[Federal Register Volume 80, Number 116 (Wednesday, June 17, 2015)]
[Notices]
[Pages 34641-34643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14862]


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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 control 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 control 
number.

DATES: Comments must be submitted on or before August 17, 2015.

ADDRESSES: You may submit comments, identified by Form 1522/1523, 
Form1680/1681/1682/1683, or Form H(e), 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 Clearance Officer--Nuha Elmaghrabi- 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;
    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,

[[Page 34642]]

and purchase of services to provide information.

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

    1. Report title: Notice of Mutual Holding Company Reorganization 
and the Application for Approval of a Minority Stock Issuance by a 
Savings Association Subsidiary of a Mutual Holding Company.
    Agency form number: Form 1522; Form 1523.
    OMB control number: 7100-0340.
    Frequency: On occasion.
    Reporters: Mutual savings associations and savings association 
subsidiaries or subsidiary holding companies of a mutual holding 
company.
    Estimated annual reporting hours: Form 1522: 400 hours; Form 1523: 
1,050 hours.
    Estimated average hours per response: Form 1522: 400 hours; Form 
1523: 350 hours.
    Number of respondents: Form 1522: 1; Form 1523: 3.
    General description of report: Forms 1522 and 1523 are mandatory 
and authorized pursuant to section 10 of the Home Owners' Loan Act 
(HOLA). Section 10 of HOLA (``Regulations of holding companies'') 
provides generally that ``[t]he Board is authorized to issue such 
regulations . . . as the Board deems necessary or appropriate to enable 
the Board to administer and carry out the purposes of this section, and 
to require compliance therewith and prevent evasions thereof.'' (12 
U.S.C. 1467a(g)(1)). With respect to mutual holding companies, HOLA 
states that a mutual holding company ``shall be subject to such 
regulations as the Board may prescribe.'' (12 U.S.C. 1467a(o)(7)). 
Section 10 of HOLA also requires a savings and loan holding company to 
file ``such reports as may be required by the Board'' and provides that 
such reports ``shall contain such information concerning the operations 
of such savings and loan holding company and its subsidiaries as the 
Board may require.'' (12 U.S.C. 1467a(b)(2)).
    The information on Forms 1522 and 1523 generally not considered 
confidential. However, the notificant or applicant may request 
confidential treatment for portions of these forms pursuant to 
exemption 4 of the Freedom of Information Act, (5 U.S.C. 552(b)(4)) if 
it believes disclosure of those portions would likely result in 
substantial competitive harm. All such requests for confidential 
treatment would need to be reviewed on a case-by-case basis and in 
response to a specific request for disclosure.
    Abstract: Any mutual savings association that wishes to reorganize 
to form a mutual holding company must submit a notice (Form 1522) to 
the Federal Reserve. The notice provides details of the reorganization 
plan, which is to be approved by the majority of the association's 
board of directors and any acquired association. Details of the 
reorganization plan should contain a complete description of all 
significant terms of the proposed reorganization, shall attach and 
incorporate any Stock Issuance Plan proposed in connection with the 
reorganization plan and comply with other informational requirements 
specified in (12 CFR 239.6).
    Any savings association subsidiary or subsidiary holding company of 
a mutual holding company must file an application (Form 1523) for 
minority stock issuance. Minority stock issuances applications are 
required to provide the Federal Reserve with information to determine 
whether mutual holding companies and their subsidiaries are conducting 
insider abuse or unsafe and unsound practices.
    The Federal Reserve intends to update and revise the Notice and 
Application to conform to Federal Reserve standards in the near future.
    2. Report title: Application for Conversion, Proxy Statement, 
Offering Circular, and Order Form.
    Agency form number: Form 1680, Form 1681, Form 1682, Form 1683.
    OMB control number: 7100-0335.
    Frequency: On occasion.
    Reporters: Mutual holding companies.
    Estimated annual reporting hours: Form 1680: 2,990 hours; Form 
1681: 50 hours; Form 1682: 1,50 hours; Form 1683: 10 hours.
    Estimated average hours per response: Form 1680: 299 hours; Form 
1681: 500 hours; Form 1682: 150 hours; Form 1683: 1 hour.
    Number of respondents: Form 1680: 10; Form 1681: 10; Form 1682: 10; 
Form 1683: 10.
    General description of report: The mutual stock conversion forms 
are mandatory and authorized by Home Owners' Loan Act (HOLA) section 
10, which provides generally that ``the Board is authorized to issue 
such regulations . . . as the Board deems necessary or appropriate to 
enable the Board to administer and carry out the purposes of this 
section, and to require compliance therewith and prevent evasions 
thereof.'' (12 U.S.C. 1467a(g)(1)). With respect to mutual holding 
companies, HOLA states that a mutual holding company ``shall be subject 
to such regulations as the Board may prescribe.'' (12 U.S.C. 
1467a(o)(7)). Section 10 of HOLA also requires a savings and loan 
holding company to file ``such reports as may be required by the 
Board'' and provides that such reports ``shall contain such information 
concerning the operations of such savings and loan holding company and 
its subsidiaries as the Board may require.'' (12 U.S.C. 1467a(b)(2).
    Forms 1681, 1682, and 1683 are distributed to the owners of the 
mutual holding company; no issues of confidentiality should arise in 
connection with these forms. One of the elements required for the 
application on Form 1680 is a consolidated business plan showing how 
the capital acquired in the conversion will be used. Business plans are 
not considered confidential, although the applicant may request 
confidential treatment pursuant to sections (b)(4), of the Freedom of 
Information Act (5 U.S.C. 552(b)(4),) for portions of the business plan 
if disclosure would likely result in substantial competitive harm. All 
such requests for confidential treatment would need to be reviewed on a 
case-by-case basis and in response to a specific request for 
disclosure.
    Abstract: Sections 5(i) (standard conversions) and 5(p) 
(supervisory conversions) of HOLA authorize mutual to stock 
conversions. The four individual forms are all one-time submissions 
that are used by mutual holding companies requesting approval to 
convert to a stock institution. The Federal Reserve intends to update 
and revise the mutual stock conversion application forms to conform to 
Federal Reserve standards in the near future.
    3. Report title: Savings and Loan Holding Company Application.
    Agency form number: Form H-(e).
    OMB control number: 7100-0336.
    Frequency: On occasion.
    Reporters: Entities seeking prior approval to become a savings and 
loan holding company (SLHC).
    Estimated annual reporting hours: 6,000 hours.
    Estimated average hours per response: 500 hours.
    Number of respondents: 12.
    General description of report: The Savings and Loan Holding Company 
Application is mandatory and authorized pursuant to section 10 of HOLA, 
which provides that ``the Board is authorized to issue such regulations 
. . . as the Board deems necessary or appropriate to enable the Board 
to administer and carry out the purposes of this sections, and require 
compliance therewith and prevent evasions

[[Page 34643]]

thereof.'' (12 U.S.C. 1467a(g)(1)). Section 10 of HOLA also requires a 
savings and loan holding company to file ``such reports as may be 
required by the Board'' and provides that such reports ``shall contain 
such information concerning the operations of such savings and loan 
holding company and its subsidiaries as the Board may require (12 
U.S.C. 1467a(b)(2).
    The information on Form H-(e) is not considered confidential unless 
the applicant requests confidential treatment pursuant to exemption 4 
or 6 of the Freedom of Information Act (5 U.S.C. 552(b)(4),(6)). All 
such requests for confidential treatment would need to be reviewed on a 
case-by-case basis and in response to a specific request for 
disclosure.
    Abstract: The Federal Reserve analyzes each holding company 
application to determine whether the applicant meets the statutory 
criteria set forth in section 10(e) of the Home Owners' Loan Act (Act), 
as amended, to become a savings and loan holding company. The 
applications are reviewed for adequacy of answers to items and 
completeness in all material respects. The applications are event-
generated and provide the Federal Reserve with information necessary to 
evaluate the proposed transaction. The Federal Reserve intends to 
update and revise the Application forms to conform to Federal Reserve 
standards in the near future.

    Board of Governors of the Federal Reserve System, June 12, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-14862 Filed 6-16-15; 8:45 am]
 BILLING CODE 6210-01-P