[Federal Register Volume 80, Number 101 (Wednesday, May 27, 2015)]
[Notices]
[Pages 30248-30249]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-12740]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: 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 (PRA), 
to approve of and assign OMB numbers to collection of information 
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA 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 number.

DATES: Comments must be submitted on or before July 27, 2015.

ADDRESSES: You may submit comments, identified by Reg W, by any of the 
following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, 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 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as 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 form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
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 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Acting Clearance Officer--Mark Tokarski--
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.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, 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;

[[Page 30249]]

    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    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; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    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: 24 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, 1; and Section 23A additional exemption notice, 1.
    General description of report: This mandatory 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 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.

    Board of Governors of the Federal Reserve System, March 21, 
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-12740 Filed 5-26-15; 8:45 am]
 BILLING CODE 6210-01-P