81 FR 20384 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 81, Issue 67 (April 7, 2016)

On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), to approve of and assign OMB numbers to collection of information requests and requirements conducted or sponsored by the Board. Board- approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the PRA Submission, supporting statements and approved collection of information instruments are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB number.

[Federal Register Volume 81, Number 67 (Thursday, April 7, 2016)]
[Notices]
[Pages 20384-20387]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-07991]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
to approve of and assign OMB numbers to collection of information 
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB number.

DATES: Comments must be submitted on or before June 6, 2016.

ADDRESSES: You may submit comments, identified by FR 4006, FR 4008, FR 
4013, FR 4014, or Reg H-1 by any of the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.

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     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--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: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposals

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve'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 start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Reports

    1. Report title: Request for Extension of Time to Dispose of Assets 
Acquired in Satisfaction of Debts Previously Contracted.
    Agency form number: FR 4006.
    OMB control number: 7100-0129.
    Frequency: Annual.
    Reporters: Bank Holding Companies (BHCs).
    Estimated annual reporting hours: 325.
    Estimated average hours per response: 5 hours.
    Number of respondents: 65.
    General description of report: The FR 4006 is authorized pursuant 
to sections 4(a) and 4(c)(2) of the Bank Holding Company Act (BHC Act), 
(12 U.S.C. 1843(a), (c)(2)), and the Board's Regulation Y, (12 CFR 
225.22(d) and 225.140). Section 4(a) of the BHC Act generally prohibits 
a BHC from acquiring voting shares of a nonbank company (12 U.S.C. 
1843(a)). However, section 4(c)(2) of the BHC Act provides an exception 
to this general rule and permits BHCs to hold shares acquired in 
satisfaction of a debt previously contracted in good faith for two 
years from the date on which they were acquired. Id. at Sec.  
1843(c)(2). In addition, the Board is authorized to extend the two year 
period under certain circumstances upon application from a BHC. Id. The 
Board's Regulation Y extends this prohibition and exception to assets 
acquired in satisfaction of a debt previously contracted (12 CFR 
225.140) and provides procedures for such exceptions. (12 CFR 
225.22(d)(1)). The FR 4006 is required to obtain the benefit of being 
permitted to retain ownership of voting securities or assets acquired 
through foreclosure in the ordinary course of collection a debt 
previously contracted for more than two years. Individual respondent 
information is generally not given confidential treatment. However, a 
respondent may request that the information be kept confidential on a 
case-by-case basis. If a respondent requests confidential treatment, 
the Board will determine whether the information is entitled to 
confidential treatment on an ad hoc basis in connection with such 
request.
    Abstract: A BHC that acquired voting securities or assets through 
foreclosure in the ordinary course of collecting a debt previously 
contracted may not retain ownership of those shares or assets for more 
than two years without prior Federal Reserve approval. There is no 
formal reporting form and each request for extension must be filed at 
the appropriate Reserve Bank of the BHC. The Federal Reserve uses the 
information provided in the request to fulfill its statutory obligation 
to supervise BHCs.
    Current Actions: The Federal Reserve proposes to extend, without 
revision, the FR 4006 information collection.

    2. Report title: Stock Redemption Notification.
    Agency form number: FR 4008.
    OMB control number: 7100-0131.
    Frequency: On occasion.
    Reporters: BHCs.
    Estimated annual reporting hours: 155 hours.
    Estimated average hours per response: 15.5 hours.
    Number of respondents: 10.
    General description of report: The FR 4008 is authorized pursuant 
to sections 5(b) and (c) of the BHC Act (12 U.S.C. 1844(b) and (c)) and 
the Board's Regulation Y (CFR 225.4). Sections 5(b) and (c) of the BHC 
Act generally authorize the Board to issue regulations and orders that 
are necessary to administer and carry out the purposes of the BHC Act 
and prevent evasions thereof and to require BHCs to submit reports to 
the Board to keep the Board informed about their financial condition, 
systems for monitoring and controlling financial and operating risks, 
transactions with depository institution subsidiaries, and compliance 
with the BHC Act, any other Federal law

[[Page 20386]]

that the Board has specific jurisdiction to enforce, and (other than in 
the case of an insured depository institution or functionally regulated 
subsidiary) any other applicable provision of Federal law. 12 U.S.C. 
1844(b) and (c). The Board's Regulation Y requires BHCs, in certain 
circumstances, to file with the appropriate Federal Reserve Bank prior 
written notice before purchasing or redeeming their equity securities. 
(12 CFR 225.4(b)). The FR 4008 is required for some BHCs to obtain the 
benefit of being able to purchase or redeem their equity securities. 
The individual respondent information in a stock redemption notice is 
generally not considered confidential. However, a respondent may 
request that the information be kept confidential on a case-by-case 
basis. If a respondent requests confidentiality, the Board will 
determine whether the information is entitled to confidential treatment 
on an ad hoc basis in connection with such request.
    Abstract: The Bank Holding Company Act and the Board's Regulation Y 
generally require a BHC to seek prior Federal Reserve approval before 
purchasing or redeeming its equity securities. Given that a BHC is 
exempt from this requirement if it meets certain financial, managerial, 
and supervisory standards, only a small portion of proposed stock 
redemptions actually require the prior approval of the Federal Reserve. 
There is no formal reporting form. The Federal Reserve uses the 
information provided in the redemption notice to fulfill its statutory 
obligation to supervise BHCs.
    Current Actions: The Federal Reserve proposes to extend, without 
revision, the FR 4008 information collection.

    3. Report title: Notice Claiming Status as an Exempt Transfer 
Agent.
    Agency form number: FR 4013.
    OMB control number: 7100-0137.
    Frequency: On occasion.
    Reporters: Banks, BHCs, savings and loan holding companies (SLHCs), 
and certain trust companies.
    Annual reporting hours: 20 hours.
    Estimated average hours per response: 2 hours.
    Number of respondents: 10.
    General description of report: The FR 4013 is mandatory and 
authorized pursuant to the Securities Exchange Act of 1934 (the SEA) as 
amended in 1975, 15 U.S.C. 78q-1, 17 CFR 240.17Ad-4, and 12 CFR. 208.31 
and 225.4(d). Section 17A(a)(2)(A)(i) of the SEA, 15 U.S.C. 78q-
1(a)(2)(A)(i), directs the Securities and Exchange Commission (SEC) to 
use its authority under the SEA ``to facilitate the establishment of a 
national system for the prompt and accurate clearance and settlement of 
transactions in securities.'' Pursuant to this Congressional directive, 
the SEC promulgated regulations governing the performance of transfer 
agent functions by registered transfer agents. See 17 CFR 240.17Ad-2, 
240.17Ad-3, and 240.17Ad-6(a)(1) through (7) and (11). SEC Rule 17Ad-4 
exempts certain low-volume transfer agents from certain of these 
regulations provided that the transfer agent files a notice with its 
appropriate regulatory agency certifying that it qualifies for the 
exemption. 17 CFR. 240.17Ad-4. Pursuant to the SEA, the SEC's transfer 
agent rules as well as the low-volume transfer agent exemption are 
applicable to all registered transfer agents, including those regulated 
by the Board. See Section 17A(d)(1) of the SEA, 15 U.S.C. 78q-1(d)(1). 
The Board's regulations further provide that Board-regulated transfer 
agents are subject to the SEC's transfer agent rules, including the 
low-volume transfer agent exemption. See 12 CFR 208.31(b) (applicable 
to state member bank transfer agents); 12 CFR 225.4(d) (providing that 
the Board's regulations governing state member bank transfer agents are 
equally applicable to BHCs and certain nonbank subsidiaries that act as 
transfer agents); 12 CFR 238.4(b) (requiring reports from SLHCs). 
Because the information regarding a transfer agent's volume of 
transactions is public information through the filing and publication 
of the agents' Form TA-2 with the SEC, the individual respondent data 
collected by the FR 4013 is not confidential.
    Abstract: Banks, BHCs, SLHCs, and trust companies subject to the 
Federal Reserve's supervision that are low-volume transfer agents 
voluntarily file the notice on occasion with the Federal Reserve. 
Transfer agents are institutions that provide securities transfer, 
registration, monitoring, and other specified services on behalf of 
securities issuers. The purpose of the notice, which is effective until 
the agent withdraws it, is to claim exemption from certain rules and 
regulations of the SEC. The Federal Reserve uses the notices for 
supervisory purposes because the SEC has assigned to the Federal 
Reserve responsibility for collecting the notices and verifying their 
accuracy through examinations of the respondents. There is no formal 
reporting form and each notice is filed as a letter.
    Current Actions: The Federal Reserve proposes to extend, without 
revision, the FR 4013 information collection.

    4. Report title: Investment in Bank Premises Notification.
    Agency form number: FR 4014.
    OMB control number: 7100-0139.
    Frequency: On occasion.
    Reporters: State member banks (SMBs).
    Annual reporting hours: 9 hours (rounded to the nearest hour).
    Estimated average hours per response: 30 minutes.
    Number of respondents: 5.
    General description of report: Section 24A(a) of the Federal 
Reserve Act (FRA) requires that SMBs obtain prior Board approval before 
investing in bank premises that exceed certain statutory thresholds (12 
U.S.C. 371d(a)). The FR 4014 is required to obtain a benefit because 
banks wanting to make an investment in bank premises that exceed a 
certain threshold are required to notify the Federal Reserve. The 
information collected is not considered confidential. However, an SMB 
may request that a report or document not be disclosed to the public 
and be held confidential by the Board. Should an SMB request 
confidential treatment of such information, the question of whether the 
information is entitled to confidential treatment must be determined on 
an ad hoc basis in connection with such request.
    Abstract: The FRA requires SMBs to seek prior Federal Reserve 
approval before making an investment in bank premises that exceeds 
certain thresholds. There is no formal reporting form, and each 
required request for prior approval must be filed as a notification 
with the appropriate Reserve Bank of the SMB. The Federal Reserve uses 
the information provided in the notice to fulfill its statutory 
obligation to supervise SMBs.
    Current Actions: The Federal Reserve proposes to extend, without 
revision, the FR 4014 information collection.

    5. Report title: Reports Related to Securities Issued by State 
Member Banks as Required by Regulation H.
    Agency form number: Reg H-1.
    OMB control number: 7100-0091.
    Frequency: Annually, Quarterly, and on occasion.
    Reporters: SMBs.
    Estimated annual reporting hours: 264.
    Estimated average hours per response: 5.17.
    Number of respondents: 3.
    General description of report: This information collection is 
mandatory pursuant to sections 12(i) and 23(a)(1) of the Securities 
Exchange Act of 1934 (15 U.S.C. 781(i) and 78w (a)(1)) and the Board's 
Regulation H (12 CFR 208.36).

[[Page 20387]]

The information collected is not given confidential treatment. However, 
a state member bank make request that a report or document not be 
disclosed to the public and be held confidential by the Federal 
Reserve, (12 CFR 208.36(d). All such requests for confidential 
treatment will be determined on a case-by-case basis.
    Abstract: The Federal Reserve's Regulation H requires certain SMBs 
to submit information relating to their securities to the Federal 
Reserve on the same forms that bank holding companies and nonbank 
entities use to submit similar information to the SEC. The information 
is primarily used for public disclosure and is available to the public 
upon request.
    Current Actions: The Federal Reserve proposes to extend, without 
revision, the Reg H-1 information collection.

    Board of Governors of the Federal Reserve System, April 4, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-07991 Filed 4-6-16; 8:45 am]
 BILLING CODE 6210-01-P