[Federal Register Volume 72, Number 115 (Friday, June 15, 2007)]
[Notices]
[Pages 33224-33225]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-11549]


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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 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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Michelle Shore--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 10235, Washington, DC 20503.

Final approval under OMB delegated authority of 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. Sec. 78q-1(c)) and the Federal Reserve is 
authorized to collect this data (15 U.S.C. Sec. 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-

[[Page 33225]]

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 C.F.R. 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 C.F.R. 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.  3106(a); and 
sections 225.83 and 225.93 of Regulation Y, 12 C.F.R. 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 C.F.R. 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 C.F.R. 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 C.F.R. 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. '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.
    Current Actions: On April 2, 2007, the Federal Reserve published a 
notice in the Federal Register (72 FR 15692) requesting public comment 
for 60 days on the extension, without revision, of the: FR 4008, FR 
4013, FR 4014 and information collections related to the GLB Act: FR 
4010, FR 4011, FR 4017, FR 4019, and FR 4023. The comment period for 
this notice expired on June 1, 2007. No comments were received.

    Board of Governors of the Federal Reserve System, June 12, 2007.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E7-11549 Filed 6-14-07; 8:45 am]
BILLING CODE 6210-01-S