[Federal Register Volume 84, Number 155 (Monday, August 12, 2019)]
[Notices]
[Pages 39841-39843]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-17190]


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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 Mutual Holding Company Reorganization (FR MM-10(o)-1), 
Application for Approval of a Stock Issuance by a Subsidiary Holding 
Company of a Mutual Holding Company (FR MM-10(o)-2), Application for 
Conversion of a Mutual Holding Company to Stock Form (FR FR MM-AC), 
Proxy Statement (FR MM-PS), Offering Circular (FR MM-OC), and

[[Page 39842]]

Order Form (FR MM-OF) (OMB No. 7100-0340).

DATES: Comments must be submitted on or before October 11, 2019.

ADDRESSES: You may submit comments, identified by FR MM-10(o)-1, FR MM-
10(o)-2, FR MM-AC, FR MM-PS, FR MM-OC and FR MM-OF, 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 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 
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, once 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.

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 prior to giving final approval.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collections

    Report title: Notice of Mutual Holding Company Reorganization, 
Application for Approval of a Stock Issuance by a Subsidiary Holding 
Company of a Mutual Holding Company, Application for Conversion of a 
Mutual Holding Company to Stock Form, Proxy Statement, Offering 
Circular, and Order Form.
    Agency form number: FR MM-10(o)-1, FR MM-10(o)-2, FR MM-AC, FR MM-
PS, FR MM-OC, and FR MM-OF.
    OMB control number: 7100-0340.
    Frequency: On occasion.
    Respondents: Mutual savings associations that wish to reorganize to 
form a mutual holding company under the Home Owner's Loan Act, 
subsidiary holding companies of a mutual holding company, mutual 
holding companies, members of applying mutual organizations.
    Estimated number of respondents: FR MM-10(o)-1: 4; FR MM-10(o)-2: 
1; FR MM-AC: 2; FR MM-PS: 1; FR MM-OC: 1; and FR MM-OF: 1.
    Estimated average hours per response: FR MM-10(o)-1: 60; FR MM-
10(o)-2: 30; FR MM-AC: 60; FR MM-PS: 50; FR MM-OC: 50; and FR MM-OF: 1.
    Estimated annual burden hours: FR MM-10(o)-1: 240; FR MM-10(o)-2: 
30; FR MM-AC: 120; FR MM-PS: 50; FR MM-OC: 50; and FR MM-OF: 1.
    General description of report: The Mutual Holding Company (MHC) 
Forms consist of information that must be filed in connection with 
certain proposals involving savings and loan holding companies that are 
organized in mutual form (MHCs), including the reorganization of a 
savings association into MHC form, stock issuances of holding company 
subsidiaries of MHCs, and conversions of MHCs to stock form. The Board 
requires the submission of these filings to allow the Board to fulfill 
its obligations to review such transactions under section 10(o) of the 
Home Owners' Loan Act, as amended (HOLA) (12 U.S.C. 1467a(o)), and the 
Board's Regulation MM (12 CFR part 239). The Board uses the information 
submitted by an applicant or notificant to evaluate these transactions 
with respect to the relevant statutory and regulatory factors.
    Proposed revisions: The Board proposes numerous revisions to the 
MHC Forms, which were originally drafted by the Office of Thrift 
Supervision (OTS) when it supervised MHCs. Since supervisory functions 
of the OTS relating to savings and loan holding companies and MHCs were 
transferred to the Board, many of the proposed changes would modify the 
MHC Forms to make the forms consistent with the format of other Board 
forms. Additionally, the proposal includes revisions meant to (1) 
reduce the amount and types of data requested, (2) incorporate 
information on the Board's policies and procedures for

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processing applications, (3) improve the clarity of the information 
requests, (4) reflect the impact of new laws, regulations, capital 
requirements, and accounting rules, (5) delete unnecessary information 
requests, and (6) improve or update grammar, comprehension, citations, 
and mailing addresses. The revisions are also intended to ensure that 
initial filings include the information the Federal Reserve System 
(Federal Reserve) requires to evaluate a transaction and thereby reduce 
the need for subsequent information requests.
    Legal authorization and confidentiality: The MHC Forms are 
authorized pursuant to section 10(o) of HOLA, as amended (12 U.S.C. 
1467a(o)). That section requires the Board to review transactions 
involving the reorganization of a savings association into MHC form, 
stock issuances of holding company subsidiaries of MHCs, and 
conversions of MHCs to stock form. The Board also has the authority to 
require reports from savings and loan holding companies (SLHCs) under 
Section 10(a) and (b) of HOLA (12 U.S.C. 1467a(b) and (g)). The MHC 
Forms are mandatory.
    Individual respondents may request that certain information 
submitted on the MHC Forms 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 
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 for the Freedom of Information Act, 
which protects privileged or confidential commercial or financial 
information (5 U.S.C. 552(b)(4)).

    Board of Governors of the Federal Reserve System, August 7, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-17190 Filed 8-9-19; 8:45 am]
 BILLING CODE 6210-01-P