Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 23969-23970 [2021-09465]

Download as PDF Federal Register / Vol. 86, No. 85 / Wednesday, May 5, 2021 / Notices Estimated annual burden hours: Reporting: Attachments A and B, 138; Attachments C through G, 234; Attachments H and I, 465; Attachment J, 20; Attachment K, 20; Section 211.5(c)(4) requirements, 1; Section 211.8 requirements, 0; Section 211.10 requirements, 8; Section 211.11 requirements, 5. Disclosure: Attachment F, 26. Recordkeeping: Section 211.13 requirement, 70. General description of report: Subpart A of Regulation K—International Banking Operations, governs the foreign investments and activities of member banks, Edge and agreement corporations, BHCs, and certain investments by foreign organizations. Subpart C of Regulation K governs investments in export trading companies by eligible investors.2 The FR K–1 information collection contains eleven attachments for the application and notification requirements in Subparts A and C of Regulation K. The Board requires these applications for regulatory and supervisory purposes and to allow the Board to fulfill its statutory obligations under the Federal Reserve Act (FRA) and the Bank Holding Company Act of 1956 (BHC Act). The applications are eventgenerated and provide the Federal Reserve with information necessary to evaluate each of the proposed transactions. Proposed revisions: The Board proposes to revise the FR K–1 information collection to account for several reporting and recordkeeping provisions in sections 211.5, 211.8, 211.10, 211.11, and 211.13 of Regulation K that have not been previously cleared by the Board under the PRA. The Board is not proposing to create additional attachments to the FR K–1 to address these provisions. Legal authorization and confidentiality: The Board is authorized to collect the information required on the FR K–1 under sections 25 and 25A of the FRA,3 and sections 4(c)(13), 4(c)(14), and 5(c) of the BHC Act.4 Section 25 of the FRA authorizes the Board to approve applications to establish agreement corporations, establish foreign branches, and invest in foreign banks in accordance with regulations prescribed by the Board. Section 25 also authorizes the Board to require reports concerning the condition of these entities. Section 25A of the FRA 2 Eligible investors are BHCs, Edge and agreement corporations that are subsidiaries of bank holding companies but are not subsidiaries of banks, banker’s banks, and foreign banking organizations. 12 CFR 211.32(d). 3 12 U.S.C. 601–604(a) and 611–631. 4 12 U.S.C. 1843(c)(13), 1843(c)(14), and 1844(c). VerDate Sep<11>2014 23:06 May 04, 2021 Jkt 253001 authorizes the Board to approve the establishment of Edge corporations, to issue rules and regulations relating to these entities, and to require reports from these entities. Section 4(c)(13) of the BHC Act authorizes the Board, by regulation or order, to determine that BHCs may invest in companies that do business abroad. Section 4(c)(14) of the BHC Act authorizes BHCs to invest in export trading companies, subject to a notice requirement and disapproval by the Board. Section 5(c) of the BHC Act grants the Board reporting and examination authorities. The applications and notifications comprising FR K–1 are required to obtain a benefit. Individual respondents may request that information submitted to the Board through the FR K–1 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 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 To the extent that the Board obtains information as part of the examination process, the information may be confidential pursuant to exemption 8 of the FOIA.7 Board of Governors of the Federal Reserve System, April 29, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–09426 Filed 5–4–21; 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 Survey of AGENCY: 55 U.S.C. 552(b)(4). U.S.C. 552(b)(6). 7 5 U.S.C. 552(b)(8). 65 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 23969 Consumer Finances (FR 3059; OMB 7100–0287). 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 the Federal Reserve Board’s public website at https://www.federal reserve.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: Survey of Consumer Finances (SCF). Agency form number: FR 3059. OMB control number: 7100–0287. Frequency: Triennial. Respondents: U.S. families. Estimated number of respondents: Pretest, 150; Main survey, 7,000. Estimated average hours per response: Pretest, 100 minutes; Main survey, 100 minutes. Estimated annual burden hours: Pretest, 250 hours; Main survey, 11,667 hours. General description of report: This triennial survey is the only source of representative information on the structure of U.S. families’ finances. The survey would collect data on the assets, debts, income, work history, pension rights, use of financial services, and attitudes of a sample of U.S. families. Because the ownership of some assets is relatively concentrated in a small E:\FR\FM\05MYN1.SGM 05MYN1 23970 Federal Register / Vol. 86, No. 85 / Wednesday, May 5, 2021 / Notices number of families, the survey would make a special effort to ensure proper representation of such assets by systematically oversampling wealthier families. Legal authorization and confidentiality: Section 2A of the Federal Reserve Act (FRA) requires that the Board and the Federal Open Market Committee (FOMC) maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.1 In addition, under section 12A of the FRA, the FOMC is required to implement regulations relating to the open market operations conducted by Federal Reserve Banks. Those transactions must be governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country.2 The Board and the FOMC use the information obtained from the FR 3059 to help fulfill these obligations. The FR 3059 is a voluntary survey. It is expected that the data collected would be published in summary form in the Federal Reserve Bulletin. A version of the microdata, which would be altered to protect the identity of individual respondents, would be made available to the public through the Board’s public website. None of the pretest data would be released to the public. The information collected on the FR 3059 that identifies the individual respondents may be exempt from disclosure under exemption 6 of the Freedom of Information Act, which protects information the disclosure of which would constitute a clearly unwarranted invasion of personal privacy.3 Current actions: On February 3, 2021, the Board published a notice in the Federal Register (86 FR 8016) requesting public comment for 60 days on the extension, without revision, of the Survey of Consumer Finances. The comment period for this notice expired on April 5, 2021. The Board did not receive any comments. Board of Governors of the Federal Reserve System, April 29, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–09465 Filed 5–4–21; 8:45 am] BILLING CODE 6210–01–P 12 U.S.C. 225a. 2 12 U.S.C. 263. 3 5 U.S.C. 552(b)(6). 1 VerDate Sep<11>2014 23:06 May 04, 2021 Jkt 253001 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 Senior Financial Officer Surveys (FR 2023; OMB No. 7100–0223). 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 the Federal Reserve Board’s public website at https://www.federal reserve.gov/apps/reportforms/ review.aspx or may be requested from the agency clearance officer, whose name appears above. AGENCY: Final Approval Under OMB Delegated Authority of the Extension for Three Years, Without Revision, of the Following Information Collection Report title: Senior Financial Officer Surveys. Agency form number: FR 2023. OMB control number: 7100–0223. Frequency: Up to four times a year. Respondents: Domestically chartered large depository institutions and foreign banking organizations. Estimated number of respondents: 80. Estimated average hours per response: 3. Estimated annual burden hours: 960. PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 General description of report: The Board uses the surveys in this collection to gather qualitative and limited quantitative information about liability management, the provision of financial services, and the functioning of key financial markets. Responses are obtained from a senior officer at each participating institution, usually through an electronic submission. Although a survey may not be collected in a given year, the Board may conduct up to four surveys per year when informational needs arise and cannot be met from existing data sources. The survey does not have a fixed set of questions; each survey consists of a limited number of questions directed at topics of timely interest. Legal authorization and confidentiality: The FR 2023 is authorized by sections 2A, 12A, and 11 of the Federal Reserve Act (‘‘FRA’’).1 Section 2A of the FRA requires that the Board and the Federal Open Market Committee (‘‘FOMC’’) maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.2 Section 12A of the FRA further requires the FOMC to implement regulations relating to the open market operations conducted by Federal Reserve Banks with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country.3 Section 11 of the FRA authorizes the Board to require reports from each member bank as it may deem necessary and authorizes the Board to prescribe reports of liabilities and assets from insured depository institutions to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates.4 The Board and FOMC use the information obtained through the FR 2023 to discharge these responsibilities. Survey submissions under the FR 2023 are voluntary. The questions asked on each survey will vary. The Board’s ability to keep confidential responses to the FR 2023 must therefore be determined on a caseby-case basis. Much of the information collected is likely to constitute nonpublic commercial or financial information, which is both customarily and actually treated as private by the respondent, and may be kept 31 U.S.C. 5364(a). 12 U.S.C. 225a. 3 12 U.S.C. 263. 4 12 U.S.C. 248(a). 1 2 E:\FR\FM\05MYN1.SGM 05MYN1

Agencies

[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Notices]
[Pages 23969-23970]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09465]


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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 
Survey of Consumer Finances (FR 3059; OMB 7100-0287).

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 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: Survey of Consumer Finances (SCF).
    Agency form number: FR 3059.
    OMB control number: 7100-0287.
    Frequency: Triennial.
    Respondents: U.S. families.
    Estimated number of respondents: Pretest, 150; Main survey, 7,000.
    Estimated average hours per response: Pretest, 100 minutes; Main 
survey, 100 minutes.
    Estimated annual burden hours: Pretest, 250 hours; Main survey, 
11,667 hours.
    General description of report: This triennial survey is the only 
source of representative information on the structure of U.S. families' 
finances. The survey would collect data on the assets, debts, income, 
work history, pension rights, use of financial services, and attitudes 
of a sample of U.S. families. Because the ownership of some assets is 
relatively concentrated in a small

[[Page 23970]]

number of families, the survey would make a special effort to ensure 
proper representation of such assets by systematically oversampling 
wealthier families.
    Legal authorization and confidentiality: Section 2A of the Federal 
Reserve Act (FRA) requires that the Board and the Federal Open Market 
Committee (FOMC) maintain long run growth of the monetary and credit 
aggregates commensurate with the economy's long run potential to 
increase production, so as to promote effectively the goals of maximum 
employment, stable prices, and moderate long-term interest rates.\1\ In 
addition, under section 12A of the FRA, the FOMC is required to 
implement regulations relating to the open market operations conducted 
by Federal Reserve Banks. Those transactions must be governed with a 
view to accommodating commerce and business and with regard to their 
bearing upon the general credit situation of the country.\2\ The Board 
and the FOMC use the information obtained from the FR 3059 to help 
fulfill these obligations. The FR 3059 is a voluntary survey.
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 225a.
    \2\ 12 U.S.C. 263.
---------------------------------------------------------------------------

    It is expected that the data collected would be published in 
summary form in the Federal Reserve Bulletin. A version of the 
microdata, which would be altered to protect the identity of individual 
respondents, would be made available to the public through the Board's 
public website. None of the pretest data would be released to the 
public. The information collected on the FR 3059 that identifies the 
individual respondents may be exempt from disclosure under exemption 6 
of the Freedom of Information Act, which protects information the 
disclosure of which would constitute a clearly unwarranted invasion of 
personal privacy.\3\
---------------------------------------------------------------------------

    \3\ 5 U.S.C. 552(b)(6).
---------------------------------------------------------------------------

    Current actions: On February 3, 2021, the Board published a notice 
in the Federal Register (86 FR 8016) requesting public comment for 60 
days on the extension, without revision, of the Survey of Consumer 
Finances. The comment period for this notice expired on April 5, 2021. 
The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, April 29, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.

[FR Doc. 2021-09465 Filed 5-4-21; 8:45 am]
BILLING CODE 6210-01-P