[Federal Register Volume 84, Number 202 (Friday, October 18, 2019)]
[Notices]
[Pages 55958-55959]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22725]


-----------------------------------------------------------------------

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, without revision, the 
Disclosure and Reporting Requirements of the Community Reinvestment Act 
(CRA)-Related Agreements (Regulation G) (FR G; OMB No. 7100-0299).

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, Without Revision, of the Following Information Collection:
    Report title: Disclosure and Reporting Requirements of the 
Community Reinvestment Act (CRA)-Related Agreements (Regulation G).
    Agency form number: FR G.
    OMB control number: 7100-0299.

[[Page 55959]]

    Frequency: Quarterly, annually, and on occasion.
    Respondents: State member banks and their subsidiaries, bank 
holding companies, and savings and loan holding companies (Insured 
Depository Institutions (IDIs)); affiliates of bank holding companies 
and savings and loan holding companies, other than banks, savings 
associations, and subsidiaries of banks and savings associations; and 
nongovernmental entities or persons (NGEPs) that enter into covered 
agreements with any of the aforementioned companies.
    Estimated number of respondents: Reporting: IDIs and affiliates--
Copy of agreements to agency, 2 respondents; List of agreements to 
agency, 2 respondents; Annual report, 2 respondents; and Filing NGEP 
annual report, 2 respondents; Reporting: NGEP--Copy of agreements to 
agency, 6 respondents; and Annual Report, 6 respondents; Disclosure: 
IDIs and affiliates--Covered agreements to public, 2 respondents; and 
Agreements relating to activities of CRA affiliates, 2 respondents; and 
Disclosure: NGEP--Covered agreements to public, 6 respondents.
    Estimated average hours per response: Reporting: IDIs and 
affiliates--Copy of agreements to agency, 1 hour; List of agreements to 
agency, 1 hour; Annual report, 4 hours; and Filing NGEP annual report, 
1 hour; Reporting: NGEP--Copy of agreements to agency, 1 hour; and 
Annual Report, 4 hours; Disclosure: IDIs and affiliates--Covered 
agreements to public, 1 hour; and Agreements relating to activities of 
CRA affiliates, 1 hour; and Disclosure: NGEP--Covered agreements to 
public, 1 hour.
    Estimated annual burden hours: Reporting: IDIs and affiliates--Copy 
of agreements to agency, 8 hours; List of agreements to agency, 8 
hours; Annual report, 8 hours; and Filing NGEP annual report, 6 hours; 
Reporting: NGEP--Copy of agreements to agency, 6 hours; and Annual 
Report, 24 hours; Disclosure: IDIs and affiliates--Covered agreements 
to public, 6 hours; and Agreements relating to activities of CRA 
affiliates, 6 hours; and Disclosure: NGEP--Covered agreements to 
public, 6 hours.
    General description of report: The Gramm-Leach-Bliley Act (GLBA) 
amended the Federal Deposit Insurance Act (FDI Act) by adding a new 
section 48, entitled ``CRA Sunshine Requirements.'' Section 48 imposes 
disclosure and reporting requirements on IDIs, their affiliates, and 
NGEPs that enter into written agreements that (1) are made in 
fulfillment of the CRA and (2) involve funds or other resources of an 
IDI or affiliate with an aggregate value of more than $10,000 in a 
year, or loans with an aggregate principal value of more than $50,000 
in a year. Section 48 excludes from the disclosure and reporting 
requirements any CRA-related agreement between an IDI or its affiliate, 
on the one hand, and an NGEP, on the other hand, if the NGEP has not 
contacted the IDI, its affiliate, or a federal banking agency 
concerning the CRA performance of the IDI.
    The GLBA directed the Board, as well as the other federal banking 
agencies, to issue consistent and comparable regulations to implement 
the requirements of section 48 of the FDI Act. In 2001, the agencies 
promulgated substantially identical regulations, which interpret the 
scope of written agreements that are subject to the statute and 
implement the disclosure and reporting requirements of section 48.\1\ 
The Board's Regulation G implements the provisions of the GLBA 
requiring both IDIs and NGEP to make a copy of any covered agreement 
available to the public and the appropriate federal banking agency, and 
to file an annual report with each appropriate federal banking agency 
regarding the use of funds under such agreement for that fiscal year. 
In addition, each calendar quarter, an IDI and its affiliates must 
provide to the appropriate federal banking agency a list of all covered 
agreements entered into during that quarter or a copy of the covered 
agreements.
---------------------------------------------------------------------------

    \1\ 12 CFR part 35 (Office of the Comptroller of the Currency); 
12 CFR part 207 (Board); 12 CFR part 346 (Federal Deposit Insurance 
Corporation).
---------------------------------------------------------------------------

    Legal authorization and confidentiality: The disclosure and 
reporting requirements of Regulation G are authorized pursuant to the 
authority of the Board to prescribe regulations to carry out the 
purposes of section 711 of GLBA.\2\ The obligation to comply with the 
disclosure and reporting requirements of Regulation G is mandatory. 
Because the disclosure and reporting requirements of section 711 and 
Regulation G require relevant parties to disclose covered agreements to 
the public, an entity subject to Regulation G would likely be unable to 
prevent the Board from releasing a covered agreement to the public.\3\ 
However, in the preamble to Regulation G, the Board stated that an 
entity subject to Regulation G may submit a public version of its 
covered agreements to the Board with a request for confidential 
treatment. The Board further stated that it would release this version 
to the public unless it received a request under the Freedom of 
Information Act (FOIA) for the entirety of the CRA-related agreement. 
In such case, information in the agreement may be protected from 
disclosure by FOIA exemptions (b)(4) (which protects ``trade secrets 
and commercial or financial information obtained from a person [that 
is] privileged and confidential'') \4\ and (b)(8) (which protects 
information contained in ``examination, operating, or condition 
reports'' obtained in the bank supervisory process).\5\
---------------------------------------------------------------------------

    \2\ 12 U.S.C. 1831y(h)(1).
    \3\ The Board noted in the preamble to Regulation G that section 
711 would require disclosure of some types of information that an 
agency might normally withhold from disclosure under the FOIA and 
that the Board would not keep information confidential under the 
FOIA that a party would be required to disclose under section 711. 
Disclosure and Reporting of CRA-Related Agreements, 66 Federal 
Register 2052, 2066-2067 (Jan. 10, 2001).
    \4\ 5 U.S.C. 552(b)(4).
    \5\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------

    Current actions: On July 9, 2019, the Board published an initial 
notice in the Federal Register (84 FR 32743) requesting public comment 
for 60 days on the extension, without revision, of the Disclosure and 
Reporting Requirements of the Community Reinvestment Act (CRA)-Related 
Agreements (Regulation G) (FR G). The comment period for this notice 
expired on September 9, 2019. The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, October 11, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-22725 Filed 10-17-19; 8:45 am]
 BILLING CODE 6210-01-P