[Federal Register Volume 86, Number 58 (Monday, March 29, 2021)]
[Notices]
[Pages 16364-16365]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06380]



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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 
Reporting, Recordkeeping, and Disclosure Requirements Associated with 
Rules Regarding Availability of Information (FR 4035; OMB No. 7100-
0381).

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 Paperwork Reduction Act (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 Collections

    Collection title: Reporting, Recordkeeping, and Disclosure 
Requirements Associated with Rules Regarding Availability of 
Information.
    Agency form number: FR 4035.
    OMB control number: 7100-0381.
    Frequency: As needed.
    Respondents: The FR 4035 respondent panel comprises supervised 
financial institutions (12 CFR 261.21(b)(4)), state, local, and foreign 
agencies and entities exercising governmental authority (12 CFR 
261.22(c)), and any person, entity, agency or authority (12 CFR 
261.23(b), 261.23(c), 261.24(a)).
    Estimated number of respondents:

Reporting
    Section 261.22(c)--20.
    Section 261.23(b)--15.
    Section 261.23(c)--30.
    Section 261.24(a)(1)--3.
Recordkeeping
    Section 262.21(b)(4)--60.
Disclosure
    Section 261.24(a)(2)--3.
    Section 261.24(a)(3)--3.

    Estimated average hours per response:

Reporting
    Section 261.22(c)--0.5.
    Section 261.23(b)--1.
    Section 261.23(c)--1.
    Section 261.24(a)(1)--1.
Recordkeeping
    Section 262.21(b)(4)--0.25.
Disclosure
    Section 261.24(a)(2)--1.

    Section 261.24(a)(3)--1.

    Estimated annual burden hours:

Reporting
    Section 261.22(c)--20.
    Section 261.23(b)--15.
    Section 261.23(c)--30.
    Section 261.24(a)(1)--3.
Recordkeeping
    Section 262.21(b)(4)--60.
Disclosure
    Section 261.24(a)(2)--3.
    Section 261.24(a)(3)--3.

    General description of collection: The information collection 
consists of reporting, recordkeeping, and disclosure requirements under 
subpart C (Nonpublic Information Made Available to Supervised Financial 
Institutions, Governmental Agencies, and Others in Certain 
Circumstances) of the Rules Regarding Availability of Information (12 
CFR part 261). Subpart C contains reporting requirements that enable 
third parties to request the Board's authorization to access, use, or 
further disclose confidential supervisory information or other 
nonpublic information of the Board, and that ensure that the Board is 
notified when any subpoena or other legally enforceable demand requires 
production of confidential supervisory information or other nonpublic 
information of the Board in the form of documents or testimony. Subpart 
C also contains one recordkeeping requirement related to a provision 
that allows supervised financial institutions to disclose confidential 
supervisory information to service providers if the disclosure is 
deemed necessary to the service provider's provision of services, and 
two disclosure requirements that apply when individuals are served with 
a subpoena, order, or other judicial or administrative process 
requiring the production of confidential supervisory information or 
other nonpublic information of the Board in the form of documents or 
testimony.
    Legal authorization and confidentiality: The FR 4035 is authorized 
pursuant to section 9 of the Federal Reserve Act (12 U.S.C. 326), which 
provides that the Board ``may furnish . . . confidential supervisory 
information . . . to any other person that the Board determines to be 
proper.'' Persons seeking to obtain, use, or disclose confidential 
supervisory information or other nonpublic information of the Board 
must comply with the reporting and recordkeeping requirements of the 
Rules Regarding Availability of Information. Additionally, persons 
served with a subpoena, order, or other judicial or administrative 
process requiring the production of confidential supervisory 
information or other nonpublic information of the Board or requiring 
the person's testimony regarding such information in any proceeding 
must comply with the disclosure requirements of FR 4035. Thus, the FR 
4035 is required to obtain a benefit, in part, and mandatory, in part.
    Any confidential supervisory information that is submitted in 
connection with the FR 4035 would be considered confidential pursuant 
to exemption 8 of the Freedom of Information Act (FOIA), which protects 
information contained in ``examination, operating, or condition 
reports'' obtained in the bank supervisory process (5 U.S.C. 
552(b)(8)). Individual respondents may request that other information 
submitted to the Board through the FR 4035 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 privileged or 
confidential commercial or financial information in connection with the 
FR 4035, the respondent may request confidential treatment pursuant to 
exemption 4 of the FOIA (5 U.S.C. 552(b)(4)).
    Current actions: On September 15, 2020, the Board published a 
notice in the Federal Register (85 FR 57616) requesting public comment 
for 60 days on the extension for three years, without revision, of the 
Reporting,

[[Page 16365]]

Recordkeeping, and Disclosure Requirements Associated with Rules 
Regarding Availability of Information. The comment period for this 
notice expired on November 16, 2020. The Board did not receive any 
comments.

    Board of Governors of the Federal Reserve System, March 23, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-06380 Filed 3-26-21; 8:45 am]
BILLING CODE 6210-01-P