Proposed Agency Information Collection Activities; Comment Request, 28049-28051 [2019-12693]
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khammond on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
225.193(b), 1,174 hours; Section
225.195, 11 hours; Section 225.196, 51
hours.
General description of report: The
Board’s disclosure requirements
associated with minimum requirements
for AMCs are found in sections 225.192,
225.193, 225.195, and 225.196 of the
Board’s Regulation Y.
Section 225.192(b), Written Notice of
Appraiser Removal from Network or
Panel, provides that an appraiser in an
AMC’s network or panel is deemed to
remain a part of the AMC’s appraiser
panel until the AMC (1) sends a written
notice to the appraiser removing the
appraiser with an explanation or (2)
receives a written notice from the
appraiser asking to be removed or a
notice of the death or incapacity of the
appraiser.
Participating states must have an
AMC registration and supervision
program. Pursuant to section 225.193(a),
each participating state must establish
and maintain within its appraiser
certifying and licensing agency a
registration and supervision program
with the legal authority and
mechanisms to, among other things,
review and approve or deny an AMC’s
application for initial registration;
require AMCs to submit reports,
information, and documents; and report
violations of appraisal-related laws,
regulations, or orders, and disciplinary
and enforcement actions to the
Appraisal Subcommittee.
Section 225.193(b) requires each
participating state to require nonfederally regulated AMCs to register
with the state appraiser certifying and
licensing agency.
Section 225.195(c) requires a federally
regulated AMC to report to the state or
states in which it operates the
information required to be submitted by
the state pursuant to the Appraisal
Subcommittee’s policies regarding the
determination of the AMC National
Registry fee, including information
relating to certain ownership limitations
in the regulation.
Section 225.196 requires that each
participating state submit to the
Appraisal Subcommittee the
information required to be submitted by
Appraisal Subcommittee regulations or
guidance concerning AMCs that operate
in the state.
There are no required reporting forms
associated with these information
collections. No other federal law
mandates these disclosure requirements.
This information is not available from
any other source.
Legal authorization and
confidentiality: The FR HY–5 is
authorized pursuant to section 1124(a)
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of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989
(FIRREA), which provides that the
agencies ‘‘shall jointly, by rule, establish
minimum requirements to be applied by
a State in the registration of [AMCs]’’
(12 U.S.C. 3353(a)). Section 1124(e) of
the FIRREA requires that the agencies
‘‘jointly promulgate regulations for the
reporting of the activities of [AMCs] to
the [Appraisal Subcommittee of the
Federal Financial Institutions
Examination Council (ASC)] in
determining the payment of the annual
registry fee’’ (12 U.S.C. 3353(e)). In
addition, section 1109(a) of the FIRREA
requires each participating state with an
appraiser certifying and licensing
agency to transmit to the ASC ‘‘[1] a
roster listing individuals who have
received a State certification or license
. . . [2] reports on the issuance and
renewal of licenses and certifications,
sanctions, disciplinary actions, license
and certification revocations, and
license and certification suspensions on
a timely basis to the national registry of
the [ASC] . . . [3] [and reports on]
investigations initiated and disciplinary
actions taken’’ (12 U.S.C. 3338(a)(1)–
(3)). Section 1124 of the FIRREA does
not compel a state to establish an AMC
registration and supervision program,
nor is a penalty imposed on a state that
does not establish a regulatory structure
for AMCs.1 Therefore, the FR HY–5 is
voluntary for states. The FR HY–5 is
mandatory for AMCs.
Because the Federal Reserve will not
collect this information, confidentiality
issues would normally not arise.
Because the records are retained at
banking organizations, the Freedom of
Information Act (FOIA) will only be
implicated if the Board’s examiners
retain a copy of the record as part of an
examination or supervision of a banking
institution. In that case, the records
would be exempt from disclosure under
exemption 8 of FOIA, which protects
examination materials from disclosure
(5 U.S.C. 552(b)(8)). Exemption 4 of the
FOIA, which protects confidential
financial information, and exemption 6
of the FOIA, which protects non-public
personal information, may also be
applicable (5 U.S.C. 552(b)(4) and
(b)(6)).
Current actions: On March 6, 2019,
the Board published a notice in the
Federal Register (84 FR 8098)
requesting public comment for 60 days
on the extension, without revision, of
the FR HY–5. The comment period for
this notice expired on May 6, 2019. The
Board did not receive any comments.
1 80
PO 00000
FR 32658 (June 9, 2015).
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28049
Board of Governors of the Federal Reserve
System, June 11, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019–12679 Filed 6–14–19; 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.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, with revision, the Notice of
Proposed Declaration of Dividend (FR
1583; OMB No. 7100–0339).
DATES: Comments must be submitted on
or before August 16, 2019.
ADDRESSES: You may submit comments,
identified by FR 1583, 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.
• 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 on
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 146, 1709 New
York Avenue NW, Washington, DC
20006, between 9:00 a.m. and 5:00 p.m.
on weekdays. For security reasons, the
Board requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (OMB) Desk
SUMMARY:
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28050
Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
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 Paperwork Reduction Act
(PRA) OMB submission, including the
proposed reporting form and
instructions, supporting statement, and
other documentation will be placed into
OMB’s public docket files, if approved.
These documents will also be made
available on the 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, OMB delegated to the Board
authority under the PRA to approve 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.
khammond on DSKBBV9HB2PROD with NOTICES
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 Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’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
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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 Board should
modify the proposal.
Proposal Under OMB Delegated
Authority To Extend for Three Years,
With Revision, the Following
Information Collection
Report title: Notice of Proposed
Declaration of Dividend.
Agency form number: FR 1583.
OMB control number: 7100–0339.
Frequency: As needed (approximately
two per year, based on the average
number of FR 1583 forms received
annually, per respondent, for calendar
years 2016 through 2018).
Respondents: Savings association
subsidiaries of savings and loan holding
companies (SLHCs).
Estimated number of respondents:
122.
Estimated average hours per response:
0.275 hours.
Estimated annual burden hours: 67.
General description of report: Savings
association subsidiaries of SLHCs must
provide prior notice of a dividend by
filing form FR 1583 with the appropriate
Reserve Bank. The FR 1583 requires
information regarding the date of the
filing and the nature and amount of the
proposed dividend, as well as the names
and signatures of the executive officer
and secretary of the savings association
that is providing the notice. The savings
association subsidiary must file this
prior notice at least 30 days before the
proposed declaration of a dividend by
its board of directors. Section 10(f) of
the Home Owners’ Loan Act (HOLA)
provides that the 30 day period
commences on the date of receipt of the
complete record of the notice by the
board. This notice may include a
schedule proposing dividends over a
period specified by the notificant, not to
exceed 12 months.
Proposed revisions: The Board
proposes several revisions to make the
FR 1583 consistent with the format of
other Board forms and to reflect the
Board’s regulations. Specifically, the
Board is proposing the following
revisions:
1. Adding an item requiring the filer
to identify the ‘‘Nature of the
Dividend.’’ Board regulations permit a
dividend to consist of the distribution of
cash or other property, or any
transaction that is substantively a
PO 00000
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Fmt 4703
Sfmt 4703
dividend, as provided by the Board (12
CFR 238.102(d)). The Reserve Bank
must know the nature of the dividend
to review the notice for consistency
with the Board’s regulations.
2. Adding an item requesting date of
filing. This information is customarily
requested in Board reporting forms so
that the timing of filings can be tracked.
3. Deleting an item asking the filer to
select whether the institution qualifies
or does not qualify for expedited
treatment. The Board’s regulations do
not provide for expedited treatment of
notices of proposed declarations of
dividends.
4. Deleting an item asking the filer to
select whether the submission is a
notice or application. The Board’s
regulations provide that a filer provide
notice, rather than an application, to the
appropriate Reserve Bank (12 CFR
238.103).
5. Deleting an item allowing
institutions to attach additional
information required pursuant to the
Office of Thrift Supervision’s
regulations (12 CFR 563.143). The Board
does not have analogous regulations.
6. Adding the option to submit the FR
1583 electronically by Portable
Document Format. Use of electronic
submissions will reduce burden on both
the filer and the Board.
7. Adding two items for the printed
name of the firm Executive Officer and
Secretary who sign the FR 1583. This
change will help Federal Reserve staff
identify the individuals associated with
the filing.
Legal authorization and
confidentiality: The FR 1583 is
mandatory and is authorized by Section
10(f) of the HOLA (12 U.S.C. 1467a(f)).
The Board also has the authority to
require reports from savings and loan
holding companies under Section 10(a)
and (b) of the HOLA (12 U.S.C. 1467a(b)
and (g)). Section 10(f) of the HOLA
provides that every subsidiary savings
association of an SLHC shall give the
Board at least 30 days’ advance notice
of the proposed declaration by its
directors of any stock dividend.
Individual respondents may request
that information submitted on the FR
1583 be kept confidential on a case-bycase basis. If a respondent requests
confidential treatment, the Board will
determine whether the information is
entitled to confidential treatment on an
ad hoc basis. The FR 1583 may include
information related to the SLHC’s
business operations, such as terms and
sources of the funding for dividends and
pro forma balance sheets. This
information may be kept confidential
under exemption 4 of the Freedom of
Information Act, which protects
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Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
privileged or confidential commercial or
financial information (5 U.S.C.
552(b)(4)).
Board of Governors of the Federal Reserve
System, June 12, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019–12693 Filed 6–14–19; 8:45 am]
BILLING CODE 6210–01–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 Uniform
Application for Municipal Securities
Principal or Municipal Securities
Representative Associated with a Bank
Municipal Securities Dealer (Form
MSD–4; OMB No. 7100–0100) and the
Uniform Termination Notice for
Municipal Securities Principal or
Municipal Securities Representative
Associated with a Bank Municipal
Securities Dealer (Form MSD–5; OMB
No. 7100–0101).
DATES: The revisions are applicable as of
June 1, 2019.
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.
Office of Management and Budget
(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, OMB delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve 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
khammond on DSKBBV9HB2PROD with NOTICES
AGENCY:
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PRA Submission, supporting statements
and approved collection of information
instrument(s) are placed into OMB’s
public docket files. The Board 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 Following
Information Collections
Report title: The Uniform Application
for Municipal Securities Principal or
Municipal Securities Representative
Associated with a Bank Municipal
Securities Dealer.
Agency form number: Form MSD–4.
OMB control number: 7100–0100.
Effective Date: June 1, 2019.
Frequency: On occasion; a municipal
securities dealer (MSD) that is regulated
by the Board is required to file Form
MSD–4 within ten days of a municipal
securities principal’s or representative’s
association with that MSD.
Respondents: MSDs regulated by the
Board that are, or are the subsidiary of,
a state member bank (SMB), a bank
holding company (BHC), a savings and
loan holding company (SLHC), or a
foreign dealer bank.
Estimated number of respondents: 18.
Estimated average hours per response:
1.
Estimated annual burden hours: 18.
General description of report: The
Municipal Securities Rulemaking Board
(MSRB) rule G–7, Information
Concerning Associated Persons, requires
persons who are or seek to be associated
with an MSD as a municipal securities
principal (a person performing
supervisory functions) or representative
(a person engaged in underwriting,
trading, or sales of municipal securities
or furnishing financial advice to issuers
in connection with the issuance of
municipal securities) to provide certain
background information to the MSD.
The rule also requires MSDs to obtain
and report this information to the
appropriate regulatory agency (ARA).
Board-regulated MSDs must report to
the Board information required by
MSRB rule G–7 using Form MSD–4.
Generally, the information required by
Form MSD–4 relates to employment
history and professional background,
including any disciplinary sanctions, as
well as any claimed basis for exemption
from MSRB examination requirements.
MSDs must retain copies of Form
MSD–4 for each associated principal or
representative during the entire term of
employment and three years from the
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28051
date of termination of employment.
Completed reporting forms are sent as a
Portable Document Format (PDF)
directly to the Board via email.
Report title: The Uniform Termination
Notice for Municipal Securities
Principal or Municipal Securities
Representative Associated with a Bank
Municipal Securities Dealer.
Agency form number: Form MSD–5.
OMB control number: 7100–0101.
Effective Date: June 1, 2019.
Frequency: On occasion; an MSD that
is regulated by the Board is required to
file Form MSD–5 within 30 calendar
days after a principal or representative
terminates association with that MSD.
Respondents: MSDs regulated by the
Board that are, or are the subsidiary of,
an SMB, a BHC, an SLHC, or a foreign
dealer bank.
Estimated number of respondents: 19.
Estimated average hours per response:
0.25.
Estimated annual burden hours: 5.
General description of report: Form
MSD–5 is filed by a Board-regulated
MSD when any employee previously
registered as a municipal securities
principal or representative is terminated
for any reason. Form MSD–5 requires
information such as the reason for
termination and whether any
investigations or actions by agencies or
self-regulatory organizations (SROs)
involving the associated person
occurred during the period of
employment.
Any SMB, BHC, SLHC, or foreign
dealer bank registered as an MSD will
continue to be required to file this
event-generated report form for any
employees that are terminated. MSDs
must retain copies of the Form MSD–5
reports for three years from the date of
termination of employment. Completed
reporting forms are sent as a PDF
directly to the Board via email.
Legal authorization and
confidentiality: Sections 15B(a)–(b) and
17 of the Securities Exchange Act (the
Act) authorize the SEC and MSRB to
promulgate rules requiring MSDs to file
reports about associated persons with
the SEC and the ARA (15 U.S.C. 78o–
4(a)–(b) and (q)). In addition, section
15B(c) of the Act provides that ARAs
may enforce compliance with the SEC’s
and MSRB’s rules (15 U.S.C. 78o–4(c)).
Section 23(a) of the Act also authorizes
the SEC, the Board, and the other ARAs
to make rules and regulations in order
to implement the provisions of the Act
(15 U.S.C. 78w(a)). Under the Act, the
Board is the ARA for an MSD that is, or
is the subsidiary of, an SLHC, SMB
(including its divisions or departments),
or BHC (including a subsidiary bank of
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]]>Agencies
[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28049-28051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12693]
-----------------------------------------------------------------------
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 Notice of Proposed Declaration of Dividend (FR 1583; OMB No. 7100-
0339).
DATES: Comments must be submitted on or before August 16, 2019.
ADDRESSES: You may submit comments, identified by FR 1583, 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.
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 on 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
146, 1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m.
and 5:00 p.m. on weekdays. For security reasons, the Board requires
that visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk
[[Page 28050]]
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 Paperwork Reduction Act
(PRA) OMB submission, including the proposed reporting form and
instructions, supporting statement, and other documentation will be
placed into OMB's public docket files, if approved. These documents
will also be made available on the 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, OMB delegated to the Board
authority under the PRA to approve 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 Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board'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 Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Notice of Proposed Declaration of Dividend.
Agency form number: FR 1583.
OMB control number: 7100-0339.
Frequency: As needed (approximately two per year, based on the
average number of FR 1583 forms received annually, per respondent, for
calendar years 2016 through 2018).
Respondents: Savings association subsidiaries of savings and loan
holding companies (SLHCs).
Estimated number of respondents: 122.
Estimated average hours per response: 0.275 hours.
Estimated annual burden hours: 67.
General description of report: Savings association subsidiaries of
SLHCs must provide prior notice of a dividend by filing form FR 1583
with the appropriate Reserve Bank. The FR 1583 requires information
regarding the date of the filing and the nature and amount of the
proposed dividend, as well as the names and signatures of the executive
officer and secretary of the savings association that is providing the
notice. The savings association subsidiary must file this prior notice
at least 30 days before the proposed declaration of a dividend by its
board of directors. Section 10(f) of the Home Owners' Loan Act (HOLA)
provides that the 30 day period commences on the date of receipt of the
complete record of the notice by the board. This notice may include a
schedule proposing dividends over a period specified by the notificant,
not to exceed 12 months.
Proposed revisions: The Board proposes several revisions to make
the FR 1583 consistent with the format of other Board forms and to
reflect the Board's regulations. Specifically, the Board is proposing
the following revisions:
1. Adding an item requiring the filer to identify the ``Nature of
the Dividend.'' Board regulations permit a dividend to consist of the
distribution of cash or other property, or any transaction that is
substantively a dividend, as provided by the Board (12 CFR 238.102(d)).
The Reserve Bank must know the nature of the dividend to review the
notice for consistency with the Board's regulations.
2. Adding an item requesting date of filing. This information is
customarily requested in Board reporting forms so that the timing of
filings can be tracked.
3. Deleting an item asking the filer to select whether the
institution qualifies or does not qualify for expedited treatment. The
Board's regulations do not provide for expedited treatment of notices
of proposed declarations of dividends.
4. Deleting an item asking the filer to select whether the
submission is a notice or application. The Board's regulations provide
that a filer provide notice, rather than an application, to the
appropriate Reserve Bank (12 CFR 238.103).
5. Deleting an item allowing institutions to attach additional
information required pursuant to the Office of Thrift Supervision's
regulations (12 CFR 563.143). The Board does not have analogous
regulations.
6. Adding the option to submit the FR 1583 electronically by
Portable Document Format. Use of electronic submissions will reduce
burden on both the filer and the Board.
7. Adding two items for the printed name of the firm Executive
Officer and Secretary who sign the FR 1583. This change will help
Federal Reserve staff identify the individuals associated with the
filing.
Legal authorization and confidentiality: The FR 1583 is mandatory
and is authorized by Section 10(f) of the HOLA (12 U.S.C. 1467a(f)).
The Board also has the authority to require reports from savings and
loan holding companies under Section 10(a) and (b) of the HOLA (12
U.S.C. 1467a(b) and (g)). Section 10(f) of the HOLA provides that every
subsidiary savings association of an SLHC shall give the Board at least
30 days' advance notice of the proposed declaration by its directors of
any stock dividend.
Individual respondents may request that information submitted on
the FR 1583 be kept confidential on a case-by-case basis. If a
respondent requests confidential treatment, the Board will determine
whether the information is entitled to confidential treatment on an ad
hoc basis. The FR 1583 may include information related to the SLHC's
business operations, such as terms and sources of the funding for
dividends and pro forma balance sheets. This information may be kept
confidential under exemption 4 of the Freedom of Information Act, which
protects
[[Page 28051]]
privileged or confidential commercial or financial information (5
U.S.C. 552(b)(4)).
Board of Governors of the Federal Reserve System, June 12, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-12693 Filed 6-14-19; 8:45 am]
BILLING CODE 6210-01-P
