[Federal Register Volume 72, Number 62 (Monday, April 2, 2007)]
[Notices]
[Pages 15692-15694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-6042]


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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 Paperwork Reduction Act 
Submission, 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 proposals

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, 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 June 1, 2007.

ADDRESSES: You may submit comments, identified by FR 4008, FR 4010, FR 
4013, or FR 4014, 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.

[[Page 15693]]

     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, 
NW., Washington, DC 20551.
    All public comments are available from the Board's web site at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfmas 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 
a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503 
or by fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: FOR FURTHER INFORMATION CONTACT: A 
copy of the proposed form and instructions, the Paperwork Reduction Act 
Submission, 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 Shore, 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, without revision, of the following reports:

    1. Report title: Stock Redemption Notification
    Agency form number: FR 4008
    OMB control number: 7100-0131
    Frequency: On occasion
    Reporters: Banks holding companies (BHCs)
    Annual reporting hours: 233 hours
    Estimated average hours per response: 15.5 hours
    Number of respondents: 15
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec.  1844(c)) and is generally not given 
confidential treatment.
    Abstract: The Bank Holding Company Act (BHC Act) and Regulation Y 
generally require a BHC to seek prior Federal Reserve approval before 
purchasing or redeeming its equity securities. Given that a BHC is 
exempt from this requirement if it meets certain financial, managerial, 
and supervisory standards, only a small portion of proposed stock 
redemptions actually require the prior approval of the Federal Reserve. 
There is no formal reporting form. The Federal Reserve uses the 
information provided in the redemption notice to fulfill its statutory 
obligation to supervise BHCs.
    2. Report title: Notice Claiming Status as an Exempt Transfer Agent
    Agency form number: FR 4013
    OMB control number: 7100-0137
    Frequency: On occasion
    Reporters: Banks, bank holding companies (BHCs), and certain trust 
companies
    Annual reporting hours: 12
    Estimated average hours per response: 2
    Number of respondents: 6
    General description of report: This information collection is 
required (15 U.S.C. (78q-1(c)) and the Federal Reserve is authorized to 
collect this data (15 U.S.C. (78c(a)(34)(B)(ii)). The data collected 
are not given confidential treatment.
    Abstract: Banks, BHCs, and trust companies subject to the Federal 
Reserve's supervision that are low-volume transfer agents voluntarily 
file the notice on occasion with the Federal Reserve. Transfer agents 
are institutions that provide securities transfer, registration, 
monitoring, and other specified services on behalf of securities 
issuers. The purpose of the notice, which is effective until the agent 
withdraws it, is to claim exemption from certain rules and regulations 
of the Securities and Exchange Commission (SEC). The Federal Reserve 
uses the notices for supervisory purposes because the SEC has assigned 
to the Federal Reserve responsibility for collecting the notices and 
verifying their accuracy through examinations of the respondents. There 
is no formal reporting form, and each notice is filed as a letter.
    3. Report title: Investment in Bank Premises Notification
    Agency form number: FR 4014
    OMB control number: 7100-0139
    Frequency: On occasion
    Reporters: State member banks
    Annual reporting hours: 18
    Estimated average hours per response: 30 minutes
    Number of respondents: 36
    General description of report: This information collection is 
mandatory (12 U.S.C. 371d(a)) and is not given confidential treatment.
    Abstract: The Federal Reserve System requires a state member bank 
to seek prior Federal Reserve approval before making an investment in 
bank premises that exceeds certain thresholds. There is no formal 
reporting form, and each required request for prior approval must be 
filed as a notification with the appropriate Reserve Bank of the state 
member bank. The Federal Reserve uses the information provided in the 
notice to fulfill its statutory obligation to supervise state member 
banks.
    4. Report title: Information Collections Related to the Gramm-
Leach-Bliley (GLB) Act
    Agency form number: FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, 
and FR 4023
    OMB control number: 7100-0292
    Frequency: On occasion
    Reporters: BHCs, foreign banking organizations (FBOs), and state 
member banks
    Annual reporting hours: 2,421 hours
    Estimated average hours per response: FR 4010: BHC 3 hours, FBOs 
3.5 hours; FR 4011: 10 hours; FR 4012: BHCs decertified as financial 
holding companies(FHCs) 1 hour, FHCs back into compliance 10 hours; FR 
4017: 4 hours; FR 4019: 1 hour; FR 4023: 50 hours
    Number of respondents: FR 4010: BHC 49, FBOs 8; FR 4011: 4; FR 
4012: BHCs decertified as financial holding companies (FHCs) 11, FHCs 
back into compliance 28; FR 4017: 2; FR 4019: Regulatory relief 
requests 5, Portfolio company notification 2; FR 4023: 38
    General description of report: The FR 4010 is required to obtain a 
benefit and is authorized under Section 4(l)(1)(C) of the BHC Act, 12 
U.S.C. Sec.  1843(l)(l)(C); section 8(a) of the International Banking 
Act, 12 U.S.C. Sec.  3106(a); and sections 225.82 and 225.91 of 
Regulation Y, 12 CFR 225.82 and 225.91.
    The FR 4011 is voluntary and is authorized under Sections 4(j) and 
4(k) of the BHC Act, 12 U.S.C. Sec.  1843(j) through (k); and sections 
225.88, and 225.89, of Regulation Y, 12 CFR 225.88, and 225.89.
    The FR 4012 is mandatory and is authorized under Section 4(l)(1) 
and 4(m) of the BHC Act, 12 U.S.C. Sec.  1843(l)(1) and (m); section 
8(a) of the International Banking Act, 12 U.S.C. Sec. 

[[Page 15694]]

3106(a); and sections 225.83 and 225.93 of Regulation Y, 12 CFR 225.83 
and 225.93.
    The FR 4017 is required to obtain a benefit and is authorized under 
Section 9 of the Federal Reserve Act, 12 U.S.C. Sec.  335; and section 
208.76 of Regulation H, 12 CFR 208.76.
    The FR 4019 is required to obtain a benefit and is authorized under 
Section 4(k)(7) of the BHC Act, 12 U.S.C. Sec.  1843(k)(7); and 
sections 225.171(e)(3), 225.172(b)(4), and 225.173(c)(2) of Regulation 
Y, 12 CFR 225.171(e)(3), 225.172(b)(4), and 225.173(c)(2).
    The FR 4023 is mandatory and is authorized under Section 4(k)(7) of 
the BHC Act, 12 U.S.C. Sec.  1843(k)(7); and sections 225.171(e)(4) and 
225.175 of Regulation Y, 12 CFR 225.171(e)(4) and 225.175.
    For the FR 4010, FR 4011, FR 4017, and FR 4019, a company may 
request confidential treatment of the information contained in these 
information collections pursuant to section (b)(4) and (b)(6) of the 
Freedom of Information Act (FOIA)(5 U.S.C. 552 (b)(4) and (b)(6)). 
Since the Federal Reserve does not collect the FR 4023, no issue of 
confidentiality under the FOIA arises. FOIA will only be implicated if 
the Board's examiners retained a copy of the records in their 
examination or supervision of the institution, and would likely be 
exempt from disclosure pursuant to FOIA (5 U.S.C. Sec.  552(b)(4), 
(b)(6), and (b)(8)).
    Abstract: Each BHC or FBO seeking FHC status must file the FR 4010 
declaration, which includes information needed to verify eligibility 
for FHC status. By filing the FR 4011, a requestor may ask the Board to 
determine that an activity is financial in nature, to issue an advisory 
opinion that an activity is within the scope of an activity previously 
determined to be financial in nature, or to approve engagement in an 
activity complementary to a financial activity. Any FHC ceasing to meet 
capital or managerial prerequisites for FHC status must notify the 
Board by filing the FR 4012 of the deficiency, and often must submit 
plans to the Board to cure the deficiency. Any state member bank 
seeking to establish a financial subsidiary must seek the Board's prior 
approval by submitting the FR 4017. Any FHC seeking to extend the 10-
year holding period for a merchant banking investment must submit the 
FR 4019 to apply for the Board's prior approval, and a FHC also must 
notify the Board if it routinely manages or operates a portfolio 
company for more than nine months. All FHCs engaging in merchant 
banking activities must keep records of those activities, and make them 
available to examiners as specified in the FR 4023 requirements.
    There are no formal reporting forms for these collections of 
information, which are event generated, though in each case the type of 
information required to be filed is described in the Board's 
regulations. These collections of information are required pursuant to 
amendments made by the GLB Act to the Bank Holding Company Act or the 
Federal Reserve Act, or Board regulations issued to carry out the GLB 
Act.
    Board of Governors of the Federal Reserve System, March 28, 2007.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-6042 Filed 3-30-07; 8:45 am]
BILLING CODE 6210-01-S