[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66704-66705]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24029]


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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, without 
revision, the Reporting and Recordkeeping Requirements Associated with 
Regulation L (FR L; OMB No. 7100-0378).

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

ADDRESSES: You may submit comments, identified by FR L, 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 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, 
Without Revision, the Following Information Collection

    Collection title: Reporting and Recordkeeping Requirements 
Associated with Regulation L.
    Collection identifier: FR L.
    OMB control number: 7100-0378.
    Frequency: Event-generated.
    Respondents: State member banks, bank holding companies (BHCs), and 
savings and loan holding companies (SLHCs).
    Estimated number of respondents: Reporting, 2; recordkeeping, 2.
    Estimated average hours per response: Reporting, 4; recordkeeping, 
3.
    Estimated annual burden hours: Reporting, 8; recordkeeping, 6.
    General description of collection: The Depository Institution 
Management Interlocks Act (DIMIA) generally

[[Page 66705]]

prohibits management officials from serving simultaneously with two 
unaffiliated depository organizations (i.e., depository institutions 
and depository institution holding companies), but allows for 
exemptions from the prohibition in certain circumstances. The FR L 
information collection accounts for the reporting and recordkeeping 
requirements associated with implementation of DIMIA.
    Legal authorization and confidentiality: The FR L is authorized by 
sections 205 and 209 of the DIMIA, as amended.\1\ The FR L is required 
to obtain a benefit.
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    \1\ 12 U.S.C. 3205 (exempting a director of a diversified SLHC 
who is also a director of an unaffiliated depository organization 
from the DIMIA's interlock prohibitions if both the SLHC and the 
unaffiliated depository organization notify their appropriate 
federal regulatory agency at least 60 days before the dual service 
is proposed to begin and no agency disapproves the dual service 
before the end of the 60-day period) and 3207 (authorizing the Board 
to prescribe regulations carrying out the DIMIA with respect to 
state member banks, BHCs, and SLHCs).
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    Information submitted to the Board under the reporting requirements 
associated with the FR L is not considered confidential unless an 
applicant requests confidential treatment in accordance with the 
Board's Rules Regarding Availability of Information.\2\ Requests for 
confidential treatment of information are reviewed on a case-by-case 
basis. Information provided to the Board under the FR L's reporting 
requirements 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).\3\ Submissions to the Board 
under these requirements 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.\4\
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    \2\ 12 CFR 261.17.
    \3\ 5 U.S.C. 552(b)(4).
    \4\ 5 U.S.C. 552(b)(6).
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    Information covered by the recordkeeping requirements associated 
with the FR L is maintained at the relevant banking organization. The 
FOIA would therefore only be implicated if the Board obtained such 
records as part of the examination or supervision of a banking 
organization. In the event the records are obtained by the Board as 
part of an examination or supervision of a financial institution, this 
information would be considered confidential pursuant to exemption 8 of 
the FOIA, which protects information contained in ``examination, 
operating, or condition reports'' obtained in the bank supervisory 
process.\5\ Information covered by the FR L's recordkeeping 
requirements may also be protected from disclosure under exemption 4 or 
6 of the FOIA, depending on the contents of the information.\6\
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    \5\ 5 U.S.C. 552(b)(8).
    \6\ 5 U.S.C. 552(b)(4) and (6).
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    Consultation outside the agency: The Board consulted with the 
Federal Deposit Insurance Corporation and the Office of the Comptroller 
of the Currency, the other agencies with responsibilities related to 
these requirements associated with DIMIA, to confirm alignment of the 
burden estimates.

    Board of Governors of the Federal Reserve System, November 1, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-24029 Filed 11-3-22; 8:45 am]
BILLING CODE 6210-01-P