[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