[Federal Register Volume 81, Number 105 (Wednesday, June 1, 2016)]
[Notices]
[Pages 35015-35016]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12838]



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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice for comment regarding the Federal Reserve proposal to 
extend with revision, the clearance under the Paperwork Reduction Act 
for the following information collection activity.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board or 
Federal Reserve) invites comment on a proposal to extend the clearance 
to collect information from a newly-formed savings and loan holding 
company (SLHC) and on a proposal to extend the clearance to collect 
information on all dividends declared by a subsidiary savings 
association of a savings and loan holding company (SLHC).
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board 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. In exercising this delegated authority, the Board is directed to 
take every reasonable step to solicit comment. In determining whether 
to approve a collection of information, the Board will consider all 
comments received from the public and other agencies.

DATES: Comments must be submitted on or before August 1, 2016.

ADDRESSES: You may submit comments, identified by FR 1583 or FR LL-
10(b), 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 Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. 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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposed revisions prior to giving final 
approval.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Report

    1. Report Title: Savings and Loan Holding Company Registration 
Statement.
    Agency Form Number: FR LL-10(b).
    OMB Control Number: 7100-0337.
    Frequency: As needed.
    Respondents: Newly Formed Savings and Loan Holding Companies.
    Estimated Number of Respondents: 3.
    Estimated Average Hours per Response: 8 hours.
    Estimated Annual Burden Hours: 24.
    General Description of Report: The FR LL-10(b) includes information 
on the financial condition, ownership, operations, management, and 
intercompany relationships of the SLHC and its subsidiaries.
    Federal Reserve staff review the FR LL-10(b) to assess the adequacy 
of responses to items, disclosure of pertinent facts, and completeness 
in all material respects. This includes information concerning the date 
of consummation of transactions and the number of shares acquired.
    Legal authorization and confidentiality: The Boards' Legal Division 
has determined that FR LL-10(b) is authorized by Section 10(b)(1) of 
the HOLA and Regulation LL, 12 CFR 238.4(c). Section 10(b) of the Home 
Owners' Loan Act, as amended (HOLA), 12 U.S.C. 1467a(b)(1), provides 
that each SLHC is required to register with the Federal Reserve within 
90 days of becoming an SLHC on forms prescribed by the Board that 
contain such information as the Board may deem necessary or 
appropriate. The Federal Reserve is therefore authorized to collect 
information on this form pursuant to section 10(b) of HOLA. The 
obligation to respond is mandatory, as described in the previous 
paragraph. Information contained in the FR LL-10(b) is not considered 
confidential. If an SLHC wishes to claim confidential treatment for any 
information submitted on or with the form, it would need to describe 
the circumstances and provide a justification for the withholding of 
the information consistent with the

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Freedom of Information Act, (5 U.S.C. 552).
    Proposed Revisions: The Federal Reserve proposes to change the 
number of the form from the ``H-(b)10'' to the ``LL-10(b)'' (the 
authority to require an SLHC to register is section 10(b) in HOLA, and 
``LL'' is the Board's regulation governing the operations and 
activities of an SLHC). This format is consistent with the numbering of 
other Federal Reserve forms (e.g., Y-3, Y-3N, Y-4). In addition, all 
references to the Office of Thrift Supervision (OTS) have been replaced 
with references to the Board or the Reserve Banks, including references 
to the former OTS regulations that have been replaced with citations to 
the Board's Regulation LL.
    The Federal Reserve proposes to add an explanation of its 
submission deadline, including filing instructions for when the 90th 
day falls on a weekend or a holiday.
    HOLA permits the Federal Reserve to require an SLHC and each of its 
subsidiaries, other than a savings association, to file reports with 
the Federal Reserve. The FR LL-10(b) currently allows an SLHC to omit 
information regarding subsidiaries of a savings association. The 
Federal Reserve proposes to change that practice and require an SLHC to 
include information regarding subsidiaries of a savings association. 
The Federal Reserve also proposes to add language requiring an SLHC to 
provide information not only on the stock it acquired of a subsidiary 
savings association but also for any other types of ownership interest.
    The Federal Reserve proposes to remove an OTS requirement that a 
copy of registration statement be submitted on disc as this information 
can now be submitted electronically. In addition, the Federal Reserve 
removed language on financial disclosure requirements since these 
requirements are already required by law for an SLHC that is required 
to register with the Securities and Exchange Commission.
    Finally, the Federal Reserve proposes several stylistic and 
grammatical changes to the form and instructions.
    2. Report Title: Notice of Proposed Declaration of Dividend.
    Agency Form Number: FR 1583.
    OMB Control Number: 7100-0339.
    Frequency: As needed.
    Respondents: Savings and Loan Holding Companies.
    Estimated Number of Respondents: 133.
    Estimated Average Hours per Response: 16.5 minutes.
    Estimated Annual Burden Hours: 73.
    General Description of Report: Savings association subsidiaries of 
SLHCs provide prior notice of a dividend by filing form FR 1583 that 
requires information on (1) the date of the filing, (2) the nature and 
amount of the proposed dividend declaration, and (3) the names and 
signatures of the executive officer and secretary of the savings 
association that have provided the notice. The savings association 
subsidiary must file this prior notice at least 30 days before the 
proposed declaration of a dividend by its board of directors. This 
notice may include a schedule proposing dividends of over a specified 
period, up to 12 months. The statute also provides that the 30-day 
period commences on the date of receipt of the complete record of the 
notice by the Federal Reserve. The Federal Reserve Board may request 
additional information or may impose conditions for the dividend and 
may determine that such dividend does not comply with the requirements 
of 12 CFR part 238, subpart K.
    Legal authorization and confidentiality: The Board's Legal Division 
determined that FR 1583 is authorized by Section 10(f) of the Home 
Owners' Loan Act (HOLA) and section 238.103 of Regulation LL (12 CFR 
238.103). Section 10(f) of the Home Owners' Loan Act, as amended 
(HOLA), 12 U.S.C. 1467a(f), provides that every subsidiary savings 
association of an SLHC shall give the Board at least 30 days' advance 
notice of the proposed declaration by its directors of any stock 
dividend. The obligation to respond is mandatory, as described in the 
previous paragraph, and the Federal Reserve is authorized to collection 
this information by section 10(f) of HOLA. The information collected on 
the FR 1583 is generally not considered confidential. It is possible 
that a savings association or SHLC could seek confidential treatment 
under FOIA exemption 4 for the nature and amount of the proposed 
dividend declaration, in which case the institution would need to 
submit a request stating that disclosure of the specific information 
would likely result in substantial harm to its competitive position and 
demonstrating the specific nature of the harm that would result from 
public release of the information. FOIA exemption 4 covers commercial 
or financial information obtained from a person that is privileged or 
confidential. The determination of whether confidential treatment 
should be granted will have be made on a case-by-case basis.
    Proposed Revisions: The Federal Reserve proposes to change all 
references to the Office of Thrift Supervision (OTS) with references to 
the Board or the Reserve Banks and all citations to the former OTS 
regulations with citations to the Board's Regulation LL.
    With respect to information that is included in the form, the 
Federal Reserve proposes to require the nature of dividend to be 
identified (e.g., cash, stock) that the savings association 
subsidiary's board of directors intends to distribute.
    Finally, the Federal Reserve proposes several stylistic and 
grammatical changes to the form and instructions.

    Board of Governors of the Federal Reserve System, May 26, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-12838 Filed 5-31-16; 8:45 am]
 BILLING CODE 6210-01-P