Proposed Agency Information Collection Activities; Comment Request, 83952-83954 [2020-28329]
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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.
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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
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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
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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,
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21:21 Dec 22, 2020
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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
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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
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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
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. . . 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.
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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
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]]>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]
-----------------------------------------------------------------------
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.
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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
