[Federal Register Volume 89, Number 62 (Friday, March 29, 2024)]
[Notices]
[Pages 22147-22148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06713]


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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 Recordkeeping Guidance Associated with Changes in Foreign 
Investments Made Pursuant to Regulation K (FR 2064; OMB No. 7100-0109).

DATES: Comments must be submitted on or before May 28, 2024.

ADDRESSES: You may submit comments, identified by FR 2064, 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. On the page displayed at the link above, you can 
find the supporting information by referencing the collection 
identifier, FR 2064. 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: Recordkeeping Guidance Associated with Changes in 
Foreign Investments Made Pursuant to Regulation K.
    Collection identifier: FR 2064.
    OMB control number: 7100-0109.
    General description of collection: Internationally active U.S. 
banking organizations are expected to maintain adequate internal 
records to allow examiners to review compliance with the investment 
provisions of Regulation K. This recordkeeping guidance is what makes 
up the FR 2064. For each investment made under subpart A of Regulation 
K, a banking organization investor should maintain internal records 
regarding the type of investment; the amount of the investment; the 
percentage ownership; activities conducted by the company and the legal 
authority for such activities; and whether the investment was made 
under general consent, prior notice, or specific consent authority. 
With respect to investments made under general consent authority, 
information also should be maintained that

[[Page 22148]]

demonstrates compliance with the various limits set out in section 
211.9 of Regulation K. These records are reviewed by examiners during 
examinations, allowing the examiners to determine a banking 
organization's compliance with the Federal Reserve Act and subpart A of 
Regulation K. Monitoring banking organizations' international 
investments also permits the Federal Reserve to ensure that banking 
organizations do not expose themselves to undue risk.
    Frequency: On-going.
    Respondents: U.S. banking organizations (member banks, Edge Act and 
agreement corporations, and bank holding companies) that have made a 
foreign investment.
    Total estimated number of respondents: 20.
    Total estimated annual burden hours: 160.

    Board of Governors of the Federal Reserve System, March 26, 
2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024-06713 Filed 3-28-24; 8:45 am]
BILLING CODE 6210-01-P