[Federal Register Volume 82, Number 239 (Thursday, December 14, 2017)]
[Notices]
[Pages 58807-58808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26962]


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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: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Reporting Requirements Associated with Regulation XX Concentration 
Limit (FR XX) and Financial Company (as defined) Report of Consolidated 
Liabilities (FR XX-1) (OMB No. 7100-0363).

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 
or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: 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

[[Page 58808]]

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 Paperwork Reduction Act Submission, supporting statements and 
approved collection of information instrument(s) 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Report

    Report title: Reporting Requirements Associated with Regulation XX 
Concentration Limit; Financial Company (as defined) Report of 
Consolidated Liabilities.
    Agency form number: FR XX; FR XX-1.
    OMB control number: 7100-0363.
    Frequency: Event-generated; annual.
    Respondents: Insured depository institutions, bank holding 
companies, foreign banking organizations, savings and loan holding 
companies, companies that control insured depository institutions, and 
nonbank financial companies supervised by the Board; U.S. and foreign 
financial companies that do not otherwise report consolidated financial 
information to the Board or other appropriate Federal banking agency.
    Estimated number of respondents: FR XX (Section 251.4(b)): 1; FR XX 
(Section 251.4(c)): 1; FR XX-1: 43.
    Estimated average hours per response: FR XX (Section 251.4(b)): 10, 
FR XX (Section 251.4(c)): 10; FR XX-1: 2.
    Estimated annual burden hours: FR XX (Section 251.4(b)): 10; FR XX 
(Section 251.4(c)): 10; FR XX-1: 86 (106 total).
    General description of report: The Board adopted Regulation XX to 
implement section 14 of the Bank Holding Company Act of 1956 (BHC Act), 
which was added by section 622 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act). Section 14 established a 
financial sector concentration limit that generally prohibits a 
financial company from merging or consolidating with, or otherwise 
acquiring, another company if the resulting company's liabilities upon 
consummation would exceed 10 percent of the aggregate liabilities of 
all financial companies. Regulation XX established certain reporting 
requirements for financial companies. The Board created the FR XX-1 
reporting form to collect information required to be submitted by 
Regulation XX.
    Legal authorization and confidentiality: This information 
collection is authorized by section 14 of the Bank Holding Company Act 
(12 U.S.C. 1852(d)) and Regulation XX (12 CFR part 251). The obligation 
of financial companies to comply with the consolidated liabilities 
reporting requirement is mandatory. Compliance by financial companies 
with the transactional reporting requirements is required in order to 
obtain the benefit of Board consent to consummation of the 
transactions.
    Section 251.6 and FR XX-1. As noted, the required reporting of 
calendar year-end liabilities under section 251.6 of Regulation XX can 
be satisfied by many financial companies through their continued 
reporting of consolidated financial information to the Board or other 
appropriate Federal banking agency though the various reports listed 
above. The information collected on those forms has been the subject of 
separate authorization and confidentiality determinations. With regard 
to the collection of the specific information at issue, calendar year-
end liabilities (including as collected on the FR XX-1), such 
information generally is not considered confidential, but some 
information, depending on the circumstances, may be the type of 
confidential commercial and financial information that may be withheld 
under exemption 4 of the Freedom of Information Act (FOIA) (5 U.S.C 
552(b)(4)). As required information, it may be withheld under exemption 
4 on a case-by-case basis only if public disclosure could result in 
substantial competitive harm to the submitting institution. Any request 
from a submitter for confidential treatment should be accompanied by a 
detailed justification for confidentiality.
    Section 251.4. The information collected under section 251.4 (under 
both its prior written consent provision for individual transactions 
and the general consent authority) consists of (1) a description of the 
acquisition and (2) the change in and resultant aggregate amount of 
financial company liabilities. The reported liabilities information, in 
like fashion to the liabilities information reported under section 
251.6, generally is not considered confidential but, depending on the 
circumstances, may be the type of confidential commercial and financial 
information that may be withheld under exemption 4 of FOIA. The 
description of the individual acquisitions provided under the prior 
written consent provisions generally would not be deemed confidential, 
but that some such information may be of the type that could be 
withheld under exemption 4 on a case-by-case basis, under the standards 
enumerated above.
    Current actions: On August 16, 2017, the Board published a notice 
in the Federal Register (82 FR 38906) requesting public comment for 60 
days on the extension, without revision, of the FR XX and FR XX-1. The 
comment period for this notice expired on October 16, 2017. The Board 
did not receive any comments. The information collection will be 
extended as proposed.

    Board of Governors of the Federal Reserve System, December 11, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-26962 Filed 12-13-17; 8:45 am]
 BILLING CODE 6210-01-P