[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28047-28048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12680]
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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, without
revision, the Notice of Proposed Stock Redemption (FR 4008; OMB No.
7100-0131).
DATES: Comments must be submitted on or before August 16, 2019.
ADDRESSES: You may submit comments, identified by FR 4008, 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 NW (between 18th and 19th Streets 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
[[Page 28048]]
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,
Without Revision, the Following Information Collection
Report title: Notice of Proposed Stock Redemption.
Agency form number: FR 4008.
OMB control number: 7100-0131.
Frequency: Event-generated.
Respondents: Bank holding companies.
Estimated number of respondents: 8.
Estimated average hours per response: 15.5 hours.
Estimated annual burden hours: 124 hours.
General description of report: The Bank Holding Company Act (BHC
Act) and Board's Regulation Y require a bank holding company (BHC) to
seek the prior approval of the Board before purchasing or redeeming its
equity securities in certain circumstances. Due to the limited
information that a BHC must provide in connection with any such
request, there is no required reporting form (the FR 4008 designation
is for internal purposes only), and each request for prior approval
must be filed as a notification with the Reserve Bank that has direct
supervisory responsibility for the requesting BHC. The Federal Reserve
uses the information provided in the redemption notice to supervise
BHCs.
Legal authorization and confidentiality: The FR 4008 is authorized
pursuant to sections 5(b) and (c) of the BHC Act (12 U.S.C. 1844(b) and
(c)). Section 5(b) of the BHC Act, as amended by section 616 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank
Act),\1\ generally authorizes the Board to, among other things, issue
capital regulations that are necessary to administer and carry out the
purposes of the BHC Act and prevent evasions thereof. Section 5(c) of
the BHC Act generally authorizes the Board to, among other things,
require reports from BHCs on a range of issues. The FR 4008 is required
for some BHCs to obtain the benefit of being able to purchase or redeem
their equity securities.
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\1\ Public Law 111-203, 124 Stat. 1376 (2010).
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Individual respondents may request that data submitted be kept
confidential on a case-by-case basis. If a respondent requests
confidential treatment, the Board will determine whether the
information is entitled to confidential treatment on an ad hoc basis.
Requests may include information related to the BHC's business
operations, such as terms and sources of the funding for the redemption
and pro forma balance sheets. This information may be kept confidential
under exemption 4 of the Freedom of Information Act, which protects
privileged or confidential commercial or financial information.\2\
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\2\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, June 11, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-12680 Filed 6-14-19; 8:45 am]
BILLING CODE 6210-01-P