed retroactively. Several commenters requested further clarifications on reporting partnerships, limited liability companies, and entities with more than one class of voting securities. The Federal Reserve will clarify the FR Y– 10 instructions in response to these comments. FR Y–10 Comments Domestic Branch Schedule Several substantive comments were received regarding the proposal to add a schedule to the FR Y–10 to collect data on domestic branches, The Federal Reserve is continuing to evaluate these comments and will address them in a separate Federal Register notice in 2007. 4(k) Schedule Commenters also contended that the proposed FR Y–10 instructions require duplicative reporting of information on the Nonbanking and 4(k) schedules when a respondent utilizes 4(k) authority to acquire a going concern or establish a de novo company without engaging in a 4(k) activity that is new to the respondent’s organization. To address the comments, the Federal Reserve will clarify the instructions and delete two event types from the 4(k) schedule. Burden Estimate One large BHC asserted that the Federal Reserve’s burden estimate for the FR Y–10 of one hour per response is too low. The Federal Reserve understands that for a large BHC this estimate may appear low. However, the estimate represents an average for all institutions and since the vast majority of respondents are small, the Federal Reserve feels comfortable with the estimate of one hour. E:\FR\FM\28DEN1.SGM 28DEN1 Federal Register / Vol. 71, No. 249 / Thursday, December 28, 2006 / Notices Automation Issues Several commenters raised concerns with the current FR Y–10 online system used to submit the data electronically. The Federal Reserve has arranged a meeting with the commenters to further understand their concerns and will work with the commenters to resolve the issues. FR Y–6 Comments A couple of substantive comments were received regarding the proposal to add a requirement for institutions to verify a list of domestic branches. The Federal Reserve is continuing to evaluate these comments and will address them in a separate Federal Register notice in 2007. This requirement will not be implemented effective December 31, 2006, as originally proposed. FR Y–10S Comments A commenter requested clarifications to the instructions of Schedule A of the FR Y–10S. Data collected on this schedule currently are used to ensure compliance with the Sarbanes-Oxley Act. The commenter asked whether a report is necessary when (1) a reporter’s subsidiary has been dissolved or sold since December 31, 2005, or (2) there has been no change to the information collected on Schedule A since December 31, 2005. The Federal Reserve will clarify the instructions to indicate that the Cover Page and Schedule A of the FR Y–10S reporting form do not need to be filed in either situation. sroberts on PROD1PC70 with NOTICES FR Y–10E Comments One trade association expressed concern about the FR Y–10E free-form supplement that would be used to collect additional structural information deemed to be critical and needed in an expedited manner. This commenter asked the Federal Reserve to reconsider creating the supplement or to clearly circumscribe the situations under which it would be used. This supplement would only be used to meet new legislative requirements, answer Congressional inquiries, or respond to critical market events that could not be addressed in a timely manner through the reports clearance process. Subsequent to the implementation of this supplement, if the data were needed on a permanent basis, the Federal Reserve would complete the entire clearance process, including a request for public comment. VerDate Aug<31>2005 20:03 Dec 27, 2006 Jkt 211001 Board of Governors of the Federal Reserve System, December 22, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E6–22259 Filed 12–27–06; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies The notificants listed below have applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire a bank or bank holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the office of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than January 16, 2007. A. Federal Reserve Bank of Minneapolis (Jacqueline G. King, Community Affairs Officer) 90 Hennepin Avenue, Minneapolis, Minnesota 55480–0291: 1. Dan L. Rorvig, McVille, North Dakota; Teresa L. Rorvig, McVille, North Dakota; Robert J. Fossum, Forest River, North Dakota; and Troy D. Olson, Cooperstown, North Dakota, acting as a group in concert to acquire control of McVille Financial Services, Inc., McVille, North Dakota and thereby indirectly acquire McVille State Bank, McVille, North Dakota. Board of Governors of the Federal Reserve System, December 22, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E6–22247 Filed 12–27–06; 8:45 am] 78209 holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The application also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Additional information on all bank holding companies may be obtained from the National Information Center Web site at www.ffiec.gov/nic/. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than January 24, 2007. A. Federal Reserve Bank of St. Louis (Glenda Wilson, Community Affairs Officer) 411 Locust Street, St. Louis, Missouri 63166–2034: 1. BancorpSouth, Inc., Tupelo, Mississippi; to merge with City Bancorp, Inc., Springfield, Missouri; and thereby indirectly acquire The Signature Bank, Springfield, Missouri. Board of Governors of the Federal Reserve System, December 22, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E6–22246 Filed 12–27–06; 8:45 am] BILLING CODE 6210–01–S DEPARTMENT OF HEALTH AND HUMAN SERVICES BILLING CODE 6210–01–S Administration on Aging FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a bank PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 Agency Information Collection Activities; Submission for OMB Review; Comment Request; Title III and VII State Program Report Administration on Aging, HHS. Notice. AGENCY: ACTION: SUMMARY: The Administration on Aging (AoA) is announcing that the proposed collection of information listed below has been submitted to the Office of E:\FR\FM\28DEN1.SGM 28DEN1

Agencies

[Federal Register Volume 71, Number 249 (Thursday, December 28, 2006)]
[Notices]
[Pages 78207-78209]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-22259]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY: 

Background

    Notice is hereby given of the final approval of proposed 
information collection(s) by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority, as per 5 CFR 
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the Paperwork Reduction Act Submission, 
supporting statements and approved collection of information 
instrument(s) are placed into OMB's public docket files. The Federal 
Reserve may not conduct or sponsor, and the respondent is not required 
to respond to, an information collection that has been extended, 
revised, or implemented on or after October 1, 1995, unless it displays 
a currently valid OMB control number.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Michelle Shore--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Mark Menchik--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503, or e-mail to 
mmenchik@omb.eop.gov.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following reports:
    Report titles: Report of Changes in Organizational Structure, 
Report of Changes in FBO Organizational Structure, Supplement to the 
Report of Changes in Organizational Structure, Notification of Foreign 
Branch Status, Annual Report of Bank Holding Companies, and Annual 
Report of Foreign Banking Organizations (collectively the Structure 
Reports).
    Agency form numbers: FR Y-10 (formerly FR Y-10, FR Y-10F, FR Y-10S, 
and FR 2058), FR Y-10E, FR Y-6, and FR Y-7.
    OMB control numbers: 7100-0297, 7100-0069, 7100-0124, and 7100-
0125.
    Effective Dates: FR Y-6, FR Y-7, and FR Y-10S: December 31, 2006; 
FR Y-10 and FR Y-10E: June 30, 2007.
    Frequency: Event-generated, annual.
    Reporters: Bank holding companies (BHCs), foreign banking 
organizations (FBOs), member banks, Edge and agreement corporations.
    Annual reporting hours: FR Y-10, 11,072 hours; FR Y-10E, 1,384 
hours; FR Y-6, 21,913 hours; FR Y-7, 900 hours.
    Estimated average hours per response: FR Y-10, 1.00 hour; FR Y-10E, 
0.50 hours; FR Y-6, 4.25 hours; FR Y-7, 3.50 hours.
    Number of respondents: FR Y-10 and FR Y-10E, 2,768; FR Y-6, 5,156; 
FR Y-7, 257.
    General description of report: These information collections are 
mandatory under the Federal Reserve Act, the BHC Act, and the 
International Banking Act (12 U.S.C. 248 (a)(1), 321, 601, 602, 611a, 
615, 1843(k), 1844(c), 3106, and 3108(a)) and Regulations K and Y (12 
CFR 211.13(c), 225.5(b), and 225.87). Individual respondent data are 
not considered confidential. However, respondents may request 
confidential treatment for any information that they believe is subject 
to an exemption from disclosure under the FOIA, 5 U.S.C. 552(b).
    Abstract: The FR Y-10 is an event-generated information collection 
submitted by top-tier domestic BHCs, including financial holding 
companies (FHCs), and state member banks unaffiliated with a BHC, to 
capture changes in their regulated investments and activities. The 
Federal Reserve uses the data to monitor structure information on 
subsidiaries and regulated investments of these entities engaged in 
banking and nonbanking activities.
    The FR Y-10F is an event-generated information collection submitted 
by FBOs, including FHCs, to capture changes in their regulated 
investments and activities. The Federal Reserve uses the data to ensure 
compliance with U.S.

[[Page 78208]]

banking laws and regulations and to determine the risk profile of the 
FBO.
    The FR Y-10S is a supplement to the FR Y-10. The Federal Reserve 
uses the data to assess the effectiveness of banking organizations' 
compliance with the Sarbanes-Oxley Act of 2002 and enhance the Federal 
Reserve's ability to evaluate regulatory data by reconciling it 
accurately with market data reported to shareholders.
    The FR 2058 is an event-generated information collection submitted 
by member banks, BHCs, and Edge and agreement corporations to notify 
the Federal Reserve of the opening, closing, or relocation of a foreign 
branch. The Federal Reserve needs the information to fulfill its 
statutory obligation to supervise foreign branches of U.S. banking 
organizations.
    The FR Y-6 is an annual information collection submitted by top-
tier BHCs and nonqualifying FBOs. It collects financial data, an 
organization chart, and information about shareholders. The Federal 
Reserve uses the data to monitor holding company operations and 
determine holding company compliance with the provisions of the Bank 
Holding Company Act (BHC Act) and Regulation Y (12 CFR part 225).
    The FR Y-7 is an annual information collection submitted by 
qualifying FBOs to update their financial and organizational 
information with the Federal Reserve. The Federal Reserve uses 
information to assess an FBO's ability to be a continuing source of 
strength to its U.S. operations and to determine compliance with U.S. 
laws and regulations.
    Current Actions: On September 13, 2006, the Federal Reserve 
published a notice in the Federal Register (71 FR 54075) requesting 
public comment for 60 days on the extension, with revision, of the 
Structure Reports. The comment period for this notice expired on 
November 13, 2006. The Board received comment letters from four large 
BHCs and three industry trade associations. Nearly all of the 
commenters supported the Federal Reserve's proposal to combine the FR 
Y-10, FR Y-10F, FR Y-10S, and FR 2058 into one event-generated 
reporting form. They noted that this change would streamline and 
simplify the data submission process. In addition to addressing the 
comments, the Federal Reserve decided to retain a question on the 
Banking and Nonbanking Schedules of the FR Y-10 on whether a company is 
consolidated in the respondent's financial statements. This data will 
be collected for certain types of foreign offices as it is needed to 
determine which institutions must submit the Consolidated Reports of 
Condition and Income (FFIEC 031 and FFIEC 041; OMB No. 7100-0036).

General Comments

Definition of Control and Reportable Investments

    Several commenters raised issues concerning the control standard 
used to determine reportability for purposes of the reporting forms. 
For ease of reference, the control standard will be moved to the 
Glossary portion of the instructions; however, the Glossary entry for 
control will be identical in substance to the control standard found in 
the current FR Y-10 and FR Y-10F instructions. One commenter expressed 
concern that a reporter's control of 25 percent or more of a company's 
total equity could, by itself, trigger reportability for purposes of 
the FR Y-10. However, in 2004, references to control of 25 percent or 
more of total equity were deleted from the control standard used for 
purposes of these reporting forms and, as noted, the current revisions 
make no changes to this control standard.
    Several commenters requested that public welfare investments be 
exempt from reportability on the reporting forms. In addition to their 
current reportability on the FR Y-10, FR Y-10F, FR Y-6, and FR Y-7, 
public welfare investments made through banks are also subject to 
prior-or post-notice filing requirements with federal banking agencies, 
as are a limited number of similar investments made by BHCs outside 
banks. To avoid duplicate reporting of these investments, the FR Y-10, 
FR Y-6, and FR Y-7 instructions would be revised to exempt from 
reportability those public welfare investments subject to prior-or 
post-notice filing requirements with federal banking agencies,\1\ if 
held through a company that itself has been reported on the FR Y-10 and 
that is principally engaged in community development or public welfare 
activities.
---------------------------------------------------------------------------

    \1\ Such as those reportable on the CD-1 (OMB No. 1557-0196) or 
FR H-6 (OMB No. 7100-0278).
---------------------------------------------------------------------------

    One trade association requested an exemption from reporting 
interests deemed to be controlled by the reporter solely by virtue of 
the ``10 percent voting interest plus a director or officer interlock'' 
presumption used for purposes of the reporting forms. The commenter 
asserted that this reporting requirement could be especially onerous 
with respect to FBO reporting of interests on the FR Y-7 held under 
section 2(h)(2) of the BHC Act. As noted, no change to the definition 
of control for reporting purposes, including in the application of this 
control presumption to any of the structure reporting forms, will be 
made at this time. Nevertheless, the Federal Reserve will continue to 
consider whether limited relief from the reporting requirements 
applicable to section 2(h)(2) investments may be appropriate.
    Several commenters questioned whether the changes to reporting of 
limited liability companies, partnerships, limited partnerships, and 
entities that are 100% owned would require institutions to submit FR Y-
10 data for entities currently in existence. The commenters noted that 
the number of submissions could be very large. The Federal Reserve will 
clarify that these new requirements will only be applicable for 
submissions after June 30, 2007, and would not be imposed 
retroactively. Several commenters requested further clarifications on 
reporting partnerships, limited liability companies, and entities with 
more than one class of voting securities. The Federal Reserve will 
clarify the FR Y-10 instructions in response to these comments.

FR Y-10 Comments

Domestic Branch Schedule

    Several substantive comments were received regarding the proposal 
to add a schedule to the FR Y-10 to collect data on domestic branches, 
The Federal Reserve is continuing to evaluate these comments and will 
address them in a separate Federal Register notice in 2007.

4(k) Schedule

    Commenters also contended that the proposed FR Y-10 instructions 
require duplicative reporting of information on the Nonbanking and 4(k) 
schedules when a respondent utilizes 4(k) authority to acquire a going 
concern or establish a de novo company without engaging in a 4(k) 
activity that is new to the respondent's organization. To address the 
comments, the Federal Reserve will clarify the instructions and delete 
two event types from the 4(k) schedule.

Burden Estimate

    One large BHC asserted that the Federal Reserve's burden estimate 
for the FR Y-10 of one hour per response is too low. The Federal 
Reserve understands that for a large BHC this estimate may appear low. 
However, the estimate represents an average for all institutions and 
since the vast majority of respondents are small, the Federal Reserve 
feels comfortable with the estimate of one hour.

[[Page 78209]]

Automation Issues

    Several commenters raised concerns with the current FR Y-10 online 
system used to submit the data electronically. The Federal Reserve has 
arranged a meeting with the commenters to further understand their 
concerns and will work with the commenters to resolve the issues.

FR Y-6 Comments

    A couple of substantive comments were received regarding the 
proposal to add a requirement for institutions to verify a list of 
domestic branches. The Federal Reserve is continuing to evaluate these 
comments and will address them in a separate Federal Register notice in 
2007. This requirement will not be implemented effective December 31, 
2006, as originally proposed.

FR Y-10S Comments

    A commenter requested clarifications to the instructions of 
Schedule A of the FR Y-10S. Data collected on this schedule currently 
are used to ensure compliance with the Sarbanes-Oxley Act. The 
commenter asked whether a report is necessary when (1) a reporter's 
subsidiary has been dissolved or sold since December 31, 2005, or (2) 
there has been no change to the information collected on Schedule A 
since December 31, 2005. The Federal Reserve will clarify the 
instructions to indicate that the Cover Page and Schedule A of the FR 
Y-10S reporting form do not need to be filed in either situation.

FR Y-10E Comments

    One trade association expressed concern about the FR Y-10E free-
form supplement that would be used to collect additional structural 
information deemed to be critical and needed in an expedited manner. 
This commenter asked the Federal Reserve to reconsider creating the 
supplement or to clearly circumscribe the situations under which it 
would be used. This supplement would only be used to meet new 
legislative requirements, answer Congressional inquiries, or respond to 
critical market events that could not be addressed in a timely manner 
through the reports clearance process. Subsequent to the implementation 
of this supplement, if the data were needed on a permanent basis, the 
Federal Reserve would complete the entire clearance process, including 
a request for public comment.

    Board of Governors of the Federal Reserve System, December 22, 
2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-22259 Filed 12-27-06; 8:45 am]
BILLING CODE 6210-01-P