[Federal Register Volume 85, Number 181 (Thursday, September 17, 2020)]
[Notices]
[Pages 58052-58053]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20508]


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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 Notifications Related to Community Development and Public Welfare 
Investments of State Member Banks (FR H-6; OMB No. 7100-0278).

DATES: Comments must be submitted on or before November 16, 2020.

ADDRESSES: You may submit comments, identified by FR H-6, 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 the 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 from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper 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 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 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.

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. 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;

[[Page 58053]]

    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: Notifications Related to Community Development and 
Public Welfare Investments of State Member Banks.
    Agency form number: FR H-6.
    OMB control number: 7100-0278.
    Frequency: Event-generated.
    Respondents: State member banks.
    Estimated number of respondents: Post Notification, 132; and 
Application (Prior Approval), 74.
    Estimated average hours per response: Post Notification, 2; and 
Application (Prior Approval), 5.
    Estimated annual burden hours: Post Notification, 264; and 
Application (Prior Approval), 370.
    General description of report: Regulation H requires state member 
banks planning to make community development or public welfare 
investments to comply with the Regulation H notification requirements: 
(1) If the investment does not require prior Board approval, a written 
notice must be sent to the appropriate Federal Reserve Bank; and (2) if 
the investment does require prior Board approval, a request for 
approval must be sent to the appropriate Federal Reserve Bank.
    Proposed revisions: The Board proposes to revise the FR H-6 by 
removing the notification requirement to submit the request for 
extension of the divestiture period when the bank cannot divest within 
the established time limit. This requirement has been listed on the 
form and in the supporting statement for a number of years, but is not 
contained in the regulations.
    Legal authorization and confidentiality: Section 9(23) of the 
Federal Reserve Act authorizes the Board to prescribe regulations with 
regard to state member banks making investments primarily devoted to 
public welfare endeavors.\1\ The obligation to respond is mandatory.
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    \1\ 12 U.S.C. 338a. The Board also has the authority to require 
reports from state member banks (12 U.S.C. 248(a) and 324).
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    Individual respondents may request that information submitted to 
the Board through the FR H-6 be kept confidential. If a respondent 
requests confidential treatment, the Board will determine whether the 
information is entitled to confidential treatment on a case-by-case 
basis. Information collected through the FR H-6 may be kept 
confidential under exemption 4 for the Freedom of Information Act 
(FOIA), which protects privileged or confidential commercial or 
financial information.\2\ Additionally, to the extent the FR H-6 
contains information used in examination reports, it may be withheld 
from disclosure under FOIA Exemption 8, which protects information 
``related to examination, operating, or condition reports.'' \3\
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    \2\ 5 U.S.C. 552(b)(4).
    \3\ 5 U.S.C. 552(b)(8).

    Board of Governors of the Federal Reserve System, September 14, 
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-20508 Filed 9-16-20; 8:45 am]
BILLING CODE 6210-01-P