[Federal Register Volume 84, Number 64 (Wednesday, April 3, 2019)]
[Notices]
[Pages 13044-13046]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06434]
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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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[[Page 13045]]
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Request for Extension of Time to Dispose of Assets Acquired in
Satisfaction of Debts Previously Contracted (FR 4006; OMB No. 7100-
0129).
DATES: Comments must be submitted on or before June 3, 2019.
ADDRESSES: You may submit comments, identified by FR 4006, 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 in Room 146,
1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m. and
5:00 p.m. on weekdays. For security reasons, the Board requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
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, if approved. These documents will also be made available
on the 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 Paperwork
Reduction Act (PRA) to approve 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 Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board'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 Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Request for Extension of Time to Dispose of Assets
Acquired in Satisfaction of Debts Previously Contracted (DPC).
Agency form number: FR 4006.
OMB control number: 7100-0129.
Frequency: Event-generated.
Respondents: Bank holding companies.
Estimated number of respondents: Section 3(a) DPC: 21; Section
4(c)(2) DPC: 42.
Estimated average hours per response: Section 3(a) DPC: 5 hours;
Section 4(c)(2) DPC: 5 hours.
Estimated annual burden hours: Section 3(a) DPC: 105 hours; Section
4 (c)(2) DPC: 210 hours.
General description of report: The Bank Holding Company Act (BHC
Act) and the Board's Regulation Y require a bank holding company (BHC)
that acquired voting securities or assets through foreclosure or
otherwise in the ordinary course of collecting a DPC to seek prior
Board approval in order to retain ownership of those shares or assets
for more than two years. There are no required formal reporting forms
associated with this information collection (the FR 4006 designation is
for internal purposes only). Instead, a BHC is required to submit any
extension request to the Reserve Bank that has direct supervisory
responsibility for the requesting BHC. The Board uses the information
provided in the request to fulfill its statutory obligation to
supervise BHCs.
Proposed revisions: The Board is proposing to revise the FR 4006 to
account for requests for an extension of the section 3(a) holding
period for bank DPC property pursuant to section 225.12(b) of the
Board's Regulation Y. The FR 4006 currently does not account for this
collection of information.
Legal authorization and confidentiality: The FR 4006 is authorized
pursuant to sections 3(a) and 4(c)(2) of the Bank Holding Company Act
(BHC Act) \1\ and sections 225.12(b) and 225.22(d) of Regulation Y.\2\
Under sections 3(a) and 4(c)(2) of the BHC Act and sections 225.12(b)
and 225.22(d)(1) of the Board's Regulation Y, a BHC is not required to
seek prior Board approval before acquiring securities or assets in the
ordinary course of collecting a DPC in good faith, if such securities
or assets (the ``DPC property'')
[[Page 13046]]
are divested within two years of acquisition. In order to hold the DPC
property beyond the two-year period, a BHC is required to seek the
approval of the Board. The two-year period may be extended by the Board
for up to three additional years, and holdings in certain types of DPC
property may be extended for up to five additional years (for a total
of 10 years). Pursuant to section 225.12(b) of Regulation Y, a BHC may
request an extension of the section 3(a) holding period for voting
securities of a bank or BHC acquired in the ordinary course of
collecting a DPC in good faith. Pursuant to section 225.22(d)(1) of
Regulation Y, a BHC may request an extension of the section 4(c)(2)
holding period for voting securities or assets of a nonbanking company
acquired in the ordinary course of collecting a DPC in good faith. The
FR 4006 is required to obtain the benefit of being permitted to retain
ownership, for more than two years, of voting securities or assets
acquired in the ordinary course of collection of a DPC. Individual
respondents may request that information submitted to the Board,
pursuant to sections 225.12(b) and 225.22(d) of Regulation Y, be kept
confidential on a case-by-case basis. Such requests generally contain
information related to how the BHC acquired shares or assets and the
plans of the BHC to divest the shares or assets. Under certain
circumstances, this information may qualify under exemption 4 of the
Freedom of Information Act, which protects privileged or confidential
commercial or financial information (5 U.S.C. 552(b)(4)).
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\1\ 12 U.S.C. 1842(a) and 1843(c)(2).
\2\ 12 CFR 225.22(d).
Board of Governors of the Federal Reserve System, March 28,
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-06434 Filed 4-2-19; 8:45 am]
BILLING CODE 6210-01-P