[Federal Register Volume 78, Number 159 (Friday, August 16, 2013)]
[Notices]
[Pages 50055-50056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-19920]


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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 statement and approved collection of information instrument 
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--Office of the 
Chief Data Officer, 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, with revision, of the following reports:
    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), state member 
banks (SMBs), and Savings and Loan Holding Companies (SLHCs).
    Annual reporting hours: 1,884 hours.
    Estimated average hours per response: FR 4010: BHC and SLHCs 3 
hours, FBOs 3.5 hours; FR 4011: 10 hours; FR 4012: BHCs decertified as 
financial holding companies (FHCs) 1 hour, SLHCs decertified as a FHC 1 
hour, FHCs back into compliance--BHC 10 hours; FHCs back into 
compliance--SLHC 10 hours, FR 4017: 4 hours; FR 4019: Regulatory relief 
requests 1 hour, Portfolio company notification 1 hour; and FR 4023: 50 
hours.
    Number of respondents: FR 4010: BHC and SLHCs 29, FBOs 5; FR 4011: 
5; FR 4012: BHCs decertified as FHCs 8, SLHCs decertified as a FHC 2, 
FHCs back into compliance--BHC 17; FHCs back into compliance--SLHC 3, 
FR 4017: 3; FR 4019: Regulatory relief requests 5, Portfolio company 
notification 2; FR 4023: 30.
    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. 1843(l)(l)(C); section 8(a) of the International Banking Act, 12 
U.S.C. 3106(a); and sections 225.82 and 225.91 of Regulation Y, 12 CFR 
225.82 and 225.91; and section 238.65 of Regulation LL.
    The FR 4011 is voluntary and is authorized under Sections 4(j) and 
4(k) of the BHC Act, 12 U.S.C. 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. 1843(l)(1) and (m); section 
10(c)(2)(H) of the Home Owner's Loan Act; section 8(a) of the 
International Banking Act, 12

[[Page 50056]]

U.S.C. 3106(a); and sections 225.83 and 225.93 of Regulation Y, 12 CFR 
225.83 and 225.93; and section 238.66(b) of Regulation LL.
    The FR 4017 is required to obtain a benefit and is authorized under 
Section 9 of the Federal Reserve Act, 12 U.S.C. 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. 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. 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, FR 4019, and information related 
to a failure to meet capital requirements on the FR 4012, 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)). 
Information related to a failure to meet management requirements on the 
FR 4012 is confidential and exempt from disclosure under section 
(b)(4), because the release of this information would cause substantial 
harm to the competitive position of the entity, and (b)(8) if the 
information is related to examination, operating, or condition reports 
prepared by, on behalf of, or for the use of an agency responsible for 
the regulation or supervision of financial institutions. 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 of the deficiency by filing the FR 4012 and often must submit 
plans to the Board to cure the deficiency. Any SMB 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 BHC Act or the Federal Reserve 
Act, or Board regulations issued to carry out the GLB Act.
    Current Actions: On May 30, 2013, the Federal Reserve published a 
notice in the Federal Register (78 FR 32387) requesting public comment 
for 60 days on the extension for three years, with revision, of the FR 
4012. The comment period for this notice expired on July 29, 2013. The 
Federal Reserve did not receive any comments. The revision will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, August 13, 
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-19920 Filed 8-15-13; 8:45 am]
BILLING CODE 6210-01-P