Proposed Agency Information Collection Activities; Comment Request, 3146-3148 [2018-01115]
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3146
Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
Reporters: U.S. state member banks,
holding companies, and Edge or
agreement corporations.
Estimated Annual Reporting Hours:
FR 2314 (quarterly): 13,807; FR 2314
(annual): 1,690; FR 2314S: 322.
Estimated Average Hours per
Response: FR 2314 (quarterly): 6.6; FR
2314 (annual): 6.6; FR 2314S: 1.
Number of Respondents: FR 2314
(quarterly): 523; FR 2314 (annual): 256;
FR 2314S: 322.
General Description of Report: The FR
2314 reporting forms collect financial
information for non-functionally
regulated direct or indirect foreign
subsidiaries of U.S. state member banks
(SMBs), Edge and agreement
corporations, and holding companies
(i.e., bank holding companies, savings
and loan holding companies, securities
holding companies, and intermediate
holding companies). Parent
organizations (SMBs, Edge and
agreement corporations, or holding
companies) file the FR 2314 on a
quarterly or annual basis, or the FR
2314S on an annual basis,
predominantly based on whether the
organization meets certain asset size
thresholds described in the instructions
to the reports. The FR 2314 data are
used to identify current and potential
problems at the foreign subsidiaries of
U.S. parent companies, to monitor the
activities of U.S. banking organizations
in specific countries, and to develop a
better understanding of activities within
the industry, in general, and of
individual institutions, in particular.
Current Actions: On July 18, 2017, the
Board published a notice in the Federal
Register (82 FR 43367) requesting
public comment on the extension for
three years with revision of the FR Y–
11, FR Y–11S, FR 2314, and the FR
2314S. The Board proposed to revise the
instructions for Schedule IS (and related
line item captions on the reporting
form) to remove the term ‘‘extraordinary
items’’ and replace it with
‘‘discontinued operations,’’ in
accordance with revised accounting
standards issued by the Financial
Accounting Standards Board in ASU
No. 2015–01, ‘‘Simplifying Income
Statement Presentation by Eliminating
the Concept of Extraordinary Items.’’ In
addition, the terms ‘‘Loans net of
unearned income’’ and ‘‘Loans held for
investment’’ are being used
interchangeably throughout certain
regulatory reports although both
descriptions are intended to have the
same reported amounts. Consistent with
the Call Report, the Federal Reserve is
revising the captions and instructions
‘‘Loans net of unearned income’’ and
replace with ‘‘Loans held for
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investment’’ on all reports where
applicable for clarity and internal
consistency. The proposal was amended
September 11, 2017, to extend the
proposed implementation date from
September 30, 2017, to March 31, 2018.
The comment period expired on
September 18, 2017, and no comments
were received. The revisions will be
implemented as proposed.
Legal Authorization and
Confidentiality: The Board has the
authority to collect the information
requested on the FR Y–11 series of
reports and the FR 2314 series of reports
from bank holding companies, savings
and loan holding companies (SLHCs),
securities holding companies, and
intermediate holding companies (IHCs)
under, respectively, section 5(c) of the
Bank Holding Company Act (BHC Act),
(12 U.S.C. 1844(c)) (BHCs and IHCs); the
Homeowners’ Loan Act, (12 U.S.C.
1467a(b)(2)) (SLHCs); section 165 of the
Dodd-Frank Act, (12 U.S.C. 5365) (IHCs
only); and section 618 of the DoddFrank Act, (12 U.S.C. 850a) (securities
holding companies). Collection of
information from non-functionally
regulated direct or indirect foreign
subsidiaries of U.S. state member banks,
Edge and agreement corporations filing
the FR 2314 series of reports is
authorized under sections 9(6), 25(7)
and 25A(17) of the Federal Reserve Act,
(12 U.S.C. 324, 602, and 625),
respectively. The Federal Reserve does
not consider the data collected by the
FR Y–11 series of reports or FR 2314
series of reports to be confidential.
However, a respondent may request
confidential treatment pursuant to
sections (b)(4), (b)(6), and (b)(8) of the
Freedom of Information Act (5 U.S.C.
552(b)(4), (b)(6), (b)(8)). The
applicability of these exemptions would
be determined on a case-by-case basis.
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 offices 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 February
12, 2018.
A. Federal Reserve Bank of Kansas
City (Dennis Denney, Assistant Vice
President) 1 Memorial Drive, Kansas
City, Missouri 64198–0001:
1. Guy L. Berry and William L. Berry,
both of Sapulpa, Oklahoma;
individually, to retain voting shares of
American Bancorporation, Inc.,
Sapulpa, Oklahoma, and thereby
indirectly retain shares of American
Heritage Bank, Sapulpa, Oklahoma.
In addition, James A. Dilley Jr., Jarrett
Blake Dilley, Kaylee D. Berry, Hannah
D. Berry, Brooklyn B. Berry, and the Guy
L. Berry, Jr. Trust B–1, all of Sapulpa,
Oklahoma, to retain/acquire voting
shares and be approved as members of
the Berry Family Group which, acting in
concert, controls American
Bancorporation.
2. Jeffrey Royal, Omaha, Nebraska; to
retain voting shares of Tri Valley
Bancshares, Inc., and thereby retain
voting shares of Tri Valley Bank, both of
Talmage, Nebraska.
Board of Governors of the Federal Reserve
System, January 18, 2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018–01133 Filed 1–22–18; 8:45 am]
BILLING CODE P
FEDERAL RESERVE SYSTEM
Board of Governors of the Federal Reserve
System, January 18, 2018.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
Proposed Agency Information
Collection Activities; Comment
Request
[FR Doc. 2018–01150 Filed 1–22–18; 8:45 am]
AGENCY:
BILLING CODE 6210–01–P
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
FEDERAL RESERVE SYSTEM
SUMMARY:
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
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 shares of a bank
or bank holding company. The factors
that are considered in acting on the
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The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, with revision, the reports on
Margin Credit (FR G–1, FR G–2, FR G–
4; OMB No. 7100–0011. FR G–3; OMB
No. 7100–0018. FR T–4; OMB No. 7100–
0019. FR U–1; OMB No. 7100–0115).
DATES: Comments must be submitted on
or before March 26, 2018.
ADDRESSES: You may submit comments,
identified by FR G–1, FR G–2, FR G–3,
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Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
FR G–4, T–4, or FR U–1, by any of the
following methods:
• Agency Website: 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: Ann E. Misback, 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 website 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 website 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: On June
15, 1984, the Office of Management and
Budget (OMB) delegated to the Board
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17:59 Jan 22, 2018
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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.
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 proposal.
Proposal To Approve Under OMB
Delegated Authority the Extension for
Three Years, With Revision, of the
Following Reports
1. Report title: Registration Statement
for Persons Who Extend Credit Secured
by Margin Stock (Other Than Banks,
Brokers, or Dealers); Deregistration
Statement for Persons Registered
Pursuant to Regulation U; Annual
Report.
Agency form number: FR G–1; FR G–
2; FR G–4.
OMB control number: 7100–0011.
Frequency: FR G–1 and FR G–2: On
occasion; FR G–4: annually.
Respondents: Lenders making loans
secured by margin stock other than
brokers, dealers, and banks.
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Estimated number of respondents: 89.
Estimated average hours per response:
FR G–1: 2.5; FR G–2: 0.25; FR G–4: 2.
Estimated annual burden hours: 160.
General Description of Report: The
registration statement (FR G–1) is
required to enable the Federal Reserve
to identify nonbank lenders subject to
Regulation U, to verify compliance with
the regulation, and to monitor margin
credit. In addition, registered nonbank
lenders can be subject to periodic
review by the Board, National Credit
Union Administration, and Farm Credit
Administration.
The deregistration statement (FR G–2)
is used by nonbank lenders to withdraw
from regulation if their margin credit
activities no longer exceed the
regulatory threshold found in
Regulation U. Under section 221.3(b)(2)
of Regulation U, a registered nonbank
lender may apply to terminate its
registration if the lender has not, during
the preceding six calendar months, had
more than $200,000 of such credit
outstanding.
The information submitted on the
annual report (FR G–4) is required
pursuant to Regulation U to enable the
Federal Reserve to monitor the amount
of credit that is secured by margin stock
and that is extended by nonbank
lenders.
2. Report title: Statement of Purpose
for an Extension of Credit Secured by
Margin Stock by a Person Subject to
Registration Under Regulation U.
Agency form number: FR G–3.
OMB control number: 7100–0018.
Frequency: On occasion.
Respondents: Lenders that extend
credit by other lenders pursuant to the
Federal Reserve’s margin requirements.
Estimated number of respondents: 6.
Estimated average hours per response:
0.17.
Estimated annual burden hours: 20.
3. Report title: Statement of Purpose
for an Extension of Credit by a Creditor.
Agency form number: FR T–4.
OMB control number: 7100–0019.
Frequency: On occasion.
Respondents: Brokers and dealers
extending credit pursuant to the Federal
Reserve’s margin requirements.
Estimated number of respondents: 4.
Estimated average hours per response:
0.17.
Estimated annual burden hours: 14.
4. Report title: Statement of Purpose
for an Extension of Credit Secured by
Margin Stock.
Agency form number: FR U–1.
OMB control number: 7100–00115.
Frequency: On occasion.
Respondents: Filers for extension of
credit by banks.
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Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
Estimated number of respondents: 4.
Estimated average hours per response:
0.17.
Estimated annual burden hours: 51.
General Description of Report: The FR
G–3, FR T–4, and FR U–1 purpose
statements, which are completed by the
borrower and the lender (brokers and
dealers, in the case of the FR T–4),
consist of three parts. The borrower
completes Part I of the reporting form
and is required to do the following:
State the amount of the loan and
whether the purpose of the loan is to
purchase, carry, or trade in securities
(pursuant to Regulation T) or purchase
or carry margin stock (pursuant to
Regulation U) and, if not, describe the
specific purpose of the loan. FR T–4
respondents must also answer a
question as to whether the securities
serving as collateral will be delivered
against payment. The borrower must
sign and date the reporting form. The
lender completes Part II, which may
entail listing and valuing any collateral.
The lender then signs and dates Part III
of the reporting form, acknowledging
that the customer’s statement is
accepted in good faith. The lender is
required to hold the reporting forms for
at least three years after the credit is
extinguished. The Federal Reserve
System does not collect or process this
information, but as noted, the
information required on the form may
be used by Federal Reserve examiners to
assess compliance with the Securities
Exchange Act of 1934 and Regulation T.
Proposed revisions: The Board
proposes to revise the instructions for
the FR G–1, FR G–2, and FR G–4 to
require respondents to submit Portable
Document Format (PDF) versions of the
reporting forms and attachments to a
designated Federal Reserve Board email
address. The Board is proposing these
revisions in an effort to improve clarity
as the current instructions do not
contain explicit guidance on the form of
submission for the reports. The
revisions would be effective April 1,
2018.
The Board also proposes to
consolidate all six Margin Credit
Reports under one OMB control
number, 7100–0011, which currently
only includes the FR G–1, FR G–2, and
FR G–4. This change is aimed at
simplifying the tracking and clearance
process for the Margin Credit Reports.
Legal authorization and
confidentiality: The Board has
determined that each of the reports is
authorized by section 7 of the Act (15
U.S.C. 78g). In addition, FR T–4 is
required by section 220.6 of Regulation
T (12 CFR 220.6), FR U–1 is required by
sections 221.3(c)(1)(i) and (2)(i) of
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17:59 Jan 22, 2018
Jkt 244001
Regulation U (12 CFR 221.3(c)(1)(i) and
(2)(i)), and FR G–1, FR G–2, FR G–3, and
FR G–4 are required by sections
221.3(b)(1), (2), and (3), and (c)(1)(ii)
and (2)(ii) of Regulation U (12 CFR
221.3(b)(1), (2), and (3), and (c)(1)(ii)
and (2)(ii)).
FR G–1 and FR G–4 collect financial
information, including a balance sheet,
from nonbank lenders subject to
Regulation U. Some of these lenders
may be individuals or nonbank entities
that do not make this information
publicly available; release could
therefore cause substantial harm to the
competitive position of the respondent
or result in an unwarranted invasion of
personal privacy. In those cases, the
information could be withheld under
exemption 4 or exemption 6 of the
Freedom of Information Act (5 U.S.C.
552(b)(4) and (6)), respectively.
Confidentiality determinations must be
made on a case by case basis. Because
FR G–3, FR T–4, and FR U–1 are not
submitted to the Federal Reserve System
and FR G–2 does not contain any
information considered to be
confidential, no confidentiality
determination is necessary for these
reports.
Board of Governors of the Federal Reserve
System, January 17, 2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018–01115 Filed 1–22–18; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
AGENCY:
ACTION:
Notice, request for comment.
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, without revision, the
Recordkeeping Requirements
Associated with Limitations on
Interbank Liabilities (Regulation F; OMB
No. 7100–0331).
SUMMARY:
Comments must be submitted on
or before March 26, 2018.
DATES:
You may submit comments,
identified by Regulation F, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
ADDRESSES:
PO 00000
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Fmt 4703
Sfmt 4703
• 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: Ann E. Misback, 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 website 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 website 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: 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
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]]>Agencies
[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3146-3148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01115]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the reports on Margin Credit (FR G-1, FR G-2, FR G-4; OMB No. 7100-
0011. FR G-3; OMB No. 7100-0018. FR T-4; OMB No. 7100-0019. FR U-1; OMB
No. 7100-0115).
DATES: Comments must be submitted on or before March 26, 2018.
ADDRESSES: You may submit comments, identified by FR G-1, FR G-2, FR G-
3,
[[Page 3147]]
FR G-4, T-4, or FR U-1, by any of the following methods:
Agency Website: 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: [email protected]. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, 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 website 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 website 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: 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.
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 proposal.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Reports
1. Report title: Registration Statement for Persons Who Extend
Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers);
Deregistration Statement for Persons Registered Pursuant to Regulation
U; Annual Report.
Agency form number: FR G-1; FR G-2; FR G-4.
OMB control number: 7100-0011.
Frequency: FR G-1 and FR G-2: On occasion; FR G-4: annually.
Respondents: Lenders making loans secured by margin stock other
than brokers, dealers, and banks.
Estimated number of respondents: 89.
Estimated average hours per response: FR G-1: 2.5; FR G-2: 0.25; FR
G-4: 2.
Estimated annual burden hours: 160.
General Description of Report: The registration statement (FR G-1)
is required to enable the Federal Reserve to identify nonbank lenders
subject to Regulation U, to verify compliance with the regulation, and
to monitor margin credit. In addition, registered nonbank lenders can
be subject to periodic review by the Board, National Credit Union
Administration, and Farm Credit Administration.
The deregistration statement (FR G-2) is used by nonbank lenders to
withdraw from regulation if their margin credit activities no longer
exceed the regulatory threshold found in Regulation U. Under section
221.3(b)(2) of Regulation U, a registered nonbank lender may apply to
terminate its registration if the lender has not, during the preceding
six calendar months, had more than $200,000 of such credit outstanding.
The information submitted on the annual report (FR G-4) is required
pursuant to Regulation U to enable the Federal Reserve to monitor the
amount of credit that is secured by margin stock and that is extended
by nonbank lenders.
2. Report title: Statement of Purpose for an Extension of Credit
Secured by Margin Stock by a Person Subject to Registration Under
Regulation U.
Agency form number: FR G-3.
OMB control number: 7100-0018.
Frequency: On occasion.
Respondents: Lenders that extend credit by other lenders pursuant
to the Federal Reserve's margin requirements.
Estimated number of respondents: 6.
Estimated average hours per response: 0.17.
Estimated annual burden hours: 20.
3. Report title: Statement of Purpose for an Extension of Credit by
a Creditor.
Agency form number: FR T-4.
OMB control number: 7100-0019.
Frequency: On occasion.
Respondents: Brokers and dealers extending credit pursuant to the
Federal Reserve's margin requirements.
Estimated number of respondents: 4.
Estimated average hours per response: 0.17.
Estimated annual burden hours: 14.
4. Report title: Statement of Purpose for an Extension of Credit
Secured by Margin Stock.
Agency form number: FR U-1.
OMB control number: 7100-00115.
Frequency: On occasion.
Respondents: Filers for extension of credit by banks.
[[Page 3148]]
Estimated number of respondents: 4.
Estimated average hours per response: 0.17.
Estimated annual burden hours: 51.
General Description of Report: The FR G-3, FR T-4, and FR U-1
purpose statements, which are completed by the borrower and the lender
(brokers and dealers, in the case of the FR T-4), consist of three
parts. The borrower completes Part I of the reporting form and is
required to do the following: State the amount of the loan and whether
the purpose of the loan is to purchase, carry, or trade in securities
(pursuant to Regulation T) or purchase or carry margin stock (pursuant
to Regulation U) and, if not, describe the specific purpose of the
loan. FR T-4 respondents must also answer a question as to whether the
securities serving as collateral will be delivered against payment. The
borrower must sign and date the reporting form. The lender completes
Part II, which may entail listing and valuing any collateral. The
lender then signs and dates Part III of the reporting form,
acknowledging that the customer's statement is accepted in good faith.
The lender is required to hold the reporting forms for at least three
years after the credit is extinguished. The Federal Reserve System does
not collect or process this information, but as noted, the information
required on the form may be used by Federal Reserve examiners to assess
compliance with the Securities Exchange Act of 1934 and Regulation T.
Proposed revisions: The Board proposes to revise the instructions
for the FR G-1, FR G-2, and FR G-4 to require respondents to submit
Portable Document Format (PDF) versions of the reporting forms and
attachments to a designated Federal Reserve Board email address. The
Board is proposing these revisions in an effort to improve clarity as
the current instructions do not contain explicit guidance on the form
of submission for the reports. The revisions would be effective April
1, 2018.
The Board also proposes to consolidate all six Margin Credit
Reports under one OMB control number, 7100-0011, which currently only
includes the FR G-1, FR G-2, and FR G-4. This change is aimed at
simplifying the tracking and clearance process for the Margin Credit
Reports.
Legal authorization and confidentiality: The Board has determined
that each of the reports is authorized by section 7 of the Act (15
U.S.C. 78g). In addition, FR T-4 is required by section 220.6 of
Regulation T (12 CFR 220.6), FR U-1 is required by sections
221.3(c)(1)(i) and (2)(i) of Regulation U (12 CFR 221.3(c)(1)(i) and
(2)(i)), and FR G-1, FR G-2, FR G-3, and FR G-4 are required by
sections 221.3(b)(1), (2), and (3), and (c)(1)(ii) and (2)(ii) of
Regulation U (12 CFR 221.3(b)(1), (2), and (3), and (c)(1)(ii) and
(2)(ii)).
FR G-1 and FR G-4 collect financial information, including a
balance sheet, from nonbank lenders subject to Regulation U. Some of
these lenders may be individuals or nonbank entities that do not make
this information publicly available; release could therefore cause
substantial harm to the competitive position of the respondent or
result in an unwarranted invasion of personal privacy. In those cases,
the information could be withheld under exemption 4 or exemption 6 of
the Freedom of Information Act (5 U.S.C. 552(b)(4) and (6)),
respectively. Confidentiality determinations must be made on a case by
case basis. Because FR G-3, FR T-4, and FR U-1 are not submitted to the
Federal Reserve System and FR G-2 does not contain any information
considered to be confidential, no confidentiality determination is
necessary for these reports.
Board of Governors of the Federal Reserve System, January 17,
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-01115 Filed 1-22-18; 8:45 am]
BILLING CODE 6210-01-P
