[Federal Register Volume 89, Number 33 (Friday, February 16, 2024)]
[Notices]
[Pages 12342-12343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03221]


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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 Margin Credit Reports (FR G-1, FR G-2, FR G-3, FR G-4, FR T-4, and 
FR U-1; OMB No. 7100-0011).

DATES: Comments must be submitted on or before April 16, 2024.

ADDRESSES: You may submit comments, identified by FR G-1, FR G-2, FR G-
3, FR G-4, FR T-4, or FR U-1, 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 a.m. and 5 p.m. 
on weekdays, except for Federal holidays. 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 (which contains more detail about 
the information collection and burden estimates than this notice), 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 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, With 
Revision, the Following Information Collection

    Collection title: Margin Credit Reports.
    Collection identifier: FR G-1, FR G-2, FR G-3, FR G-4, FR T-4, and 
FR U-1.
    OMB control number: 7100-0011.
    General description of collection: The Margin Credit Reports is 
comprised of the following six reports: Registration Statement for 
Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, 
Brokers, or Dealers) (FR G-1), Deregistration Statement for Persons 
Registered Pursuant to Regulation U (FR G-2), Statement of Purpose for 
an Extension of Credit Secured by Margin Stock by a Person Subject to 
Registration Under Regulation U (FR G-3), Annual Report (FR G-4), 
Statement of Purpose for an Extension of Credit by a Creditor (FR T-4), 
and Statement of Purpose for an Extension of Credit Secured by Margin 
Stock (FR U-1). These reports relate to extensions of credit secured by 
margin stock. The Board collects the information gathered by the Margin 
Credit Reports so that it may meet certain obligations under the 
Securities Exchange Act of 1934.
    Certain lenders that are not brokers, dealers, or banks making 
loans secured by margin stock must register and deregister with the 
Federal Reserve using the FR G-1 and FR G-2, respectively, and must 
file an annual report (FR G-4) while registered. The FR G-1, FR G-2, 
and FR G-4 reporting requirements collect data used to identify lenders 
subject to the Board's Regulation U to verify their compliance

[[Page 12343]]

with the regulation and to monitor margin credit.
    The FR T-4, FR U-1, and FR G-3 are forms that implement 
recordkeeping requirements for brokers and dealers, banks, and other 
lenders, respectively. The FR T-4 documents the purpose of credit being 
extended when that credit is not to purchase, carry, or trade in 
securities and the credit is in excess of that otherwise permitted 
under Regulation T. The FR G-3 and FR U-1 document the purpose of loans 
secured by margin stock.
    Proposed revisions: The Board proposes to revise the FR G-1 and FR 
G-4 by updating the confidentiality treatment as contained in the 
reporting instructions to state that individual respondents may request 
that information submitted to the Board through the FR G-1 and FR G-4 
be kept confidential and the Board will evaluate whether such treatment 
is appropriate on a case-by-case basis. The reports currently state 
that the Board considers the information submitted to be confidential. 
The Board believes these changes more accurately reflect its 
obligations under the Privacy Act of 1974, 5 U.S.C. 552a. There are no 
changes being proposed to the FR G-2, FR G-3, FR T-4, or FR U-1.
    Frequency: Event-generated.
    Respondents: The FR G-1, FR G-2, FR G-3, and FR G-4 panels comprise 
lenders, other than banks, brokers, or dealers, that extend margin 
credit, including federal and state credit unions; insurance companies; 
commercial and consumer credit organizations; production credit 
associations; small businesses; insurance premium funding plans; plan-
lenders (a company or its affiliate that extends credit to employees to 
purchase company stock under an eligible employee stock option or stock 
purchase plan); and lenders to Employee Stock Ownership Plans (ESOPs), 
thrift plans, and broker-dealer affiliates. The FR T-4 panel comprises 
brokers and dealers and the FR U-1 panel comprises banks.
    Total estimated number of respondents: FR G-1, 25; FR G-2, 12; FR 
G-3, 10; FR G-4, 129; FR T-4, 14; FR U-1, 14.
    Estimated average hours per response: FR G-1, 1.65; FR G-2, 0.53; 
FR G-3, 0.25; FR G-4, 2.07; FR T-4, 0.25; FR U-1, 0.25.
    Total estimated annual burden hours: 697.\1\
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    \1\ 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 GTU.

    Board of Governors of the Federal Reserve System, February 12, 
2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-03221 Filed 2-15-24; 8:45 am]
BILLING CODE 6210-01-P