[Federal Register Volume 66, Number 104 (Wednesday, May 30, 2001)]
[Notices]
[Page 29325]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-13475]


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FEDERAL RESERVE SYSTEM


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

SUMMARY:   

Background

    Notice is hereby given of the final approval of a 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: Federal Reserve Board Clearance 
Officer--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 Implementation 
of the Following Report

    1. Report title: Declaration for a State Member Bank to Control, or 
Hold an Interest In, a Financial Subsidiary.
    Agency form number: FR 4017.
    OMB Control number: 7100-0292.
    Frequency: Event-generated.
    Reporters: State Member Banks.
    Annual reporting hours: 100 hours.
    Estimated average hours per response: 1 hour.
    Number of respondents: 100.
    Small businesses are not affected.
    General description of report: This information collection is 
required to obtain a benefit by Title I of the Gramm-Leach-Bliley Act 
(Pub. L. 106-103, 113 Stat. 1338 (1999)). A company may request 
confidentiality for the information contained in the information 
collection pursuant to section (b)(4) and (b)(6) of the Freedom of 
Information Act (5 U.S.C. 552 (b)(4) and (b)(6)).
    Abstract: In March 2000, the Board adopted, on an interim basis, 
and requested public comment on a rule implementing the financial 
subsidiary provisions of the GLB Act for state member banks (Docket No. 
R-1064; 65 Federal Register 14810 (2000)). The interim rule specifies 
the capital, managerial, Community Reinvestment Act and other 
requirements that a state member bank must meet to own or control a 
financial subsidiary under the GLB Act. In addition, the interim rule 
requires a state member bank to provide notice to the Federal Reserve 
at least 15 days prior to establishing a financial subsidiary or 
commencing a newly authorized financial activity through an existing 
financial subsidiary. The notice must provide basic information 
concerning the proposed transaction and certify that bank and its 
depository institution affiliates meet the capital and managerial 
requirements of the GLB Act.
    The Federal Reserve received one comment on the interim rule that 
bears on the rule's information collection requirements. This commenter 
suggested that the Federal Reserve eliminate the 15-day review period 
for financial subsidiary notices and permit a state member bank to 
immediately consummate a proposed transaction after filing a 
certification that the bank meets the GLB Act's capital, managerial, 
and other requirements. Staff believes that the brief 15-day review 
period included in the interim rule provides the Federal Reserve an 
appropriate period of time to verify that a state member bank meets the 
capital, managerial, and other requirements imposed by the GLB Act. 
Accordingly, it is anticipated that the final rule presented to the 
Board will continue to include a period for System review of financial 
subsidiary notices.

    Board of Governors of the Federal Reserve System, May 23, 2001.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 01-13475 Filed 5-29-01; 8:45 am]
BILLING CODE 6210-01-P