Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 9939-9940 [2021-03093]

Download as PDF Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices 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 available at https://www.reginfo.gov/public/do/ PRAMain, 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. jbell on DSKJLSW7X2PROD 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, VerDate Sep<11>2014 20:43 Feb 16, 2021 Jkt 253001 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, Without Revision, the Following Information Collection Report title: Recordkeeping Requirements Associated with Changes in Foreign Investments (Made Pursuant to Regulation K). Agency form number: FR 2064. OMB control number: 7100–0109. Frequency: On occasion. Respondents: Internationally active U.S. banking organizations (member banks, Edge Act and agreement corporations, and bank holding companies). Estimated number of respondents: 20. Estimated average hours per response: 2. Estimated annual burden hours: 160. General description of report: This collection concerns internal records that internationally active U.S. banking organizations (such as internationally active member banks, Edge Act and agreement corporations, and bank holding companies) should maintain to demonstrate compliance with the investment provisions contained in Subpart A of Regulation K— International Banking Operations. Legal authorization and confidentiality: The FR 2064 is authorized pursuant to section 5(c) of the Bank Holding Company Act; 1 and sections 25(7) and 25A(17) of the Federal Reserve Act.2 The institutions’ obligation to retain the records is mandatory. The records related to the FR 2064 are retained at banking organizations. However, 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 Freedom of Information Act (FOIA), which protects information contained in ‘‘examination, operating, or condition reports’’ obtained in the bank supervisory process.3 Additionally, to 1 12 U.S.C. 1844(c). U.S.C. 602 and 625. 3 5 U.S.C. 552(b)(8). the extent that such information obtained by the Board constitutes nonpublic commercial or financial information, which is both customarily and actually treated as private by the financial institution, the financial institution may request confidential treatment pursuant to exemption 4 of FOIA.4 Board of Governors of the Federal Reserve System, February 10, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–03092 Filed 2–16–21; 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, without revision, the Recordkeeping, Disclosure, and Reporting Requirements Associated with Securities Transactions Pursuant to Sections 208.34(c), (d), and (g) of Regulation H (FR H–3; OMB No. 7100– 0196). 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. 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 PRA to approve and assign OMB control numbers to collections of information conducted or sponsored by the Board. Boardapproved collections of information are incorporated into the official OMB inventory of currently approved collections of information. The OMB inventory, as well as copies of the PRA Submission, supporting statements, and approved collection of information instrument(s) are available at https:// www.reginfo.gov/public/do/PRAMain. These documents are also available on AGENCY: 2 12 PO 00000 Frm 00035 Fmt 4703 45 Sfmt 4703 9939 U.S.C. 552(b)(4). E:\FR\FM\17FEN1.SGM 17FEN1 9940 Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices the Federal Reserve Board’s public website at https:// www.federalreserve.gov/apps/ reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears above. Final Approval Under OMB Delegated Authority of the Extension for Three Years, Without Revision, of the Following Information Collection: Report title: Recordkeeping, Disclosure, and Reporting Requirements Associated with Securities Transactions Pursuant to Sections 208.34(c), (d), and (g) of Regulation H. Agency form number: FR H–3. OMB control number: 7100–0196. Frequency: Event-generated, quarterly. Respondents: State member banks (SMBs), SMB officers/employees. Estimated number of respondents: SMBs (de novo): 1; SMBs with trust departments: 209; SMBs without trust departments: 545; SMB officers/ employees: 2,389. Estimated average hours per response: SMBs (de novo): recordkeeping, 40 hours. SMBs with trust departments: recordkeeping, 2 hours; disclosure, 16 hours. SMBs without trust departments: recordkeeping, 15 minutes; disclosure, 5 hours. SMB officers/employees: reporting, 2 hours. Estimated annual burden hours: SMBs (de novo): recordkeeping, 40 hours. SMBs with trust departments: recordkeeping, 10,032 hours; disclosure, 40,128 hours. SMBs without trust departments: recordkeeping, 3,815 hours; disclosure, 32,700 hours. SMB officers/employees: reporting, 19,112 hours. General description of report: Section 15C of the Securities Exchange Act of 1934 (the Act), establishes federal regulation of brokers and dealers of government securities, including banks and other financial institutions, and directs those brokers and dealers to keep certain records.1 These requirements are implemented for SMBs by sections 208.34(c), (d), and (g) of the Board’s Regulation H, which require that nonexempt state member banks 2 effecting 1 12 U.S.C. 78o–5(a), (d). requirements of section 208.34 of Regulation H apply to all SMBs that effect more than 500 government securities brokerage transactions per year, unless the institution has filed a written notice, or is required to file notice, with the Board that it acts as a government securities broker or a government securities dealer. These requirements also do not apply to activities of foreign branches of SMBs; activities of nonmember, non-insured trust company subsidiaries of bank holding companies; or activities that are subject to regulations promulgated by the Municipal Securities jbell on DSKJLSW7X2PROD with NOTICES 2 The VerDate Sep<11>2014 20:43 Feb 16, 2021 Jkt 253001 securities transactions for customers establish and maintain a system of records of these transactions, furnish confirmations of transactions to customers that disclose certain information, and establish written policies and procedures relating to securities trading. Legal authorization and confidentiality: FR H–3 is authorized pursuant to Section 23 of the Act,3 which empowers the Board to make rules and regulations implementing those portions of the Act for which it is responsible. Because these records and disclosures would be maintained at each banking organization, the Freedom of Information Act (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.4 In addition, the information may also be kept confidential under exemption 4 for the FOIA, which protects commercial or financial information obtained from a person that is privileged or confidential.5 Current actions: On October 14, 2020, the Board published a notice in the Federal Register (85 FR 65047) requesting public comment for 60 days on the extension, without revision, of FR H–3. The comment period for this notice expired on December 14, 2020. The Board did not receive any comments. Board of Governors of the Federal Reserve System, February 10, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–03093 Filed 2–16–21; 8:45 am] BILLING CODE 6210–01–P Rulemaking Board. In addition, SMBs with an annual average of less than 200 securities transactions for customers over the prior three calendar years (exclusive of transactions in U.S. government and agency obligations) are exempt from these Regulation H recordkeeping, disclosure, and reporting requirements. See 12 CFR 208.34(a)(1)(i)–(iv). 3 15 U.S.C. 78w. The Board also has the authority to require reports from SMBs (12 U.S.C. 248(a) and 324). 4 5 U.S.C. 552(b)(8). 5 5 U.S.C. 552(b)(4). PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 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, without revision, the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products (FR 4029; OMB No. 7100–0330). DATES: Comments must be submitted on or before April 19, 2021. ADDRESSES: You may submit comments, identified by FR 4029, 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 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, SUMMARY: E:\FR\FM\17FEN1.SGM 17FEN1

Agencies

[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Pages 9939-9940]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03093]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Recordkeeping, Disclosure, and Reporting Requirements Associated with 
Securities Transactions Pursuant to Sections 208.34(c), (d), and (g) of 
Regulation H (FR H-3; OMB No. 7100-0196).

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. 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 PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on

[[Page 9940]]

the Federal Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection:

    Report title: Recordkeeping, Disclosure, and Reporting Requirements 
Associated with Securities Transactions Pursuant to Sections 208.34(c), 
(d), and (g) of Regulation H.
    Agency form number: FR H-3.
    OMB control number: 7100-0196.
    Frequency: Event-generated, quarterly.
    Respondents: State member banks (SMBs), SMB officers/employees.
    Estimated number of respondents: SMBs (de novo): 1; SMBs with trust 
departments: 209; SMBs without trust departments: 545; SMB officers/
employees: 2,389.
    Estimated average hours per response: SMBs (de novo): 
recordkeeping, 40 hours. SMBs with trust departments: recordkeeping, 2 
hours; disclosure, 16 hours. SMBs without trust departments: 
recordkeeping, 15 minutes; disclosure, 5 hours. SMB officers/employees: 
reporting, 2 hours.
    Estimated annual burden hours: SMBs (de novo): recordkeeping, 40 
hours. SMBs with trust departments: recordkeeping, 10,032 hours; 
disclosure, 40,128 hours. SMBs without trust departments: 
recordkeeping, 3,815 hours; disclosure, 32,700 hours. SMB officers/
employees: reporting, 19,112 hours.
    General description of report: Section 15C of the Securities 
Exchange Act of 1934 (the Act), establishes federal regulation of 
brokers and dealers of government securities, including banks and other 
financial institutions, and directs those brokers and dealers to keep 
certain records.\1\ These requirements are implemented for SMBs by 
sections 208.34(c), (d), and (g) of the Board's Regulation H, which 
require that non-exempt state member banks \2\ effecting securities 
transactions for customers establish and maintain a system of records 
of these transactions, furnish confirmations of transactions to 
customers that disclose certain information, and establish written 
policies and procedures relating to securities trading.
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    \1\ 12 U.S.C. 78o-5(a), (d).
    \2\ The requirements of section 208.34 of Regulation H apply to 
all SMBs that effect more than 500 government securities brokerage 
transactions per year, unless the institution has filed a written 
notice, or is required to file notice, with the Board that it acts 
as a government securities broker or a government securities dealer. 
These requirements also do not apply to activities of foreign 
branches of SMBs; activities of nonmember, non-insured trust company 
subsidiaries of bank holding companies; or activities that are 
subject to regulations promulgated by the Municipal Securities 
Rulemaking Board. In addition, SMBs with an annual average of less 
than 200 securities transactions for customers over the prior three 
calendar years (exclusive of transactions in U.S. government and 
agency obligations) are exempt from these Regulation H 
recordkeeping, disclosure, and reporting requirements. See 12 CFR 
208.34(a)(1)(i)-(iv).
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    Legal authorization and confidentiality: FR H-3 is authorized 
pursuant to Section 23 of the Act,\3\ which empowers the Board to make 
rules and regulations implementing those portions of the Act for which 
it is responsible. Because these records and disclosures would be 
maintained at each banking organization, the Freedom of Information Act 
(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.\4\ In 
addition, the information may also be kept confidential under exemption 
4 for the FOIA, which protects commercial or financial information 
obtained from a person that is privileged or confidential.\5\
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    \3\ 15 U.S.C. 78w. The Board also has the authority to require 
reports from SMBs (12 U.S.C. 248(a) and 324).
    \4\ 5 U.S.C. 552(b)(8).
    \5\ 5 U.S.C. 552(b)(4).
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    Current actions: On October 14, 2020, the Board published a notice 
in the Federal Register (85 FR 65047) requesting public comment for 60 
days on the extension, without revision, of FR H-3. The comment period 
for this notice expired on December 14, 2020. The Board did not receive 
any comments.

    Board of Governors of the Federal Reserve System, February 10, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-03093 Filed 2-16-21; 8:45 am]
BILLING CODE 6210-01-P