81 FR 42357 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 81, Issue 125 (June 29, 2016)

Notice is hereby given of the final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB's public docket files. The Board 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 control number.

[Federal Register Volume 81, Number 125 (Wednesday, June 29, 2016)]
[Notices]
[Pages 42357-42359]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-15325]


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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: Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority. Board-approved 
collections of information are incorporated into the official OMB 
inventory of currently approved collections of information. Copies of 
the Paperwork Reduction Act Submission, supporting statements and 
approved collection of information instrument(s) are placed into OMB's 
public docket files. The Board 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 control number.

FOR FURTHER INFORMATION CONTACT: 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.
    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.
    Final approval under OMB delegated authority of 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 section 
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 Board approval. There is no formal 
reporting form and each request for extension must be filed at the 
appropriate Reserve Bank of the BHC. The Board uses the information 
provided in the request to fulfill its statutory obligation to 
supervise BHCs.
    Current Actions: On April 7, 2016, the Board published a notice in 
the Federal Register (81 FR 20384) requesting public comment for 60 
days on the proposal to extend for three years, without revision, the 
FR 4006. The comment period for this notice expired on June 6, 2016. 
The Board did not receive any comments, and the information collection 
will be extended as proposed.
    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 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

[[Page 42358]]

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 Board 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 Board. There is 
no formal reporting form. The Board uses the information provided in 
the redemption notice to fulfill its statutory obligation to supervise 
BHCs.
    Current Actions: On April 7, 2016, the Board published a notice in 
the Federal Register (81 FR 20384) requesting public comment for 60 
days on the proposal to extend for three years, without revision, the 
FR 4008. The comment period for this notice expired on June 6, 2016. 
The Board did not receive any comments, and the information collection 
will be extended as proposed.
    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 
Board's supervision that are low-volume transfer agents voluntarily 
file the notice on occasion with the Board. 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 Board uses the notices for supervisory purposes because 
the SEC has assigned to the Board 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: On April 7, 2016, the Board published a notice in 
the Federal Register (81 FR 20384) requesting public comment for 60 
days on the proposal to extend for three years, without revision, the 
FR 4013. The comment period for this notice expired on June 6, 2016. 
The Board did not receive any comments, and the information collection 
will be extended as proposed.
    In addition, the Board now provides registrants the option of 
submitting FR 4013 notices via the secure email address [email protected], preferably as a Portable Document Format (PDF) 
file.
    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 Board. 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 Board 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 Board uses the information provided in the notice 
to fulfill its statutory obligation to supervise SMBs.
    Current Actions: On April 7, 2016, the Board published a notice in 
the Federal Register (81 FR 20384) requesting public comment for 60 
days on the proposal to extend for three years, without revision, the 
FR 4014. The comment period for this notice expired on June 6, 2016. 
The Board did not receive any comments, and the information collection 
will be extended as proposed.
    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.

[[Page 42359]]

    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). 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 Board, (12 CFR 208.36(d). All such requests for 
confidential treatment will be determined on a case-by-case basis.
    Abstract: The Board's Regulation H requires certain SMBs to submit 
information relating to their securities to the Board 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: On April 7, 2016, the Board published a notice in 
the Federal Register (81 FR 20384) requesting public comment for 60 
days on the proposal to extend for three years, without revision, the 
Reg H-1. The comment period for this notice expired on June 6, 2016. 
The Board did not receive any comments, and the information collection 
will be extended as proposed.

    Board of Governors of the Federal Reserve System, June 23, 2016.
Robert deV. Frierson
Secretary of the Board.
[FR Doc. 2016-15325 Filed 6-28-16; 8:45 am]
BILLING CODE 6210-01-P