[Federal Register Volume 65, Number 75 (Tuesday, April 18, 2000)]
[Notices]
[Pages 20821-20822]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-9676]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority, Emergency Processing Provision, and 
Submission to OMB

SUMMARY:  

Background

    Notice is hereby given of final approval of revisions to current 
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) and the Paperwork Reduction Act emergency processing provision, 
as per 5 CFR 1320.13. The emergency approval is only valid until 
October 31, 2000. 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 instruments 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 Revision 
Without Extension of the Following Reports

    1. Report title: Bank Holding Company Report of Changes in 
Investments and Activities.
    Agency form number: FR Y-6A.
    OMB Control number: 7100-0124.
    Effective Date: April 11, 2000.
    Frequency: on occasion.
    Reporters: bank holding companies, state member banks not 
affiliated with a bank holding company.
    Annual reporting hours: 12,571.
    Estimated average hours per response: 0.95 hours.
    Number of respondents: 2,406.
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1844(b) and (c)) and is not routinely given 
confidential treatment. However, confidential treatment for the report 
information can be requested, in whole or part, in accordance with the 
instructions to the form.
    Abstract: The Bank Holding Company Report of Changes in Investments 
and Activities is an event-generated report filed by top-tier bank 
holding companies to report changes in regulated investments and 
activities made pursuant to the Bank Holding Company Act and Regulation 
Y. The report collects information relating to acquisitions, 
divestitures, changes in activities, and legal authority. The number of 
FR Y-6As submitted varies depending on the reportable activity engaged 
in by each bank holding company.
    As a result of the enactment of the Gramm-Leach-Bliley Act of 1999, 
the Federal Reserve has: (1) Required financial holding companies, 
other bank holding companies, and state member banks not affiliated 
with a bank holding company or financial holding company to complete 
the form, (2) added structure items to capture information on financial 
holding company status, financial subsidiary holder status, 
functionally regulated subsidiaries, and financial subsidiaries, (3) 
revised the index of regulatory codes and provisions and the index of 
activity codes, and (4) revised the instructions for the types of 
investments reportable on the form.

[[Page 20822]]

    On March 17, 2000, the Federal Reserve published an interim rule in 
the Federal Register that established procedures that generally require 
a financial holding company to file a post-commencement notice with the 
appropriate Federal Reserve Bank within 30 days of commencing a 
financial activity or acquiring a company engaged in a financial 
activity (see 12 CFR 225.87). For activities or investments commencing 
before April 11, 2000, this notice could be submitted in the form of a 
letter and the agency form number for this information collection was 
the FR 4012.
    For activities or investments commencing on or after April 11, 
2000, and until the Federal Reserve indicates otherwise, an FHC must 
use the modified FR Y-6A to satisfy the post-commencement notice 
requirement. An FHC need not submit any additional documentation to 
fulfill the post-commencement notice requirement.
    The Federal Reserve soon will undertake a comprehensive review of 
the FR Y-6A in order to streamline the form and instructions and make 
them easier to understand and complete. This review will include a 
Federal Register notice and a request for public comments.
    2. Report title: Foreign Banking Organization Structure Report on 
U.S. Banking and Nonbanking Activities.
    Agency form number: FR Y-7A.
    OMB Control number: 7100-0125.
    Effective Date: April 11, 2000.
    Frequency: annual, on occasion.
    Reporters: foreign banking organizations.
    Annual reporting hours: 3,321.
    Estimated average hours per response: 4.65 hour for annual 
reporters, 5 hours for financial holding companies that file on an 
event-generated basis.
    Number of respondents: 327.
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1844(c), 3106, and 3108(a)). Upon request from a 
respondent, certain information may be given confidential treatment 
pursuant to the Freedom of Information Act (5 U.S.C. Secs. 552(b)(4) 
and (6)).
    Abstract: The FR Y-7A is an annual structural report completed by 
foreign banking organizations that engage in banking in the United 
States, either indirectly through a subsidiary bank, Edge or agreement 
corporation, or commercial lending company, or directly through a 
branch or agency. The report collects structural information on the 
foreign banking organization and its subsidiaries and is currently 
filed as of the reporter's fiscal year end. The information contained 
in this report is used by the Federal Reserve System to assess the 
foreign banking organization's ability to be a continuing source of 
strength to its U.S. banking operations and to determine compliance 
with U.S. laws and regulations.
    As a result of the enactment of the Gramm-Leach-Bliley Act of 1999 
(GLB Act), the Federal Reserve has: (1) Required foreign banking 
organizations that are financial holding companies to report changes in 
investments and activities related to the GLB Act on the FR Y-7A on an 
event-generated basis and file the report thirty calendar days after 
the event, (2) added structure items to capture information on 
financial holding company status, financial subsidiary holder status, 
functionally regulated subsidiaries, and financial subsidiaries, (3) 
revised the index of regulatory codes and provisions and the index of 
activity codes, and (4) revised the instructions for the types of 
investments reportable on the form.
    On March 17, 2000, the Federal Reserve published an interim rule in 
the Federal Register that established procedures that generally require 
a financial holding company to file a post-commencement notice with the 
appropriate Federal Reserve Bank within 30 days of commencing a 
financial activity or acquiring a company engaged in a financial 
activity (see 12 CFR 225.87). For activities or investments commencing 
before April 11, 2000, this notice could be submitted in the form of a 
letter and the agency form number for this information collection was 
the FR 4012.
    For activities or investments commencing on or after April 11, 
2000, and until the Federal Reserve indicates otherwise, an FHC must 
use the modified FR Y-7A to satisfy the post-commencement notice 
requirement. An FHC need not submit any additional documentation to 
fulfill the post-commencement notice requirement.
    The Federal Reserve soon will undertake a comprehensive review of 
the FR Y-7A, which will include a Federal Register notice and a request 
for public comment.

    Board of Governors of the Federal Reserve System, April 13, 
2000.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 00-9676 Filed 4-17-00; 8:45 am]
BILLING CODE 6210-01-P