82 FR 37589 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 154 (August 11, 2017)

The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the mandatory Notifications Related to Community Development and Public Welfare Investments of State Member Banks (FR H-6; OMB No. 7100-0278). On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve of and assign OMB control numbers to collection of information requests and requirements 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.

[Federal Register Volume 82, Number 154 (Friday, August 11, 2017)]
[Notices]
[Pages 37589-37590]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17012]


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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 mandatory Notifications Related to Community Development 
and Public Welfare Investments of State Member Banks (FR H-6; OMB No. 
7100-0278).
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board authority under the Paperwork Reduction Act 
(PRA) to approve of and assign OMB control numbers to collection of 
information requests and requirements 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.

DATES: Comments must be submitted on or before October 10, 2017.

ADDRESSES: You may submit comments, identified by FR H-6, by any of the 
following methods:

[[Page 37590]]

     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     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: Ann E. Misback, 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 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 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 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 Federal 
Reserve should modify the proposed revisions prior to giving final 
approval.

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

    Report title: Notifications Related to Community Development and 
Public Welfare Investments of State Member Banks.
    Agency form number: FR H-6.
    OMB control number: 7100-0278.
    Frequency: Event-generated.
    Respondents: State member banks.
    Estimated number of respondents: Post Notification, 20; Application 
(Prior Approval), 71; and Extension of divestiture period, 1.
    Estimated average hours per response: Post Notification, 2 hours; 
Application (Prior Approval) 5 hours; and Extension of divestiture 
period, 5 hours.
    Estimated annual burden hours: Post Notification, 40 hours; 
Application (Prior Approval) 355 hours; and Extension of divestiture 
period, 5 hours.
    General Description of Report: Regulation H requires state member 
banks planning to make community development or public welfare 
investments to comply with the Regulation H notification requirements: 
(1) If the investment does not require prior Board approval, a written 
notice must be sent to the appropriate Federal Reserve Bank; (2) if 
certain criteria are not met, and the investment requires prior Board 
approval, a request for approval must be sent to the appropriate 
Federal Reserve Bank; and, (3) if the Board orders divestiture, but the 
bank cannot divest within the established time limit, a request or 
requests for extension of the divestiture period must be submitted to 
the appropriate Federal Reserve Bank.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that the public welfare investment notice, request for 
approval, and request for extension of the divestiture period are 
authorized by the Federal Reserve Act, (12 U.S.C. 338a), and by the 
Board's Regulation H, (12 CFR 208.22). The obligation of state member 
banks to make public welfare investments under both the Reserve Bank 
post-notice and the Board's prior approval procedure is mandatory. The 
request for extension of the divestiture period is required to obtain a 
benefit. Individual respondent data generally are not regarded as 
confidential. However, a bank that submits confidential proprietary 
information may request confidential treatment of that information 
pursuant to section (b)(4) of the Freedom of Information Act (FOIA) (5 
U.S.C. 552(b)(4)). Such a determination would be made on a case-by-case 
basis in response to a specific request for disclosure. If examination 
ratings are included in a submission, those will be considered 
confidential under exemption 8 of the FOIA, (5 U.S.C. 552(b)(8)).
    Consultation outside the agency: Given that most community 
development entities obtain funding from a variety of local and 
regional financial institutions, Board staff consults with other 
agencies' staff to discuss applications relating to such investments, 
as appropriate.

    Board of Governors of the Federal Reserve System, August 8, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-17012 Filed 8-10-17; 8:45 am]
 BILLING CODE 6210-01-P