[Federal Register Volume 83, Number 57 (Friday, March 23, 2018)]
[Notices]
[Pages 12760-12761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05958]
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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, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the International Applications and Prior Notifications Under Subpart B
of Regulation K (FR K-2; OMB No. 7100-0284). The Board proposes to
revise the FR K-2 form and instructions in order to: Improve the
clarity of the requests; reflect new laws, regulations, capital
requirements, and accounting rules; make minor changes for improved
style, grammar, and clarity; and harmonize the general information,
certification, and confidentiality sections with other similar forms.
The revisions are intended to reduce the need for subsequent requests
for additional information from respondents, which delay the Federal
Reserve's consideration of a filing and create additional burden for
filers.
DATES: Comments must be submitted on or before May 22, 2018.
ADDRESSES: You may submit comments, identified by FR K-2, by any of the
following methods:
Agency website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, 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 website 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 Paper Reduction Act
(PRA) OMB submission, including the proposed reporting form and
instructions, supporting statement, and other documentation will be
placed into OMB's public docket files, if approved. These documents
will also be made available on the Federal Reserve Board's public
website 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: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the 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.
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 proposal.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Report
Report title: International Applications and Prior Notifications
Under Subpart B of Regulation K.
Agency form number: FR K-2.
OMB control number: 7100-0284.
Frequency: On occasion.
Respondents: Foreign banks.
Estimated number of respondents: 14.
Estimated average hours per response: 36 hours.
Estimated annual burden hours: 504 hours.
General description of collection: Foreign banks are required to
obtain the prior approval of the Federal Reserve to establish a branch,
agency, or representative office in the United States; to acquire
ownership or control of a commercial lending company in the United
States; or to change the status of any existing office in the United
States. The FR K-2 information collection contains five attachments for
the application and notification requirements embodied in subpart B of
Regulation K. The Federal Reserve uses the information to fulfill its
statutory obligations under the International Banking Act.
The applicant also is required to publish a notice in a newspaper
of general circulation in the community where the office is proposed to
be located. The notice must state the name and address of the
applicant/notificant
[[Page 12761]]
and the proposed office, and it must invite the public to submit
written comments to the appropriate Reserve Bank.
Proposed revisions: The Board proposes to revise the FR K-2 form
and instructions in order to: Improve the clarity of the requests;
reflect the impact of new laws, regulations, capital requirements, and
accounting rules; make minor changes for improved style, grammar and
clarity; and harmonize the general information, certification, and
confidentiality sections with other similar forms. The revisions are
intended to make initial filings more reflective of the proposed
transaction and thereby reduce the need for subsequent information
requests, which delay the Federal Reserve's consideration of a filing
and create additional burden for filers.
Legal authorization and confidentiality: This information
collection is mandatory and collected pursuant to sections 7, 10, and
13 of the International Banking Act (12 U.S.C. 3105, 3107, and 3108).
The information collected on the FR K-2 is normally subject to public
disclosure under the Freedom of Information Act (FOIA). The applying or
notifying organization may request that portions of the information
contained in the FR K-2 be afforded confidential treatment. To do so,
applicants must demonstrate how the information for which
confidentiality is requested would fall within the scope of one or more
of the exemptions contained in the FOIA. Any such request would be
evaluated on a case-by-case basis.
Effective date: July 31, 2018.
Board of Governors of the Federal Reserve System, March 20,
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-05958 Filed 3-22-18; 8:45 am]
BILLING CODE 6210-01-P