[Federal Register Volume 74, Number 234 (Tuesday, December 8, 2009)]
[Notices]
[Pages 64692-64694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-29184]


=======================================================================
-----------------------------------------------------------------------

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 
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 
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 --Michelle Shore--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Shagufta Ahmed --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 information 
collections:
    (1) Report title: Disclosure and Reporting Requirements of CRA-
Related Agreements.
    Agency form number: Reg G.
    OMB control number: 7100-0299.
    Frequency: On occasion and annual.
    Reporters: Insured depository institutions (IDIs) and 
nongovernmental entities or persons (NGEPs).
    Annual reporting hours: 78 hours.
    Number of respondents: 3 IDI and 6 NGEPs.
    Estimated average hours per response: 1 hour (6 disclosure 
requirements and 1 annual report) and 4 hours (2 annual reports).
    General description of report: This information collection is 
required pursuant the Federal Deposit Insurance Act (FDI Act), 12 
U.S.C. 1831y(b) and (c). The FDI Act authorizes the Federal Reserve to 
require the disclosure and reporting requirements of Regulation G (12 
CFR part 207). In general, the Federal Reserve does not consider 
individual respondent commercial and financial information collected by 
the Federal Reserve pursuant to Regulation G as confidential. However, 
a respondent may request confidential treatment pursuant to section 
(b)(4) of Freedom of Information Act, 5 U.S.C 552(b)(4).
    Abstract: Section 48 of the FDI Act imposes disclosure and 
reporting requirements on IDIs, their affiliates and NGEPs that enter 
into written agreements that meet certain criteria. The written 
agreements must (1) be made in fulfillment of the Community 
Reinvestment Act of 1977 (CRA) and (2) involve funds or other resources 
of an IDI or affiliate with an aggregate value of more than $10,000 in 
a year, or loans with an aggregate principal value of more than $50,000 
in a year. Section 48 excludes from the disclosure and reporting 
requirements any agreement between an IDI or its affiliate and an NGEP 
if the NGEP has not contacted the IDI or its affiliate, or a banking 
agency, concerning the CRA performance of the IDI.
    Regulation G contains four disclosure requirements and two 
reporting requirements for IDIs and affiliates and

[[Page 64693]]

two disclosure requirements and one reporting requirement for NGEPs. 
Please see the agency's OMB supporting statement for a summary of the 
disclosure and reporting requirements of Regulation G, http://www.federalreserve.gov/boarddocs/reportforms/review.cfm.
    The disclosure and reporting requirements in connection with 
Regulation G are mandatory and apply to state member banks and their 
subsidiaries; bank holding companies; affiliates of bank holding 
companies, other than banks, savings associations, and subsidiaries of 
banks and savings associations; and NGEPs that enter into covered 
agreements with any of the aforementioned companies.
    Current Actions: On September 21, 2009, the Federal Reserve 
published a notice in the Federal Register (74 FR 48070) requesting 
public comment for 60 days on the extension, without revision, of Reg 
G. The comment period for this notice expired on November 20, 2009. The 
Federal Reserve did not receive any comments.
    (2) Report title: Disclosure Requirements in Connection With 
Regulation H (Consumer Protections in Sales of Insurance).
    Agency form number: Reg H-7.
    OMB control number: 7100-0298.
    Frequency: On occasion.
    Reporters: State member banks.
    Annual reporting hours: 13,451 hours.
    Number of respondents: 854.
    Estimated average hours per response: 1.5 minutes.
    General description of report: This information collection is 
mandatory pursuant the Federal Deposit Insurance Act, 12 U.S.C. 1831x. 
Since the Federal Reserve does not collect any information, no issue of 
confidentiality normally arises.
    Abstract: Section 305 of the Gramm-Leach-Bliley Act requires 
financial institutions to provide written and oral disclosures to 
consumers in connection with the initial sale of an insurance product 
or annuity concerning its uninsured nature and the existence of the 
investment risk, if appropriate, and the fact that insurance sales and 
credit may not be tied.
    Covered persons must make insurance disclosures before the 
completion of the initial sale of an insurance product or annuity to a 
consumer. The disclosure must be made orally and in writing to the 
consumer that: (1) The insurance product or annuity is not a deposit or 
other obligation of, or guaranteed by, the financial institution or an 
affiliate of the financial institution; (2) the insurance product or 
annuity is not insured by the Federal Deposit Insurance Corporation or 
any other agency of the United States, the financial institution, or 
(if applicable) an affiliate of the financial institution; and (3) in 
the case of an insurance product or annuity that involves an investment 
risk, there is investment risk associated with the product, including 
the possible loss of value.
    Covered persons must make a credit disclosure at the time a 
consumer applies for an extension of credit in connection with which an 
insurance product or annuity is solicited, offered, or sold. The 
disclosure must be made orally and in writing that the financial 
institution may not condition an extension of credit on either: (1) The 
consumer's purchase of an insurance product or annuity from the 
financial institution or any of its affiliates; or (2) the consumer's 
agreement not to obtain, or a prohibition on the consumer from 
obtaining, an insurance product or annuity from an unaffiliated entity.
    Please see the agency's OMB supporting statement for a summary of 
the disclosure requirements of Regulation H-7. http://www.federalreserve.gov/boarddocs/reportforms/review.cfm.
    Current Actions: On September 21, 2009, the Federal Reserve 
published a notice in the Federal Register (74 FR 48070) requesting 
public comment for 60 days on the extension, without revision, of Reg 
H-7. The comment period for this notice expired on November 20, 2009. 
The Federal Reserve did not receive any comments.
    (3) Report title: Domestic Branch Notification.
    Agency form number: FR 4001.
    OMB Control number: 7100-0097.
    Frequency: On occasion.
    Reporters: State member banks (SMBs).
    Annual reporting hours: 810 hours.
    Estimated average hours per response: 30 minutes for expedited 
notifications and 1 hour for nonexpedited notifications.
    Number of respondents: 159 expedited and 730 nonexpedited.
    General description of report: This information collection is 
mandatory per Section 9(3) of the Federal Reserve Act (12 U.S.C. 321) 
and is not given confidential treatment.
    Abstract: The Federal Reserve Act and Regulation H require an SMB 
to seek prior approval of the Federal Reserve System before 
establishing or acquiring a domestic branch. Such requests for approval 
must be filed as notifications at the appropriate Reserve Bank for the 
SMB. Due to the limited information that an SMB generally has to 
provide for branch proposals, there is no formal reporting form for a 
domestic branch notification. An SMB is required to notify the Federal 
Reserve by letter of its intent to establish one or more new branches, 
and provide with the letter evidence that public notice of the proposed 
branch(es) has been published by the SMB in the appropriate 
newspaper(s). The Federal Reserve uses the information provided to 
fulfill its statutory obligation to review any public comment on 
proposed branches before acting on the proposals, and otherwise to 
supervise SMBs.
    Please see the agency's FR 4001 OMB supporting statement for a 
summary of the notification requirements. http://www.federalreserve.gov/boarddocs/reportforms/review.cfm.
    Current Actions: On September 25, 2009, the Federal Reserve 
published a notice in the Federal Register (74 FR 48960) requesting 
public comment for 60 days on the extension, without revision, of the 
FR 4001. The comment period for this notice expired on November 24, 
2009. No comments were received.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following report:
    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; and FR Y-12A, 
annually.
    Reporters: Bank holding companies (BHCs) and financial holding 
companies (FHCs).
    Estimated annual reporting hours: FR Y-12, 1,485 hours; and FR Y-
12A, 91 hours.
    Estimated average hours per response: FR Y-12, 16.5 hours; and FR 
Y-12A, 7 hours.
    Number of respondents: FR Y-12, 26; and FR Y-12A, 13.
    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 for 
any information that they believe is subject to an exemption from 
disclosure under the Freedom of Information Act (FOIA), 5 U.S.C. 
552(b). The FR Y-12A data are considered confidential on the basis that 
disclosure of specific commercial or financial data relating to 
investments

[[Page 64694]]

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 information from certain domestic 
BHCs on their equity investments in nonfinancial companies. Respondents 
report the FR Y-12 either quarterly or semi-annually based on reporting 
threshold criteria. The FR Y-12A is filed annually by institutions that 
hold merchant banking investments that are approaching the end of the 
holding period permissible under Regulation Y.
    Please see the agency's FR Y-12 OMB supporting statement for a 
summary of the proposed reporting requirements and draft reporting form 
and instructions. http://www.federalreserve.gov/boarddocs/reportforms/review.cfm.
    Current Actions: On September 25, 2009, the Federal Reserve 
published a notice in the Federal Register (74 FR 48960) requesting 
public comment for 60 days on the extension, with revision, of the FR 
Y-12. The comment period for this notice expired on November 24, 2009. 
No comments were received.

    Board of Governors of the Federal Reserve System, December 3, 
2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-29184 Filed 12-7-09; 8:45 am]
BILLING CODE 6210-01-P