[Federal Register Volume 86, Number 167 (Wednesday, September 1, 2021)]
[Notices]
[Pages 49031-49033]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18832]


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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

[[Page 49032]]

comment on a proposal to extend for three years, with revision, the 
Reporting and Recordkeeping Requirements Associated with Regulation W 
(FR W; OMB No. 7100-0304).

DATES: Comments must be submitted on or before November 1, 2021.

ADDRESSES: You may submit comments, identified by FR W, 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 or FR 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 confidential 
business information, identifying information, 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 for the Federal 
Reserve Board, 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 Paperwork Reduction Act (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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement, and other documentation, will 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. Final 
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

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: Reporting and Recordkeeping Requirements Associated 
with Regulation W.
    Agency form number: FR W.
    OMB control number: 7100-0304.
    Frequency: Event generated.
    Respondents: Insured depository institutions and uninsured member 
banks.
    Estimated number of respondents: 1.
    Estimated average hours per response: Section 223.15(b)(4), 2; 
Section 223.31(d)(4), 6; Section 223.41(d)(2), 6; Section 223.43(b), 
10; Section 223.42(f), 2; Section 223.42(g)(3), 2.
    Estimated annual burden hours: 28.
    General description of report: The FR W information collection 
comprises the reporting requirements of Regulation W that are found in 
sections 223.15(b)(4), 223.31(d)(4), 223.41(d)(2), and 223.43(b). This 
information is used to demonstrate compliance with sections 23A and 23B 
of the Federal Reserve Act (FRA) and to request certain exemptions from 
the Board. Sections 23A and 23B of the FRA are designed to protect a 
depository institution from exposure arising from certain transactions 
with affiliates. They also limit the ability of an insured depository 
institution to transfer the subsidy arising from access to the federal 
safety net to such affiliates. Regulation W implements sections 23A and 
23B by defining terms used in the statute, explaining the statute's 
requirements, and exempting certain transactions. The regulation 
includes provisions requiring the reporting of information to the Board 
under certain circumstances, including a provision permitting a bank to 
request from the Board a discretionary exemption from the requirements 
of section 23A as long as the Board finds the exemption to be in the 
public interest and consistent with the purposes of section 23A.
    Proposed revisions: The Board proposes to revise the FR W 
information collection to account for two recordkeeping provisions in 
section 223.42 of Regulation W that have not been previously cleared by 
the Board under the PRA. The Board is not proposing to create any forms 
associated with the FR W to address these provisions.
    Certain transactions with affiliates are exempt from the 
quantitative limits, collateral requirements, and low-quality asset 
prohibition of Regulation W. Section 12 CFR 223.42(f) exempts from 
those provisions certain purchases by a

[[Page 49033]]

depository institution of securities from a securities affiliate if, 
among other requirements, the depository institution maintains, for a 
period of two years, records and supporting information that are 
sufficient to enable the appropriate Federal banking agency to ensure 
the depository institution's compliance with the terms of the 
exemption.\1\ Separately, section 12 CFR 223.42(g)(3) exempts purchases 
by a depository institution of municipal securities from a securities 
affiliate if, among other requirements, the price of the security is 
quoted routinely on an unaffiliated electronic service that provides 
indicative data from real-time financial networks and the price paid 
for the security can be verified by reference to the written summary 
provided by the syndicate manager to syndicate members that discloses 
the aggregate par values and prices of all bonds sold from the 
syndicate account, so long as the depository institution obtains a copy 
of the summary from its securities affiliate and retains the summary 
for three years.\2\
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    \1\ 12 CFR 223.42(f)(6).
    \2\ 12 CFR 223.42(g)(3)(iii).
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    Legal authorization and confidentiality: Sections 23A and 23B of 
the FRA authorize the Board to issue these requirements. Compliance 
with the FR W requirements is required to obtain a benefit.
    Information provided on the Loan Participation Renewal notice 
(Section 223.15(b)(4)) may be considered confidential under exemption 4 
of the Freedom of Information Act (``FOIA'') as confidential commercial 
or financial information that is both customarily and actually treated 
as private. Information provided on the Acquisition notice (Section 
223.31(d)(4)), the Internal Corporate Reorganization Transaction notice 
(Section 223.41(d)(2)), and the Section 23A Additional Information 
request (Section 223.43(b)) generally is not considered confidential, 
but respondents may request confidential treatment under exemption 4 of 
the FOIA if the information is confidential commercial or financial 
information that is both customarily and actually treated as private. 
Information collected under the FR W may also be considered 
confidential under FOIA exemption 8 if it is obtained as part of an 
examination or supervision of a financial institution.

    Board of Governors of the Federal Reserve System, August 26, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-18832 Filed 8-31-21; 8:45 am]
BILLING CODE 6210-01-P