[Federal Register Volume 85, Number 239 (Friday, December 11, 2020)]
[Notices]
[Pages 80099-80100]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27342]


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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, 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 
Reporting Requirements Associated with Regulation XX (FR XX; OMB No. 
7100-0363) and the Financial Company (as defined) Report of 
Consolidated Liabilities (FR XX-1; OMB No. 7100-0363). The revisions 
are effective 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.

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. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Reporting Requirements Associated with Regulation XX; 
Financial Company (as defined) Report of Consolidated Liabilities.
    Agency form number: FR XX; FR XX-1.
    OMB control number: 7100-0363.
    Frequency: Event-generated; annual.
    Respondents: Insured depository institutions, bank holding 
companies, savings and loan holding companies, any other companies that 
control insured depository institutions, nonbank financial companies 
designated by the Financial Stability Oversight Council (Council) for 
supervision by the Board, or foreign banks or companies that are 
treated as a bank holding company for purposes of the Bank Holding 
Company Act of 1956 (BHC Act); Certain financial companies that do not 
otherwise report consolidated financial information to the Board or 
another Federal banking agency.
    Estimated number of respondents: FR XX (Section 251.3(e))-1; FR XX 
(Sections 251.4(b) and (c))-1; FR XX-1-37.
    Estimated average hours per response: FR XX (Section 251.3(e))-6; 
FR XX (Sections 251.4(b) and (c))-20; FR XX-1-2.
    Estimated annual burden hours: FR XX (Section 251.3(e))-6; FR XX 
(Sections 251.4(b) and (c))-20; FR XX-1-74.
    General description of report: The Board's Regulation XX--
Concentration Limit (12 CFR part 251) implements section 14 of the BHC 
Act,\1\ which establishes a financial sector concentration limit that 
generally prohibits a financial company from merging or consolidating 
with, or otherwise acquiring, another company if the resulting 
company's liabilities upon consummation would exceed 10 percent of the 
aggregate liabilities of all financial companies (a covered 
acquisition). Under section 14 of the BHC Act and Regulation XX, a 
financial company means (1) an insured depository institution, (2) a 
bank holding company, (3) a savings and loan holding company, (4) any 
other company that controls an insured depository institution, (5) a 
nonbank financial company designated by the Council for supervision by 
the Board, or (6) a foreign bank or company that is treated as a bank 
holding company for purposes of the BHC Act. Regulation XX includes 
certain reporting requirements that apply to financial companies, and 
the FR XX-1 collects information from certain financial companies that 
do not otherwise report consolidated financial information to the Board 
or another Federal banking agency.
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    \1\ 12 U.S.C. 1852.
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    Legal authorization and confidentiality: The FR XX and the FR XX-1 
are authorized by section 14 of the BHC Act, which, in relevant part, 
expressly authorizes the Board to issue ``regulations implementing this 
section'' and ``interpretations or guidance regarding the application 
of this section to an individual financial company or to financial 
companies in general'' (12 U.S.C. 1852(d)). The Board also has the 
authority to require reports from bank holding companies (12 U.S.C. 
1844(c)), savings and loan holding companies (12 U.S.C. 1467a(b) and 
(g)), state member banks (12 U.S.C. 248(a) and 324), and state-licensed 
branches and agencies of foreign banks, other than insured branches (12 
U.S.C. 3105(c)(2)). The obligation to respond is mandatory.

[[Page 80100]]

    Individual respondents may request that information submitted to 
the Board through the FR XX or FR XX-1 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. To the extent a respondent submits nonpublic 
commercial or financial information in connection with the FR XX or FR 
XX-1, which is both customarily and actually treated as private by the 
respondent, the respondent may request confidential treatment pursuant 
to exemption 4 of the Freedom of Information Act (FOIA) (5 U.S.C. 
552(b)(4)). The entity should separately designate such information as 
``confidential commercial information'' or ``confidential financial 
information'' as appropriate, and the Board will treat such designated 
information as confidential to the extent permitted by law, including 
the FOIA.
    Current actions: On August 21, 2020, the Board published a notice 
in the Federal Register (85 FR 51713) requesting public comment for 60 
days on the extension, with revision, of the FR XX and FR XX-1. The 
Board proposes to revise the FR XX to account for the reporting 
provision located at section 251.3(e). This provision of the regulation 
implements the Council's recommendation to allow a financial company 
that does not use U.S. generally accepted accounting principles (GAAP) 
to use another appropriate accounting standard or method of estimation 
for determining compliance with section 14 of the BHC Act, while 
ensuring that the Board has an opportunity to review the 
appropriateness of the company's proposed approach. The Board proposes 
to revise the due date for the FR XX-1 report. The FR XX-1 implements 
section 251.6(a) of Regulation XX, which requires a financial company 
that does not otherwise report consolidated financial information to 
the Board or another Federal banking agency to report to the Board its 
consolidated liabilities as of the previous calendar year-end. 
Regulation XX provides that this report must be submitted by March 31 
of each year. However, the instructions to the FR XX-1 currently state 
that the report must be submitted 90 calendar days after the December 
31 as of date or, if the submission deadline falls on a weekend or 
holiday, the first business day after the weekend or holiday. Under 
these instructions, the FR XX-1 could be due prior to March 31 (in a 
leap year) or after March 31 (if March 31 falls on a weekend or 
holiday). In order to ensure that the due date of the FR XX-1 coincides 
with the date set forth in Regulation XX, the Board proposes to revise 
the FR XX-1 so that it is due by March 31 of the year following the 
December 31 as of date. The comment period for this notice expired on 
October 20, 2020. The Board did not receive any comments. The revisions 
will be implemented as proposed.

    Board of Governors of the Federal Reserve System, December 7, 
2020.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2020-27342 Filed 12-10-20; 8:45 am]
BILLING CODE 6210-01-P