Proposed Agency Information Collection Activities; Comment Request, 83952-83954 [2020-28329]

Download as PDF jbell on DSKJLSW7X2PROD with NOTICES 83952 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices registration requirements of Regulation U must complete an FR G–3 purpose statement for each extension of credit secured directly or indirectly, in whole or in part, by any margin stock. The purpose statement is intended to ensure that a lender does not extend credit to purchase or carry margin stock in excess of the amount permitted by the Federal Reserve pursuant to Regulation U. Report title: Annual Report. Agency form number: FR G–4. OMB control number: 7100–0011. Frequency: Annually. Respondents: Federal and state credit unions; insurance companies; commercial and consumer credit organizations; production credit associations; small businesses; insurance premium funding plans; planlenders (a company or its affiliate that extends credit to employees to purchase company stock under an eligible employee stock option or stock purchase plan); lenders to Employee Stock Ownership Plans (ESOPs), thrift plans, and broker-dealer affiliates; and other lenders. Estimated number of respondents: 70. Estimated average hours per response: 2. Estimated annual burden hours: 140. General description of report: The FR G–4 annual report requires nonbank lenders to provide the total amount of credit outstanding secured directly or indirectly by margin stock as of June 30, and the amount of credit extended secured directly or indirectly by margin stock during the year. Lenders are required to indicate whether the loans involved are purpose or nonpurpose and to disclose whether credit is used to fund employee stock options, purchases, or ownership plans. Those lenders funding stock options, purchases, and ownership plans must specify whether such credit was extended pursuant to the provisions set forth in section 221.4 of Regulation U, which authorizes employers to extend credit to employees and ESOPs without regard to the margin requirements. All nonbank lenders registered pursuant to Regulation U must file an annual report with the Federal Reserve. Any new registrants are required to file the annual report for the year following their registration date. Report title: Statement of Purpose for an Extension of Credit by a Creditor. Agency form number: FR T–4. OMB control number: 7100–0011. Frequency: Event-generated. Respondents: Brokers and dealers. Estimated number of respondents: 4. Estimated average hours per response: 0.17. Estimated annual burden hours: 14. VerDate Sep<11>2014 21:21 Dec 22, 2020 Jkt 253001 General description of report: The FR T–4 must be completed only if the purpose of the credit being extended is not to purchase, carry, or trade in securities and the credit is in excess of that otherwise permitted under Regulation T (nonpurpose credit). The information captured on FR T–4 provides a written record of the amount of nonpurpose credit being extended, the purpose for which the money is to be used, and a listing and valuation of collateral. Report title: Statement of Purpose for an Extension of Credit Secured by Margin Stock. Agency form number: FR U–1. OMB control number: 7100–0011. Frequency: Event-generated. Respondents: Banks. Estimated number of respondents: 4. Estimated average hours per response: 0.17. Estimated annual burden hours: 51. General description of report: A bank must complete the FR U–1 purpose statement when it extends credit in excess of $100,000 secured directly or indirectly, in whole or in part, by any margin stock. The information captured on FR U–1 provides a written record of the amount of credit being extended, the purpose for which the money is to be used, and a listing and valuation of collateral. Legal authorization and confidentiality: The FR G–1, G–2, G–3, G–4, T–4, and U–1 are authorized by sections 7 and 23 of the Securities Exchange Act of 1934 which state, respectively, that the Board shall ‘‘prescribe rules and regulations with respect to the amount of credit that may be initially extended and subsequently maintained on any security’’ and that ‘‘[t]he Commission, the Board of Governors of the Federal Reserve System, and the other agencies enumerated in section 78c(a)(34) of this title shall each have power to make such rules and regulations as may be necessary or appropriate to implement the provisions of this chapter for which they are responsible or for the execution of the functions vested in them by this chapter, and may for such purposes classify persons, securities, transactions, statements, applications, reports, and other matters within their respective jurisdictions, and prescribe greater, lesser, or different requirements for different classes thereof.’’ All six reports are mandatory. Individual respondents may request that information submitted to the Board through the FR G–1 and FR G–4 be kept confidential. If a respondent requests confidential treatment, the Board will determine whether the information is PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 entitled to confidential treatment on a case-by-case basis. To the extent a respondent submits nonpublic commercial or financial information, which is both customarily and actually treated as private by the respondent, the respondent may request confidential treatment pursuant to exemption 4 of the Freedom of Information Act (FOIA). To the extent a respondent submits personnel, medical, or similar files, the disclosure of which would constitute an unwarranted invasion of privacy, the respondent may request confidential treatment pursuant to exemption 6 of the FOIA. Because the FR T–4, FR U–1, and FR G–3 are maintained at each banking organization, the FOIA would only be implicated if the Board obtained such records as part of the examination or supervision of a banking organization. In the event the records are obtained by the Board as part of an examination or supervision of a financial institution, this information may be considered confidential pursuant to exemption 8 of the FOIA, which protects information contained in ‘‘examination, operating, or condition reports’’ obtained in the bank supervisory process. Information collected through the FR G–2 is not considered to be confidential. Board of Governors of the Federal Reserve System, December 17, 2020. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2020–28327 Filed 12–22–20; 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: SUMMARY: The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Interagency Notice of Change in Control, the Interagency Notice of Change in Director or Senior Executive Officer, and the Interagency Biographical and Financial Report (FR 2081a,b,c; OMB No. 7100–0134). DATES: Comments must be submitted on or before February 22, 2021. ADDRESSES: You may submit comments, identified by FR 2081a, FR 2081b, or FR 2081c, by any of the following methods: • Agency Website: https:// www.federalreserve.gov/. Follow the instructions for submitting comments at E:\FR\FM\23DEN1.SGM 23DEN1 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices https://www.federalreserve.gov/apps/ foia/proposedregs.aspx. • Email: regs.comments@ federalreserve.gov. Include the 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 or to remove personally identifiable information at the commenter’s request. Accordingly, comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper 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 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: 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. SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board authority under the PRA to approve and assign OMB control numbers to collections of information 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. A copy of the Paperwork Reduction Act (PRA) OMB submission, including the reporting form and instructions, VerDate Sep<11>2014 21:21 Dec 22, 2020 Jkt 253001 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 above. 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 Collections Report title: Interagency Notice of Change in Control. Agency form number: FR 2081a. OMB control number: 7100–0134. Frequency: Event generated. Respondents: All financial institutions regulated by the Board. Estimated number of respondents: 162. Estimated average hours per response: Reporting, 29.5; Disclosure, 1. Estimated annual burden hours: Reporting, 4,779; Disclosure, 162. General description of report: The FR 2081a is submitted in connection with the acquisition of shares of an insured depository institution, savings and loan holding company (SLHC), or bank holding company (BHC) (or group of PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 83953 BHCs or SLHCs) by an individual or a group of individuals or a company or group of companies that would not be BHCs or SLHCs after consummation of the proposed transaction. When the Board is the federal banking regulatory agency for the target organization, the notice must be submitted to the appropriate Reserve Bank. The notice must include a description of the proposed transaction, the purchase price and funding source, the personal and financial information of the proposed acquirer(s), and any proposed new management. A FR 2081a filer must publish an announcement soliciting public comment on the proposed acquisition in a newspaper of general circulation in the community in which the head office of the depository institution or holding company is located. In the case of a BHC or SLHC, an announcement also must be published in each community in which the head office of a bank or savings association subsidiary of the holding company is located. A copy of the affidavit(s) of publication should be submitted to the appropriate Reserve Bank. The publication must (1) state the name and address of each person identified as an acquirer in the notice; (2) state the name of the bank or holding company to be acquired and each of its subsidiary banks; and (3) include a statement that interested persons may submit comments on the proposed transaction to the Board or the appropriate Reserve Bank. The newspaper notice must be published no more than 15 calendar days before and no later than 10 calendar days after the date that the application is filed with the appropriate Reserve Bank. Report title: Interagency Notice of Change in Director or Senior Executive Officer. Agency form number: FR 2081b. OMB control number: 7100–0134. Frequency: Event generated. Respondents: All financial institutions regulated by the Board. Estimated number of respondents: 119. Estimated average hours per response: 2. Estimated annual burden hours: 238. General description of report: The FR 2081b is used, under certain circumstances, to notify the appropriate Reserve Bank of a proposed change to an institution’s board of directors or senior executive officers. The notice must be filed if the institution is not in compliance with all minimum capital requirements, is in troubled condition, or is otherwise required by the Board to provide such notice. The reporting form may be filed by the relevant state E:\FR\FM\23DEN1.SGM 23DEN1 jbell on DSKJLSW7X2PROD with NOTICES 83954 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices member bank (SMB), SLHC, or BHC, or by the affected individual. The notice must include (1) details of the proposed transaction; (2) steps taken by the insured depository institution or holding company to investigate and satisfy itself as to the competence, experience, character, and integrity of the subject individual; (3) if the notice represents a proposal to serve as a senior executive officer of an insured depository institution or holding company, a description of the duties and responsibilities of the subject position and proposed terms of employment; and (4) if it is an after-thefact notice, an identification of the exception to the prior notice requirement upon which the notificant relies or a discussion of the reasons that prior notice was not given and what steps have been taken to avoid future violations. Report title: Interagency Biographical and Financial Report. Agency form number: FR 2081c. OMB control number: 7100–0134. Frequency: Event generated. Respondents: All financial institutions regulated by the Board. Estimated number of respondents: 959. Estimated average hours per response: 4.5. Estimated annual burden hours: 4,316. General description of report: The FR 2081c is used by certain shareholders, directors, and executive officers in connection with the FR 2081a and FR 2081b. Information requested on this reporting form is subject to verification and must be complete. As with all the notices and reporting forms, requests for clarification or supplementation of the original filing may be necessary. Proposed Revisions: The Board proposes to revise the FR 2081c by correcting an inadvertent and unintentional numbering error from the previous clearance. As a result of this error, currently, a respondent is required to provide their telephone number and email address only if they are not a U.S. citizen or are a dual citizen. With the corrected numbering and delineation, the form will clearly require all respondents to provide their telephone number and email address. This revision would be effective immediately. No changes are being proposed for the FR 2081a or FR 2081b. Legal authorization and confidentiality: The FR 2081a and FR 2081c information collections are authorized by section 7(j) of the Federal Deposit Insurance Act, which states that ‘‘[n]o person . . . shall acquire control of any insured depository institution VerDate Sep<11>2014 21:21 Dec 22, 2020 Jkt 253001 . . . unless the appropriate Federal banking agency has been given sixty days’ prior written notice of such proposed acquisition’’ and requires the Federal Reserve to investigate the competence, experience, integrity, and financial ability of any such person.1 The FR 2081a, FR 2081b, and FR 2081c information collections are authorized by section 914 of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which provides that an insured depository institution or depository institution holding company shall notify the appropriate Federal banking agency of the proposed addition of any individual to the board of directors or the employment of any individual as a senior executive officer at least 30 days before such addition or employment becomes effective.2 In addition to being used in conjunction with the FR 2081a and FR 2081b, the FR 2081c is used in conjunction with the FR 2070 and the Application to Become a Bank Holding Company and/or Acquire an Additional Bank or Bank Holding Company (FR Y– 3; OMB No. 7100–0121). When used in conjunction with the FR 2070, the FR 2081c is authorized by section 18(c) of the Federal Deposit Insurance Act, which requires that a SMB, when it is the acquiring, assuming, or resulting bank, obtain prior approval from the Board before merging or consolidating with another insured depository institution, or assuming liability to pay any deposits made in any other depository institution, and requires the Board to consider the managerial resources and future prospects of the existing and proposed institutions.3 When used in conjunction with the FR Y–3, the FR 2081c is authorized by section 3(a) of the Bank Holding Company Act of 1956, which requires Board approval for formations, acquisitions, and mergers of bank holding companies, and requires the Board to consider the competence, experience, and integrity of the officers, directors, and principal shareholders of the company.4 The obligation to file these eventgenerated reports is mandatory. Individual respondents may request that information submitted to the Board through the FR 2081a, FR 2081b, or FR 2081c be kept confidential. If a 1 12 U.S.C. 1817(j). The Board also has the authority to require reports from bank holding companies (12 U.S.C. 1844(c)), savings and loan holding companies (12 U.S.C. 1467a(b) and (g)), and state member banks (12 U.S.C. 248(a) and 324). 2 12 U.S.C. 1831i. 3 12 U.S.C. 1828(c). 4 12 U.S.C. 1842. PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 respondent requests confidential treatment, the Board will determine whether the information is entitled to confidential treatment on a case-by-case basis. To the extent a respondent submits nonpublic commercial or financial information, which is both customarily and actually treated as private by the respondent, the respondent may request confidential treatment pursuant to exemption 4 of the Freedom of Information Act (FOIA).5 To the extent a respondent submits personnel, medical, or similar files, the disclosure of which would constitute an unwarranted invasion of privacy, the respondent may request confidential treatment pursuant to exemption 6 of the FOIA.6 To the extent a respondent submits information related to examination, operating, or condition reports prepared by, on behalf of, or for the use of a financial supervisory agency, the respondent may request confidential treatment pursuant to exemption 8 of the FOIA.7 The entity should separately designate any such information as ‘‘confidential commercial information’’ or ‘‘confidential financial information,’’ and the Board will treat such designated information as confidential to the extent permitted by law, including the FOIA. Consultation outside the agency: An interagency working group responsible for reviewing this collection, comprised of representatives from the Board, OCC, and FDIC, collaborated on confirming that changes were needed to the FR 2081c form for this clearance cycle. Board of Governors of the Federal Reserve System, December 17, 2020. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2020–28329 Filed 12–22–20; 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 Notifications Related to Community Development and Public Welfare Investments of State Member Banks (FR H–6; OMB No. AGENCY: 5 U.S.C. 552(b)(4) 5 U.S.C. 552(b)(6) 7 5 U.S.C. 552(b)(8). 5 6 E:\FR\FM\23DEN1.SGM 23DEN1

Agencies

[Federal Register Volume 85, Number 247 (Wednesday, December 23, 2020)]
[Notices]
[Pages 83952-83954]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28329]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, 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 Interagency Notice of Change in Control, the Interagency Notice of 
Change in Director or Senior Executive Officer, and the Interagency 
Biographical and Financial Report (FR 2081a,b,c; OMB No. 7100-0134).

DATES: Comments must be submitted on or before February 22, 2021.

ADDRESSES: You may submit comments, identified by FR 2081a, FR 2081b, 
or FR 2081c, by any of the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at

[[Page 83953]]

https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the 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 or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper 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 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: 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information 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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the 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 above.

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 Collections

    Report title: Interagency Notice of Change in Control.
    Agency form number: FR 2081a.
    OMB control number: 7100-0134.
    Frequency: Event generated.
    Respondents: All financial institutions regulated by the Board.
    Estimated number of respondents: 162.
    Estimated average hours per response: Reporting, 29.5; Disclosure, 
1.
    Estimated annual burden hours: Reporting, 4,779; Disclosure, 162.
    General description of report: The FR 2081a is submitted in 
connection with the acquisition of shares of an insured depository 
institution, savings and loan holding company (SLHC), or bank holding 
company (BHC) (or group of BHCs or SLHCs) by an individual or a group 
of individuals or a company or group of companies that would not be 
BHCs or SLHCs after consummation of the proposed transaction. When the 
Board is the federal banking regulatory agency for the target 
organization, the notice must be submitted to the appropriate Reserve 
Bank. The notice must include a description of the proposed 
transaction, the purchase price and funding source, the personal and 
financial information of the proposed acquirer(s), and any proposed new 
management.
    A FR 2081a filer must publish an announcement soliciting public 
comment on the proposed acquisition in a newspaper of general 
circulation in the community in which the head office of the depository 
institution or holding company is located. In the case of a BHC or 
SLHC, an announcement also must be published in each community in which 
the head office of a bank or savings association subsidiary of the 
holding company is located. A copy of the affidavit(s) of publication 
should be submitted to the appropriate Reserve Bank. The publication 
must (1) state the name and address of each person identified as an 
acquirer in the notice; (2) state the name of the bank or holding 
company to be acquired and each of its subsidiary banks; and (3) 
include a statement that interested persons may submit comments on the 
proposed transaction to the Board or the appropriate Reserve Bank. The 
newspaper notice must be published no more than 15 calendar days before 
and no later than 10 calendar days after the date that the application 
is filed with the appropriate Reserve Bank.
    Report title: Interagency Notice of Change in Director or Senior 
Executive Officer.
    Agency form number: FR 2081b.
    OMB control number: 7100-0134.
    Frequency: Event generated.
    Respondents: All financial institutions regulated by the Board.
    Estimated number of respondents: 119.
    Estimated average hours per response: 2.
    Estimated annual burden hours: 238.
    General description of report: The FR 2081b is used, under certain 
circumstances, to notify the appropriate Reserve Bank of a proposed 
change to an institution's board of directors or senior executive 
officers. The notice must be filed if the institution is not in 
compliance with all minimum capital requirements, is in troubled 
condition, or is otherwise required by the Board to provide such 
notice. The reporting form may be filed by the relevant state

[[Page 83954]]

member bank (SMB), SLHC, or BHC, or by the affected individual. The 
notice must include (1) details of the proposed transaction; (2) steps 
taken by the insured depository institution or holding company to 
investigate and satisfy itself as to the competence, experience, 
character, and integrity of the subject individual; (3) if the notice 
represents a proposal to serve as a senior executive officer of an 
insured depository institution or holding company, a description of the 
duties and responsibilities of the subject position and proposed terms 
of employment; and (4) if it is an after-the-fact notice, an 
identification of the exception to the prior notice requirement upon 
which the notificant relies or a discussion of the reasons that prior 
notice was not given and what steps have been taken to avoid future 
violations.
    Report title: Interagency Biographical and Financial Report.
    Agency form number: FR 2081c.
    OMB control number: 7100-0134.
    Frequency: Event generated.
    Respondents: All financial institutions regulated by the Board.
    Estimated number of respondents: 959.
    Estimated average hours per response: 4.5.
    Estimated annual burden hours: 4,316.
    General description of report: The FR 2081c is used by certain 
shareholders, directors, and executive officers in connection with the 
FR 2081a and FR 2081b. Information requested on this reporting form is 
subject to verification and must be complete. As with all the notices 
and reporting forms, requests for clarification or supplementation of 
the original filing may be necessary.
    Proposed Revisions: The Board proposes to revise the FR 2081c by 
correcting an inadvertent and unintentional numbering error from the 
previous clearance. As a result of this error, currently, a respondent 
is required to provide their telephone number and email address only if 
they are not a U.S. citizen or are a dual citizen. With the corrected 
numbering and delineation, the form will clearly require all 
respondents to provide their telephone number and email address. This 
revision would be effective immediately. No changes are being proposed 
for the FR 2081a or FR 2081b.
    Legal authorization and confidentiality: The FR 2081a and FR 2081c 
information collections are authorized by section 7(j) of the Federal 
Deposit Insurance Act, which states that ``[n]o person . . . shall 
acquire control of any insured depository institution . . . unless the 
appropriate Federal banking agency has been given sixty days' prior 
written notice of such proposed acquisition'' and requires the Federal 
Reserve to investigate the competence, experience, integrity, and 
financial ability of any such person.\1\ The FR 2081a, FR 2081b, and FR 
2081c information collections are authorized by section 914 of the 
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), 
which provides that an insured depository institution or depository 
institution holding company shall notify the appropriate Federal 
banking agency of the proposed addition of any individual to the board 
of directors or the employment of any individual as a senior executive 
officer at least 30 days before such addition or employment becomes 
effective.\2\
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    \1\ 12 U.S.C. 1817(j). The Board also has the authority to 
require reports from bank holding companies (12 U.S.C. 1844(c)), 
savings and loan holding companies (12 U.S.C. 1467a(b) and (g)), and 
state member banks (12 U.S.C. 248(a) and 324).
    \2\ 12 U.S.C. 1831i.
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    In addition to being used in conjunction with the FR 2081a and FR 
2081b, the FR 2081c is used in conjunction with the FR 2070 and the 
Application to Become a Bank Holding Company and/or Acquire an 
Additional Bank or Bank Holding Company (FR Y-3; OMB No. 7100-0121). 
When used in conjunction with the FR 2070, the FR 2081c is authorized 
by section 18(c) of the Federal Deposit Insurance Act, which requires 
that a SMB, when it is the acquiring, assuming, or resulting bank, 
obtain prior approval from the Board before merging or consolidating 
with another insured depository institution, or assuming liability to 
pay any deposits made in any other depository institution, and requires 
the Board to consider the managerial resources and future prospects of 
the existing and proposed institutions.\3\ When used in conjunction 
with the FR Y-3, the FR 2081c is authorized by section 3(a) of the Bank 
Holding Company Act of 1956, which requires Board approval for 
formations, acquisitions, and mergers of bank holding companies, and 
requires the Board to consider the competence, experience, and 
integrity of the officers, directors, and principal shareholders of the 
company.\4\
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    \3\ 12 U.S.C. 1828(c).
    \4\ 12 U.S.C. 1842.
---------------------------------------------------------------------------

    The obligation to file these event-generated reports is mandatory. 
Individual respondents may request that information submitted to the 
Board through the FR 2081a, FR 2081b, or FR 2081c be kept confidential. 
If a respondent requests confidential treatment, the Board will 
determine whether the information is entitled to confidential treatment 
on a case-by-case basis. To the extent a respondent submits nonpublic 
commercial or financial information, which is both customarily and 
actually treated as private by the respondent, the respondent may 
request confidential treatment pursuant to exemption 4 of the Freedom 
of Information Act (FOIA).\5\ To the extent a respondent submits 
personnel, medical, or similar files, the disclosure of which would 
constitute an unwarranted invasion of privacy, the respondent may 
request confidential treatment pursuant to exemption 6 of the FOIA.\6\ 
To the extent a respondent submits information related to examination, 
operating, or condition reports prepared by, on behalf of, or for the 
use of a financial supervisory agency, the respondent may request 
confidential treatment pursuant to exemption 8 of the FOIA.\7\ The 
entity should separately designate any such information as 
``confidential commercial information'' or ``confidential financial 
information,'' and the Board will treat such designated information as 
confidential to the extent permitted by law, including the FOIA.
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    \5\ 5 U.S.C. 552(b)(4)
    \6\ 5 U.S.C. 552(b)(6)
    \7\ 5 U.S.C. 552(b)(8).
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    Consultation outside the agency: An interagency working group 
responsible for reviewing this collection, comprised of representatives 
from the Board, OCC, and FDIC, collaborated on confirming that changes 
were needed to the FR 2081c form for this clearance cycle.

    Board of Governors of the Federal Reserve System, December 17, 
2020.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2020-28329 Filed 12-22-20; 8:45 am]
BILLING CODE 6210-01-P