[Federal Register Volume 77, Number 99 (Tuesday, May 22, 2012)]
[Notices]
[Pages 30291-30292]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-12328]


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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: 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--Cynthia Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829). Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869), Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following reports:
    1. Report title: Recordkeeping Requirements Associated with Changes 
in Foreign Investments (Made Pursuant to Regulation K).
    Agency form number: FR 2064.
    OMB control number: 7100-0109.
    Frequency: On-occasion.
    Reporters: State member banks, Edge and agreement corporations, and 
bank holding companies.
    Annual reporting hours: 320 hours.
    Estimated average hours per response: 2 hours.
    Number of respondents: 40.
    General description of report: The recordkeeping requirements of 
this information collection are mandatory (Section 5(c) of the BHC Act 
(12 U.S.C. 1844(c); Sections 7 and 13 of the International Banking Act 
of 1978 (12 U.S.C. 3105 and 3108(a)); Section 25 of the Federal Reserve 
Act (FRA) (12 U.S.C. 601-604a); Section 25A of the FRA (12 U.S.C. 611-
631); and Regulation K (12 CFR 211.8(c)-211.10(a)). Since the Federal 
Reserve does not collect any records, no issue of confidentiality under 
the Freedom of Information Act (FOIA) arises. FOIA will only be 
implicated if the Board's examiners retain a copy of the records in 
their examination or supervision of the institution, and would be 
exempt from disclosure pursuant to FOIA (5 U.S.C. 552(b)(4), (b)(6), 
and (b)(8)).
    Abstract: Internationally active U.S. banking organizations are 
required to maintain adequate internal records to allow examiners to 
review for compliance with the investment provisions of Regulation K. 
For each investment made under Subpart A of Regulation K, records 
should be maintained regarding the type of investment, for example, 
equity (voting shares, nonvoting shares, partnerships, interests 
conferring ownership rights, participating loans), binding commitments, 
capital contributions, and subordinated debt; the amount of the 
investment; the percentage ownership; activities conducted by the 
company and the legal authority for such activities; and whether the 
investment was made under general consent, prior notice, or specific 
consent authority. With respect to investments made under general 
consent authority, information also must be maintained that 
demonstrates compliance with the various limits set out in Section 
211.9 of Regulation K.
    2. Report title: Notice Requirements in Connection with Regulation 
W (12 CFR Part 223 Transactions Between Member Banks and Their 
Affiliates).
    Agency form number: Reg W.
    OMB control number: 7100-0304.
    Frequency: Event-generated.
    Reporters: Insured depository institutions and uninsured member 
banks.
    Estimated Annual reporting hours: 100 hours.
    Estimated average hours per response: Loan participation renewal 
notice, 2 hours; Acquisition notice, 6 hours; Internal corporate 
reorganization transactions notice, 6 hours; and Section 23A additional 
exemption notice, 10 hours.
    Number of respondents: Loan participation renewal notice, 1; 
Acquisition notice, 1; Internal corporate reorganization transactions 
notice, 12; and Section 23A additional exemption notice, 2.
    General description of report: This information collection is 
required to evidence compliance with sections 23A and 23B of the 
Federal Reserve Act (12 U.S.C. 371c and 371c-1). Confidential and 
proprietary information collected for the purposes of the Loan 
Participation Renewal notice (12 CFR 223.15(b)(4)) may be protected 
under the authority of section (b)(4) of FOIA [5 U.S.C. 552(b)(4)]. 
That section of FOIA exempts commercial or financial information deemed 
competitively sensitive from disclosure. Respondents who desire that 
the information on this notice be kept confidential in accordance with 
section (b)(4) can request confidential treatment under the Board's 
rules at 12 CFR 261.15. In addition, information that is obtained as 
part of an examination of a financial institution is exempt from 
disclosure

[[Page 30292]]

under exemption (b)(8) of FOIA. 5 U.S.C. 552(b)(8).
    Abstract: On December 12, 2002, the Federal Reserve published a 
Federal Register notice \1\ adopting Regulation W (Reg W) to implement 
sections 23A and 23B. Reg W was effective April 1, 2003. The Board 
issued Reg W for several reasons. First, the regulatory framework 
established by the Gramm-Leach-Bliley Act \2\ emphasized the importance 
of sections 23A and 23B as a means to protect depository institutions 
from losses in transactions with affiliates. Second, adoption of a 
comprehensive rule simplified the interpretation and application of 
sections 23A and 23B, ensured that the statute is consistently 
interpreted and applied, and minimized burden on banking organizations 
to the extent consistent with the statute's goals. Third, issuing a 
comprehensive rule allowed the public an opportunity to comment on 
Federal Reserve interpretations of sections 23A and 23B.
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    \1\ (67 FR 76603)
    \2\ Public Law 106-102, 113 Stat. 1338 (1999).
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    The information collection requirements associated with Regulation 
W comprise four notices: (1) The Loan Participation Renewal notice (12 
CFR 223.15(b)(4)), which is a condition to an exemption for renewals of 
loan participations involving problem loans; (2) the Acquisition notice 
(12 CFR 223.31(d)(4)), which is a condition to an exemption for a 
depository institution's acquisition of an affiliate that becomes an 
operating subsidiary of the institution after the acquisition; (3) the 
Internal Corporate Reorganization Transactions notice (12 CFR 
223.41(d)(2)),which is a condition to an exemption for internal 
corporate reorganization transactions; and (4) the Section 23A 
Additional Exemption notice (12 CFR 223.43(b)), which provides 
procedures for requesting additional exemptions from the requirements 
of section 23A. These notifications are event-generated and must be 
provided to the appropriate federal banking agency and, if applicable, 
the Federal Reserve Board within the time periods established by the 
law and regulation.
    Current Actions: On March 14, 2012, the Federal Reserve published a 
notice in the Federal Register (77 FR 15108) requesting public comment 
for 60 days on the extension, without revision, of the FR 2064 and Reg 
W. The comment period for this notice expired on May 14, 2012. The 
Federal Reserve did not receive any comments.


    Board of Governors of the Federal Reserve System, May 17, 2012.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2012-12328 Filed 5-21-12; 8:45 am]
BILLING CODE 6210-01-P