[Federal Register Volume 87, Number 147 (Tuesday, August 2, 2022)]
[Notices]
[Page 47214]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16477]



[[Page 47214]]

-----------------------------------------------------------------------

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

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, [email protected], (202) 
452-3884.
    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

    Collection title: Request for Extension of Time to Dispose of 
Assets Acquired in Satisfaction of Debts Previously Contracted.
    Collection identifier: FR 4006.
    OMB control number: 7100-0129.
    Effective Date: The revisions are applicable as of August 2, 2022.
    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 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.
    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.
---------------------------------------------------------------------------

    \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)).
---------------------------------------------------------------------------

    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. To the extent information provided on 
the FR 4006 is nonpublic commercial or financial information, which is 
both customarily and actually treated as private by the respondent, 
such information may be protected from disclosure pursuant to exemption 
4 of the Freedom of Information Act.\4\
---------------------------------------------------------------------------

    \3\ 12 CFR 261.17.
    \4\ 5 U.S.C. 552(b)(4).
---------------------------------------------------------------------------

    Current actions: On April 6, 2022, the Board published a notice in 
the Federal Register (87 FR 19926) requesting public comment for 60 
days on the extension, with revision, of the FR 4006. The Board has 
revised 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. The comment period for this notice 
expired on June 6, 2022. The Board did not receive any comments. The 
revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, July 27, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-16477 Filed 8-1-22; 8:45 am]
BILLING CODE 6210-01-P