[Federal Register Volume 86, Number 235 (Friday, December 10, 2021)]
[Notices]
[Pages 70495-70496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26735]


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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 
Reporting and Recordkeeping Requirements Associated with Regulation W 
(FR W; OMB No. 7100-0304).

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 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.

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. 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 Collection
    Report title: Reporting and Recordkeeping Requirements Associated 
with Regulation W.
    Agency form number: FR W.
    OMB control number: 7100-0304.
    Effective Date: December 10, 2021.
    Frequency: Event generated.
    Respondents: Insured depository institutions and uninsured member 
banks.

[[Page 70496]]

    Estimated number of respondents: 1.
    Estimated average hours per response:
Reporting
    Section 223.15(b)(4), 2;
    Section 223.31(d)(4), 6;
    Section 223.41(d)(2), 6;
    Section 223.43(b), 10;
Recordkeeping
    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.
    Legal authorization and confidentiality: Sections 23A and 23B of 
the FRA authorize the Board to issue these requirements (12 U.S.C. 
371c(f) and 371c-1(e)). 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 (5 U.S.C. 552(b)(4)). 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 (5 U.S.C. 552(b)(8)).
    Current actions: On September 1, 2021, the Board published a notice 
in the Federal Register (86 FR 49031) requesting public comment for 60 
days on the extension, with revision, of the Reporting and 
Recordkeeping Requirements Associated with Regulation W. The Board 
revised the FR W information collection to account for two 
recordkeeping provisions in section 223.42 of Regulation W that had not 
been previously cleared by the Board under the PRA. The Board did not 
adopt any forms associated with FR W to address these provisions. The 
comment period for this notice expired on November 1, 2021. The Board 
did not receive any comments.

    Board of Governors of the Federal Reserve System, December 6, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-26735 Filed 12-9-21; 8:45 am]
BILLING CODE 6210-01-P