[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

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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