Agency Information Collection Activities; Announcement of Board Approval Under Delegated Authority and Submission to OMB, 22685-22687 [2018-10410]
Download as PDF
<![CDATA[
sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices
district, which are also its primary
customers. The Bank Act vests the
management of each Bank in a board of
directors that consists of two types of
directors: (1) Member directors, who are
drawn from the officers and directors of
member institutions located in the
Bank’s district and who are elected to
represent members in a particular state
in that district; and (2) independent
directors, who are unaffiliated with any
of the Bank’s member institutions, but
who reside in the Bank’s district and are
elected on an at-large basis.1 The Office
of Finance is also governed by a board
of directors, which consists of the
presidents of the eleven Banks and five
independent directors.2
Section 1319A of the Federal Housing
Enterprises Financial Safety and
Soundness Act of 1992 (Safety and
Soundness Act) requires that each of the
Banks establish an Office of Minority
and Women Inclusion (OMWI) to be
responsible for all matters relating to
diversity in its management,
employment, and business activities, in
accordance with requirements
established by FHFA.3 Section 1319A
also requires that each Bank implement
standards and procedures to ensure, to
the maximum extent possible, the
inclusion and utilization of women and
minorities ‘‘at all levels’’ of its business
and activities, and submit an annual
report to FHFA detailing actions taken
to achieve those goals.4
FHFA’s MWI regulations implement
those statutory requirements and also
extend the requirements to the Office of
Finance. The regulations require
generally that each Bank and the Office
of Finance ‘‘develop, implement, and
maintain policies and procedures to
ensure, to the maximum extent possible
in balance with financially safe and
sound business practices, the inclusion
and utilization of minorities, women,
individuals with disabilities, and
minority-, women-, and disabled-owned
businesses in all business and activities
and at all levels of the regulated entity,
including in management, employment,
procurement, insurance, and all types of
contracts.’’ 5 In recognition of the fact
that each Bank is required by statute to
promote diversity and inclusion ‘‘at all
levels’’ of its business and activities, the
MWI regulations further require that the
Banks’ policies and procedures (as well
as those of the Office of Finance)
‘‘[e]ncourage the consideration of
diversity in nominating or soliciting
nominees for positions on boards of
directors and engage in recruiting and
outreach directed at encouraging
individuals who are minorities, women
and individuals with disabilities to seek
or apply for employment with the
regulated entity.’’ 6
In conformity with the statutory
requirements, FHFA’s MWI regulations
require that each Bank and the Office of
Finance submit to FHFA an annual
report describing, among other things,
its efforts to promote diversity at all
levels of management and employment,
and the results of those efforts.7 In order
to provide a quantitative basis upon
which to assess the results of those
efforts, FHFA’s regulations require that
each Bank and the Office of Finance set
forth in in their respective annual
reports the demographic data reported
on the EEO–1 form, which they are
required to file annually with the Equal
Employment Opportunity Commission
(EEOC).8 The EEO–1 form requires that
each respondent provide race, ethnicity
and gender information for its
employees, broken down into various
job categories. Because the EEO–1 form
does not require that a respondent
provide information on board directors,
FHFA cannot use the EEO–1 data to
assess the effectiveness of the Bank
System’s efforts to ‘‘encourage the
consideration of diversity in nominating
or soliciting nominees for positions on
boards of directors.’’
Therefore, in order to enable FHFA to
assess those efforts, the MWI regulations
separately require that the annual
reports set forth ‘‘[d]ata showing for the
reporting year by minority and gender
classification, the number of individuals
on the board of directors of each Bank
and the Office of Finance,’’ using the
same racial and ethnic classifications
that are used on the EEO–1 form (which
comply with OMB’s ‘‘Statistical Policy
Directive No. 15, Race and Ethnic
Standards for Federal Statistics and
Administrative Reporting’’).9 The
regulation requires that each Bank and
the Office of Finance collect that data
‘‘through an information collection
requesting each director’s voluntary
self-identification of his or her minority
and gender classification without
personally identifiable information.’’
FHFA uses the information collected
under this control number to assess the
effectiveness of the policies and
procedures that each Bank and the
6 See
12 CFR 1223.21(b)(7).
12 CFR 1223.22(a).
8 See 12 CFR 1223.23(b)(1). As required by 29
CFR 1602.7, each Bank and the Office of Finance
annually files an EEO–1 form with the EEOC.
9 See 12 CFR 1223.23(b)(10)(i).
1 See
12 U.S.C. 1427(a)(1), (b), (d).
2 See 12 CFR 1273.7(a).
3 See 12 U.S.C. 4520(a).
4 See 12 U.S.C. 4520(b), (d).
5 See 12 CFR 1223.21(b).
VerDate Sep<11>2014
17:34 May 15, 2018
7 See
Jkt 244001
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
22685
Office of Finance is required to
implement to promote diversity in all of
its business and activities ‘‘at all levels’’
and, specifically, to encourage diversity
in the nomination and solicitation of
nominees for members of its boards of
directors. FHFA also uses the
information to establish a baseline to
analyze future trends related to the
diversity of the boards of directors of the
Banks and the Office of Finance and to
assess the effectiveness of the strategies
developed by the Banks and the Office
of Finance for promoting, developing,
and retaining diverse board talent.
B. Burden Estimate
FHFA estimates the total annual hour
burden imposed upon respondents by
this information collection to be 20
hours. This is based on estimates that
200 Bank and Office of Finance
Directors will respond annually, with
each response taking an average of 0.1
hours (6 minutes) (200 respondents ×
0.1 hours = 20 hours).
C. Comments Request
FHFA requests written comments on
the following: (1) Whether the collection
of information is necessary for the
proper performance of FHFA functions,
including whether the information has
practical utility; (2) the accuracy of
FHFA’s estimates of the burdens of the
collection of information; (3) ways to
enhance the quality, utility, and clarity
of the information collected; and (4)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Dated: May 10, 2018.
Kevin Winkler,
Chief Information Officer, Federal Housing
Finance Agency.
[FR Doc. 2018–10431 Filed 5–15–18; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities; Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, with revision, the Registration
Statement for Persons Who Extend
Credit Secured by Margin Stock (Other
Than Banks, Brokers, or Dealers) (FR G–
1), the Deregistration Statement for
Persons Registered Pursuant to
AGENCY:
E:\FR\FM\16MYN1.SGM
16MYN1
sradovich on DSK3GMQ082PROD with NOTICES
22686
Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices
Regulation U (FR G–2), and the Annual
Report (FR G–4), and to extend for three
years, without revision, the Statement of
Purpose for an Extension of Credit
Secured by Margin Stock by a Person
Subject to Registration Under
Regulation U (FR G–3), the Statement of
Purpose for an Extension of Credit by a
Creditor (FR T–4), and the Statement of
Purpose for an Extension of Credit
Secured by Margin Stock (FR U–1).
These six data collections are
collectively known as the Margin Credit
Reports. The revisions will be
applicable as of July 1, 2018, instead of
April 1, 2018, as proposed.
FOR FURTHER INFORMATION CONTACT:
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. 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.
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. Board-approved
collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
Paperwork Reduction Act Submission,
supporting statements and approved
collection of information instrument(s)
are placed into OMB’s public docket
files. The Federal Reserve may not
conduct or sponsor, and the respondent
is not required to respond to, an
information collection that has been
extended, revised, or implemented on or
after October 1, 1995, unless it displays
a currently valid OMB control number.
Final approval under OMB delegated
authority of the extension for three
years, with revision, of the FR G–1, FR
G–2, and FR G–4 reports, as well as
extension for three years, without
revision, of the FR G–3, FR T–4, and FR
U–1:
1. Report title: Registration Statement
for Persons Who Extend Credit Secured
by Margin Stock (Other Than Banks,
Brokers, or Dealers); Deregistration
VerDate Sep<11>2014
17:34 May 15, 2018
Jkt 244001
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.
Effective date: July 1, 2018.
Frequency: FR G–1 and FR G–2, On
occasion; FR G–4, annually.
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
the Board’s 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,
the National Credit Union
Administration, and the Farm Credit
Administration.
The deregistration statement (FR G–2)
is used by nonbank lenders to terminate
its registration 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 extended by nonbank lenders
that is secured by margin stock.
2. Report title: Statement of Purpose
for an Extension of Credit Secured by
Margin Stock by a Person Subject to
Registration Under Regulation U;
Statement of Purpose for an Extension
of Credit by a Creditor; Statement of
Purpose for an Extension of Credit
Secured by Margin Stock.
Agency form number: FR G–3; FR T–
4; FR U–1.
OMB control number: 7100–0018;
7100–0019; 7100–0115.
Effective date: July 1, 2018.
Frequency: On occasion.
Estimated number of respondents: FR
G–3, 6; FR T–4, 4; FR U–1, 4.
Estimated average hours per response:
FR G–3, 0.17; FR T–4, 0.17; FR U–1,
0.17.
Estimated annual burden hours: FR
G–3, 20; FR T–4, 14; FR U–1, 51.
General description of reports: 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),
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
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 the Board’s 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 the
information required on the form may
be reviewed by Federal Reserve
examiners to assess compliance with the
Securities Exchange Act of 1934 (the
Act) and Regulation T.
Legal authorization and
confidentiality: These reports are
authorized by section 7 of the Act (15
U.S.C. 78g). In addition, the FR T–4 is
required by section 220.6 of Regulation
T (12 CFR 220.6), the 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 the 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)).
The 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 will be made on a caseby-case basis. Because the 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.
E:\FR\FM\16MYN1.SGM
16MYN1
Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices
Current actions: On January 23, 2018,
the Board published a notice in the
Federal Register (83 FR 3146)
requesting public comment for 60 days
on the extension, with revision, of the
FR G–1, FR G–2, and FR G–4, as well
as the extension, without revision, of
the FR G–3, FR T–4, and FR U–1. The
Board proposed 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
also proposed 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. The comment period
expired on March 26, 2018. The Board
did not receive any comments.
Accordingly, the revisions will be
implemented as proposed; provided
that, the effective date of the revisions
will be July 1, 2018, rather than April
1, 2018, as proposed.
Board of Governors of the Federal Reserve
System, May 11, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018–10410 Filed 5–15–18; 8:45 am]
BILLING CODE 6210–01–P
Retained Annuity Trust #2, with
William C. Martin as trustee, all of Ann
Arbor, Michigan; to join the Martin
Family Control Group approved on
December 15, 2017, and acquire voting
shares of Arbor Bancorp, Inc., and
thereby indirectly acquire voting shares
of Bank of Ann Arbor, both of Ann
Arbor, Michigan.
Board of Governors of the Federal Reserve
System, May 11, 2018.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2018–10438 Filed 5–15–18; 8:45 am]
BILLING CODE P
DEPARTMENT OF DEFENSE
GENERAL SERVICES
ADMINISTRATION
NATIONAL AERONAUTICS AND
SPACE ADMINISTRATION
[OMB Control No. 9000–0035; Docket No.
2018–0003; Sequence No. 7]
Information Collection; Claims and
Appeals
Department of Defense (DOD),
General Services Administration (GSA),
and National Aeronautics and Space
Administration (NASA).
AGENCIES:
ACTION:
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
sradovich on DSK3GMQ082PROD with NOTICES
FEDERAL RESERVE SYSTEM
SUMMARY:
Notice of request for public
comments regarding an extension to an
existing OMB clearance.
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
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 May 31,
2018.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. The William C. Martin 2018
Grantor Retained Annuity Trust #1, with
William C. Martin as trustee, and the
William C. Martin 2018 Grantor
VerDate Sep<11>2014
17:34 May 15, 2018
Jkt 244001
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
claims and appeals.
DATES: Submit comments on or before
July 16, 2018.
ADDRESSES: Submit comments
identified by Information Collection
9000–0035, Claims and Appeals, 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
with ‘‘Information Collection 9000–
0035, Claims and Appeals’’. Follow the
instructions provided at the ‘‘Submit a
Comment’’ screen. Please include your
name, company name (if any), and
‘‘Information Collection 9000–0035,
Claims and Appeals’’ on your attached
document.
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
22687
• Mail: General Services
Administration, Regulatory Secretariat
Division (MVCB), 1800 F Street NW,
Washington, DC 20405. ATTN: Ms.
Mandell/IC 9000–0035, Claims and
Appeals.
Instructions: Please submit comments
only and cite Information Collection
9000–0035, Claims and Appeals, in all
correspondence related to this
collection. Comments received generally
will be posted without change to https://
www.regulations.gov, including any
personal and/or business confidential
information provided. To confirm
receipt of your comment(s), please
check https://www.regulations.gov,
approximately two to three days after
submission to verify posting (except
allow 30 days for posting of comments
submitted by mail).
FOR FURTHER INFORMATION CONTACT: Mr.
Charles Gray, Procurement Analyst,
Federal Acquisition Policy Division,
GSA, 703–795–6328 or via email at
charles.gray@gsa.gov.
SUPPLEMENTARY INFORMATION:
A. Purpose
It is the Government’s policy to try to
resolve all contractual issues by mutual
agreement at the contracting officer’s
level without litigation. Reasonable
efforts should be made to resolve
controversies prior to submission of a
contractor’s claim. The Contract
Disputes Act of 1978 (41 U.S.C. 7103)
requires that claims exceeding $100,000
must be accompanied by a certification
that (1) the claim is made in good faith;
(2) supporting data are accurate and
complete; and (3) the amount requested
accurately reflects the contract
adjustment for which the contractor
believes the Government is liable. The
information, as required by FAR clause
52.233–1, Disputes, is used by a
contracting officer to decide or resolve
the claim. Contractors may appeal the
contracting officer’s decision by
submitting written appeals to the
appropriate officials.
B. Annual Reporting Burden
Respondents: 4,500.
Responses per Respondent: 3.
Annual Responses: 13,500.
Hours Per Response: 1.
Total Burden Hours: 13,500.
C. Public Comments
Public comments are particularly
invited on: Whether this collection of
information is necessary for the proper
performance of functions of the FAR,
and whether it will have practical
utility; whether our estimate of the
public burden of this collection of
information is accurate, and based on
E:\FR\FM\16MYN1.SGM
16MYN1
]]>Agencies
[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)]
[Notices]
[Pages 22685-22687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10410]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities; Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Registration Statement for Persons Who Extend Credit Secured by Margin
Stock (Other Than Banks, Brokers, or Dealers) (FR G-1), the
Deregistration Statement for Persons Registered Pursuant to
[[Page 22686]]
Regulation U (FR G-2), and the Annual Report (FR G-4), and to extend
for three years, without revision, the Statement of Purpose for an
Extension of Credit Secured by Margin Stock by a Person Subject to
Registration Under Regulation U (FR G-3), the Statement of Purpose for
an Extension of Credit by a Creditor (FR T-4), and the Statement of
Purpose for an Extension of Credit Secured by Margin Stock (FR U-1).
These six data collections are collectively known as the Margin Credit
Reports. The revisions will be applicable as of July 1, 2018, instead
of April 1, 2018, as proposed.
FOR FURTHER INFORMATION CONTACT: 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. 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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the Paperwork Reduction Act
Submission, supporting statements and approved collection of
information instrument(s) are placed into OMB's public docket files.
The Federal Reserve may not conduct or sponsor, and the respondent is
not required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the FR G-1, FR G-2, and FR G-4 reports,
as well as extension for three years, without revision, of the FR G-3,
FR T-4, and FR U-1:
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.
Effective date: July 1, 2018.
Frequency: FR G-1 and FR G-2, On occasion; FR G-4, annually.
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 the Board's 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, the
National Credit Union Administration, and the Farm Credit
Administration.
The deregistration statement (FR G-2) is used by nonbank lenders to
terminate its registration 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 extended by nonbank lenders that is secured by margin
stock.
2. Report title: Statement of Purpose for an Extension of Credit
Secured by Margin Stock by a Person Subject to Registration Under
Regulation U; Statement of Purpose for an Extension of Credit by a
Creditor; Statement of Purpose for an Extension of Credit Secured by
Margin Stock.
Agency form number: FR G-3; FR T-4; FR U-1.
OMB control number: 7100-0018; 7100-0019; 7100-0115.
Effective date: July 1, 2018.
Frequency: On occasion.
Estimated number of respondents: FR G-3, 6; FR T-4, 4; FR U-1, 4.
Estimated average hours per response: FR G-3, 0.17; FR T-4, 0.17;
FR U-1, 0.17.
Estimated annual burden hours: FR G-3, 20; FR T-4, 14; FR U-1, 51.
General description of reports: 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 the Board's 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 the
information required on the form may be reviewed by Federal Reserve
examiners to assess compliance with the Securities Exchange Act of 1934
(the Act) and Regulation T.
Legal authorization and confidentiality: These reports are
authorized by section 7 of the Act (15 U.S.C. 78g). In addition, the FR
T-4 is required by section 220.6 of Regulation T (12 CFR 220.6), the 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 the 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)).
The 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 will be made on a case-by-
case basis. Because the 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.
[[Page 22687]]
Current actions: On January 23, 2018, the Board published a notice
in the Federal Register (83 FR 3146) requesting public comment for 60
days on the extension, with revision, of the FR G-1, FR G-2, and FR G-
4, as well as the extension, without revision, of the FR G-3, FR T-4,
and FR U-1. The Board proposed 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 also
proposed 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. The comment period expired on March 26, 2018. The
Board did not receive any comments. Accordingly, the revisions will be
implemented as proposed; provided that, the effective date of the
revisions will be July 1, 2018, rather than April 1, 2018, as proposed.
Board of Governors of the Federal Reserve System, May 11, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-10410 Filed 5-15-18; 8:45 am]
BILLING CODE 6210-01-P
