82 FR 38906 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 157 (August 16, 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 Reporting Requirements Associated with Regulation XX Concentration Limit (FR XX) and Financial Company (as defined) Report of Consolidated Liabilities (FR XX-1) (OMB No. 7100- 0363). On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve 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 157 (Wednesday, August 16, 2017)]
[Notices]
[Pages 38906-38907]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17344]



[[Page 38906]]

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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 Reporting Requirements Associated with 
Regulation XX Concentration Limit (FR XX) and Financial Company (as 
defined) Report of Consolidated Liabilities (FR XX-1) (OMB No. 7100-
0363). On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board authority under the Paperwork Reduction Act 
(PRA) to approve 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 16, 2017.

ADDRESSES: You may submit comments, identified by FR XX or FR XX-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.
     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: Reporting Requirements Associated with Regulation XX 
Concentration Limit; Financial Company (as defined) Report of 
Consolidated Liabilities.
    Agency form number: FR XX; FR XX-1.
    OMB control number: 7100-0363.
    Frequency: Event-generated; annual.
    Respondents: Insured depository institutions, bank holding 
companies, foreign banking organizations, savings and loan holding 
companies, companies that control insured depository institutions, and 
nonbank financial companies supervised by the Board; U.S. and foreign 
financial companies that do not otherwise report consolidated financial 
information to the Board or other appropriate Federal banking agency.
    Estimated number of respondents: FR XX (Section 251.4(b)): 1; FR XX 
(Section 251.4(c)): 1; FR XX-1: 43.
    Estimated average hours per response: FR XX (Section 251.4(b)): 10, 
FR XX (Section 251.4(c)): 10; FR XX-1: 2.
    Estimated annual burden hours: FR XX (Section 251.4(b)): 10; FR XX 
(Section 251.4(c)): 10; FR XX-1: 86 (106 total).
    General Description of Report: The Board adopted Regulation XX to 
implement section 14 of the Bank Holding Company Act of 1956 (BHC Act), 
which was added by section 622 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act). Section 14 established a 
financial sector concentration limit that generally prohibits a 
financial company from merging or consolidating with, or otherwise 
acquiring, another company if the resulting company's liabilities upon 
consummation would exceed 10 percent of the aggregate liabilities of 
all financial companies. Regulation XX established certain reporting 
requirements for financial companies. The Board created the FR XX-1 
reporting form to collect information required to be submitted by 
Regulation XX.
    Legal authorization and confidentiality: This information 
collection is authorized by section 14 of the Bank Holding Company Act 
(12 U.S.C. 1852(d)) and Regulation XX (12 CFR part 251). The obligation 
of financial companies to comply with the consolidated liabilities 
reporting

[[Page 38907]]

requirement is mandatory. Compliance by financial companies with the 
transactional reporting requirements is required in order to obtain the 
benefit of Board consent to consummation of the transactions.
    Section 251.6 and FR XX-1. As noted, the required reporting of 
calendar year-end liabilities under section 251.6 of Regulation XX can 
be satisfied by many financial companies through their continued 
reporting of consolidated financial information to the Board or other 
appropriate Federal banking agency though the various reports listed 
above. The information collected on those forms has been the subject of 
separate authorization and confidentiality determinations. With regard 
to the collection of the specific information at issue, calendar year-
end liabilities (including as collected on the FR XX-1), such 
information generally is not considered confidential, but some 
information, depending on the circumstances, may be the type of 
confidential commercial and financial information that may be withheld 
under exemption 4 of the Freedom of Information Act (FOIA) (5 U.S.C 
552(b)(4)). As required information, it may be withheld under exemption 
4 on a case-by-case basis only if public disclosure could result in 
substantial competitive harm to the submitting institution. Any request 
from a submitter for confidential treatment should be accompanied by a 
detailed justification for confidentiality.
    Section 251.4. The information collected under section 251.4 (under 
both its prior written consent provision for individual transactions 
and the general consent authority) consists of (1) a description of the 
acquisition and (2) the change in and resultant aggregate amount of 
financial company liabilities. The reported liabilities information, in 
like fashion to the liabilities information reported under section 
251.6, generally is not considered confidential but, depending on the 
circumstances, may be the type of confidential commercial and financial 
information that may be withheld under exemption 4 of FOIA. The 
description of the individual acquisitions provided under the prior 
written consent provisions generally would not be deemed confidential, 
but that some such information may be of the type that could be 
withheld under exemption 4 on a case-by-case basis, under the standards 
enumerated above.

    Board of Governors of the Federal Reserve System, August 11, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-17344 Filed 8-15-17; 8:45 am]
 BILLING CODE 6210-01-P