[Federal Register Volume 63, Number 250 (Wednesday, December 30, 1998)]
[Notices]
[Pages 71928-71929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-34549]


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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: Background. Notice is hereby given of the final approval of 
proposed information collection by the Board of Governors of the 
Federal Reserve System (Board) under OMB delegated authority, as per 5 
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the OMB 83-Is and supporting statements and 
approved collection of information instrument(s) are placed into OMB's 
public docket files. The Federal Reserve may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. McLaughlin--Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829).
OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860).
    Final approval under OMB delegated authority of the extension for 
three years, with major revision, of the following report:
Report title: Interagency Bank Merger Act Application.
    Agency form number: FR 2070
    OMB control number: 7100-0171
    Frequency: On occasion
    Reporters: Individuals or households; Businesses or other for-
profit.
    Annual reporting hours: Nonaffiliate--1,710; Affiliate--1,422.
    Total: 3,132 burden hours
    Estimated average hours per response: Nonaffiliate--30; Affiliate--
18
    Number of respondents: Nonaffiliate--57; Affiliate--79.
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 321, 1828(c), and 4804). Except for select 
sensitive items, this information collection is not given confidential 
treatment.
    Abstract: State member banks are required to file this application 
prior to merging with any other insured depository institution, 
consolidating with an insured depository institution, acquiring assets 
from an insured depository institution (either directly or indirectly), 
or assuming the liability to pay any of an insured depository 
institution's deposits (either directly or indirectly).
    This extension proposal includes a revision to make uniform the 
merger application forms currently submitted to the Office of the 
Comptroller of the Currency (OCC), the Office of Thrift Supervision 
(OTS), the Federal Deposit Insurance Corporation (FDIC), and the Board 
of Governors (Board)

[[Page 71929]]

(collectively, the Agencies) for both affiliated and nonaffiliated 
institutions. The form name is the Interagency Bank Merger Act 
Application. The Agencies need the information collected to insure that 
the proposed transactions are permissible under law and regulation and 
are consistent with safe and sound banking practices. The Agencies are 
required, for example, to consider financial and managerial resources, 
future prospects, convenience and needs of the community, community 
reinvestment, and competition.
    Some of the Agencies will collect limited supplemental information 
in certain cases. For example, the OCC and OTS will collect information 
regarding CRA commitments, the Federal Reserve will collect information 
on debt servicing from certain institutions, and all Agencies will 
require additional information on the competitive impact of proposed 
mergers.
    Current actions: On January 5, 1998, the Board granted initial 
approval of the proposal. A joint notice of the proposed action was 
published in the Federal Register on January 21, 1998 (63 FR 3182), and 
the comment period expired on March 23, 1998. The Agencies received 
five public comments from the Texas Department of Banking, the 
Independent Bankers Association of America, the National Community 
Investment Coalition, the Center for Community Change, and the 
Conference of State Bank Supervisors, as well as comments from staff at 
each agency. Most of the commenters suggested modifications to the 
forms and instructions. As a result of the comments, the application 
was further revised to include an ``Other'' category under the ``Filed 
Pursuant To'' section and information on Tier 3 capital (if any), the 
addresses of directors and senior executive officers, how the proposal 
will meet the convenience and needs of the community (including needs 
of the community under the applicable criteria of the Community 
Reinvestment Act, and debt servicing (if applicable). In addition, 
certain branch information requested in the initial proposal was 
eliminated. The additional changes proposed in response to the comments 
would not affect most applicants; on average for all applicants, the 
estimated burden would be unchanged. The other agencies submitted the 
same revised information collection to OMB for approval.

    Board of Governors of the Federal Reserve System, December 23, 
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-34549 Filed 12-29-98; 8:45AM]
Billing Code 6210-01-F