[Federal Register Volume 85, Number 240 (Monday, December 14, 2020)]
[Notices]
[Pages 80785-80786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27369]


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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, without revision, the 
Application for Exemption from Prohibited Service at Savings and Loan 
Holding Companies (FR LL-12; OMB No. 7100-0338).

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, Without Revision, of the Following Information Collection:

    Report title: Application for Exemption from Prohibited Service at 
Savings and Loan Holding Companies.
    Agency form number: FR LL-12.
    OMB control number: 7100-0338.
    Frequency: As needed.
    Respondents: Savings and loan holding companies (SLHCs) and 
prohibited persons that seek to participate in the affairs of an SLHC.
    Estimated number of respondents: Individuals: 43; SLHCs: 2.
    Estimated average hours per response: Individuals: 16; SLHCs: 16.
    Estimated annual burden hours: Individuals: 688; SLHCs: 32; total: 
720.
    General description of report: The Federal Deposit Insurance (FDI) 
Act and the Board's Regulation LL (12 CFR part 238) prohibit 
individuals who have been convicted of certain criminal offenses, or 
who have agreed to enter into a pretrial diversion or similar program 
in connection with a prosecution for such criminal offenses, from 
participating in the affairs of a SLHC or any of its subsidiaries 
without the written consent of the Board. Such an individual, or the 
SLHC with which the individual seeks to participate, may apply for an 
exemption from this prohibition.
    All prohibited persons and SLHCs that seek an exemption are subject 
to the application requirements of subpart I of Regulation LL. An 
applicant must provide information regarding the position at the SLHC 
held or to be held by the prohibited person, the prohibited person's 
level of ownership of the SLHC, the specific nature of the offense 
involved, evidence of rehabilitation, and other relevant factors listed 
in section 238.88(b) of Regulation LL (12 CFR 238.88(b)). An applicant 
may submit this information in a letter or by using the Federal Deposit 
Insurance Corporation's (FDIC) Application Pursuant to Section 19 of 
the Federal Deposit Insurance Act (OMB No. 3064-0018). The SLHC or 
prohibited person may seek an exemption only for a designated position 
(or positions) with respect to an SLHC identified in the application.
    Legal authorization and confidentiality: The FR LL-12 is authorized 
by section 19(e)(2) of the FDI Act, under which the ``Board . . . may 
provide exemptions [from the prohibition] by regulation or order . . . 
if the exemption is consistent with the purposes of this subsection.'' 
The FR LL-12 is required to obtain a benefit.
    Individual respondents may request that information submitted to 
the Board through the FR LL-12 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 LL-12 may be kept 
confidential under exemption 4 of the Freedom of Information Act 
(FOIA), which protects commercial or financial information that is 
privileged or confidential, or under FOIA exemption 6, which covers 
information about individuals, the disclosure of which ``would 
constitute a clearly unwarranted invasion of personal privacy.'' 
Additionally, to the extent the FR LL-12 contains information extracted 
from examination reports, it may be withheld from disclosure under FOIA 
exemption 8, which protects information ``related to examination, 
operating, or condition reports.''
    Current actions: On August 21, 2020, the Board published a notice 
in the

[[Page 80786]]

Federal Register (85 FR 51718) requesting public comment for 60 days on 
the extension, without revision, of the FR LL-12. The comment period 
for this notice expired on October 20, 2020. The Board did not receive 
any comments.

    Board of Governors of the Federal Reserve System, December 8, 
2020.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2020-27369 Filed 12-11-20; 8:45 am]
BILLING CODE 6210-01-P