[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Notices]
[Pages 23968-23969]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09426]


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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 International Applications and Prior Notifications under Subparts A 
and C of Regulation K (FR K-1; OMB No. 7100-0107).

DATES: Comments must be submitted on or before July 6, 2021.

ADDRESSES: You may submit comments, identified by FR K-1, 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.

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: International Applications and Prior Notifications 
under Subparts A and C of Regulation K.
    Agency form number: FR K-1.
    OMB control number: 7100-0107.
    Frequency: On occasion.
    Respondents: Member banks, Edge and agreement corporations,\1\ bank 
holding companies (BHCs), and certain investments by foreign 
organizations.
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    \1\ References to Edge corporations are inclusive of agreement 
corporations. An agreement corporation is a corporation that has 
entered into an agreement with the Board that it will not exercise 
any power that is impermissible for an Edge corporation. 12 CFR 
211.5(g)(1).
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    Estimated number of respondents: Reporting: Attachments A and B, 6; 
Attachments C through G, 13; Attachments H and I, 10; Attachment J, 2; 
Attachment K, 1; Section 211.5(c)(4) requirements, 1; Section 211.8 
requirements, 1; Section 211.10 requirements, 1; Section 211.11 
requirements, 1. Disclosure: Attachment F, 13. Recordkeeping: Section 
211.13 requirement, 70.
    Estimated average hours per response: Reporting: Attachments A and 
B, 11.5; Attachments C through G, 9; Attachments H and I, 15.5; 
Attachment J, 10; Attachment K, 20; Section 211.5(c)(4) requirements, 
1; Section 211.8 requirements, 0.25; Section 211.10 requirements, 8; 
Section 211.11 requirements, 5. Disclosure: Attachment F, 1. 
Recordkeeping: Section 211.13 requirement, 1.

[[Page 23969]]

    Estimated annual burden hours: Reporting: Attachments A and B, 138; 
Attachments C through G, 234; Attachments H and I, 465; Attachment J, 
20; Attachment K, 20; Section 211.5(c)(4) requirements, 1; Section 
211.8 requirements, 0; Section 211.10 requirements, 8; Section 211.11 
requirements, 5. Disclosure: Attachment F, 26. Recordkeeping: Section 
211.13 requirement, 70.
    General description of report: Subpart A of Regulation K--
International Banking Operations, governs the foreign investments and 
activities of member banks, Edge and agreement corporations, BHCs, and 
certain investments by foreign organizations. Subpart C of Regulation K 
governs investments in export trading companies by eligible 
investors.\2\ The FR K-1 information collection contains eleven 
attachments for the application and notification requirements in 
Subparts A and C of Regulation K. The Board requires these applications 
for regulatory and supervisory purposes and to allow the Board to 
fulfill its statutory obligations under the Federal Reserve Act (FRA) 
and the Bank Holding Company Act of 1956 (BHC Act). The applications 
are event-generated and provide the Federal Reserve with information 
necessary to evaluate each of the proposed transactions.
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    \2\ Eligible investors are BHCs, Edge and agreement corporations 
that are subsidiaries of bank holding companies but are not 
subsidiaries of banks, banker's banks, and foreign banking 
organizations. 12 CFR 211.32(d).
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    Proposed revisions: The Board proposes to revise the FR K-1 
information collection to account for several reporting and 
recordkeeping provisions in sections 211.5, 211.8, 211.10, 211.11, and 
211.13 of Regulation K that have not been previously cleared by the 
Board under the PRA. The Board is not proposing to create additional 
attachments to the FR K-1 to address these provisions.
    Legal authorization and confidentiality: The Board is authorized to 
collect the information required on the FR K-1 under sections 25 and 
25A of the FRA,\3\ and sections 4(c)(13), 4(c)(14), and 5(c) of the BHC 
Act.\4\ Section 25 of the FRA authorizes the Board to approve 
applications to establish agreement corporations, establish foreign 
branches, and invest in foreign banks in accordance with regulations 
prescribed by the Board. Section 25 also authorizes the Board to 
require reports concerning the condition of these entities. Section 25A 
of the FRA authorizes the Board to approve the establishment of Edge 
corporations, to issue rules and regulations relating to these 
entities, and to require reports from these entities. Section 4(c)(13) 
of the BHC Act authorizes the Board, by regulation or order, to 
determine that BHCs may invest in companies that do business abroad. 
Section 4(c)(14) of the BHC Act authorizes BHCs to invest in export 
trading companies, subject to a notice requirement and disapproval by 
the Board. Section 5(c) of the BHC Act grants the Board reporting and 
examination authorities.
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    \3\ 12 U.S.C. 601-604(a) and 611-631.
    \4\ 12 U.S.C. 1843(c)(13), 1843(c)(14), and 1844(c).
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    The applications and notifications comprising FR K-1 are required 
to obtain a benefit. Individual respondents may request that 
information submitted to the Board through the FR K-1 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 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\ To the extent that the Board obtains information as 
part of the examination process, the information may 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 29, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-09426 Filed 5-4-21; 8:45 am]
BILLING CODE 6210-01-P