[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20149-20151]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07764]


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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 Bank Holding Company Applications and Notifications (FR Y-3, FR Y-
3N, and FR Y-4; OMB No. 7100-0121).

DATES: Comments must be submitted on or before June 15, 2021.

ADDRESSES: You may submit comments, identified by FR Y-3/3N/4, 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: 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.

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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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, 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 above.

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;
    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: Application for Prior Approval to Become a Bank 
Holding Company, or for a Bank Holding Company to Acquire an Additional 
Bank or Bank Holding Company; Notice for Prior Approval to Become a 
Bank Holding Company, or for a Bank Holding Company to Acquire an 
Additional Bank or Bank Holding Company; and Notification for Prior 
Approval to Engage Directly or Indirectly in Certain Nonbanking 
Activities.
    Agency form number: FR Y-3, FR Y-3N, and FR Y-4.
    OMB control number: 7100-0121.
    Frequency: Event-generated.
    Respondents: Bank holding companies (BHCs) and companies seeking to 
become BHCs involving certain formations, acquisitions, mergers, and 
nonbanking activities.
    Estimated number of respondents: FR Y-3, New BHCs: 72; FR Y-3, 
Existing BHCs: 58; FR Y-3N: 21; FR Y-4, completed notification: 22; FR 
Y-4, expedited notification: 8; and FR Y-4, post-consummation: 1.
    Estimated average hours per response: Reporting: FR Y-3, New BHCs: 
48.5; FR Y-3, Existing BHCs: 59; FR Y-3N: 4; FR Y-4, completed 
notification: 11; FR Y-4, expedited notification: 5; and FR Y-4, post-
consummation: 0.5; Disclosure: FR Y-3: 1; FR Y-3N: 1; FR Y-4: 1.
    Estimated annual burden hours: FR Y-3, New BHCs: 3,492; FR Y-3, 
Existing BHCs: 3,422; FR Y-3N: 84; FR Y-4, completed notification: 242; 
FR Y-4, expedited notification: 40; and FR Y-4, post-consummation: 1: 
Disclosure: FR Y-3: 130; FR Y-3N: 21; FR Y-4: 22.
    General description of report: These filings collect information on 
proposals by BHCs and companies seeking to become BHCs involving 
certain formations, acquisitions, mergers, and nonbanking activities. 
The Board requires the submission of these filings for regulatory and 
supervisory purposes and to fulfill its statutory obligations under the 
Bank Holding Company Act of 1956 (the BHC Act). The Board uses the 
information submitted in these filings to evaluate each individual 
transaction with respect to the relevant statutory factors and to 
ensure that the transaction complies with other applicable 
requirements.
    Proposed revisions: The Board proposes to implement a number of 
revisions to the FR Y-3. The proposed changes would reflect new capital 
regulations, and would include minor changes to improve clarity and 
accuracy. Recent legislative and regulatory changes implemented a 
community bank leverage ratio (``CBLR'') framework in 2020, which, if 
utilized by a qualifying depository institution, eliminates the 
requirement for the institution to track risk-weighted assets and 
report risk-based capital ratios.\1\ In light of this change, 
applicants that have elected to utilize the CBLR framework would no 
longer be required to submit information related to risk-weighted 
assets or risk-based capital ratios in a FR Y-3 application. Similarly, 
if the bank subsidiary of an applicant has elected to use the CBLR 
framework, the applicant would no longer be required to submit in the 
FR Y-3 information related to the bank's risk-weighted assets or risk-
based capital ratios. The proposed revisions would simplify the 
reporting requirements with regard to those banks and BHCs that have 
elected to utilize the CBLR framework.
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    \1\ See 12 CFR 217.12.
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    The Board also proposes to implement a number of revisions to the 
FR Y-4. The proposed changes would improve the clarity and accuracy of 
the form and instructions. In order to make the form more 
understandable and to improve the quality of the information submitted, 
the Board proposes to require a notificant to provide the authority in 
Regulation Y under which the proposed nonbanking activity is 
permissible, which would facilitate the Federal Reserve's processing of 
the notice. The Board further proposes to combine the form and 
instructions into a single document, with the instructions preceding 
the FR Y-4 form, in order to provide the notificant with important 
context.
    The Board is not proposing any revisions to the FR Y-3N.
    Legal authorization and confidentiality: Section 3(a) of the BHC 
Act requires Board approval for formations, acquisitions, and mergers 
of bank holding companies.\2\ Section 5(b) of the BHC Act authorizes 
the Board to issue regulations and orders to carry out these 
functions.\3\ These sections of the BHC Act provide the legal 
authorization for the FR Y-3 and the FR Y-3N. Section 4(j) of the BHC 
Act requires bank holding companies to give prior written notice to the 
Board of any acquisition of a nonbank company or commencement of any 
nonbanking activities.\4\ This section of the BHC Act provides the 
legal authorization for the FR Y-4.
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    \2\ 12 U.S.C. 1842(a).
    \3\ 12 U.S.C. 1844(b). In addition, section 5(c) of the BHC Act 
authorizes the Board to require reports from bank holding companies. 
12 U.S.C. 1844(c).
    \4\ 12 U.S.C. 1843(j).
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    The obligation to respond to the FR Y-3, Y-3N, and Y-4 is required 
to obtain a benefit.
    To the extent a respondent submits nonpublic commercial or 
financial

[[Page 20151]]

information in connection with the FR Y-3, Y-3N, or Y-4, 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\ To the extent a respondent 
submits personal, medical, or similar files, the disclosure of which 
would constitute an unwarranted invasion of privacy, the respondent may 
request confidential treatment pursuant to exemption 6 of the FOIA.\6\ 
If a respondent requests confidential treatment, the Board will 
determine whether the information is entitled to confidential treatment 
on a case-by-case basis. The entity should separately designate any 
such information as ``confidential commercial information'' or 
``confidential financial information'' and the Board will treat such 
designated information as confidential to the extent permitted by law, 
including the FOIA. To the extent a respondent submits information 
related to examination, operating, or condition reports prepared by, on 
behalf of, or for the use of a financial supervisory agency, the 
information would be confidential pursuant to exemption 8 of the 
FOIA.\7\
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    \5\ 5 U.S.C. 552(b)(4).
    \6\ 5 U.S.C. 552(b)(6).
    \7\ 5 U.S.C. 552(b)(8).

    Board of Governors of the Federal Reserve System, April 12, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-07764 Filed 4-15-21; 8:45 am]
BILLING CODE 6210-01-P