[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20152-20154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07791]
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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, with revision, the
Interagency Notice of Change in Control, the Interagency Notice of
Change in Director or Senior Executive Officer, and the Interagency
Biographical and Financial Report (FR 2081a,b,c; OMB No. 7100-
[[Page 20153]]
0134). 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 Collections
Report title: Interagency Notice of Change in Control.
Agency form number: FR 2081a.
OMB control number: 7100-0134.
Frequency: Event generated.
Respondents: All financial institutions regulated by the Board.
Estimated number of respondents: 162.
Estimated average hours per response: Reporting, 29.5; Disclosure,
1.
Estimated annual burden hours: Reporting, 4,779; Disclosure, 162.
General description of report: The FR 2081a is submitted in
connection with the acquisition of shares of an insured depository
institution, savings and loan holding company (SLHC), or bank holding
company (BHC) (or group of BHCs or SLHCs) by an individual or a group
of individuals or a company or group of companies that would not be
BHCs or SLHCs after consummation of the proposed transaction. When the
Board is the federal banking regulatory agency for the target
organization, the notice must be submitted to the appropriate Reserve
Bank. The notice must include a description of the proposed
transaction, the purchase price and funding source, the personal and
financial information of the proposed acquirer(s), and any proposed new
management.
A FR 2081a filer must publish an announcement soliciting public
comment on the proposed acquisition in a newspaper of general
circulation in the community in which the head office of the depository
institution or holding company is located. In the case of a BHC or
SLHC, an announcement also must be published in each community in which
the head office of a bank or savings association subsidiary of the
holding company is located. A copy of the affidavit(s) of publication
should be submitted to the appropriate Reserve Bank. The publication
must (1) state the name and address of each person identified as an
acquirer in the notice; (2) state the name of the bank or holding
company to be acquired and each of its subsidiary banks; and (3)
include a statement that interested persons may submit comments on the
proposed transaction to the Board or the appropriate Reserve Bank. The
newspaper notice must be published no more than 15 calendar days before
and no later than 10 calendar days after the date that the application
is filed with the appropriate Reserve Bank.
Report title: Interagency Notice of Change in Director or Senior
Executive Officer.
Agency form number: FR 2081b.
OMB control number: 7100-0134.
Frequency: Event generated.
Respondents: All financial institutions regulated by the Board.
Estimated number of respondents: 119.
Estimated average hours per response: 2.
Estimated annual burden hours: 238.
General description of report: The FR 2081b is used, under certain
circumstances, to notify the appropriate Reserve Bank of a proposed
change to an institution's board of directors or senior executive
officers. The notice must be filed if the institution is not in
compliance with all minimum capital requirements, is in troubled
condition, or is otherwise required by the Board to provide such
notice. The reporting form may be filed by the relevant state member
bank (SMB), SLHC, or BHC, or by the affected individual. The notice
must include (1) details of the proposed transaction; (2) steps taken
by the insured depository institution or holding company to investigate
and satisfy itself as to the competence, experience, character, and
integrity of the subject individual; (3) if the notice represents a
proposal to serve as a senior executive officer of an insured
depository institution or holding company, a description of the duties
and responsibilities of the subject position and proposed terms of
employment; and (4) if it is an after-the-fact notice, an
identification of the exception to the prior notice requirement upon
which the notificant relies or a discussion of the reasons that prior
notice was not given and what steps have been taken to avoid future
violations.
Report title: Interagency Biographical and Financial Report.
Agency form number: FR 2081c.
OMB control number: 7100-0134.
Effective Date: The revisions are effective immediately.
Frequency: Event generated.
Respondents: All financial institutions regulated by the Board.
Estimated number of respondents: 959.
Estimated average hours per response: 4.5.
Estimated annual burden hours: 4,316.
General description of report: The FR 2081c is used by certain
shareholders, directors, and executive officers in connection with the
FR 2081a and FR 2081b. Information requested on this reporting form is
subject to verification and must be complete. As with all the notices
and reporting forms, requests for clarification or supplementation of
the original filing may be necessary.
Legal authorization and confidentiality: The FR 2081a and FR 2081c
information collections are authorized by section 7(j) of the Federal
Deposit Insurance Act, which states that ``[n]o person . . . shall
acquire control of any insured depository institution . . . unless the
appropriate Federal banking agency has been given sixty days' prior
written notice of such proposed acquisition'' and requires the Federal
Reserve to investigate the competence, experience, integrity, and
financial ability of any such person.\1\ The FR 2081a, FR 2081b, and FR
2081c information collections are authorized by section 914 of the
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA),
which provides that an insured depository
[[Page 20154]]
institution or depository institution holding company shall notify the
appropriate Federal banking agency of the proposed addition of any
individual to the board of directors or the employment of any
individual as a senior executive officer at least 30 days before such
addition or employment becomes effective.\2\
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\1\ 12 U.S.C. 1817(j). 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)), and
state member banks (12 U.S.C. 248(a) and 324).
\2\ 12 U.S.C. 1831i.
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In addition to being used in conjunction with the FR 2081a and FR
2081b, the FR 2081c is used in conjunction with the FR 2070 and the
Application to Become a Bank Holding Company and/or Acquire an
Additional Bank or Bank Holding Company (FR Y-3; OMB No. 7100-0121).
When used in conjunction with the FR 2070, the FR 2081c is authorized
by section 18(c) of the Federal Deposit Insurance Act, which requires
that a SMB, when it is the acquiring, assuming, or resulting bank,
obtain prior approval from the Board before merging or consolidating
with another insured depository institution, or assuming liability to
pay any deposits made in any other depository institution, and requires
the Board to consider the managerial resources and future prospects of
the existing and proposed institutions.\3\ When used in conjunction
with the FR Y-3, the FR 2081c is authorized by section 3(a) of the Bank
Holding Company Act of 1956, which requires Board approval for
formations, acquisitions, and mergers of bank holding companies, and
requires the Board to consider the competence, experience, and
integrity of the officers, directors, and principal shareholders of the
company.\4\
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\3\ 12 U.S.C. 1828(c).
\4\ 12 U.S.C. 1842.
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The obligation to file these event-generated reports is mandatory.
Individual respondents may request that information submitted to the
Board through the FR 2081a, FR 2081b, or FR 2081c 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, 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
personnel, 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\
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. In
addition, 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 may
be kept 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).
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Current actions: On December 23, 2020, the Board published a notice
in the Federal Register (85 FR 83952) requesting public comment for 60
days on the extension, with revision, of the Interagency Notice of
Change in Control, the Interagency Notice of Change in Director or
Senior Executive Officer, and the Interagency Biographical and
Financial Report. The Board revised the FR 2081c by correcting an
inadvertent and unintentional numbering error from the previous
clearance. As a result of this error, currently, a respondent is
required to provide their telephone number and email address only if
they are not a U.S. citizen or are a dual citizen. With the corrected
numbering and delineation, the form will clearly require all
respondents to provide their telephone number and email address. No
changes were made to the FR 2081a or FR 2081b.
The comment period for this notice expired on February 22, 2021.
The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, April 12,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-07791 Filed 4-15-21; 8:45 am]
BILLING CODE 6210-01-P