Proposed Agency Information Collection Activities; Comment Request, 20149-20151 [2021-07764]

Download as PDF Federal Register / Vol. 86, No. 72 / Friday, April 16, 2021 / Notices confirmed breach or to prevent, minimize, or remedy such harm. 7. Assistance to Federal Agencies and Entities—To another Federal agency or Federal entity, when the Commission determines that information from this system is reasonably necessary to assist the recipient agency or entity in: (a) Responding to a suspected or confirmed breach or (b) preventing, minimizing, or remedying the risk of harm to individuals, the recipient agency or entity (including its information systems, program, and operations), the Federal Government, or national security, resulting from a suspected or confirmed breach. 8. Non-Federal Personnel—To disclose information to non-federal personnel, including contractors, who have been engaged to assist the FCC in the performance of a contract service, grant, cooperative agreement, or other activity related to this system of records and who need to have access to the records in order to perform their activity. In each of these cases, the FCC will determine whether disclosure of the records is compatible with the purpose for which the records were collected. RECORD ACCESS PROCEDURES: Individuals wishing to request access to and/or amendment of records about themselves should follow the Notification Procedure below. CONTESTING RECORD PROCEDURES: Individuals wishing to request access to and/or amendment of records about themselves should follow the Notification Procedure below. REPORTING TO A CONSUMER REPORTING AGENCIES: NOTIFICATION PROCEDURE: In addition to the routine uses cited above, the Commission may share information from this system of records with a consumer reporting agency regarding an individual who has not paid a valid and overdue debt owed to the Commission, following the procedures set out in the Debt Collection Act, 31 U.S.C. 3711(e). Individuals wishing to determine whether this system of records contains information about themselves may do so by writing Privacy@fcc.gov. Individuals requesting access must also comply with the FCC’s Privacy Act regulations regarding verification of identity to gain access to records as required under 47 CFR part 0, subpart E. POLICIES AND PRACTICES FOR STORAGE OF RECORDS: EXEMPTIONS CLAIMED FOR THE SYSTEM: None. This an electronic system of records that resides on the FCC’s network. POLICIES AND PRACTICES FOR RETRIEVAL OF RECORDS: Records in this system of records can be retrieved by any category field, e.g., first name or zip code. POLICIES AND PRACTICES FOR RETENTION AND DISPOSAL: ADMINISTRATIVE, TECHNICAL, AND PHYSICAL SAFEGUARDS: The electronic records, files, and data are stored within FCC accreditation boundaries and maintained in a database housed in the FCC’s computer VerDate Sep<11>2014 19:57 Apr 15, 2021 Jkt 253001 HISTORY: The FCC previously gave full notice of FCC/OCBO–1, Small Business Contacts Database, by publication in the Federal Register on April 5, 2006 (71 FR 17240). Federal Communications Commission. Marlene Dortch, Secretary. [FR Doc. 2021–07820 Filed 4–15–21; 8:45 am] The information in this system is maintained and disposed of in accordance with the National Archives and Records Administration (NARA) General Records Schedule 6.5, Item 020 (DAA–GRS–2017–0002–0002). jbell on DSKJLSW7X2PROD with NOTICES network databases. Access to the electronic files is restricted to authorized Commission employees and contractors; and to IT staff, contractors, and vendors who maintain the IT networks and services. Other FCC employees and contractors may be granted access on a need-to-know basis. The FCC’s electronic files and records are protected by the FCC and third-party privacy safeguards, a comprehensive and dynamic set of IT safety and security protocols and features that are designed to meet all Federal privacy standards, including those required by the Federal Information Security Modernization Act of 2014 (FISMA), the Office of Management and Budget (OMB), and the National Institute of Standards and Technology (NIST). BILLING CODE 6712–01–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: PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 20149 The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Bank Holding Company Applications and Notifications (FR Y–3, FR Y–3N, and FR Y–4; OMB No. 7100–0121). DATES: Comments must be submitted on or before June 15, 2021. ADDRESSES: You may submit comments, identified by FR Y–3/3N/4, 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, 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. SUMMARY: E:\FR\FM\16APN1.SGM 16APN1 20150 Federal Register / Vol. 86, No. 72 / Friday, April 16, 2021 / Notices 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 SUPPLEMENTARY INFORMATION: Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Board’s functions, including whether the information has practical utility; b. The accuracy of the Board’s estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal. Proposal under OMB Delegated Authority to Extend for Three Years, With Revision, the Following Information Collection: Report title: Application for Prior Approval to Become a Bank Holding Company, or for a Bank Holding VerDate Sep<11>2014 19:57 Apr 15, 2021 Jkt 253001 Company to Acquire an Additional Bank or Bank Holding Company; Notice for Prior Approval to Become a Bank Holding Company, or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company; and Notification for Prior Approval to Engage Directly or Indirectly in Certain Nonbanking Activities. Agency form number: FR Y–3, FR Y– 3N, and FR Y–4. OMB control number: 7100–0121. Frequency: Event-generated. Respondents: Bank holding companies (BHCs) and companies seeking to become BHCs involving certain formations, acquisitions, mergers, and nonbanking activities. Estimated number of respondents: FR Y–3, New BHCs: 72; FR Y–3, Existing BHCs: 58; FR Y–3N: 21; FR Y–4, completed notification: 22; FR Y–4, expedited notification: 8; and FR Y–4, post-consummation: 1. Estimated average hours per response: Reporting: FR Y–3, New BHCs: 48.5; FR Y–3, Existing BHCs: 59; FR Y–3N: 4; FR Y–4, completed notification: 11; FR Y– 4, expedited notification: 5; and FR Y– 4, post-consummation: 0.5; Disclosure: FR Y–3: 1; FR Y–3N: 1; FR Y–4: 1. Estimated annual burden hours: FR Y–3, New BHCs: 3,492; FR Y–3, Existing BHCs: 3,422; FR Y–3N: 84; FR Y–4, completed notification: 242; FR Y–4, expedited notification: 40; and FR Y–4, post-consummation: 1: Disclosure: FR Y–3: 130; FR Y–3N: 21; FR Y–4: 22. General description of report: These filings collect information on proposals by BHCs and companies seeking to become BHCs involving certain formations, acquisitions, mergers, and nonbanking activities. The Board requires the submission of these filings for regulatory and supervisory purposes and to fulfill its statutory obligations under the Bank Holding Company Act of 1956 (the BHC Act). The Board uses the information submitted in these filings to evaluate each individual transaction with respect to the relevant statutory factors and to ensure that the transaction complies with other applicable requirements. Proposed revisions: The Board proposes to implement a number of revisions to the FR Y–3. The proposed changes would reflect new capital regulations, and would include minor changes to improve clarity and accuracy. Recent legislative and regulatory changes implemented a community bank leverage ratio (‘‘CBLR’’) framework in 2020, which, if utilized by a qualifying depository institution, eliminates the requirement for the institution to track risk-weighted PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 assets and report risk-based capital ratios.1 In light of this change, applicants that have elected to utilize the CBLR framework would no longer be required to submit information related to risk-weighted assets or riskbased capital ratios in a FR Y–3 application. Similarly, if the bank subsidiary of an applicant has elected to use the CBLR framework, the applicant would no longer be required to submit in the FR Y–3 information related to the bank’s risk-weighted assets or risk-based capital ratios. The proposed revisions would simplify the reporting requirements with regard to those banks and BHCs that have elected to utilize the CBLR framework. The Board also proposes to implement a number of revisions to the FR Y–4. The proposed changes would improve the clarity and accuracy of the form and instructions. In order to make the form more understandable and to improve the quality of the information submitted, the Board proposes to require a notificant to provide the authority in Regulation Y under which the proposed nonbanking activity is permissible, which would facilitate the Federal Reserve’s processing of the notice. The Board further proposes to combine the form and instructions into a single document, with the instructions preceding the FR Y–4 form, in order to provide the notificant with important context. The Board is not proposing any revisions to the FR Y–3N. Legal authorization and confidentiality: Section 3(a) of the BHC Act requires Board approval for formations, acquisitions, and mergers of bank holding companies.2 Section 5(b) of the BHC Act authorizes the Board to issue regulations and orders to carry out these functions.3 These sections of the BHC Act provide the legal authorization for the FR Y–3 and the FR Y–3N. Section 4(j) of the BHC Act requires bank holding companies to give prior written notice to the Board of any acquisition of a nonbank company or commencement of any nonbanking activities.4 This section of the BHC Act provides the legal authorization for the FR Y–4. The obligation to respond to the FR Y–3, Y–3N, and Y–4 is required to obtain a benefit. To the extent a respondent submits nonpublic commercial or financial 1 See 12 CFR 217.12. U.S.C. 1842(a). 3 12 U.S.C. 1844(b). In addition, section 5(c) of the BHC Act authorizes the Board to require reports from bank holding companies. 12 U.S.C. 1844(c). 4 12 U.S.C. 1843(j). 2 12 E:\FR\FM\16APN1.SGM 16APN1 Federal Register / Vol. 86, No. 72 / Friday, April 16, 2021 / Notices information in connection with the FR Y–3, Y–3N, or Y–4, 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 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.6 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 would be confidential pursuant to exemption 8 of the FOIA.7 Board of Governors of the Federal Reserve System, April 12, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–07764 Filed 4–15–21; 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 Margin Credit Reports (FR G–1, FR G–2, FR G– 4, FR G–3, FR T–4 and FR U–1; OMB No. 7100–0011). 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 jbell on DSKJLSW7X2PROD with NOTICES AGENCY: 55 U.S.C. 552(b)(4). U.S.C. 552(b)(6). 7 5 U.S.C. 552(b)(8). 65 VerDate Sep<11>2014 19:57 Apr 15, 2021 Jkt 253001 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 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 Collections Report title: Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers). Agency form number: FR G–1. OMB control number: 7100–0011. Frequency: Event-generated. 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: 13. Estimated average hours per response: 2.5. Estimated annual burden hours: 33. General description of report: The FR G–1 registration statement is required to enable the Federal Reserve to identify nonbank lenders subject to Regulation U, to verify compliance with the regulation, and to monitor margin credit. In addition, registered nonbank lenders can be subject to periodic review by the Board, National Credit Union Administration, and Farm Credit Administration. Information collected on the registration statement consists of PO 00000 Frm 00038 Fmt 4703 Sfmt 4703 20151 certain background questions, information regarding the credit being extended, and dollar amounts of margin credit. Report title: Deregistration Statement for Persons Registered Pursuant to Regulation U. Agency form number: FR G–2. OMB control number: 7100–0011. Frequency: Event-generated. 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: 8. Estimated average hours per response: 0.25. Estimated annual burden hours: 2. General description of report: The FR G–2 deregistration statement is used by nonbank lenders to deregister if their margin credit activities no longer exceed the regulatory threshold found in Regulation U. Under section 221.3(b)(2) of Regulation U, a registered nonbank lender may apply to terminate its registration if the lender has not, during the preceding six calendar months, had more than $200,000 of such credit outstanding. The deregistration statement requires six items, including the name and phone number of the registrant, the firm’s Internal Revenue Service Identification Number (registrants that are individuals are not required to disclose their Social Security number), the authorizing officer’s signature and title, and the date. A nonbank lender who has deregistered must reregister if subsequent lending volume exceeds the thresholds identified in Regulation U. Report title: Statement of Purpose for an Extension of Credit Secured by Margin Stock by a Person Subject to Registration Under Regulation U. Agency form number: FR G–3. OMB control number: 7100–0011. Frequency: Event-generated. Respondents: Other lenders (not brokers, dealers, or banks). Estimated number of respondents: 6. Estimated average hours per response: 0.17. Estimated annual burden hours: 20. General description of report: Any nonbank lender subject to the registration requirements of Regulation E:\FR\FM\16APN1.SGM 16APN1

Agencies

[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20149-20151]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07764]


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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 Bank Holding Company Applications and Notifications (FR Y-3, FR Y-
3N, and FR Y-4; OMB No. 7100-0121).

DATES: Comments must be submitted on or before June 15, 2021.

ADDRESSES: You may submit comments, identified by FR Y-3/3N/4, 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 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.

[[Page 20150]]


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, 
With Revision, the Following Information Collection:
    Report title: Application for Prior Approval to Become a Bank 
Holding Company, or for a Bank Holding Company to Acquire an Additional 
Bank or Bank Holding Company; Notice for Prior Approval to Become a 
Bank Holding Company, or for a Bank Holding Company to Acquire an 
Additional Bank or Bank Holding Company; and Notification for Prior 
Approval to Engage Directly or Indirectly in Certain Nonbanking 
Activities.
    Agency form number: FR Y-3, FR Y-3N, and FR Y-4.
    OMB control number: 7100-0121.
    Frequency: Event-generated.
    Respondents: Bank holding companies (BHCs) and companies seeking to 
become BHCs involving certain formations, acquisitions, mergers, and 
nonbanking activities.
    Estimated number of respondents: FR Y-3, New BHCs: 72; FR Y-3, 
Existing BHCs: 58; FR Y-3N: 21; FR Y-4, completed notification: 22; FR 
Y-4, expedited notification: 8; and FR Y-4, post-consummation: 1.
    Estimated average hours per response: Reporting: FR Y-3, New BHCs: 
48.5; FR Y-3, Existing BHCs: 59; FR Y-3N: 4; FR Y-4, completed 
notification: 11; FR Y-4, expedited notification: 5; and FR Y-4, post-
consummation: 0.5; Disclosure: FR Y-3: 1; FR Y-3N: 1; FR Y-4: 1.
    Estimated annual burden hours: FR Y-3, New BHCs: 3,492; FR Y-3, 
Existing BHCs: 3,422; FR Y-3N: 84; FR Y-4, completed notification: 242; 
FR Y-4, expedited notification: 40; and FR Y-4, post-consummation: 1: 
Disclosure: FR Y-3: 130; FR Y-3N: 21; FR Y-4: 22.
    General description of report: These filings collect information on 
proposals by BHCs and companies seeking to become BHCs involving 
certain formations, acquisitions, mergers, and nonbanking activities. 
The Board requires the submission of these filings for regulatory and 
supervisory purposes and to fulfill its statutory obligations under the 
Bank Holding Company Act of 1956 (the BHC Act). The Board uses the 
information submitted in these filings to evaluate each individual 
transaction with respect to the relevant statutory factors and to 
ensure that the transaction complies with other applicable 
requirements.
    Proposed revisions: The Board proposes to implement a number of 
revisions to the FR Y-3. The proposed changes would reflect new capital 
regulations, and would include minor changes to improve clarity and 
accuracy. Recent legislative and regulatory changes implemented a 
community bank leverage ratio (``CBLR'') framework in 2020, which, if 
utilized by a qualifying depository institution, eliminates the 
requirement for the institution to track risk-weighted assets and 
report risk-based capital ratios.\1\ In light of this change, 
applicants that have elected to utilize the CBLR framework would no 
longer be required to submit information related to risk-weighted 
assets or risk-based capital ratios in a FR Y-3 application. Similarly, 
if the bank subsidiary of an applicant has elected to use the CBLR 
framework, the applicant would no longer be required to submit in the 
FR Y-3 information related to the bank's risk-weighted assets or risk-
based capital ratios. The proposed revisions would simplify the 
reporting requirements with regard to those banks and BHCs that have 
elected to utilize the CBLR framework.
---------------------------------------------------------------------------

    \1\ See 12 CFR 217.12.
---------------------------------------------------------------------------

    The Board also proposes to implement a number of revisions to the 
FR Y-4. The proposed changes would improve the clarity and accuracy of 
the form and instructions. In order to make the form more 
understandable and to improve the quality of the information submitted, 
the Board proposes to require a notificant to provide the authority in 
Regulation Y under which the proposed nonbanking activity is 
permissible, which would facilitate the Federal Reserve's processing of 
the notice. The Board further proposes to combine the form and 
instructions into a single document, with the instructions preceding 
the FR Y-4 form, in order to provide the notificant with important 
context.
    The Board is not proposing any revisions to the FR Y-3N.
    Legal authorization and confidentiality: Section 3(a) of the BHC 
Act requires Board approval for formations, acquisitions, and mergers 
of bank holding companies.\2\ Section 5(b) of the BHC Act authorizes 
the Board to issue regulations and orders to carry out these 
functions.\3\ These sections of the BHC Act provide the legal 
authorization for the FR Y-3 and the FR Y-3N. Section 4(j) of the BHC 
Act requires bank holding companies to give prior written notice to the 
Board of any acquisition of a nonbank company or commencement of any 
nonbanking activities.\4\ This section of the BHC Act provides the 
legal authorization for the FR Y-4.
---------------------------------------------------------------------------

    \2\ 12 U.S.C. 1842(a).
    \3\ 12 U.S.C. 1844(b). In addition, section 5(c) of the BHC Act 
authorizes the Board to require reports from bank holding companies. 
12 U.S.C. 1844(c).
    \4\ 12 U.S.C. 1843(j).
---------------------------------------------------------------------------

    The obligation to respond to the FR Y-3, Y-3N, and Y-4 is required 
to obtain a benefit.
    To the extent a respondent submits nonpublic commercial or 
financial

[[Page 20151]]

information in connection with the FR Y-3, Y-3N, or Y-4, 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 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.\6\ 
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 would be confidential pursuant to exemption 8 of the 
FOIA.\7\
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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).

    Board of Governors of the Federal Reserve System, April 12, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-07764 Filed 4-15-21; 8:45 am]
BILLING CODE 6210-01-P