Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 40840-40841 [2021-16146]
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jbell on DSKJLSW7X2PROD with NOTICES
40840
Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Notices
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.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, With Revision, of 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.
Effective Date: August 30, 2021.
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
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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.
Legal authorization and
confidentiality: Section 3(a) of the BHC
Act requires Board approval for
formations, acquisitions, and mergers of
bank holding companies.1 Section 5(b)
of the BHC Act authorizes the Board to
issue regulations and orders to carry out
these functions.2 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.3 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
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).4 To the extent a respondent
submits personal, medical, or similar
files, the disclosure of which would
constitute an unwarranted invasion of
U.S.C. 1842(a).
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).
3 12 U.S.C. 1843(j).
4 5 U.S.C. 552(b)(4).
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1 12
2 12
Frm 00039
Fmt 4703
Sfmt 4703
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 confidential
pursuant to exemption 8 of the FOIA.6
Current actions: On April 16, 2021,
the Board published an initial notice in
the Federal Register (86 FR 20149)
requesting public comment for 60 days
on the extension, with revision, of the
FR Y–3, FR Y–3N, and FR Y–4. The
comment period for this notice expired
on June 15, 2021. The Board did not
receive any comments. The Board will
adopt the extension, with revision, of
the FR Y–3, FR Y–3N, and FR Y–4 as
proposed.
Board of Governors of the Federal Reserve
System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–16145 Filed 7–28–21; 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, with revision, the International
Applications and Prior Notifications
under Subparts A and C of Regulation
K (FR K–1; OMB No. 7100–0107). The
revisions are effective immediately.
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.
AGENCY:
55
65
E:\FR\FM\29JYN1.SGM
U.S.C. 552(b)(6).
U.S.C. 552(b)(8).
29JYN1
jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Notices
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.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, With Revision, of the Following
Information Collection:
Report title: International
Applications and Prior Notifications
under Subparts A and C of Regulation
K.
Agency form number: FR K–1.
OMB control number: 7100–0107.
Effective Date: The revisions are
effective immediately.
Frequency: On occasion.
Respondents: Member banks, Edge
and agreement corporations,1 bank
holding companies (BHCs), and certain
investments by foreign organizations.
Estimated number of respondents:
Reporting: Attachments A and B, 6;
Attachments C through G, 13;
Attachments H and I, 10; Attachment J,
2; Attachment K, 1; Section 211.5(c)(4)
requirements, 1; Section 211.8
requirements, 1; Section 211.10
requirements, 1; Section 211.11
requirements, 1. Disclosure: Attachment
F, 13. Recordkeeping: Section 211.13
requirement, 70.
Estimated average hours per response:
Reporting: Attachments A and B, 11.5;
Attachments C through G, 9;
Attachments H and I, 15.5; Attachment
J, 10; Attachment K, 20; Section
1 References
to Edge corporations are inclusive of
agreement corporations. An agreement corporation
is a corporation that has entered into an agreement
with the Board that it will not exercise any power
that is impermissible for an Edge corporation. 12
CFR 211.5(g)(1).
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40841
211.5(c)(4) requirements, 1; Section
211.8 requirements, 0.25; Section 211.10
requirements, 8; Section 211.11
requirements, 5. Disclosure: Attachment
F, 1. Recordkeeping: Section 211.13
requirement, 1.
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.
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
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
Current actions: On May 5, 2021, the
Board published an initial notice in the
Federal Register (86 FR 23968)
requesting public comment for 60 days
on the extension, with revision, of the
FR K–1. The Board proposed revisions
to 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 had not been
previously cleared by the Board under
the PRA. The Board did not propose
additional attachments to the FR K–1 to
address these provisions. The comment
period for this notice expired on July 6,
2021. The Board did not receive any
comments. The revisions will be
implemented as proposed.
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).
[FR Doc. 2021–16146 Filed 7–28–21; 8:45 am]
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Board of Governors of the Federal Reserve
System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
BILLING CODE 6210–01–P
55
U.S.C. 552(b)(4).
U.S.C. 552(b)(6).
7 5 U.S.C. 552(b)(8).
65
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29JYN1
]]>Agencies
[Federal Register Volume 86, Number 143 (Thursday, July 29, 2021)]
[Notices]
[Pages 40840-40841]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16146]
-----------------------------------------------------------------------
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, with revision, the
International Applications and Prior Notifications under Subparts A and
C of Regulation K (FR K-1; OMB No. 7100-0107). The revisions are
effective immediately.
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 40841]]
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, With Revision, of the Following Information Collection:
Report title: International Applications and Prior Notifications
under Subparts A and C of Regulation K.
Agency form number: FR K-1.
OMB control number: 7100-0107.
Effective Date: The revisions are effective immediately.
Frequency: On occasion.
Respondents: Member banks, Edge and agreement corporations,\1\ bank
holding companies (BHCs), and certain investments by foreign
organizations.
---------------------------------------------------------------------------
\1\ References to Edge corporations are inclusive of agreement
corporations. An agreement corporation is a corporation that has
entered into an agreement with the Board that it will not exercise
any power that is impermissible for an Edge corporation. 12 CFR
211.5(g)(1).
---------------------------------------------------------------------------
Estimated number of respondents: Reporting: Attachments A and B, 6;
Attachments C through G, 13; Attachments H and I, 10; Attachment J, 2;
Attachment K, 1; Section 211.5(c)(4) requirements, 1; Section 211.8
requirements, 1; Section 211.10 requirements, 1; Section 211.11
requirements, 1. Disclosure: Attachment F, 13. Recordkeeping: Section
211.13 requirement, 70.
Estimated average hours per response: Reporting: Attachments A and
B, 11.5; Attachments C through G, 9; Attachments H and I, 15.5;
Attachment J, 10; Attachment K, 20; Section 211.5(c)(4) requirements,
1; Section 211.8 requirements, 0.25; Section 211.10 requirements, 8;
Section 211.11 requirements, 5. Disclosure: Attachment F, 1.
Recordkeeping: Section 211.13 requirement, 1.
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 event-generated and provide the Federal Reserve with information
necessary to evaluate each of the proposed transactions.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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 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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\5\ 5 U.S.C. 552(b)(4).
\6\ 5 U.S.C. 552(b)(6).
\7\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------
Current actions: On May 5, 2021, the Board published an initial
notice in the Federal Register (86 FR 23968) requesting public comment
for 60 days on the extension, with revision, of the FR K-1. The Board
proposed revisions to 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 had not been
previously cleared by the Board under the PRA. The Board did not
propose additional attachments to the FR K-1 to address these
provisions. The comment period for this notice expired on July 6, 2021.
The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-16146 Filed 7-28-21; 8:45 am]
BILLING CODE 6210-01-P
