[Federal Register Volume 80, Number 249 (Tuesday, December 29, 2015)]
[Notices]
[Pages 81324-81326]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-32700]


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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. 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 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.

FOR FURTHER INFORMATION CONTACT: 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.
    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: 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, FR Y12A, respectively.
    OMB control number: 7100-0300.
    Frequency: FR Y-12: quarterly or semi-annually, FR Y-12A: annually.
    Reporters: Bank holding companies (BHCs), financial holding 
companies (FHCs) and savings and loan holding companies (SLHCs).
    Estimated annual reporting hours: FR Y-12: 1,650 hours, FR Y-12A: 
133 hours.
    Estimated average hours per response: FR Y-12: 16.5 hours, FR Y-
12A: 7 hours.
    Number of respondents: FR Y-12: 28, FR Y-12A: 19.
    General description of report: This collection of information is 
mandatory and authorized to be collected from BHCs and FHCs pursuant to 
Section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)(1)(A)) 
and from SLHCs pursuant to section 10 of the Home Owners Loan Act (12 
U.S.C. 1467a(b)). Overall, the Federal Reserve does not consider the 
data collected on the FR Y-12 to be confidential. However, a holding 
company may request

[[Page 81325]]

confidential treatment pursuant to sections (b)(4) of the Freedom of 
Information Act (FOIA) (5 U.S.C. 552(b)(4)). The Federal Reserve 
considers the data collected on the FR Y-12A to be confidential 
pursuant to sections (b)(4) and (b)(8) of FOIA (5 U.S.C. 552(b)(4) and 
(b)(8)).
    Abstract: The FR Y-12 collects information from certain domestic 
BHCs and SLHCs on their equity investments in nonfinancial companies. 
The FR Y-12 data serve as an important risk-monitoring device for 
institutions active in this business line by allowing supervisory staff 
to monitor an institution's activity between review dates. They also 
serve as an early warning mechanism to identify institutions whose 
activities in this area are growing rapidly and therefore warrant 
special supervisory attention. 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. The FR Y-12A data continue to be a useful tool for examiners to 
monitor institutions that have merchant banking investments that are 
approaching holding period limitations.
    Current Actions: On October 22, 2015, the Federal Reserve published 
a notice in the Federal Register (80 FR 64000) requesting public 
comment for 60 days on the extension, without revision, of the FR Y-12 
and FR Y-12A. The comment period for this notice expired on December 
21, 2015. The Federal Reserve did not receive any comments. The 
information collection will be extended for three years, without 
revision, as proposed.
    2. Report title: Bank Secrecy Act Suspicious Activity Report (BSA-
SAR).
    Agency form number: FR 2230.
    OMB control number: 7100-0212.
    Frequency: On occasion.
    Reporters: State member banks (SMBs), BHCs and their nonbank 
subsidiaries, Edge and agreement corporations, and the U.S. branches 
and agencies, representative offices, and nonbank subsidiaries of 
foreign banks supervised by the Federal Reserve.
    Estimated annual reporting hours: 159,071 hours.
    Estimated average hours per response: 1.5 hours.
    Number of respondents: 5,489.
    General description of report: The BSA-SAR is required by law, 
pursuant to authority contained in the following statutes: 12 U.S.C. 
248(a)(1), 3105(c)(2), 3106(a), and 625 of the International Banking 
Act, 12 U.S.C. 1844(c) of the Bank Holding Company Act, and 12 U.S.C. 
1818(s) of the Federal Deposit Insurance Act. The obligation to file a 
SAR is set forth in the Board's rules, and is mandatory for SMBs (12 
CFR 208.62(c)); entities subject to the Bank Holding Company Act and 
their nonbank subsidiaries (12 CFR 225.4(f)); Edge and agreement 
corporations (12 CFR 211.5(k)); and U.S. branches, agencies, and 
representative offices of foreign banks (12 CFR 211.24(f)). BSA-SARs 
are exempt from FOIA disclosure by 31 U.S.C. 5319, which specifically 
provides that SARS ``are exempt from disclosure under section 552 of 
title 5'', and FOIA exemption 3, 5 U.S.C. 552(b)(3) (matters 
``specifically exempted from disclosure by statute'').
    Abstract: Since 1996, the Federal Reserve Board, the Office of the 
Comptroller of the Currency, the Federal Deposit Insurance Corporation, 
the National Credit Union Administration, and the Department of the 
Treasury's Financial Crimes Enforcement Network have required certain 
types of financial institutions to report known or suspected violations 
of law and suspicious transactions. To fulfill these requirements, 
supervised banking organizations file SARs. Law enforcement agencies 
use the information submitted on the reporting form to initiate 
investigations and the Federal Reserve uses the information in the 
examination and oversight of supervised institutions.
    Current Actions: On October 22, 2015, the Federal Reserve published 
a notice in the Federal Register (80 FR 64000) requesting public 
comment for 60 days on the extension, without revision, of the Bank 
Secrecy Act Suspicious Activity Report. The comment period for this 
notice expired on December 21, 2015. The Federal Reserve did not 
receive any comments. The information collection will be extended for 
three years, without revision, as proposed.
    3. Report title: Domestic Branch Notification.
    Agency form number: FR 4001.
    OMB control number: 7100-0097.
    Frequency: On occasion.
    Reporters: SMBs.
    Estimated annual reporting hours: 131 hours.
    Estimated average hours per response: 30 minutes for expedited 
notifications and 1 hour for nonexpedited notifications.
    Number of respondents: 60 expedited and 101 nonexpedited.
    General description of report: Section 9(3) of the Federal Reserve 
Act, (12 U.S.C. 321), requires that SMBs obtain prior Federal Reserve 
approval before establishing a domestic branch. This requirement is 
implemented by the provisions of Section 208.6 of the Board's 
Regulation H, (12 CFR 208.6). The obligation of SMBs to request prior 
approval of the appropriate supervising Reserve Bank in order to 
establish a domestic branch is mandatory. The individual respondent 
information in the notification is not considered confidential.
    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.
    Current Actions: On October 22, 2015, the Federal Reserve published 
a notice in the Federal Register (80 FR 64000) requesting public 
comment for 60 days on the extension, without revision, of the Domestic 
Branch Notification. The comment period for this notice expired on 
December 21, 2015. The Federal Reserve did not receive any comments. 
The information collection will be extended for three years, without 
revision, as proposed.
    4. Report title: Disclosure Requirements in Connection With Subpart 
H of 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.
    Estimated annual reporting hours: 13,372 hours.
    Estimated average hours per response: 1.5 minutes
    Number of respondents: 849.
    General description of report: Section 305 of the Gramm-Leach-
Bliley Act of 1999 requires that the Federal Reserve and the other 
federal banking agencies issue joint regulations applicable to retail 
sales practices, solicitations, advertising, or offers of insurance by 
depository institutions. (12 U.S.C. 1831x) Subpart H of the Federal 
Reserve's Regulation H, Consumer Protection in Sales of Insurance, 
implements section 305 on behalf of the

[[Page 81326]]

Federal Reserve, and provides for the disclosures outlined above. (12 
CFR part 208, subpart H) The obligation of SMBs to make these 
disclosures is mandatory. Since the Federal Reserve does not collect 
any information, no issue of confidentiality normally arises.
    Abstract: Subpart H of Regulation H was adopted pursuant to section 
305 of the Gramm-Leach-Bliley Act of 1999, which required the federal 
banking agencies to issue joint regulations governing retail sales 
practices, solicitations, advertising, and offers of insurance by, on 
behalf of, or at the offices of insured depository institutions. The 
insurance consumer protection rules in Regulation H require depository 
institutions to prepare and provide certain disclosures to consumers. 
Covered persons are required to make certain disclosures before the 
completion of the initial sale of an insurance product or annuity to a 
consumer and at the time a consumer applies for an extension of credit 
in connection with which and insurance product or annuity is solicited, 
offered, or sold.
    Current Actions: On October 22, 2015, the Federal Reserve published 
a notice in the Federal Register (80 FR 64000) requesting public 
comment for 60 days on the extension, without revision, of the 
Disclosure Requirements in Connection With Subpart H of Regulation H. 
The comment period for this notice expired on December 21, 2015. The 
Federal Reserve did not receive any comments. The information 
collection will be extended for three years, without revision, as 
proposed.

    Board of Governors of the Federal Reserve System, December 23, 
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-32700 Filed 12-28-15; 8:45 am]
 BILLING CODE 6210-01-P