[Federal Register Volume 71, Number 246 (Friday, December 22, 2006)]
[Notices]
[Pages 77022-77023]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-21915]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: Background
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the 
Paperwork Reduction Act, as per 5 CFR 1320.16, to approve of and assign 
OMB control numbers to collection of information requests and 
requirements conducted or sponsored by the Board under conditions set 
forth in 5 CFR 1320 Appendix A.1. 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.

Request for comment on information collection proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. Comments are invited on the 
following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

DATES: Comments must be submitted on or before February 20, 2007.

ADDRESSES: You may submit comments, identified by FR Y-12 or FR Y-12A, 
by any of the following methods:
     Agency Web Site: http://www.federalreserve.gov. 
Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include docket 
number in the subject line of the message.
     FAX: 202-452-3819 or 202-452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
N.W., Washington, DC 20551.
    All public comments are available from the Board's web site at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm 
as submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper in Room MP-500 of the Board's Martin Building (20th and C 
Streets, N.W.) between 9:00 a.m. and 5:00 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Michelle Long, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following collection of information:

    Report title: Consolidated Bank Holding Company Report of Equity 
Investments in Nonfinancial Companies, and the Annual Report of 
Merchant Banking Investments Held for an Extended Period.
    Agency form number: FR Y-12 and FR Y-12A, respectively
    OMB control number: 7100-0300
    Frequency: FR Y-12, quarterly and semiannually; FR Y-12A, annually
    Reporters: Bank holding companies, financial holding companies
    Annual reporting hours: FR Y-12, 1,824; FR Y-12A, 105
    Estimated average hours per response: FR Y-12, 16; FR Y-12A, 7
    Number of respondents: FR Y-12, 30; FR Y-12A, 15
    General description of report: This collection of information is 
mandatory pursuant to Section 5(c) of the Bank Holding Company Act (12 
U.S.C. 1844(c)). The FR Y-12 data are not considered confidential, 
however, bank holding companies may request confidential treatment 
pursuant to Sections (b)(4) and (b)(8) of the Freedom of Information 
Act (FOIA) (5 U.S.C. 552(b)(4) and (b)(8)). The FR Y-12A data would be 
considered confidential on the basis that disclosure of specific 
commercial or financial data relating to investments held for extended 
periods of time could result in substantial harm to the competitive 
position of the financial holding company pursuant to the FOIA (5 
U.S.C. 552(b)(4) and (b)(8)).
    Abstract: The FR Y-12 collects data from certain domestic bank 
holding companies on their equity investments in nonfinancial companies 
on four schedules: Type of Investments, Type of Security, Type of 
Entity within the Banking Organization, and Nonfinancial Investment 
Transactions during Reporting Period. The FR Y-12 data serve as an 
important risk-monitoring device for institutions active in this 
business line by allowing the Federal Reserve to monitor an 
institution's activity between review dates. It also serves as an early 
warning mechanism to identify institutions whose activities in this 
area are growing rapidly and therefore warrant special supervisory 
attention.
    Current actions: The Federal Reserve proposes to extend for three 
years, without revision, the FR Y-12. In addition, the Federal Reserve 
proposes to implement a companion reporting form, the FR Y-12A, 
effective December 31, 2006. The proposed FR Y-12A is

[[Page 77023]]

intended to provide the Federal Reserve with data concerning merchant 
banking investments that are approaching the end of the holding period 
permissible under Regulation Y. A financial holding company generally 
would have to submit a FR Y-12A if it holds a merchant banking 
investment for longer than eight years (or thirteen years in the case 
of an investment held through a qualifying private equity fund).

    Board of Governors of the Federal Reserve System, August 
28,2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-21915 Filed 12-21-06; 8:45 am]
BILLING CODE 6210-01-S