Proposed Agency Information Collection Activities; Comment Request, 32387-32389 [2013-12715]
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Federal Register / Vol. 78, No. 104 / Thursday, May 30, 2013 / Notices
met the standards for approval of
authorized program revisions/
modifications set out in 40 CFR part 3,
subpart D. In accordance with 40 CFR
3.1000(d), this notice of EPA’s decision
to approve Arkansas’ request to revise/
modify its following EPA-authorized
programs to allow electronic reporting
under 40 CFR parts 51 and 70, is being
published in the Federal Register:
Part 52—Requirements for
Preparation, Adoption, and Submittal of
Implementation Plans; and
Part 70—State Operating Permit
Programs.
ADEQ was notified of EPA’s
determination to approve its application
with respect to the authorized programs
listed above.
Dated: May 17, 2013.
Andrew Battin,
Director, Office of Information Collection.
[FR Doc. 2013–12747 Filed 5–29–13; 8:45 am]
BILLING CODE 6560–50–P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
SUMMARY: On June 15, 1984, the Office
of Management and Budget (OMB)
delegated to the Board of Governors of
the Federal Reserve System (Board) its
approval authority under the Paperwork
Reduction Act (PRA), pursuant to 5 CFR
1320.16, to approve of and assign OMB
control numbers to collection of
information requests and requirements
conducted or sponsored by the Board
under conditions set forth in 5 CFR part
1320 Appendix A.1. 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 instruments
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.
DATES: Comments must be submitted on
or before July 29, 2013.
ADDRESSES: You may submit comments,
identified by FR 4010, FR 4011, FR
4012, FR 4017, FR 4019, or FR 4023 by
any of the following methods:
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AGENCY:
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• Agency Web Site: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email:
regs.comments@federalreserve.gov.
Include OMB number in the subject line
of the message.
• FAX: (202) 452–3819 or (202) 452–
3102.
• Mail: Robert deV. Frierson,
Secretary, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper form in Room MP–500 of the
Board’s Martin Building (20th and C
Streets NW.) between 9:00 a.m. and 5:00
p.m. on weekdays.
Additionally, commenters may send a
copy of their comments to the OMB
Desk Officer—Shagufta Ahmed—Office
of Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Room 10235
725 17th Street NW., Washington, DC
20503 or by fax to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT: A
copy of the PRA OMB submission,
including the proposed reporting form
and instructions, supporting statement,
and other documentation will be placed
into OMB’s public docket files, once
approved. These documents will also be
made available on the Federal Reserve
Board’s public Web site at: https://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears below.
Federal Reserve Board Clearance
Officer—Cynthia Ayouch—Division of
Research and Statistics, Board of
Governors of the Federal Reserve
System, Washington, DC 20551 (202)
452–3829. Telecommunications Device
for the Deaf (TDD) users may contact
(202) 263–4869, Board of Governors of
the Federal Reserve System,
Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information
Collection Proposals
The following information collection,
which is being handled under this
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32387
delegated authority, has received initial
Board approval and is hereby published
for comment. At the end of the comment
period, the proposed information
collection, along with an analysis of
comments and recommendations
received, will be submitted to the Board
for final approval under OMB delegated
authority. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Federal Reserve’s
functions; including whether the
information has practical utility;
b. The accuracy of the Federal
Reserve’s estimate of the burden of the
proposed information collection,
including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or start up costs
and costs of operation, maintenance,
and purchase of services to provide
information.
Proposal to approve under OMB
delegated authority the extension for
three years, with revision, the following
information collection:
Report title: Information Collections
Related to the Gramm-Leach-Bliley
(GLB) Act.
Agency form number: FR 4010, FR
4011, FR 4012, FR 4017, FR 4019, and
FR 4023.
OMB control number: 7100–0292.
Frequency: On occasion.
Reporters: Bank Holding Companies
(BHCs), foreign banking organizations
(FBOs), state member banks (SMBs), and
Savings and Loan Holding Companies
(SLHCs).
Annual reporting hours: 1,884 hours.
Estimated average hours per response:
FR 4010: BHC and SLHCs 3 hours, FBOs
3.5 hours; FR 4011: 10 hours; FR 4012:
BHCs decertified as financial holding
companies (FHCs) 1 hour, SLHCs
decertified as a FHC 1 hour, FHCs back
into compliance—BHC 10 hours; FHCs
back into compliance—SLHC 10 hours,
FR 4017: 4 hours; FR 4019: Regulatory
relief requests 1 hour, Portfolio
company notification 1 hour; and FR
4023: 50 hours.
Number of respondents: FR 4010:
BHC and SLHCs 29, FBOs 5; FR 4011:
5; FR 4012: BHCs decertified as FHCs 8,
SLHCs decertified as a FHC 2, FHCs
back into compliance—BHC 17; FHCs
back into compliance—SLHC 3, FR
4017: 3; FR 4019: Regulatory relief
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Federal Register / Vol. 78, No. 104 / Thursday, May 30, 2013 / Notices
requests 5, Portfolio company
notification 2; FR 4023: 30.
General description of report: The FR
4010 is required to obtain a benefit and
is authorized under Section 4(l)(1)(C) of
the BHC Act, 12 U.S.C. 1843(l)(l)(C);
section 10(c)(2)(H) of the Home Owner’s
Loan Act 12 U.S.C. 1467a(c)(2)(H);
section 8(a) of the International Banking
Act, 12 U.S.C. 3106(a); sections 225.82
and 225.91 of Regulation Y, 12 CFR
225.82 and 225.91; and section 238.65
of Regulation LL, 12 CFR 238.65.
The FR 4011 is voluntary and is
authorized under Sections 4(j) and 4(k)
of the BHC Act, 12 U.S.C. 1843(j)
through (k); and sections 225.88, and
225.89, of Regulation Y, 12 CFR 225.88,
and 225.89.
The FR 4012 is mandatory and is
authorized under Section 4(l)(1) and
4(m) of the BHC Act, 12 U.S.C.
1843(l)(1) and (m); section 10(c)(2)(H) of
the Home Owner’s Loan Act 12 U.S.C.
1467a(c)(2)(H); section 8(a) of the
International Banking Act, 12 U.S.C.
3106(a); and sections 225.83 and 225.93
of Regulation Y, 12 CFR 225.83 and
225.93; and section 238.66(b) of
Regulation LL 12 CFR 238.66(b).
The FR 4017 is required to obtain a
benefit and is authorized under Section
9 of the Federal Reserve Act, 12 U.S.C.
335; and section 208.76 of Regulation H,
12 CFR 208.76.
The FR 4019 is required to obtain a
benefit and is authorized under Section
4(k)(7) of the BHC Act, 12 U.S.C.
1843(k)(7); and sections 225.171(e)(3),
225.172(b)(4), and 225.173(c)(2) of
Regulation Y, 12 CFR 225.171(e)(3),
225.172(b)(4), and 225.173(c)(2).
The FR 4023 is mandatory and is
authorized under Section 4(k)(7) of the
BHC Act, 12 U.S.C. 1843(k)(7); and
sections 225.171(e)(4) and 225.175 of
Regulation Y, 12 CFR 225.171(e)(4) and
225.175.
For the FR 4010, FR 4011, FR 4017,
FR 4019, and information related to a
failure to meet capital requirements on
the FR 4012, a company may request
confidential treatment of the
information contained in these
information collections pursuant to
section (b)(4) and (b)(6) of the Freedom
of Information Act (FOIA)(5 U.S.C. 552
(b)(4) and (b)(6)). Information related to
a failure to meet management
requirements on the FR 4012 is
confidential and exempt from disclosure
under section (b)(4), because the release
of this information would cause
substantial harm to the competitive
position of the entity, and (b)(8) if the
information is related to examination,
operating, or condition reports prepared
by, on behalf of, or for the use of an
agency responsible for the regulation or
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supervision of financial institutions.
Since the Federal Reserve does not
collect the FR 4023, no issue of
confidentiality under the FOIA arises.
FOIA will only be implicated if the
Board’s examiners retained a copy of the
records in their examination or
supervision of the institution, and
would likely be exempt from disclosure
pursuant to FOIA (5 U.S.C. 552(b)(4),
(b)(6), and (b)(8)).
Abstract: President Clinton signed the
GLB Act into law on November 12,
1999. Final regulations implementing
the GLB Act and mandating the subject
information collections took effect in
2001. These data collections include:
Declarations to Become a Financial
Holding Company (FR 4010). The BHC
Act requires entities to file this
declaration in order to be treated as
FHCs.1 The information contained in a
FHC declaration is used by the Federal
Reserve to ascertain whether the filer is
eligible to become a FHC.
Requests for Determinations and
Interpretations Regarding Activities
Financial in Nature (FR 4011). The GLB
Act authorizes the Federal Reserve,
upon request or on its own initiative, to
determine in conjunction with the
Treasury Department that nonbanking
activities are financial in nature,
incidental to a financial activity, or
complementary to a financial activity.2
In addition, Regulation Y permits
interested parties to request the Federal
Reserve to issue advisory opinions that
specific proposed activities fall within
the scope of (or are incidental to)
financial activities.3 To gather facts
necessary to make determinations or
issue opinions, the Federal Reserve
must collect information from parties
making such requests.
Notices of Failure to Meet Capital or
Management Requirements (FR 4012).
The BHC Act provides that a company
is eligible for FHC status only if it and
all of its subsidiary depository
institutions (and in the case of a FBO,
the foreign bank itself, and its U.S.
branches, agencies, and commercial
lending companies) are well managed
and well capitalized. Regulations Y and
LL require a FHC that falls out of
compliance with these requirements to
notify the Federal Reserve of the
noncompliance.4 Notice of
1 12 U.S.C. 1843(l)(1)(C). Section 10(c)(2)(H) of the
Home Owner’s Loan Act, 12 U.S.C. 1467a(c)(2)(H),
and Section 8(a) of the International Banking Act,
12 U.S.C. 3106(a), respectively, make this
requirement applicable to SLHCs and Foreign
Banking Organizations (FBOs) seeking to be treated
as FHCs.
2 12 U.S.C. 1843(k)(1).
3 12 CFR 225.88(e).
4 12 U.S.C. 1843(l)(1); 12 CFR 225.83(b)(1),
225.93(b)(1), and 238.66(b).
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noncompliance triggers restrictions on
the FHC’s ability to engage in additional
nonbanking activities and commences a
45-day period for the FHC to submit
plans to the Federal Reserve for curing
the deficiencies and to execute a formal
cure agreement with the Federal
Reserve.5
Notices by State Member Banks to
Invest in Financial Subsidiaries (FR
4017). The Federal Reserve Act and
Regulation H require state member
banks to obtain approval from the
Federal Reserve prior to establishing,
acquiring control of, or acquiring an
interest in a financial subsidiary, and
prior to engaging in additional financial
activities through an existing financial
subsidiary.6 The information contained
in the notice is used by the Federal
Reserve to ascertain whether the filer is
eligible to establish a financial
subsidiary.
Regulatory Relief Requests Associated
with Merchant Banking Activities (FR
4019). Regulation Y generally limits
holding periods for merchant banking
investments to 10 years (15 years in the
case of investments in or through
private equity funds), but permits a FHC
to request holding period extensions on
a case-by-case basis.7 Information
contained in the request is used to
determine whether the request should
be granted. The BHC Act also bars FHCs
from routinely managing or operating
portfolio companies held as merchant
banking investments, except as
necessary or required to obtain a
reasonable return on investment. To
help monitor compliance with this
limitation, Regulation Y requires a FHC
to notify the Federal Reserve if the
FHC’s routine management or operation
of a portfolio company lasts longer than
nine months.8 Information in the notice
enables the Federal Reserve to monitor
compliance with requirements for
engaging in merchant banking activities.
Recordkeeping Requirements
Associated with Merchant Banking
Activities (FR 4023). Regulation Y
requires companies engaging in
merchant banking activities to establish
and maintain policies, procedures,
records, and systems for managing the
activities and the risk associated with
them and to make these materials
available upon request to the Federal
Reserve.9 Regulation Y also requires
5 12 U.S.C. 1843(m)(2) and 1467a(c)(2)(H)(ii), 12
CFR 225.83(d) and 225.93(d).
6 12 U.S.C. 335 (applying the prior approval
requirements of 12 U.S.C. 24a(a)(2)(F)); 12 CFR
208.76(a).
7 12 CFR 225.172(b), 225.173(c); 12 CFR
225.172(b)(4), and 225.173(c)(2).
8 12 CFR 225.171, 225.171(e)(3).
9 12 CFR 225.175.
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Federal Register / Vol. 78, No. 104 / Thursday, May 30, 2013 / Notices
FHCs to document any routine
management or operation of a portfolio
company and to make this
documentation available to the Federal
Reserve on request.10 Examiners use this
information to assess whether the FHC
is conducting its merchant banking
activities in a safe and sound manner
and whether the FHC is in compliance
with applicable regulatory requirements
for engaging in merchant banking
activities.
There are no formal reporting forms
for these collections of information,
which are event generated, though in
each case the type of information
required to be filed is described in the
Board’s regulations. These collections of
information are required pursuant to
amendments made by the GLB Act to
the BHC Act or the Federal Reserve Act,
or Board regulations issued to carry out
the GLB Act.
Current Actions: The Federal Reserve
proposes to revise FR 4012 to include
SLHCs, consistent with interim final
Regulation LL (CFR 238.66(b)).11
Board of Governors of the Federal Reserve
System, May 23, 2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013–12715 Filed 5–29–13; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Office of the Secretary
[Document Identifier: HHS–OS–19129–30D]
Agency Information Collection
Activities; Submission to OMB for
Review and Approval; Public Comment
Request
Office of the Secretary, HHS.
Notice.
AGENCY:
ACTION:
In compliance with section
3507(a)(1)(D) of the Paperwork
Reduction Act of 1995, the Office of the
Secretary (OS), Department of Health
and Human Services, has submitted an
Information Collection Request (ICR),
described below, to the Office of
Management and Budget (OMB) for
review and approval. The ICR is for a
new collection. Comments submitted
during the first public review of this ICR
will be provided to OMB. OMB will
accept further comments from the
public on this ICR during the review
and approval period.
DATES: Comments on the ICR must be
received on or before July 1, 2013.
ADDRESSES: Submit your comments to
OIRA_submission@omb.eop.gov or via
facsimile to (202) 395–5806.
FOR FURTHER INFORMATION CONTACT:
Information Collection Clearance staff,
Information.CollectionClearance@
hhs.gov or (202) 690–6162.
SUPPLEMENTARY INFORMATION: When
submitting comments or requesting
information, please include the
Information Collection Request Title
and document identifier HHS–OS–
19129–30D for reference.
Information Collection Request Title:
HIPAA Audit Review Survey.
Abstract: This information collection
consists of an online survey of 115
covered entities (health plans, health
care clearinghouses, and health care
providers) that were audited in 2012
through the Office for Civil Rights
HIPAA Audit Program. The survey will
gather information on the effect of the
audits on the audited entities and the
entities’ opinions about the audit
process.
Need and Proposed Use of the
Information: The Office for Civil Rights
is currently conducting a review of the
HIPAA Audit program to determine its
efficacy in assessing the HIPAA
compliance efforts of covered entities.
SUMMARY:
As part of that review, the online survey
will be used to:
• Measure the effect of the HIPAA
Audit program on covered entities;
• Gauge their attitudes towards the
audit overall and in regards to major
audit program features, such as the
document request, communications
received, the on-site visit, the auditreport findings and recommendations;
• Obtain estimates of costs incurred
by covered entities, in time and money,
spent responding to audit-related
requests;
• Seek feedback on the effect of the
HIPAA Audit program on the day-to-day
business operations; and
• Assess whether improvements in
HIPAA compliance were achieved as a
result of the Audit program.
The information, opinions, and
comments collected using the online
survey will be used to produce
recommendations for improving the
HIPAA Audit program.
Likely Respondents: The 115 audit
points-of-contact for each covered entity
audited as part of the 2012 HIPAA
Compliance Audit Program.
Burden Statement: Burden in this
context means the time expended by
persons to generate, maintain, retain,
disclose or provide the information
requested. This includes the time
needed to review instructions, to
develop, acquire, install and utilize
technology and systems for the purpose
of collecting, validating and verifying
information, processing and
maintaining information, and disclosing
and providing information, to train
personnel and to be able to respond to
a collection of information, to search
data sources, to complete and review
the collection of information, and to
transmit or otherwise disclose the
information. The total annual burden
hours estimated for this ICR are
summarized in the table below.
TOTAL ESTIMATED ANNUALIZED BURDEN—HOURS
Number of
respondents
Average
burden per
response
(in hours)
Number of
responses per
respondent
Total burden
hours
Form name
Covered Entity Privacy and Security
Officer(s).
OCR HIPAA Audit Evaluation Survey.
115
1
27
52
Total ...........................................
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Type of respondent
...........................................................
........................
........................
........................
52
10 12
CFR 225.171(e)(4).
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FR 56508) September 13, 2011.
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]]>Agencies
[Federal Register Volume 78, Number 104 (Thursday, May 30, 2013)]
[Notices]
[Pages 32387-32389]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-12715]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act (PRA),
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers
to collection of information requests and requirements conducted or
sponsored by the Board under conditions set forth in 5 CFR part 1320
Appendix A.1. 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 instruments 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.
DATES: Comments must be submitted on or before July 29, 2013.
ADDRESSES: You may submit comments, identified by FR 4010, FR 4011, FR
4012, FR 4017, FR 4019, or FR 4023 by any of the following methods:
Agency Web Site: https://www.federalreserve.gov. Follow the
instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Email: regs.comments@federalreserve.gov. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Robert deV. Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue NW.,
Washington, DC 20551.
All public comments are available from the Board's Web site at
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form in Room MP-
500 of the Board's Martin Building (20th and C Streets NW.) between
9:00 a.m. and 5:00 p.m. on weekdays.
Additionally, commenters may send a copy of their comments to the
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by
fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site at: https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division
of Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information Collection Proposals
The following information collection, which is being handled under
this delegated authority, has received initial Board approval and is
hereby published for comment. At the end of the comment period, the
proposed information collection, along with an analysis of comments and
recommendations received, will be submitted to the Board for final
approval under OMB delegated authority. Comments are invited on the
following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve's estimate of the burden of
the proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal to approve under OMB delegated authority the extension for
three years, with revision, the following information collection:
Report title: Information Collections Related to the Gramm-Leach-
Bliley (GLB) Act.
Agency form number: FR 4010, FR 4011, FR 4012, FR 4017, FR 4019,
and FR 4023.
OMB control number: 7100-0292.
Frequency: On occasion.
Reporters: Bank Holding Companies (BHCs), foreign banking
organizations (FBOs), state member banks (SMBs), and Savings and Loan
Holding Companies (SLHCs).
Annual reporting hours: 1,884 hours.
Estimated average hours per response: FR 4010: BHC and SLHCs 3
hours, FBOs 3.5 hours; FR 4011: 10 hours; FR 4012: BHCs decertified as
financial holding companies (FHCs) 1 hour, SLHCs decertified as a FHC 1
hour, FHCs back into compliance--BHC 10 hours; FHCs back into
compliance--SLHC 10 hours, FR 4017: 4 hours; FR 4019: Regulatory relief
requests 1 hour, Portfolio company notification 1 hour; and FR 4023: 50
hours.
Number of respondents: FR 4010: BHC and SLHCs 29, FBOs 5; FR 4011:
5; FR 4012: BHCs decertified as FHCs 8, SLHCs decertified as a FHC 2,
FHCs back into compliance--BHC 17; FHCs back into compliance--SLHC 3,
FR 4017: 3; FR 4019: Regulatory relief
[[Page 32388]]
requests 5, Portfolio company notification 2; FR 4023: 30.
General description of report: The FR 4010 is required to obtain a
benefit and is authorized under Section 4(l)(1)(C) of the BHC Act, 12
U.S.C. 1843(l)(l)(C); section 10(c)(2)(H) of the Home Owner's Loan Act
12 U.S.C. 1467a(c)(2)(H); section 8(a) of the International Banking
Act, 12 U.S.C. 3106(a); sections 225.82 and 225.91 of Regulation Y, 12
CFR 225.82 and 225.91; and section 238.65 of Regulation LL, 12 CFR
238.65.
The FR 4011 is voluntary and is authorized under Sections 4(j) and
4(k) of the BHC Act, 12 U.S.C. 1843(j) through (k); and sections
225.88, and 225.89, of Regulation Y, 12 CFR 225.88, and 225.89.
The FR 4012 is mandatory and is authorized under Section 4(l)(1)
and 4(m) of the BHC Act, 12 U.S.C. 1843(l)(1) and (m); section
10(c)(2)(H) of the Home Owner's Loan Act 12 U.S.C. 1467a(c)(2)(H);
section 8(a) of the International Banking Act, 12 U.S.C. 3106(a); and
sections 225.83 and 225.93 of Regulation Y, 12 CFR 225.83 and 225.93;
and section 238.66(b) of Regulation LL 12 CFR 238.66(b).
The FR 4017 is required to obtain a benefit and is authorized under
Section 9 of the Federal Reserve Act, 12 U.S.C. 335; and section 208.76
of Regulation H, 12 CFR 208.76.
The FR 4019 is required to obtain a benefit and is authorized under
Section 4(k)(7) of the BHC Act, 12 U.S.C. 1843(k)(7); and sections
225.171(e)(3), 225.172(b)(4), and 225.173(c)(2) of Regulation Y, 12 CFR
225.171(e)(3), 225.172(b)(4), and 225.173(c)(2).
The FR 4023 is mandatory and is authorized under Section 4(k)(7) of
the BHC Act, 12 U.S.C. 1843(k)(7); and sections 225.171(e)(4) and
225.175 of Regulation Y, 12 CFR 225.171(e)(4) and 225.175.
For the FR 4010, FR 4011, FR 4017, FR 4019, and information related
to a failure to meet capital requirements on the FR 4012, a company may
request confidential treatment of the information contained in these
information collections pursuant to section (b)(4) and (b)(6) of the
Freedom of Information Act (FOIA)(5 U.S.C. 552 (b)(4) and (b)(6)).
Information related to a failure to meet management requirements on the
FR 4012 is confidential and exempt from disclosure under section
(b)(4), because the release of this information would cause substantial
harm to the competitive position of the entity, and (b)(8) if the
information is related to examination, operating, or condition reports
prepared by, on behalf of, or for the use of an agency responsible for
the regulation or supervision of financial institutions. Since the
Federal Reserve does not collect the FR 4023, no issue of
confidentiality under the FOIA arises. FOIA will only be implicated if
the Board's examiners retained a copy of the records in their
examination or supervision of the institution, and would likely be
exempt from disclosure pursuant to FOIA (5 U.S.C. 552(b)(4), (b)(6),
and (b)(8)).
Abstract: President Clinton signed the GLB Act into law on November
12, 1999. Final regulations implementing the GLB Act and mandating the
subject information collections took effect in 2001. These data
collections include:
Declarations to Become a Financial Holding Company (FR 4010). The
BHC Act requires entities to file this declaration in order to be
treated as FHCs.\1\ The information contained in a FHC declaration is
used by the Federal Reserve to ascertain whether the filer is eligible
to become a FHC.
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\1\ 12 U.S.C. 1843(l)(1)(C). Section 10(c)(2)(H) of the Home
Owner's Loan Act, 12 U.S.C. 1467a(c)(2)(H), and Section 8(a) of the
International Banking Act, 12 U.S.C. 3106(a), respectively, make
this requirement applicable to SLHCs and Foreign Banking
Organizations (FBOs) seeking to be treated as FHCs.
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Requests for Determinations and Interpretations Regarding
Activities Financial in Nature (FR 4011). The GLB Act authorizes the
Federal Reserve, upon request or on its own initiative, to determine in
conjunction with the Treasury Department that nonbanking activities are
financial in nature, incidental to a financial activity, or
complementary to a financial activity.\2\ In addition, Regulation Y
permits interested parties to request the Federal Reserve to issue
advisory opinions that specific proposed activities fall within the
scope of (or are incidental to) financial activities.\3\ To gather
facts necessary to make determinations or issue opinions, the Federal
Reserve must collect information from parties making such requests.
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\2\ 12 U.S.C. 1843(k)(1).
\3\ 12 CFR 225.88(e).
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Notices of Failure to Meet Capital or Management Requirements (FR
4012). The BHC Act provides that a company is eligible for FHC status
only if it and all of its subsidiary depository institutions (and in
the case of a FBO, the foreign bank itself, and its U.S. branches,
agencies, and commercial lending companies) are well managed and well
capitalized. Regulations Y and LL require a FHC that falls out of
compliance with these requirements to notify the Federal Reserve of the
noncompliance.\4\ Notice of noncompliance triggers restrictions on the
FHC's ability to engage in additional nonbanking activities and
commences a 45-day period for the FHC to submit plans to the Federal
Reserve for curing the deficiencies and to execute a formal cure
agreement with the Federal Reserve.\5\
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\4\ 12 U.S.C. 1843(l)(1); 12 CFR 225.83(b)(1), 225.93(b)(1), and
238.66(b).
\5\ 12 U.S.C. 1843(m)(2) and 1467a(c)(2)(H)(ii), 12 CFR
225.83(d) and 225.93(d).
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Notices by State Member Banks to Invest in Financial Subsidiaries
(FR 4017). The Federal Reserve Act and Regulation H require state
member banks to obtain approval from the Federal Reserve prior to
establishing, acquiring control of, or acquiring an interest in a
financial subsidiary, and prior to engaging in additional financial
activities through an existing financial subsidiary.\6\ The information
contained in the notice is used by the Federal Reserve to ascertain
whether the filer is eligible to establish a financial subsidiary.
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\6\ 12 U.S.C. 335 (applying the prior approval requirements of
12 U.S.C. 24a(a)(2)(F)); 12 CFR 208.76(a).
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Regulatory Relief Requests Associated with Merchant Banking
Activities (FR 4019). Regulation Y generally limits holding periods for
merchant banking investments to 10 years (15 years in the case of
investments in or through private equity funds), but permits a FHC to
request holding period extensions on a case-by-case basis.\7\
Information contained in the request is used to determine whether the
request should be granted. The BHC Act also bars FHCs from routinely
managing or operating portfolio companies held as merchant banking
investments, except as necessary or required to obtain a reasonable
return on investment. To help monitor compliance with this limitation,
Regulation Y requires a FHC to notify the Federal Reserve if the FHC's
routine management or operation of a portfolio company lasts longer
than nine months.\8\ Information in the notice enables the Federal
Reserve to monitor compliance with requirements for engaging in
merchant banking activities.
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\7\ 12 CFR 225.172(b), 225.173(c); 12 CFR 225.172(b)(4), and
225.173(c)(2).
\8\ 12 CFR 225.171, 225.171(e)(3).
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Recordkeeping Requirements Associated with Merchant Banking
Activities (FR 4023). Regulation Y requires companies engaging in
merchant banking activities to establish and maintain policies,
procedures, records, and systems for managing the activities and the
risk associated with them and to make these materials available upon
request to the Federal Reserve.\9\ Regulation Y also requires
[[Page 32389]]
FHCs to document any routine management or operation of a portfolio
company and to make this documentation available to the Federal Reserve
on request.\10\ Examiners use this information to assess whether the
FHC is conducting its merchant banking activities in a safe and sound
manner and whether the FHC is in compliance with applicable regulatory
requirements for engaging in merchant banking activities.
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\9\ 12 CFR 225.175.
\10\ 12 CFR 225.171(e)(4).
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There are no formal reporting forms for these collections of
information, which are event generated, though in each case the type of
information required to be filed is described in the Board's
regulations. These collections of information are required pursuant to
amendments made by the GLB Act to the BHC Act or the Federal Reserve
Act, or Board regulations issued to carry out the GLB Act.
Current Actions: The Federal Reserve proposes to revise FR 4012 to
include SLHCs, consistent with interim final Regulation LL (CFR
238.66(b)).\11\
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\11\ (76 FR 56508) September 13, 2011.
Board of Governors of the Federal Reserve System, May 23, 2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-12715 Filed 5-29-13; 8:45 am]
BILLING CODE 6210-01-P
