[Federal Register Volume 88, Number 39 (Tuesday, February 28, 2023)]
[Notices]
[Pages 12680-12681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-04082]


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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 
Reporting Requirements Associated with Regulation Y for Extension of 
Time to Conform to the Volcker Rule (FR Y-1; OMB No. 7100-0333).

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

[[Page 12681]]

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 (which contain more detailed 
information about the information collections and burden estimates than 
this notice), 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/reportingforms/home/review 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: Reporting Requirements Associated with Regulation 
Y for Extension of Time to Conform to the Volcker Rule.
    Collection identifier: FR Y-1.
    OMB control number: 7100-0333.
    Effective Date: The revisions are applicable as of February 28, 
2023.
    General description of collection: The Board's Regulation Y--Bank 
Holding Companies and Change in Bank Control (12 CFR part 225, subpart 
K) provides that a banking entity or Board-supervised nonbank financial 
company may, under certain circumstances, request an extension of time 
to conform its activities to the requirements of section 13 of the Bank 
Holding Company Act of 1956 (BHC Act),\1\ also known as the Volcker 
Rule.\2\
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    \1\ 12 U.S.C. 1851.
    \2\ The term ``banking entity'' is defined in section 13(h)(1) 
of the BHC Act (12 U.S.C. 1851(h)(1)). See Respondents section of 
this notice for the full meaning.
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    Frequency: Annual, event-generated.
    Respondents: Insured depository institutions (other than certain 
limited-purpose trust institutions and any insured depository 
institution that has, and if every company that controls it has, total 
consolidated assets of $10 billion or less and total trading assets and 
trading liabilities, on a consolidated basis, that are 5 percent or 
less of total consolidated assets), any company that controls such an 
insured depository institution, any company that is treated as a bank 
holding company for purposes of section 8 of the International Banking 
Act of 1978 (12 U.S.C. 3106), and any affiliate or subsidiary of any of 
the foregoing, and nonbank financial companies designated by the 
Financial Stability Oversight Council that engage in proprietary 
trading activities or make investments in covered funds.
    Total estimated number of respondents: 1.
    Total estimated annual burden hours: 12.\3\
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    \3\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR Y-1.
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    Current actions: On October 18, 2022, the Board published a notice 
in the Federal Register (87 FR 63069) requesting public comment for 60 
days on the extension, with revision, of the FR Y-1. The Board proposed 
to revise the FR Y-1 to no longer include a provision related to 
extended transition periods for illiquid funds for banking entities 
since they were required to completely divest from such funds by July 
21, 2022. The comment period for this notice expired on December 19, 
2022. The Board did not receive any comments. The revisions will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, February 23, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-04082 Filed 2-27-23; 8:45 am]
BILLING CODE 6210-01-P