[Federal Register Volume 64, Number 68 (Friday, April 9, 1999)]
[Notices]
[Pages 17380-17381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8824]


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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 collections 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. West--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, without revision, of the following reports:
    1. Report title: Notification of Foreign Branch Status
    Agency form number: FR 2058
    OMB Control number: 7100-0069
    Frequency: On occasion
    Reporters: State member banks, national banks, bank holding 
companies, Edge and agreement corporations.
    Annual reporting hours: 20 hours.
    Estimated average hours per response: 15 minutes.
    Number of respondents: 80
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 321, 601, 602, 615, and 1844(c)) and is not given 
confidential treatment.
    Abstract: Member banks, bank holding companies, and Edge and 
agreement corporations are required to notify the Federal Reserve 
System of the opening, closing, or relocation of an approved foreign 
branch. The notice requests information on the location and extent of 
service provided by the branch, and is filed within thirty days of the 
change in status. The Federal Reserve System needs the information 
requested on the FR 2058 form to fulfill supervisory responsibilities 
specified in Regulation K including the supervision of foreign branches 
of U.S. banking organizations.
    Regulation K, ``International Banking Operations,'' sets forth the 
conditions under which a foreign branch may be established. For their 
initial establishment of foreign branches, organizations must request 
prior Federal Reserve approval as directed in Attachment A of the FR K-
1, ``International Applications and Prior Notifications Under Subparts 
A and C of Regulation K'' (OMB No. 7100-0107). For subsequent branch 
establishments into additional foreign countries, organizations must 
give the Federal Reserve System forty-five days prior written notice 
using Attachment B of FR K-1. Organizations use the FR 2058 
notification to notify the Federal Reserve when any of these branches 
has been opened, closed, or relocated.
    2. 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: May 10, 1999.
    Frequency: On occasion
    Reporters: State member banks, national banks, bank holding 
companies, Edge and agreement corporations, and certain foreign banking 
organizations.
    Annual reporting hours: 636 hours.
    Estimated average hours per response: Attachments A - G: 10; 
Attachments H, I: 15; and Attachment J: 20.
    Number of respondents: 36
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 601-604(a), 611-631, 1843(c)(13), 1843(c)(14), and 
1844(c)) and is not given confidential treatment. The applying 
organization has the opportunity to request confidentiality for 
information that it believes will qualify for a Freedom of Information 
Act exemption.
    Abstract: The FR K-1 comprises a set of applications and 
notifications that govern the formation of Edge or agreement 
corporations and the international and foreign activities of U.S. 
banking organizations. The applications and notifications collect 
information on projected financial data, purpose, location, activities, 
and management. The Federal Reserve requires these applications for 
regulatory and supervisory purposes and to allow the Federal Reserve to 
fulfill its statutory obligations under the Federal Reserve Act and the 
Bank Holding Company Act of 1956.
    Regulatory Flexibility Act Statement: The Board certifies that the 
extension of the above applications and notifications is not expected 
to have a significant economic impact on a substantial number of small 
entities within the meaning of the Regulatory Flexibility Act.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following reports:
    1. Report title: Reports Related to Public Welfare Investments of 
State Member Banks.
    Agency form number: FR H-6
    OMB control number: 7100-0278
    Effective date: May 10, 1999.
    Frequency: Event-generated
    Reporters: State member banks.
    Annual reporting hours: 78 hours.
    Estimated average hours per response: Investment Notice: 2; 
Application: 2.75; Extension of divestiture period: 5
    Number of respondents: 35
Small businesses are not affected.
    General description of report: This information collection is 
required to obtain a benefit (12 U.S.C. 338a) and is generally not 
given confidential treatment. However, if the information collected 
contains an examination rating (or other supervisory information), that 
information would be exempt from disclosure (5 U.S.C. 552(b)(4)).
    Abstract: The FR H-6 comprises of an investment notice, application 
for Board approval of an investment, and request for extension of the 
divestiture period of an investment. The state member banks may make 
certain public welfare investments without prior Board approval, they 
need only notify the Federal Reserve. Certain other public welfare 
investments require prior approval and the request must be submitted to 
the Board. If an investment ceases to conform to certain requirements 
the state member bank must divest itself of the investment. In some 
cases the bank must submit a

[[Page 17381]]

request for extension of the divestiture period. The proposed revisions 
for the FR H-6 would conform the information collection with the 
recently revised Regulation H. The Board is eliminating the requirement 
that, to avoid applying for Board approval, the investment must be 
smaller than 2 percent of capital and surplus. This should result in 
fewer applications and more notices of investments not requiring Board 
approval. Additionally, a requirement has been added to the application 
for Board approval: if the bank is not permitted to make the investment 
without Board approval, the institution must explain the reason(s) why 
the investment is ineligible.
    Regulatory Flexibility Act Analysis: Pursuant to section 605(b) of 
the Regulatory Flexibility Act (RFA) (5 U.S.C. 605(b)) the Federal 
Reserve hereby certifies that this proposed rule will not have a 
significant economic impact on a substantial number of small entities.
    2. 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
    Agency form number: FR Y-3
    OMB control number: 7100-0121
    Frequency: Event-generated
    Reporters: Corporations seeking to become bank holding companies, 
or bank holding companies and state chartered banks that are members of 
the Federal Reserve System
    Annual reporting hours: 30,443 hours.
    Estimated average hours per response: Section 3(a)(1): 49 hours; 
Section 3(a)(3) and 3(a)(5): 59.5 hours
    Number of respondents: Pursuant to Section 3(a)(1): 274; Pursuant 
to Section 3(a)(3) and 3(a)(5): 286
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. sections 1842(a)(1), (a)(3), and (a)(5) and 12 
U.S.C. section 1844(c)). Individual respondent data are available to 
the public except any portions which have been granted confidential 
treatment at the applicant's request (5 U.S.C. 552 (b)(4) and (b)(8)).
    Abstract: This application collects information concerning proposed 
bank holding company formations, acquisitions, and mergers between 
banks and bank holding companies for review by the Federal Reserve. The 
application collects financial and managerial information and data on 
competitive and public convenience factors.
    Current Actions: Tier 3 capital is now included in the information 
requested for question 4.d of the FR Y-3 due to changes in the 
international risk-based capital standards. Information on debt 
servicing has been added to the FR Y-3 to conform the report with 
revisions to sections 225.24 and 225.17 of Regulation Y.
    Clarifications have been made to the ``Competition and Convenience 
and Needs'' section of the application to remove certain outdated 
references. Question 11 of this section has been clarified and question 
12 of this section has been revised to conform with proposed changes to 
the Interagency Bank Merger Act Application (FR 2070; OMB No. 7100-
0171). In addition, clarifications were made to the publication 
requirements for this application.
    3. Report title: Application for Prior Approval to Engage Directly 
or Indirectly in Certain Nonbanking Activities.
    Agency form number: FR Y-4
    OMB control number: 7100-0121
    Frequency: Event-generated
    Reporters: Bank holding companies
    Annual reporting hours: 4,147 hours.
    Estimated average hours per response: Post-consummation: 0.50 
hours; Expedited notification: 5 hours; Complete notification: 12 
hours.
    Number of respondents: Post-consummation: 29; Expedited 
notification: 92; Complete notification: 306.
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec.  1843 and 1844 (c)). Individual respondent 
data are available to the public except any portions granted 
confidential treatment at the applicant's request (5 U.S.C. Sec.  
552(b)(4) and (8)).
    Abstract: This form is completed by a bank holding company seeking 
prior approval (1) to acquire or retain the assets or shares of a 
nonbank company or (2) to engage de novo in nonbank activities. Most 
applications require information on the proposed transaction, 
information on competition and public benefits, and financial and 
managerial information. For applications to engage de novo in nonbank 
activities permissible under Regulation Y, less detailed information is 
required.
    Current Actions: The Federal Reserve has revised the FR Y-4 to 
reflect changes to Regulation Y that provide for two separate 
streamlined procedures for certain nonbanking proposals that are 
intended to reduce significantly regulatory burden and to improve the 
ability of well-run bank holding companies to respond quickly to 
changes in the market place. The FR Y-4 has become a notification form 
instead of an application.
    Final approval under OMB delegated authority the implementation of 
the following report:
    1. Report title: 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
    Agency form number: FR Y-3N
    OMB control number: 7100-0121
    Frequency: Event-generated
    Reporters: Corporations seeking to become bank holding companies, 
or bank holding companies and state chartered banks that are members of 
the Federal Reserve System.
    Annual reporting hours: 945 hours.
    Estimated average hours per response: 5 hours.
    Number of respondents: 189
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec.  1844(c)). Individual respondent data are 
available to the public except any portions which have been granted 
confidential treatment at the applicant's request (5 U.S.C. 552 (b)(4) 
and (b)(8)).
    Abstract: The Federal Reserve is implementing the FR Y-3N due to 
Regulation Y revisions that provide for streamlined processes for 
reviewing applications and notifications from respondents meeting 
certain qualifying criteria. The FR Y-3N requests substantially less 
information than the previous FR Y-3 for respondents that meet the 
qualifying criteria.
    Current Actions: The FR Y-3N reporting form is used for: (1) 
notifications filed using the abbreviated notice procedures for certain 
BHC formations, as described in section 225.17 of Regulation Y; (2) 
notifications filed to acquire shares, assets, or control of a bank, or 
a merger or consolidation between BHCs, filed under the streamlined 
procedures described in section 225.14 of Regulation Y, and (3) 
notifications filed to acquire a nonbank insured depository institution 
that require approval under section 4 of the BHC Act, if the BHC and 
the proposal would meet all of the criteria for expedited action under 
section 225.14 if the nonbank insured depository institution were a 
bank.

    Board of Governors of the Federal Reserve System, April 5, 1999.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. 99-8824 Filed 4-8-99; 8:45am]
Billing Code 6210-01-F