[Federal Register Volume 84, Number 187 (Thursday, September 26, 2019)]
[Notices]
[Pages 50839-50840]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20940]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Notice of Proposed Declaration of Dividend (FR 1583; OMB No. 7100-
0339). The revisions are applicable immediately.
FOR FURTHER INFORMATION CONTACT: 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.
Office of Management and Budget (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.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be placed into OMB's public docket files.
These documents also are available on the Federal Reserve 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 above.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the PRA Submission, supporting statements, and approved collection
of information instrument(s) are placed into OMB's public docket files.
Final Approval under OMB Delegated Authority of the Extension for
Three Years, With Revision, of the Following Information Collection:
Report title: Notice of Proposed Declaration of Dividend.
Agency form number: FR 1583.
OMB control number: 7100-0339.
Effective Date: Immediately.
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.
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.
Legal authorization and confidentiality: The FR 1583 is mandatory
and is authorized by Section
[[Page 50840]]
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 privileged or confidential commercial or financial information
(5 U.S.C. 552(b)(4)).
Current actions: On June 17, 2019, the Board published a notice in
the Federal Register (84 FR 28049) requesting public comment for 60
days on the extension, with revision, of the Notice of Proposed
Declaration of Dividend. The Board proposed 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 proposed 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.
The comment period for this notice expired on August 16, 2019. The
Board did not receive any comments. The revisions will be implemented
as proposed.
Board of Governors of the Federal Reserve System, September 23,
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-20940 Filed 9-25-19; 8:45 am]
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