[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66700-66701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24027]


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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 Information Collections and Forms Related to Regulation MM (FR MM; 
OMB No. 7100-0340).

DATES: Comments must be submitted on or before January 3, 2023.

ADDRESSES: You may submit comments, identified by FR MM, 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/reportingforms/home/review 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

[[Page 66701]]

authority delegated by the OMB under the PRA. Comments are invited on 
the following:
    a. Whether the proposed collections of information are 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 collections, 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

    Collection title: Information Collections and Forms Related to 
Regulation MM.
    Collection identifier: FR MM.
    OMB control number: 100-0340.
    Frequency: On occasion.
    Respondents: Mutual savings associations that wish to reorganize to 
form a mutual holding company under the Home Owner's Loan Act, 
subsidiary holding companies of a mutual holding company, mutual 
holding companies, members of applying mutual organizations.
    Estimated number of respondents: FR MM-10(o)-1: 3; FR MM-10(o)-2: 
1; FR MM-AC: 2; FR MM-PS: 4; FR MM-OC: 3; FR MM-OF: 3; Notice of 
Reorganization: 1; Offering Period Extension: 1; Voluntary Supervisory 
Conversion: 1; Newspaper Publication: 1.
    Estimated average hours per response: FR MM-10(o)-1: 60; FR MM-
10(o)-2: 30; FR MM-AC: 60; FR MM-PS: 50; FR MM-OC: 1; FR MM-OF: 1; 
Notice of Reorganization: 1; Offering Period Extension: 1; Voluntary 
Supervisory Conversion: 1; Newspaper Publication: 1.
    Estimated annual burden hours: FR MM-10(o)-1: 180; FR MM-10(o)-2: 
30; FR MM-AC: 120; FR MM-PS: 200; FR MM-OC: 3; FR MM-OF: 3; Notice of 
Reorganization: 1; Offering Period Extension: 1; Voluntary Supervisory 
Conversion: 1; Newspaper Publication: 5.
    General description of collection: The FR MM consists of 
information that must be filed in connection with certain proposals 
involving savings and loan holding companies (SLHCs) that are organized 
in mutual holding company (MHC) form, including the reorganization of a 
savings association into MHC form, stock issuances of holding company 
subsidiaries of MHCs, and conversions of MHCs to stock form, as well as 
certain disclosures related to these filings. The Board requires the 
submission of these filings to allow the Board to fulfill its 
obligations to review such transactions under section 10(o) of the Home 
Owners' Loan Act (HOLA), as amended (12 U.S.C. 1467a(o)) and the 
Board's Regulation MM-Mutual Holding Companies (12 CFR part 239). The 
Board uses the information submitted by an applicant or notificant to 
evaluate these transactions with respect to the relevant statutory and 
regulatory factors.
    Proposed revisions: The Board proposes to update the reference to 
the Board's Rules Regarding Availability of Information, which governs 
requests for confidential treatment and modify the language to clarify 
which Reserve Bank a currently supervised institution should reach out 
to with inquiries. Additionally, recent legislative and regulatory 
changes implemented the community bank leverage ratio (CBLR) framework 
in 2020, which, if used by a qualifying depository organization, 
eliminates the requirement for the organization to track risk-weighted 
assets and report risk-based capital ratios. In light of this change, 
the Board proposes to revise the FR MM-10(o)-1, 10(o)-2, and AC 
instructions to provide applicants that have elected to use the CBLR 
framework with the option not to submit information related to risk-
weighted assets or risk-based capital ratios. Finally, the Board 
proposes to correct obsolete references within the requested 
information section of the General Instructions of the FR MM-PS which 
were carried forward from the former Office of Thrift Supervision.
    Legal authorization and confidentiality: The FR MM is authorized 
pursuant to section 10(o) of the HOLA, as amended,\1\ and the Board's 
Regulation MM.\2\ The FR MM is also authorized under the Board's 
general authority under sections 10(b) \3\ and 10(g) \4\ of HOLA. The 
FR MM is required to obtain a benefit. The information submitted under 
the FR MM is not considered confidential unless an applicant requests 
confidential treatment in accordance with the Board's Rules Regarding 
Availability of Information.\5\ Requests for confidential treatment of 
information are reviewed on a case-by-case basis. Information provided 
under the FR MM 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 (FOIA).\6\ Submissions under the FR 
MM may also contain personnel and medical files the disclosure of which 
would constitute a clearly unwarranted invasion of personal privacy, 
which are protected under exemption 6 of the FOIA.\7\
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    \1\ 12 U.S.C. 1467a(o) (requiring a savings association seeking 
to reorganize in MHC form to provide written notice to the Board 
containing such information as the Board requires by regulation or 
specific request in connection with a particular notice).
    \2\ 12 CFR part 239 (implementing sections 10(g) and 10(o) of 
HOLA).
    \3\ 12 U.S.C. 1467a(b) (requiring SLHCs to register with the 
Board on such forms as it may prescribe and authorizing the Board to 
require reports from SLHCs containing such information concerning 
the operations of SLHCs and their subsidiaries as the Board may 
require.)
    \4\ 12 U.S.C. 1467a(g) (authorizing the Board to issue such 
regulations and orders as it deems necessary or appropriate to 
enable it to administer and carry out the purposes of section 10).
    \5\ 12 CFR 261.17.
    \6\ 5 U.S.C. 552(b)(4).
    \7\ 5 U.S.C. 552(b)(6).

    Board of Governors of the Federal Reserve System, November 1, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-24027 Filed 11-3-22; 8:45 am]
BILLING CODE 6210-01-P