[Federal Register Volume 86, Number 60 (Wednesday, March 31, 2021)]
[Notices]
[Pages 16730-16731]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06549]


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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 
Regulation BB (FR BB; OMB No. 7100-0197).

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: Reporting, Recordkeeping, and Disclosure Requirements 
Associated with Regulation BB.
    Agency form number: FR BB.
    OMB control number: 7100-0197.
    Frequency: Annually.
    Respondents: State Member Banks (SMBs), with the exception of 
special purpose banks that do not perform commercial or retail banking 
services by granting credit to the public in the ordinary course of 
business, other than as incident to their specialized operations. These 
banks include bankers' banks and banks that engage only in one or more 
of the following activities: Providing cash management controlled 
disbursement services or serving as correspondent banks, trust 
companies, or clearing agents.
    Estimated number of respondents: Assessment area delineation, 117; 
Loan data: Small business and small farm, 113; Loan data: Community 
development, 98; Loan data: Home Mortgage Disclosure Act (HMDA) out of 
Metropolitan Statistical Areas (MSA), 117; Request for designation as a 
wholesale or a limited purpose bank, 1; Request for strategic plan 
approval, 2; Affiliate lending data, 5; Data on lending by a consortium 
or a third party, 12; Small business and small farm loan register, 113; 
Consumer loan data, 28; Other loan data, 20; and Public file and public 
notice, 778.
    Estimated average hours per response: Assessment area delineation, 
2; Loan data: Small business and small farm, 8; Loan data: Community 
development, 13; Loan data: HMDA out of MSA, 253; Request for 
designation as a wholesale or a limited purpose bank, 4; Request for 
strategic plan approval, 275; Affiliate lending data, 38; Data on 
lending by a consortium or a third party, 17; Small business and small 
farm loan register, 219; Consumer loan data, 326; Other loan data, 25; 
and Public file and public notice, 10.
    Estimated annual burden hours: Assessment area delineation, 234; 
Loan data: Small business and small farm, 904; Loan data: Community 
development, 1,274; Loan data: HMDA out of MSA, 29,601; Request for 
designation as a wholesale or a limited purpose bank, 4; Request for 
strategic plan approval, 550; Affiliate lending data, 190; Data on 
lending by a consortium or a third party, 204; Small business and small 
farm loan register, 24,747; Consumer loan data, 9,128; Other loan data, 
500; and Public file and public notice, 7,780.
    General description of report: The Community Reinvestment Act (CRA) 
directs the Board, the Federal Deposit Insurance Corporation, and the 
Office of the Comptroller of the Currency (collectively, the agencies) 
to evaluate financial institutions' (banks and savings associations) 
records of helping to meet the credit needs of their entire 
communities, including low- and moderate-income areas, consistent with 
the safe and sound operation of the institutions. The CRA is 
implemented through regulations issued by the agencies. The Board's 
regulation applies to SMBs.
    Legal authorization and confidentiality: The FR BB is authorized by 
section 806 of the CRA, which permits the Board to issue 
``[r]egulations to carry out the purposes of [the CRA]''; \1\ section 
11 of the Federal Reserve Act, which permits the Board to ``require 
such statements and reports as it deems necessary'' of state member 
banks; \2\ and section 9 of the Federal Reserve Act, which permits the 
Board to examine state member banks.\3\
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    \1\ 12 U.S.C. 2905.
    \2\ 12 U.S.C. 248(a)(1).
    \3\ 12 U.S.C. 325.
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    Most of the recordkeeping, reporting, and disclosure requirements 
of Regulation BB are mandatory. However, there are several limited 
parts of the

[[Page 16731]]

collection that are required to obtain a benefit: Specifically, the 
request for designation as a wholesale or limited purpose bank, the 
strategic plan, and the recordkeeping and reporting requirements 
associated with data regarding consumer loans and lending performance, 
affiliate lending data, and data on lending by a consortium or a third 
party.
    Most of the information collected under Regulation BB is not 
considered confidential. However, if a respondent elects to submit a 
strategic plan pursuant to 12 CFR 228.27, the respondent may submit 
additional information to the Board relating to the strategic plan on a 
confidential basis, so long as the goals in the plan are sufficiently 
specific to enable the public and the Board to judge the merits of the 
plan. The Board will determine whether the additional information is 
entitled to confidential treatment on a case-by-case basis.
    To the extent a respondent submits information contained in or 
related to examination, operating, or condition reports prepared by, or 
on behalf of, or for the use of an agency responsible for the 
regulation or supervision of financial institutions, the respondent may 
request confidential treatment pursuant to exemption 8 of the Freedom 
of Information Act (FOIA).\4\ To the extent a respondent submits 
nonpublic commercial or financial information which is both customarily 
and actually treated as private by the respondent, the respondent may 
request confidential treatment pursuant to exemption 4 of the FOIA.\5\
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    \4\ 5 U.S.C. 552(b)(8).
    \5\ 5 U.S.C. 552(b)(4).
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    Current actions: On December 11, 2020, the Board published an 
initial notice in the Federal Register (85 FR 80097) requesting public 
comment for 60 days on the extension, without revision, of the FR BB. 
The comment period for this notice expired on February 9, 2021. The 
Board did not receive any comments. The Board adopted the extension, 
without revision, of the FR BB as originally proposed.

    Board of Governors of the Federal Reserve System, March 25, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-06549 Filed 3-30-21; 8:45 am]
BILLING CODE 6210-01-P