[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19926-19927]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07221]


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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 Request for Extension of Time to Dispose of Assets Acquired in 
Satisfaction of Debts Previously Contracted (FR 4006; OMB No. 7100-
0129).

DATES: Comments must be submitted on or before June 6, 2022.

ADDRESSES: You may submit comments, identified by FR 4006, 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 
M-4365A, 2001 C St. NW, Washington, DC 20551, 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: Request for Extension of Time to Dispose of Assets 
Acquired in Satisfaction of Debts Previously Contracted.
    Agency form number: FR 4006.
    OMB control number: 7100-0129.
    Frequency: On occasion.
    Respondents: Bank holding companies (BHCs).
    Estimated number of respondents: Section 225.12(b), 1; Section 
225.22(d)(1), 20; Section 225.140(c) and (d), 12.
    Estimated average hours per response: Section 225.12(b), 5; Section 
225.22(d)(1), 5; Section 225.140(c) and (d), 2.
    Estimated annual burden hours: Section 225.12(b), 5; Section 
225.22(d)(1), 100; Section 225.140(c) and (d), 24.
    General description of report: The Bank Holding Company Act of 1956 
(BHC Act) and the Board's Regulation Y (12 CFR part 225) require a bank 
holding company that, either through foreclosure or otherwise in the 
ordinary course of collecting a debt previously

[[Page 19927]]

contracted (DPC), acquired voting securities of a bank or BHC or the 
securities or assets of a company engaged in a nonbanking activity to 
seek prior Board approval in order to retain ownership of those shares 
or assets for more than two years.
    Proposed revisions: The Board proposes to revise the FR 4006 to 
account for the voluntary reporting provisions set forth in sections 
225.140(c) and 225.140(d) of Regulation Y. These sections state, 
respectively, that a BHC that holds nonbanking DPC assets past the two-
year statutory holding period should report annually to the appropriate 
Reserve Bank on its efforts to accomplish divestiture of such assets 
and that a BHC that holds real estate acquired as DPC property for 
longer than five years should keep the appropriate Reserve Bank advised 
on a regular basis concerning its efforts to dispose of the property.
    Legal authorization and confidentiality: The FR 4006 is authorized 
pursuant to sections 3(a) and 4(c)(2) of the BHC Act \1\ and sections 
225.12(b) and 225.22(d) of the Board's Regulation Y, which permit a BHC 
to acquire securities or assets in the ordinary course of collecting a 
DPC in good faith without seeking prior Board approval if such 
securities or assets (DPC property) are divested within two years of 
acquisition. To hold the DPC property beyond this two-year period, a 
BHC must seek the Board's approval.\2\ The FR 4006 is required to 
obtain this benefit.
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    \1\ 12 U.S.C. 1842(a) and 1843(c)(2).
    \2\ The two-year period may be extended by the Board for up to 
three years in one-year increments (12 CFR 225.12(b); 12 CFR 
225.22(d)(1)). The Board may provide up to five additional one-year 
extensions (for a total of ten years) if the DPC property is shares, 
real estate, or other assets where the holding company demonstrates 
that each extension would not be detrimental to the public interest 
and either the bank holding company has made good faith attempts to 
dispose of such shares, real estate or other assets or disposal of 
the shares, real estate or other assets during the initial period 
would have been detrimental to the company (12 CFR 
225.22(d)(1)(ii)).
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    The information contained on the FR 4006 is not considered 
confidential unless an applicant requests confidential treatment in 
accordance with the Board's Rules Regarding Availability of 
Information.\3\ Requests for confidential treatment of information are 
reviewed on a case-by-case basis. Information provided on the FR 4006 
may be nonpublic commercial or financial information, which is both 
customarily and actually treated as private by the respondent, which is 
protected from disclosure pursuant to exemption 4 of the Freedom of 
Information Act.\4\
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    \3\ 12 CFR 261.17.
    \4\ 5 U.S.C. 552(b)(4).

    Board of Governors of the Federal Reserve System, April 1, 2022.
Margaret Shanks,
Deputy Secretary of the Board.
[FR Doc. 2022-07221 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P