[Federal Register Volume 89, Number 146 (Tuesday, July 30, 2024)]
[Notices]
[Pages 61115-61116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16673]


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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, without revision, the 
Recordkeeping Guidance Associated with Changes in Foreign Investments 
Made Pursuant to Regulation K (FR 2064; OMB No. 7100-0109).

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 
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. On the page displayed at the link above, you can find the 
supporting information by referencing the collection identifier, FR 
2064.

[[Page 61116]]

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of 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 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.
    Current actions: On March 29, 2024, the Board published a notice in 
the Federal Register (89 FR 22147) requesting public comment for 60 
days on the extension, without revision, of the FR 2064. The comment 
period for this notice expired on May 28, 2024. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, July 24, 2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-16673 Filed 7-29-24; 8:45 am]
BILLING CODE 6210-01-P