[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28049-28051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12693]


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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 Notice of Proposed Declaration of Dividend (FR 1583; OMB No. 7100-
0339).

DATES: Comments must be submitted on or before August 16, 2019.

ADDRESSES: You may submit comments, identified by FR 1583, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://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 on the Board's website at https://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 
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 
Office of Management and Budget (OMB) Desk

[[Page 28050]]

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 Paperwork 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 Board's public website at https://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, OMB delegated to the Board 
authority under the 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: Notice of Proposed Declaration of Dividend.
    Agency form number: FR 1583.
    OMB control number: 7100-0339.
    Frequency: As needed (approximately two per year, based on the 
average number of FR 1583 forms received annually, per respondent, for 
calendar years 2016 through 2018).
    Respondents: Savings association subsidiaries of savings and loan 
holding companies (SLHCs).
    Estimated number of respondents: 122.
    Estimated average hours per response: 0.275 hours.
    Estimated annual burden hours: 67.
    General description of report: Savings association subsidiaries of 
SLHCs must provide prior notice of a dividend by filing form FR 1583 
with the appropriate Reserve Bank. The FR 1583 requires information 
regarding the date of the filing and the nature and amount of the 
proposed dividend, as well as the names and signatures of the executive 
officer and secretary of the savings association that is providing 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. Section 10(f) of the Home Owners' Loan Act (HOLA) 
provides that the 30 day period commences on the date of receipt of the 
complete record of the notice by the board. This notice may include a 
schedule proposing dividends over a period specified by the notificant, 
not to exceed 12 months.
    Proposed revisions: The Board proposes several revisions to make 
the FR 1583 consistent with the format of other Board forms and to 
reflect the Board's regulations. Specifically, the Board is proposing 
the following revisions:
    1. Adding an item requiring the filer to identify the ``Nature of 
the Dividend.'' Board regulations permit a dividend to consist of the 
distribution of cash or other property, or any transaction that is 
substantively a dividend, as provided by the Board (12 CFR 238.102(d)). 
The Reserve Bank must know the nature of the dividend to review the 
notice for consistency with the Board's regulations.
    2. Adding an item requesting date of filing. This information is 
customarily requested in Board reporting forms so that the timing of 
filings can be tracked.
    3. Deleting an item asking the filer to select whether the 
institution qualifies or does not qualify for expedited treatment. The 
Board's regulations do not provide for expedited treatment of notices 
of proposed declarations of dividends.
    4. Deleting an item asking the filer to select whether the 
submission is a notice or application. The Board's regulations provide 
that a filer provide notice, rather than an application, to the 
appropriate Reserve Bank (12 CFR 238.103).
    5. Deleting an item allowing institutions to attach additional 
information required pursuant to the Office of Thrift Supervision's 
regulations (12 CFR 563.143). The Board does not have analogous 
regulations.
    6. Adding the option to submit the FR 1583 electronically by 
Portable Document Format. Use of electronic submissions will reduce 
burden on both the filer and the Board.
    7. Adding two items for the printed name of the firm Executive 
Officer and Secretary who sign the FR 1583. This change will help 
Federal Reserve staff identify the individuals associated with the 
filing.
    Legal authorization and confidentiality: The FR 1583 is mandatory 
and is authorized by Section 10(f) of the HOLA (12 U.S.C. 1467a(f)). 
The Board also has the authority to require reports from savings and 
loan holding companies under Section 10(a) and (b) of the HOLA (12 
U.S.C. 1467a(b) and (g)). Section 10(f) of the HOLA 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.
    Individual respondents may request that information submitted on 
the FR 1583 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. The FR 1583 may include information related to the SLHC's 
business operations, such as terms and sources of the funding for 
dividends and pro forma balance sheets. This information may be kept 
confidential under exemption 4 of the Freedom of Information Act, which 
protects

[[Page 28051]]

privileged or confidential commercial or financial information (5 
U.S.C. 552(b)(4)).

    Board of Governors of the Federal Reserve System, June 12, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-12693 Filed 6-14-19; 8:45 am]
 BILLING CODE 6210-01-P