Proposed Agency Information Collection Activities; Comment Request, 71730-71733 [2016-25129]
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Federal Register / Vol. 81, No. 201 / Tuesday, October 18, 2016 / Notices
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
the accuracy of the Commission’s
burden estimate; ways to enhance the
quality, utility, and clarity of the
information collected; ways to minimize
the burden of the collection of
information on the respondents,
including the use of automated
collection techniques or other forms of
information technology; and ways to
further reduce the information
collection burden on small business
concerns with fewer than 25 employees.
The FCC may not conduct or sponsor
a collection of information unless it
displays a currently valid OMB control
number. No person shall be subject to
any penalty for failing to comply with
a collection of information subject to the
PRA that does not display a valid OMB
control number.
DATES: Written PRA comments should
be submitted on or before December 19,
2016. If you anticipate that you will be
submitting comments, but find it
difficult to do so within the period of
time allowed by this notice, you should
advise the contact listed below as soon
as possible.
ADDRESSES: Direct all PRA comments to
Cathy Williams, FCC, via email PRA@
fcc.gov and to Cathy.Williams@fcc.gov.
FOR FURTHER INFORMATION CONTACT: For
additional information about the
information collection, contact Cathy
Williams at (202) 418–2918.
SUPPLEMENTARY INFORMATION:
OMB Control Number: 3060–1094.
Title: Licensing, Operation, and
Transition of the 2500–2690 MHz Band.
Form Number: N/A.
Type of Review: Revision of a
currently approved collection.
Respondents: Business or other forprofit entities, not-for-profit institutions,
and state, local, or tribal Government.
Number of Respondents: 10
respondents, 250 responses.
Estimated Time per Response: 0.50
hours.
Frequency of Response: Third-party
disclosure requirement.
Obligation to Respond: Required to
obtain or retain benefits. The statutory
authority for the collection is contained
in 47 U.S.C. 151, 154(i), 301, 303(f),
303(g), 303(r), 307, 308, 316.
Total Annual Burden: 125 hours.
Total Annual Cost: No cost.
Privacy Impact Assessment: No
impact(s).
Nature and Extent of Confidentiality:
There is no need for confidentiality with
this information collection.
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Needs and Uses: The information
collection requirements for this
collection are contained under 47 CFR
27.1221(f) which states a Broadband
Radio Service/Educational Broadband
Service (BRS/EBS) licensee shall
provide the geographic coordinates, the
height above ground level of the center
of radiation for each transmit and
receive antenna, and the date
transmissions commenced for each of
the base stations in its GSA within 30
days of receipt of a request from a cochannel BRS/EBS licensee with an
operational base station located in a
proximate GSA. Information shared
pursuant to this section shall not be
disclosed to other parties except as
required to ensure compliance with this
section.
The third party disclosure
coordination and information exchange
requirements are necessary to ensure
that licensees do not cause interference
to each other.
Federal Communications Commission.
Marlene H. Dortch,
Secretary, Office of the Secretary.
[FR Doc. 2016–25065 Filed 10–17–16; 8:45 am]
BILLING CODE 6712–01–P
Resolutions and Receiverships,
Attention: Receivership Oversight
Department 34.6, 1601 Bryan Street,
Dallas, TX 75201.
No comments concerning the
termination of this receivership will be
considered which are not sent within
this time frame.
Dated: October 13, 2016.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2016–25130 Filed 10–17–16; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice for comment regarding
the Federal Reserve proposal to extend
without revision the clearance under the
Paperwork Reduction Act for the
following information collection
activity.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board or
Federal Reserve) invites comment on a
proposal to extend for three years,
without revision, the following
reporting and recordkeeping
requirements related to amendments
made by the Gramm-Leach-Bliley Act,
to the Bank Holding Company Act, the
Federal Reserve Act, and related
regulations:
• The mandatory Declarations to
Become a Financial Holding Company
(FHC) (FR 4010); 1
• The voluntary Requests for
Determinations and Interpretations
Regarding Activities Financial in Nature
(FR 4011);
• The mandatory Notices of Failure to
Meet Capital or Management
Requirements (FR 4012); 2
• The mandatory Notices by State
Member Banks to Invest in Financial
Subsidiaries (FR 4017);
• The mandatory Regulatory Relief
Requests Associated with Merchant
Banking Activities (FR 4019); and
• The mandatory Recordkeeping
Requirements Associated with Merchant
Banking Activities (FR 4023).
SUMMARY:
FEDERAL DEPOSIT INSURANCE
CORPORATION
Notice to All Interested Parties of the
Termination of the Receivership of
10372—Mountain Heritage Bank
Clayton, Georgia
Notice is hereby given that the
Federal Deposit Insurance Corporation
(‘‘FDIC’’) as Receiver for Mountain
Heritage Bank, Clayton, Georgia (‘‘the
Receiver’’) intends to terminate its
receivership for said institution. The
FDIC was appointed receiver of
Mountain Heritage Bank on June 24,
2011. The liquidation of the
receivership assets has been completed.
To the extent permitted by available
funds and in accordance with law, the
Receiver will be making a final dividend
payment to proven creditors.
Based upon the foregoing, the
Receiver has determined that the
continued existence of the receivership
will serve no useful purpose.
Consequently, notice is given that the
receivership shall be terminated, to be
effective no sooner than thirty days after
the date of this Notice. If any person
wishes to comment concerning the
termination of the receivership, such
comment must be made in writing and
sent within thirty days of the date of
this Notice to: Federal Deposit
Insurance Corporation, Division of
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1 Savings and Loan Holding Companies (SLHCs)
were added to the FR 4010 as a result of Regulation
LL. 12 CFR 238.65. (76 FR 56508) September 13,
2011.
2 SLHCs were added to the FR 4012 as a result
of Regulation LL. 12 CFR 238.65. (76 FR 56508)
September 13, 2011.
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These collections of information are
event-generated and as such, there are
no formal reporting forms associated
with them. In each case, the type of
information required to be filed is
described in the Board’s regulations.
On June 15, 1984, the Office of
Management and Budget (OMB)
delegated to the Board authority under
the Paperwork Reduction Act (PRA) to
approve of and assign OMB control
numbers to collection of information
requests and requirements conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
DATES: Comments must be submitted on
or before December 19, 2016.
ADDRESSES: You may submit comments,
identified by GLB Filings, 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 https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx 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 3515, 1801 K Street
(between 18th and 19th Streets NW.)
Washington, DC 20006 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,
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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—Nuha Elmaghrabi—Office of
the Chief Data Officer, 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 Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. 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 startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Federal Reserve
should modify the proposed revisions
prior to giving final approval.
Proposal To Approve Under OMB
Delegated Authority the Extension for
Three Years, Without Revision, of the
Following Information Collection
Report title: Certain Filings Related to
the GLB Act.
Agency form number: FR 4010, FR
4011, FR 4012, FR 4017, FR 4019, and
FR 4023.
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OMB control number: 7100–0292.
Frequency: On occasion.
Respondents: BHCs, SLHCs, foreign
banking organizations, and state
member banks.
Estimated number of respondents: FR
4010: BHCs and SLHCs, 31, Foreign
banks, 1; FR 4011: 5; FR 4012: BHCs
decertified as an FHC, 2, FHCs back into
compliance—BHC, 14; FR 4017: 1; FR
4019: Regulatory relief requests, 4,
Portfolio company notification 2; FR
4023: 30.
Estimated average hours per response:
FR 4010: BHCs and SLHCs, 3 hours,
Foreign banks, 4 hours; FR 4011: 10
hours; FR 4012: BHCs decertified as an
FHC, 1 hour, FHCs back into
compliance—BHC, 10 hours; FR 4017: 4
hours; FR 4019: Regulatory relief
requests, 1 hour, Portfolio company
notification, 1 hour; FR 4023: 50 hours.
Estimated annual burden hours: FR
4010: BHCs and SLHCs, 93 hours,
Foreign banks, 4 hours; FR 4011: 50
hours; FR 4012: BHCs decertified as an
FHC, 2 hours, FHCs back into
compliance—BHC, 140 hours; FR 4017:
4 hours; FR 4019: Regulatory relief
requests, 4 hours, Portfolio company
notification, 2 hours; FR 4023: 1500
hours.
General Description of Report
FR 4010
The BHC Act, and Regulations Y and
LL specify the information to be
included in a declaration.3 In most
cases, FHC declarations are filed in the
form of a letter addressed to the
appropriate Federal Reserve Bank.
An FHC declaration filed by a U.S.
BHC must state that the BHC elects to
become an FHC, must be signed by an
authorized official or representative,
and must provide the following
information:
• The name and head office address
of the BHC and of each depository
institution controlled by the BHC
(multi-tiered filers may file a single
declaration, provided the name and
head office address of each tiered
company is listed.)
• a certification that the BHC and all
depository institutions controlled by the
BHC are well capitalized and well
managed as of the declaration date
• the capital ratios (as of the close of
the previous quarter for all relevant
capital measures) for each depository
institution the BHC controls
An FHC declaration filed by a U.S.
SLHC must state that the SLHC elects to
be treated as an FHC, must be signed by
an authorized official or representative,
3 12 U.S.C. 1843(l)(1); 12 CFR 225.82, 238.65(b)
and 225.91.
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and must provide the following
information:
• The name and head office address
of the SLHC and of each depository
institution controlled by the SLHC
(Multi-tiered filers may file a single
declaration, provided the name and
head office address of each tiered
company is listed.)
• a certification that the SLHC and all
depository institutions controlled by the
SLHC are well capitalized and well
managed as of the declaration date
• the capital ratios (as of the close of
the previous quarter for all relevant
capital measures) for each depository
institution the SLHC controls
An FHC declaration filed by an FBO
must state that the FBO elects to be
treated as an FHC, must be signed by an
authorized official or representative,
and must provide the following
information:
• With respect to each foreign bank
controlled by the FBO, the bank’s riskbased capital ratios, amount of tier 1
capital, and total assets, as of the close
of the most recent quarter and as of the
close of the most recent audited
reporting period
• a certification that each foreign
bank controlled by the FBO is wellcapitalized and well-managed
• a certification that all U.S.
depository institutions controlled by the
FBO are well capitalized and well
managed as of the declaration date
• the capital ratios (as of the close of
the previous quarter for all relevant
capital measures) for each U.S.
depository institution controlled by the
FBO
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FR 4011
Regulation Y specifies the information
to be collected in connection with each
type of request.4 A request for a
determination that an activity is
financial in nature or incidental to a
financial activity must be in writing
and:
• Identify, define, and describe the
activity and explain how the activity
would be conducted,
• explain why the activity should be
considered financial in nature or
incidental to a financial activity; and
• include information supporting the
request and any other information
required by the Board.
A request for an advisory opinion that
a specific activity is within the scope of
activities previously determined to be
financial in nature, or incidental to a
financial activity, must be in writing
and:
• Identify and describe the proposed
activity or the proposed product or
service,
• offer support for the desired
interpretation, and
• include any other information
requested by the Board.
An applicant seeking prior approval
to engage in an activity that the
applicant believes is complementary to
a financial activity must submit a
written request that:
• Identifies, defines, and describes
the activity and explains how the
activity would be conducted;
• identifies the financial activity to
which the proposed activity would be
complementary and provides
information sufficient to support a
finding that the proposed activity is
complementary to the financial activity;
• describes the scope and relative size
of the proposed activity, measured by
the percentage of the FHC’s projected
revenues expected to be derived from,
and assets associated with, the activity;
• discusses the risks the activity may
reasonably be expected to pose to the
safety and soundness of the FHC’s
depository institutions and to the
financial system generally;
• describes the potential adverse
effects, including potential conflicts of
interest, decreased or unfair
competition, or other risks, that the
activity could cause, and the measures
the FHC proposes to take to address
those potential effects;
• describes the potential benefits to
the public, such as greater convenience,
increased competition, or gains in
efficiency, the proposal may be
reasonably expected to produce; and
• provides information about the
FHC’s financial and managerial
resources and any other information
requested by the Board.
FR 4012
Regulation Y provides that the notice
must identify the noncompliant banking
entity and the area of noncompliance.
Regulation Y does not prescribe a format
for such notices, however, they typically
take the form of a letter.5 Plans
submitted to remediate capital and
management deficiencies typically
include the following:
• An explanation of the specific
actions the FHC will take to correct all
areas of noncompliance
• a schedule within which each
action will be taken
• any other information the Board
may require
FR 4017
Regulation H requires FR 4017 notices
to be in the form of a letter with
enclosures and to: 6
• Describe the proposed transaction
by which the bank would acquire the
stake in the financial subsidiary;
• provide the name and head office
address of the subsidiary;
• describe each current and proposed
activity of the financial subsidiary and
the legal authority for each activity;
• provide the capital ratios, as of the
end of the most recent calendar quarter,
for the bank and each of its depository
institution affiliates;
• certify that the bank and each of its
depository institution affiliates were
well-capitalized at the close of the
previous calendar quarter and as of the
notice date;
• certify that the bank and each of its
depository institution affiliates are wellmanaged as of the notice date;
• certify that the bank meets any
applicable debt rating or alternative
requirements and complies both before
and after the transaction with the limit
on the aggregate amount of assets held
by the bank’s financial subsidiaries; and
• describe the insurance activities, if
the financial subsidiary will engage in
insurance activities, to be conducted
and identify each state in which the
company holds an insurance license
and the state insurance authority that
issued the license.
FR 4019
Regulation Y requires requests for
extension of the holding period for a
merchant bank investment to include
the following information: 7
• The reasons for the request,
including information addressing the
factors the Board must consider in
acting on such a request (including the
costs and risks to the FHC of disposing
of the investment, market conditions,
the extent and history of the FHC’s
involvement in managing or operating
the portfolio company, and the FHC’s
average holding period for its merchant
banking investments)
• an explanation of the FHC’s plan for
divesting the investment
A notice of extended routine
management or operation of a portfolio
company can be in the form of a brief
letter and must identify the portfolio
company, the date on which the FHC
first became involved in the routine
management or operation of the
portfolio company, the reasons for the
FHC’s involvement, the actions taken by
the FHC to address the circumstances
6 12
4 12
CFR 225.88(b) and (e), and 225.89.
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5 12
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CFR 225.83(b)(1), 225.93(b)(1) and 238.66(b).
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7 12
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CFR 208.76.
CFR 225.172(b)(4).
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giving rise to its involvement, and an
estimate of when the FHC anticipates
ceasing routinely managing or operating
the portfolio company.
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FR 4023
The general policies and procedures
that an FHC must establish with respect
to merchant banking must be reasonably
designed to: 8
• Monitor, with respect to each
investment and the entire portfolio,
carrying and market values and
performance;
• identify and manage market, credit,
and other risks of such investments;
• identify and monitor terms and
risks of transactions of companies in
which the FHC has merchant banking
investments;
• ensure the corporate separateness of
the FHC and the companies in which it
has merchant banking investments;
• ensure compliance with sections
23A and 23B of the FRA, anti-tying
statutes, Regulation Y, and any other
applicable provisions of law.
Legal Authorization and Confidentiality
• FR 4010 is authorized by section
4(l)(1)(C) of the BHC Act (12 U.S.C. 1843
(l)(1)(C)); section 10(c)(2)(H) of the
Home Owners’ 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
the Board’s Regulation Y (12 CFR
225.82, 225.91; and section 238.65 of
the Board’s Regulation LL (12 CFR
238.65)).
• FR 4011 is authorized by section
4(j) and (k) of the BHC Act (12 U.S.C.
1843(j)–(k)), and sections 225.88 and
225.89 of the Board’s Regulation Y (12
CFR 225.88, 225.89).
• FR 4012 is authorized by section
4(l)(1) and 4(m) of the BHC Act (12
U.S.C. 1843(l)(1), (m)); section
10(c)(2)(H) of the Home Owners’ 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 225.83 and
225.93 of the Board’s Regulation Y (12
CFR 225.83, 225.93); and section
238.66(b) of the Board’s Regulation LL
(12 CFR 238.66(b)).
• FR 4017 is authorized by section 9
of the FRA (12 U.S.C. 335), and section
208.76 of the Board’s Regulation H (12
CFR 208.76).
• FR 4019 is authorized by section
4(k)(7) of the BHC Act (12 U.S.C.
1843(k)(7)); sections 225.171(e)(3),
225.172(b)(4); and section 225.173(c)(2)
of the Board’s Regulation Y (12 CFR
225.171(e)(3), 225.172(b)(4),
225.173(c)(2)).
8 12
CFR 225.175(a)(1).
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• FR 4023 is authorized by 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 the Board’s Regulation Y
(12 CFR 225.171(e)(4), 225.175).
The obligation to respond to the FR
4011 is voluntary (for requests to
determine that an activity is financial in
nature or to issue an advisory opinion
that an activity is within the scope of an
activity previously determined to be
financial in nature) and required to
obtain or retain benefits (for approvals
to engage in an activity that is
complementary to a financial activity).
The obligation to respond to the FR
4010, FR 4017, and FR 4019 is required
to obtain or retain benefits. The
obligation to respond to FR 4012 and
the obligation to comply with the
recordkeeping requirements of the FR
4023 is mandatory.
The information collected on the FR
4010, FR 4011, FR 4017, and FR 4019
and information related to a failure to
meet capital requirements on the FR
4012 is not generally considered
confidential. Nevertheless, a respondent
may request confidential treatment of
information contained in these
information collections in accordance
with section (b)(4) or (b)(6) of the
Freedom of Information Act (FOIA) (5
U.S.C. 552(b)(4), (b)(6)). Any request for
confidential treatment of information
must be accompanied by a detailed
justification for confidentiality.
Information related to a failure to meet
management requirements on the FR
4012 is considered 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 section (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 (5
U.S.C. 552(b)(4), (b)(8)).
Additionally, the records kept in
accordance with the Recordkeeping
Requirements Associated with Merchant
Banking Activities are retained by the
respondent itself and the FOIA would
only be implicated if the Board’s
examiners retained a copy of the records
as part of an examination or supervision
of a banking institution. In this case, the
records would likely be exempt from
disclosure under exemption (b)(8), for
examination material. 5 U.S.C.
552(b)(8). In addition, the records may
also be exempt under (b)(4) and (b)(6).
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Board of Governors of the Federal Reserve
System, October 13, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016–25129 Filed 10–17–16; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF DEFENSE
GENERAL SERVICES
ADMINISTRATION
NATIONAL AERONAUTICS AND
SPACE ADMINISTRATION
[OMB Control No. 9000–0094]; [Docket
2016–0053; Sequence 11]
Submission for OMB Review;
Debarment and Suspension and Other
Responsibility Matters
Department of Defense (DOD),
General Services Administration (GSA),
and National Aeronautics and Space
Administration (NASA).
ACTION: Notice of request for comments
regarding an extension to an existing
OMB clearance.
AGENCY:
Under the provisions of the
Paperwork Reduction Act the
Regulatory Secretariat Division will be
submitting to the Office of Management
and Budget (OMB) a request to review
and approve an extension of a
previously approved information
collection requirement concerning
debarment and suspension. This request
also incorporated two other related
information collection requirements
(‘‘Information Regarding Responsibility
Matters’’ and ‘‘Prohibition on
Contracting with Inverted Domestic
Corporations—Representation and
Notification’’), which will be cancelled
upon approval of this clearance. A
notice was published in the Federal
Register at 81 FR 8719 on February 22,
2016. One comment was received.
DATES: Submit comments on or before
November 17, 2016.
ADDRESSES: Submit comments regarding
this burden estimate or any other aspect
of this collection of information,
including suggestions for reducing this
burden to: Office of Information and
Regulatory Affairs of OMB, Attention:
Desk Office for GSA, Room 10236,
NEOB, Washington, DC 20503.
Additionally, submit a copy to GSA by
any of the following methods:
• Regulations.gov: https://
www.regulations.gov.
Submit comments via the Federal
eRulemaking portal by searching the
OMB control number. Select the link
‘‘Submit a Comment’’ that corresponds
SUMMARY:
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]]>Agencies
[Federal Register Volume 81, Number 201 (Tuesday, October 18, 2016)]
[Notices]
[Pages 71730-71733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-25129]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice for comment regarding the Federal Reserve proposal to
extend without revision the clearance under the Paperwork Reduction Act
for the following information collection activity.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board or
Federal Reserve) invites comment on a proposal to extend for three
years, without revision, the following reporting and recordkeeping
requirements related to amendments made by the Gramm-Leach-Bliley Act,
to the Bank Holding Company Act, the Federal Reserve Act, and related
regulations:
The mandatory Declarations to Become a Financial Holding
Company (FHC) (FR 4010); \1\
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\1\ Savings and Loan Holding Companies (SLHCs) were added to the
FR 4010 as a result of Regulation LL. 12 CFR 238.65. (76 FR 56508)
September 13, 2011.
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The voluntary Requests for Determinations and
Interpretations Regarding Activities Financial in Nature (FR 4011);
The mandatory Notices of Failure to Meet Capital or
Management Requirements (FR 4012); \2\
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\2\ SLHCs were added to the FR 4012 as a result of Regulation
LL. 12 CFR 238.65. (76 FR 56508) September 13, 2011.
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The mandatory Notices by State Member Banks to Invest in
Financial Subsidiaries (FR 4017);
The mandatory Regulatory Relief Requests Associated with
Merchant Banking Activities (FR 4019); and
The mandatory Recordkeeping Requirements Associated with
Merchant Banking Activities (FR 4023).
[[Page 71731]]
These collections of information are event-generated and as such,
there are no formal reporting forms associated with them. In each case,
the type of information required to be filed is described in the
Board's regulations.
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board authority under the Paperwork Reduction Act
(PRA) to approve of and assign OMB control numbers to collection of
information requests and requirements conducted or sponsored by the
Board. In exercising this delegated authority, the Board is directed to
take every reasonable step to solicit comment. In determining whether
to approve a collection of information, the Board will consider all
comments received from the public and other agencies.
DATES: Comments must be submitted on or before December 19, 2016.
ADDRESSES: You may submit comments, identified by GLB Filings, 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
https://www.federalreserve.gov/apps/foia/proposedregs.aspx 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
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC
20006 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--Nuha Elmaghrabi--Office of
the Chief Data Officer, 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 Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. 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 startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Federal
Reserve should modify the proposed revisions prior to giving final
approval.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Information Collection
Report title: Certain Filings Related to the 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.
Respondents: BHCs, SLHCs, foreign banking organizations, and state
member banks.
Estimated number of respondents: FR 4010: BHCs and SLHCs, 31,
Foreign banks, 1; FR 4011: 5; FR 4012: BHCs decertified as an FHC, 2,
FHCs back into compliance--BHC, 14; FR 4017: 1; FR 4019: Regulatory
relief requests, 4, Portfolio company notification 2; FR 4023: 30.
Estimated average hours per response: FR 4010: BHCs and SLHCs, 3
hours, Foreign banks, 4 hours; FR 4011: 10 hours; FR 4012: BHCs
decertified as an FHC, 1 hour, FHCs back into compliance--BHC, 10
hours; FR 4017: 4 hours; FR 4019: Regulatory relief requests, 1 hour,
Portfolio company notification, 1 hour; FR 4023: 50 hours.
Estimated annual burden hours: FR 4010: BHCs and SLHCs, 93 hours,
Foreign banks, 4 hours; FR 4011: 50 hours; FR 4012: BHCs decertified as
an FHC, 2 hours, FHCs back into compliance--BHC, 140 hours; FR 4017: 4
hours; FR 4019: Regulatory relief requests, 4 hours, Portfolio company
notification, 2 hours; FR 4023: 1500 hours.
General Description of Report
FR 4010
The BHC Act, and Regulations Y and LL specify the information to be
included in a declaration.\3\ In most cases, FHC declarations are filed
in the form of a letter addressed to the appropriate Federal Reserve
Bank.
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\3\ 12 U.S.C. 1843(l)(1); 12 CFR 225.82, 238.65(b) and 225.91.
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An FHC declaration filed by a U.S. BHC must state that the BHC
elects to become an FHC, must be signed by an authorized official or
representative, and must provide the following information:
The name and head office address of the BHC and of each
depository institution controlled by the BHC (multi-tiered filers may
file a single declaration, provided the name and head office address of
each tiered company is listed.)
a certification that the BHC and all depository
institutions controlled by the BHC are well capitalized and well
managed as of the declaration date
the capital ratios (as of the close of the previous
quarter for all relevant capital measures) for each depository
institution the BHC controls
An FHC declaration filed by a U.S. SLHC must state that the SLHC
elects to be treated as an FHC, must be signed by an authorized
official or representative,
[[Page 71732]]
and must provide the following information:
The name and head office address of the SLHC and of each
depository institution controlled by the SLHC (Multi-tiered filers may
file a single declaration, provided the name and head office address of
each tiered company is listed.)
a certification that the SLHC and all depository
institutions controlled by the SLHC are well capitalized and well
managed as of the declaration date
the capital ratios (as of the close of the previous
quarter for all relevant capital measures) for each depository
institution the SLHC controls
An FHC declaration filed by an FBO must state that the FBO elects
to be treated as an FHC, must be signed by an authorized official or
representative, and must provide the following information:
With respect to each foreign bank controlled by the FBO,
the bank's risk-based capital ratios, amount of tier 1 capital, and
total assets, as of the close of the most recent quarter and as of the
close of the most recent audited reporting period
a certification that each foreign bank controlled by the
FBO is well-capitalized and well-managed
a certification that all U.S. depository institutions
controlled by the FBO are well capitalized and well managed as of the
declaration date
the capital ratios (as of the close of the previous
quarter for all relevant capital measures) for each U.S. depository
institution controlled by the FBO
FR 4011
Regulation Y specifies the information to be collected in
connection with each type of request.\4\ A request for a determination
that an activity is financial in nature or incidental to a financial
activity must be in writing and:
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\4\ 12 CFR 225.88(b) and (e), and 225.89.
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Identify, define, and describe the activity and explain
how the activity would be conducted,
explain why the activity should be considered financial in
nature or incidental to a financial activity; and
include information supporting the request and any other
information required by the Board.
A request for an advisory opinion that a specific activity is
within the scope of activities previously determined to be financial in
nature, or incidental to a financial activity, must be in writing and:
Identify and describe the proposed activity or the
proposed product or service,
offer support for the desired interpretation, and
include any other information requested by the Board.
An applicant seeking prior approval to engage in an activity that
the applicant believes is complementary to a financial activity must
submit a written request that:
Identifies, defines, and describes the activity and
explains how the activity would be conducted;
identifies the financial activity to which the proposed
activity would be complementary and provides information sufficient to
support a finding that the proposed activity is complementary to the
financial activity;
describes the scope and relative size of the proposed
activity, measured by the percentage of the FHC's projected revenues
expected to be derived from, and assets associated with, the activity;
discusses the risks the activity may reasonably be
expected to pose to the safety and soundness of the FHC's depository
institutions and to the financial system generally;
describes the potential adverse effects, including
potential conflicts of interest, decreased or unfair competition, or
other risks, that the activity could cause, and the measures the FHC
proposes to take to address those potential effects;
describes the potential benefits to the public, such as
greater convenience, increased competition, or gains in efficiency, the
proposal may be reasonably expected to produce; and
provides information about the FHC's financial and
managerial resources and any other information requested by the Board.
FR 4012
Regulation Y provides that the notice must identify the
noncompliant banking entity and the area of noncompliance. Regulation Y
does not prescribe a format for such notices, however, they typically
take the form of a letter.\5\ Plans submitted to remediate capital and
management deficiencies typically include the following:
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\5\ 12 CFR 225.83(b)(1), 225.93(b)(1) and 238.66(b).
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An explanation of the specific actions the FHC will take
to correct all areas of noncompliance
a schedule within which each action will be taken
any other information the Board may require
FR 4017
Regulation H requires FR 4017 notices to be in the form of a letter
with enclosures and to: \6\
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\6\ 12 CFR 208.76.
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Describe the proposed transaction by which the bank would
acquire the stake in the financial subsidiary;
provide the name and head office address of the
subsidiary;
describe each current and proposed activity of the
financial subsidiary and the legal authority for each activity;
provide the capital ratios, as of the end of the most
recent calendar quarter, for the bank and each of its depository
institution affiliates;
certify that the bank and each of its depository
institution affiliates were well-capitalized at the close of the
previous calendar quarter and as of the notice date;
certify that the bank and each of its depository
institution affiliates are well-managed as of the notice date;
certify that the bank meets any applicable debt rating or
alternative requirements and complies both before and after the
transaction with the limit on the aggregate amount of assets held by
the bank's financial subsidiaries; and
describe the insurance activities, if the financial
subsidiary will engage in insurance activities, to be conducted and
identify each state in which the company holds an insurance license and
the state insurance authority that issued the license.
FR 4019
Regulation Y requires requests for extension of the holding period
for a merchant bank investment to include the following information:
\7\
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\7\ 12 CFR 225.172(b)(4).
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The reasons for the request, including information
addressing the factors the Board must consider in acting on such a
request (including the costs and risks to the FHC of disposing of the
investment, market conditions, the extent and history of the FHC's
involvement in managing or operating the portfolio company, and the
FHC's average holding period for its merchant banking investments)
an explanation of the FHC's plan for divesting the
investment
A notice of extended routine management or operation of a portfolio
company can be in the form of a brief letter and must identify the
portfolio company, the date on which the FHC first became involved in
the routine management or operation of the portfolio company, the
reasons for the FHC's involvement, the actions taken by the FHC to
address the circumstances
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giving rise to its involvement, and an estimate of when the FHC
anticipates ceasing routinely managing or operating the portfolio
company.
FR 4023
The general policies and procedures that an FHC must establish with
respect to merchant banking must be reasonably designed to: \8\
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\8\ 12 CFR 225.175(a)(1).
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Monitor, with respect to each investment and the entire
portfolio, carrying and market values and performance;
identify and manage market, credit, and other risks of
such investments;
identify and monitor terms and risks of transactions of
companies in which the FHC has merchant banking investments;
ensure the corporate separateness of the FHC and the
companies in which it has merchant banking investments;
ensure compliance with sections 23A and 23B of the FRA,
anti-tying statutes, Regulation Y, and any other applicable provisions
of law.
Legal Authorization and Confidentiality
FR 4010 is authorized by section 4(l)(1)(C) of the BHC Act
(12 U.S.C. 1843 (l)(1)(C)); section 10(c)(2)(H) of the Home Owners'
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 the
Board's Regulation Y (12 CFR 225.82, 225.91; and section 238.65 of the
Board's Regulation LL (12 CFR 238.65)).
FR 4011 is authorized by section 4(j) and (k) of the BHC
Act (12 U.S.C. 1843(j)-(k)), and sections 225.88 and 225.89 of the
Board's Regulation Y (12 CFR 225.88, 225.89).
FR 4012 is authorized by section 4(l)(1) and 4(m) of the
BHC Act (12 U.S.C. 1843(l)(1), (m)); section 10(c)(2)(H) of the Home
Owners' 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 225.83 and
225.93 of the Board's Regulation Y (12 CFR 225.83, 225.93); and section
238.66(b) of the Board's Regulation LL (12 CFR 238.66(b)).
FR 4017 is authorized by section 9 of the FRA (12 U.S.C.
335), and section 208.76 of the Board's Regulation H (12 CFR 208.76).
FR 4019 is authorized by section 4(k)(7) of the BHC Act
(12 U.S.C. 1843(k)(7)); sections 225.171(e)(3), 225.172(b)(4); and
section 225.173(c)(2) of the Board's Regulation Y (12 CFR
225.171(e)(3), 225.172(b)(4), 225.173(c)(2)).
FR 4023 is authorized by 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 the
Board's Regulation Y (12 CFR 225.171(e)(4), 225.175).
The obligation to respond to the FR 4011 is voluntary (for requests
to determine that an activity is financial in nature or to issue an
advisory opinion that an activity is within the scope of an activity
previously determined to be financial in nature) and required to obtain
or retain benefits (for approvals to engage in an activity that is
complementary to a financial activity). The obligation to respond to
the FR 4010, FR 4017, and FR 4019 is required to obtain or retain
benefits. The obligation to respond to FR 4012 and the obligation to
comply with the recordkeeping requirements of the FR 4023 is mandatory.
The information collected on the FR 4010, FR 4011, FR 4017, and FR
4019 and information related to a failure to meet capital requirements
on the FR 4012 is not generally considered confidential. Nevertheless,
a respondent may request confidential treatment of information
contained in these information collections in accordance with section
(b)(4) or (b)(6) of the Freedom of Information Act (FOIA) (5 U.S.C.
552(b)(4), (b)(6)). Any request for confidential treatment of
information must be accompanied by a detailed justification for
confidentiality. Information related to a failure to meet management
requirements on the FR 4012 is considered 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 section (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 (5 U.S.C. 552(b)(4), (b)(8)).
Additionally, the records kept in accordance with the Recordkeeping
Requirements Associated with Merchant Banking Activities are retained
by the respondent itself and the FOIA would only be implicated if the
Board's examiners retained a copy of the records as part of an
examination or supervision of a banking institution. In this case, the
records would likely be exempt from disclosure under exemption (b)(8),
for examination material. 5 U.S.C. 552(b)(8). In addition, the records
may also be exempt under (b)(4) and (b)(6).
Board of Governors of the Federal Reserve System, October 13,
2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-25129 Filed 10-17-16; 8:45 am]
BILLING CODE 6210-01-P
