Proposed Agency Information Collection Activities; Comment Request, 13381-13382 [2021-04663]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 86, Number 43 (Monday, March 8, 2021)]
[Notices]
[Pages 13381-13382]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04663]


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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.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Application for a Foreign Organization to Acquire a U.S. 
Bank or Bank Holding Company (FR Y-3F; OMB No. 7100-0119).

DATES: Comments must be submitted on or before May 7, 2021.

ADDRESSES: You may submit comments, identified by FR Y-3F, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include 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

[[Page 13382]]

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.

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, 
Without Revision, the Following Information Collection:
    Report title: Application for a Foreign Organization to Acquire a 
U.S. Bank or Bank Holding Company.
    Agency form number: FR Y-3F.
    OMB Control Number: 7100-0119.
    Frequency: On occasion.
    Respondents: Any company organized under the laws of a foreign 
country that seeks to acquire a U.S. bank or bank holding company.
    Estimated number of respondents: 6.
    Estimated average hours per response: Reporting: Initial 
application: 90; Subsequent application: 70; Disclosure: 1.
    Estimated annual burden hours: Reporting: Initial application: 90; 
Subsequent application: 350; Disclosure: 6.
    General description of report: Under the Bank Holding Company Act 
(BHC Act), any company, including a company organized under the laws of 
a foreign country, that seeks to acquire a U.S. bank or bank holding 
company must receive prior approval from the Board to do so. The 
Federal Reserve uses the information collected by the FR Y-3F to 
determine whether to approve the application and, subsequently, to 
carry out its supervisory responsibilities with respect to the foreign 
banking organization's operations in the United States.
    Legal authorization and confidentiality: Section 3(a) of the BHC 
Act \1\ requires prior approval by the Board for any company, including 
a foreign company, to acquire a U.S. bank or bank holding company, and 
section 3(c) of the BHC Act \2\ sets forth the factors that the Board 
must consider in approving such an application. Sections 5(a) through 
5(c) of the BHC Act \3\ authorize the Board to require the registration 
of bank holding companies, issue regulations and orders to carry out 
its supervisory responsibilities thereunder, and examine and require 
reports to be submitted by bank holding companies, respectively. 
Together, these sections of the BHC Act provide the legal authorization 
for the FR Y-3F. The FR Y-3F is required to obtain a benefit.
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    \1\ 12 U.S.C. 1842(a).
    \2\ 12 U.S.C. 1842(c).
    \3\ 12 U.S.C. 1844(a)-(c).
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    To the extent a respondent submits nonpublic commercial or 
financial information in connection with the FR Y-3F, 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).\4\ To the extent a respondent 
submits personal, 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.\5\ 
If a respondent requests confidential treatment, the Board will 
determine whether the information is entitled to confidential treatment 
on a case-by-case basis. 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. 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 
information may be treated as confidential pursuant to exemption 8 of 
the FOIA.\6\
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    \4\ 5 U.S.C. 552(b)(4).
    \5\ 5 U.S.C. 552(b)(6).
    \6\ 5 U.S.C. 552(b)(8).

    Board of Governors of the Federal Reserve System, March 1, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-04663 Filed 3-5-21; 8:45 am]
BILLING CODE 6210-01-P