[Federal Register Volume 87, Number 177 (Wednesday, September 14, 2022)]
[Notices]
[Pages 56421-56424]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19791]


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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 56422]]

comment on a proposal to extend for three years, with revision, the 
Federal Reserve Membership Application (FR 2083, FR 2083A, FR 2083B, 
and FR 2083C; OMB No. 7100-0046) and the Federal Reserve Bank Stock 
Applications (FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, and FR 
2087; OMB No. 7100-0042).

DATES: Comments must be submitted on or before November 14, 2022.

ADDRESSES: You may submit comments, identified by FR 2030, FR 2030a, FR 
2056, FR 2083, FR 2083A, FR 2083B, FR 2083C, FR 2086, FR 2086a, or FR 
2087, 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: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St 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, [email protected], (202) 
452-3884.

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 Proposals

    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 Collections 1
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    \1\ As part of this clearance, the Board will clear the FR 2083, 
FR 2083A, FR 2083B, and FR 2083C (FR 2083/A/B/C) under the FR 2030, 
FR 2030a, FR 2056, FR 2086, FR 2086a, and FR 2087 OMB control number 
(7100-0042), and then discontinue the FR 2083/A/B/C's separate OMB 
control number (7100-0046). This change is aimed at simplifying the 
tracking and clearance process for the two related sets of forms. 
This change would not modify the reporting requirements of the forms 
in any way. The collection will then be titled ``The Federal Reserve 
Membership and Bank Stock Applications'' (FR 2030, FR 2030a, FR 
2056, FR 2083, FR 2083A, FR 2083B, FR 2083C, FR 2086, FR 2086a, and 
FR 2087; 7100-0042).
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    Collection title: Federal Reserve Membership Application.
    Collection identifier: FR 2083, FR 2083A, FR 2083B, and FR 2083C.
    OMB control number: 7100-0046.
    Frequency: On occasion.
    Respondents: State-chartered banks (or national banks converting to 
become state-chartered banks) applying for membership in the Federal 
Reserve System.
    Estimated number of respondents: 13.
    Estimated average hours per response: 5.
    Estimated annual burden hours: 65.
    General description of collection: Any state-chartered bank (or 
national bank converting to become a state-chartered bank) applying for 
membership in the Federal Reserve System must file an application with 
the appropriate Federal Reserve Bank. The four individual application 
forms in the FR 2083/A/B/C series (membership application and relevant 
attachments) are all one-time submissions that are used by new or 
existing state-chartered banks to apply for membership in the Federal 
Reserve System:
     FR 2083--Cover sheet, with general information and 
instructions detailing the information to be submitted according to the 
type of applicant bank,
     FR 2083A--Application form for the purchase of Federal 
Reserve Bank stock by state banks (except mutual savings banks) and by 
national banks converting into state member banks,
     FR 2083B--Application form for the purchase of Federal 
Reserve Bank stock by mutual savings banks, and
     FR 2083C--Certificate of Organizers or Directors 
certifying that the information being submitted is true and complete, 
and the proposed capital is not impaired.
    Proposed revisions: The Board is not proposing any changes to the 
FR 2083A, FR 2083B, or FR 2083C. The Board is

[[Page 56423]]

proposing the following changes to the FR 2083:
    A. Remove language from questions 2f. and 3 in Section II Financial 
and Managerial Information for currently operating banks. The first 
sentence of question 2f. would be removed, reducing the Applicant's 
Interagency Biographical and Financial Report (FR 2081c; OMB No. 7100-
0134) filing obligations for principals, as defined in footnote 1 of 
the form, owning less than 10 percent of the Applicant or the 
Applicant's parent company. Language in the second sentence of question 
3 would be removed, which would increase the amount of information 
received on the Interagency Biographical and Financial Report for any 
proposed new officers or directors of the Applicant or the Applicant's 
parent company.
    (a) These revisions would provide more information on shareholders, 
directors, and executive officers with greater control over the 
Applicant and also reduce the amount of information collected on 
shareholders with less decision-making authority to allow Federal 
Reserve staff to better assess the general character of the Applicant's 
management as provided by the statutory factors of the Board's 
Regulation H.
    B. Add the requirement to include an updated copy of the 
Applicant's shareholder list reflecting any ownership changes or 
additions after achieving membership for currently operating banks.
    (a) This revision would allow staff to determine the total number 
of shares owned by each shareholder and the relationships amongst the 
shareholders in order to better assess which shareholder(s) exercise 
control over the Applicant and to assist the Federal Reserve staff in 
better assessing the general character of the Applicant's management as 
provided by Regulation H.
    C. Add two footnotes and one clarifying note in the instructions to 
direct Applicants to additional resources when completing the 
application.
    Collection title: Federal Reserve Bank Stock Applications.
    Collection identifier: FR 2030, FR 2030a, FR 2056, FR 2086, FR 
2086a, and FR 2087.
    OMB control number: 7100-0042.
    Frequency: On occasion.
    Respondents: Banks seeking to become state member banks, existing 
banks or savings institutions seeking to convert to state member bank 
status, national banks seeking to purchase stock in the Federal Reserve 
System, and member banks seeking to increase, decrease, or cancel their 
Federal Reserve Bank stock holdings.
    Estimated number of respondents: FR 2030, 2; FR 2030a, 5; FR 2056, 
50; FR 2086, 1; FR 2086a, 31; and FR 2087, 1.
    Estimated average hours per response: FR 2030, 0.5; FR 2030a, 0.5; 
FR 2056, 0.5; FR 2086, 0.5; FR 2086a, 0.5; and FR 2087, 0.5.
    Estimated annual burden hours: FR 2030, 1; FR 2030a, 3; FR 2056, 
25; FR 2086, 1; FR 2086a, 16; and FR 2087, 1.
    General description of collection: Any national bank seeking to 
purchase stock in the Federal Reserve System, any member bank seeking 
to increase or decrease its Federal Reserve Bank stock holdings, or any 
member bank seeking to cancel its stock holdings must file an 
application with the appropriate Federal Reserve Bank. The application 
forms for the initial subscription of Federal Reserve Bank stock filed 
by organizing national banks and nonmember state banks converting to 
national banks or federal savings associations electing to operate as a 
CSA (FR 2030 and 2030a, respectively) and the application forms for the 
cancellation of Federal Reserve Bank stock filed by liquidating member 
banks, member banks merging or consolidating with nonmember banks or 
CSAs terminating an election to operate as a CSA, and insolvent member 
banks (FR 2086, FR 2086a, and FR 2087, respectively) may require one or 
more of the following: a resolution by the applying bank's board of 
directors authorizing the transaction, an indication of the capital and 
surplus of the bank as of the date of application, a certification (by 
official signatures) of the resolution, and/or an indication of the 
number of shares and dollar amount of the Federal Reserve Bank stock to 
be purchased or canceled.
    The application form for an adjustment in a member bank's holdings 
of Federal Reserve Bank stock (FR 2056) requires an indication of the 
capital and surplus of the bank as of the date of application and an 
indication of the number of shares held and the number of shares to be 
acquired or canceled. A completed application form must be submitted 
for each required adjustment by the survivor member bank due to legal 
merger or other consolidation as a result of Regulation I. The amount 
of Federal Reserve Bank stock actually held by the member bank is 
determined by the Reserve Bank through its monitoring of the member 
bank's capital accounts reported quarterly on the Consolidated Reports 
of Condition and Income (Call Report) (FFIEC 031, FFIEC 041, and FFIEC 
051; OMB No. 7100-0036). The Federal Reserve Bank stock applications 
are distributed by the Federal Reserve Banks and the information 
collected enables them to account for required subscription, 
adjustment, or cancellation payments to and from the System and for 
dividends paid by the System on any outstanding stock.
    Proposed revisions: The Board is not proposing any changes to the 
FR 2030 or FR 2030a. The Board is proposing the following changes to 
the FR 2056, FR 2086, FR 2086a, and FR 2087:

A. FR 2056

    a. Add dollar amounts of surviving commercial banks' perpetual 
preferred stock and related surplus, common stock, paid-in surplus, and 
retained earnings and accumulated other comprehensive income.
    i. These revisions provide information needed to process these 
transactions.

B. FR 2086

    a. Remove the requirement to include Charter Number and add the 
requirement to include ABA number instead.
    i. This revision is intended to simplify the information required.

C. FR2086A and FR 2087

    a. Remove the requirement to include Charter Number.
    i. This revision is intended to make the process more efficient by 
removing a field that is no longer needed.
    Legal authorization and confidentiality: The Federal Reserve 
Membership Application is authorized by section 9 of the Federal 
Reserve Act (FRA).\2\ The Federal Reserve Bank Stock Applications are 
authorized by sections 9 \3\ and 11(a) \4\ of the FRA for state banks 
and national banks and by section 5A \5\ of the Home Owners' Loan Act 
for covered savings associations. Additionally, the FR 2030 is 
specifically authorized by section 2 of the FRA; \6\ the FR 2030a is 
authorized by section 2 of the FRA; \7\ the FR 2056, FR 2086, and FR 
2086a are authorized by section 5 of the FRA; \8\ and the FR 2087 is 
authorized by section 6 of the FRA.\9\ The Federal Reserve Membership 
Applications are required to obtain a benefit. The Federal Reserve Bank 
Stock Applications are mandatory.
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    \2\ 12 U.S.C. 321, 322, 323, 329, and 333.
    \3\ Id.
    \4\ 12 U.S.C. 248(a).
    \5\ 12 U.S.C. 1464a(c).
    \6\ 12 U.S.C. 222 and 282.
    \7\ Id.
    \8\ 12 U.S.C. 287.
    \9\ 12 U.S.C. 288.
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    Information submitted to the Board under these collections may be

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protected from disclosure pursuant to exemption 8 of the FOIA if it is 
contained in or related to examination, operating, or condition reports 
prepared by, on behalf of, or for the use of an agency responsible for 
the regulation or supervision of financial institutions.\10\ Individual 
respondents may also request confidential treatment in accordance with 
the Board's Rules Regarding Availability of Information.\11\ Requests 
for confidential treatment of information are reviewed on a case-by-
case basis. To the extent information provided under these collections 
is nonpublic commercial or financial information, which is both 
customarily and actually treated as private by the respondent, or to 
the extent the information reflects personnel and medical files, the 
disclosure of which would constitute a clearly unwarranted invasion of 
personal privacy, the information may be protected from disclosure 
pursuant to FOIA exemption 4 or 6, respectively.\12\
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    \10\ 5 U.S.C. 552(b)(8).
    \11\ 12 CFR 261.17.
    \12\ 5 U.S.C. 552(b)(4); (b)(6).

    Board of Governors of the Federal Reserve System, September 8, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-19791 Filed 9-13-22; 8:45 am]
BILLING CODE 6210-01-P