83 FR 11521 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 51 (March 15, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Interagency Notice of Change in Control (FR 2081a; OMB No. 7100-0134), Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b; OMB No. 7100-0134), Interagency Biographical and Financial Report (FR 2081c; OMB 7100-0134), and the Interagency Bank Merger Act Application (FR 2070; OMB No. 7100-0171).

[Federal Register Volume 83, Number 51 (Thursday, March 15, 2018)]
[Notices]
[Pages 11521-11523]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05255]


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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, with revision, the 
Interagency Notice of Change in Control (FR 2081a; OMB No. 7100-0134), 
Interagency Notice of Change in Director or Senior Executive Officer 
(FR 2081b; OMB No. 7100-0134), Interagency Biographical and Financial 
Report (FR 2081c; OMB 7100-0134), and the Interagency Bank Merger Act 
Application (FR 2070; OMB No. 7100-0171).

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, 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 
or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: 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. 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 control 
number. 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. These 
documents will also be made available on the Federal Reserve Board's 
public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Reports

    Report title: Interagency Notice of Change in Control.
    Agency form number: FR 2081a.
    OMB control number: 7100-0134.
    Frequency: On occasion.
    Respondents: An individual (or a group of individuals or company or 
group of companies that would not be bank holding companies (BHCs) or 
savings and loan holding companies (SLHCs) after consummation of the 
proposed transaction) seeking to acquire shares of an insured 
depository institution, SLHC, or BHC (or group of BHCs or SLHCs).
    Estimated number of respondents: 156.
    Estimated average hours per response: 30.5.

[[Page 11522]]

    Estimated annual burden hours: 4,758.

    Report title: Interagency Notice of Change in Director or Senior 
Executive Officer.
    Agency form number: FR 2081b.
    OMB control number: 7100-0134.
    Frequency: On occasion.
    Respondents: Insured depository institutions, SLHCs, BHCs, and 
individuals.
    Estimated number of respondents: 287.
    Estimated average hours per response: 2.
    Estimated annual burden hours: 574.
    Report title: Interagency Biographical and Financial Report.
    Agency form number: FR 2081c.
    OMB control number: 7100-0134.
    Frequency: On occasion.
    Respondents: Certain shareholders, directors, and executive 
officers of financial institutions.
    Estimated number of respondents: 1,512.
    Estimated average hours per response: 4.5.
    Estimated annual burden hours: 6,804.

    Report title: Interagency Bank Merger Act Application.
    Agency form number: FR 2070.
    OMB control number: 7100-0171.
    Frequency: On occasion.
    Respondents: State member banks.
    Estimated number of respondents: Non-affiliate, 54; Affiliate, 10.
    Estimated average hours per response: Non-affiliate, 31; Affiliate, 
19.
    Estimated annual burden hours: 1,864.
    General description of reports: The Interagency Notice of Change in 
Control form is used by an individual (or a group of individuals or a 
company or group of companies that would not be BHCs or SLHCs after 
consummation of the proposed transaction) seeking to acquire shares of 
a state member bank, SLHC or a BHC (or group of BHCs or SLHCs). The 
notice is submitted to the Board. The notice includes a description of 
the proposed transaction, the purchase price and funding source, and 
the personal and financial information of the proposed acquirer(s) and 
any proposed new management.
    The Interagency Notice of Change in Director or Senior Executive 
Officer form is used, under certain circumstances, by a state member 
bank, BHC, SLHC, or the affected individual to notify the Board of a 
proposed change in the institution's board of directors or senior 
executive officers. The notice must be filed only if the state member 
bank, SLHC, or BHC is not in compliance with all minimum capital 
requirements, is in troubled condition or, is otherwise required by the 
Board to provide such notice.
    The Interagency Biographical and Financial Report is used by 
certain shareholders, directors, and executive officers, in connection 
with different types of applications filed with the agencies. 
Information requested on this reporting form is subject to verification 
and, as with all required information, must be complete.
    The Interagency Bank Merger Act Application is an event-generated 
application and is completed by a state member bank each time the bank 
requests approval to effect a merger, consolidation, assumption of 
deposit liabilities, other combining transaction with a nonaffiliated 
party, or a corporate reorganization with an affiliated party. The form 
collects information on the basic legal and structural aspects of these 
transactions.
    Legal authorization and confidentiality: Section 7(j) of the 
Federal Deposit Insurance Act (12 U.S.C. 1817(j)) authorizes the Board 
to require the information under the FR 2081a and FR 2081c. Section 914 
of the Financial Institutions Reform, Recovery, and Enforcement Act (12 
U.S.C. 1831(i)) authorizes the Board to collect the information in the 
FR 2081b and FR 2081c.
    The notices and reporting forms are public documents. Any 
organization or individual that submits a form may request that all or 
a portion of the submitted information be kept confidential. In such 
cases, the filer must justify the exemption by demonstrating that 
disclosure would cause substantial competitive harm, result in an 
unwarranted invasion of personal privacy, or would otherwise qualify 
for an exemption under the Freedom of Information Act (5 U.S.C. 552). 
The confidentiality status of the information submitted is judged on a 
case-by-case basis.
    Because information is being collected from individuals, the Board 
is required to make certain disclosures to the notificant under the 
Privacy Act (5 U.S.C. 552a(e)(3)). The disclosures made by the Federal 
Reserve on the FR 2081 meet the requirements of the Privacy Act.
    The Bank Merger Act (BMA), 12 U.S.C. 1828(c), authorizes the Board 
to collect the information in the FR 2070. The BMA requires, in 
relevant part, that a state member bank, when it is the acquiring, 
assuming or resulting bank, obtain prior approval from the Board before 
merging or consolidating with another insured depository institution, 
or before acquiring the assets of or assuming liability to deposits 
made in any other insured depository institution.
    The Interagency Bank Merger Act Application is a public document. 
However, applicants may request that parts of their applications be 
kept confidential. In such cases, the filer must justify the exemption 
by demonstrating that disclosure would cause substantial competitive 
harm, would result in an unwarranted invasion of personal privacy, or 
would otherwise qualify for an exemption under the Freedom of 
Information Act (5 U.S.C. 552). The confidentiality status of the 
information submitted is judged on a case-by-case basis.
    Effective Date: All revisions would become effective upon FDIC and 
OCC receiving OMB approval of their comparable reports.
    Current actions: On October 2, 2017, the Board published a notice 
in the Federal Register (82 FR 45847) requesting public comment for 60 
days on the extension, with revision, of the Interagency Notice of 
Change in Control (FR 2081a; OMB No. 7100-0134), Interagency Notice of 
Change in Director or Senior Executive Officer (FR 2081b; OMB No. 7100-
0134), Interagency Biographical and Financial Report (FR 2081c; OMB 
7100-0134), and the Interagency Bank Merger Act Application (FR 2070; 
OMB No. 7100-0171). The Board proposed to revise the FR 2070, 2081a, FR 
2081b, and FR 2081c to improve the clarity of the information requests, 
delete information requests that are not typically useful for the 
analysis of the proposal, and increase transparency.
    The draft final forms would include certain new information 
requests. These new requests relate to information that is customarily 
requested during the application review process but not reflected on 
the current forms. Requesting this information at the beginning of the 
review, through the forms, should increase the efficiency of the 
applications process and improve transparency. For example, the draft 
final FR 2070 would require a description of any contract deadlines and 
any filings with other state and federal regulators; the draft final FR 
2081a would require a narrative description of the proposal and 
information regarding the expected timing of the proposal; the draft 
final FR 2081c would require a description of any liability that is 
contractually delinquent; and the draft final FR 2081a and FR 2081b 
would both require a description of whether the submission is being 
filed after-the-fact and whether any exemptions apply.

[[Page 11523]]

    In addition, each of the draft final forms has been revised to 
remove information that is no longer relevant. For example, the draft 
final FR 2070 would no longer require a description of goodwill 
amortization and purchase discount accretion schedules because of 
accounting rule changes; the draft final FR 2081a would no longer 
require a description of current book value per share because that 
information can be calculated using other available information; and 
the draft final FR 2081c would remove the requirement to provide a fax 
number.
    The comment period for this notice expired on December 1, 2017. The 
Board did not receive any comments. The revisions will be implemented 
as proposed.

Consultation With the Federal Deposit Insurance Corporation (FDIC) and 
Office of the Comptroller of the Currency (OCC)

    Representatives from the Board worked together with representatives 
from the FDIC and OCC to draft revisions to the Interagency Notice of 
Change in Control, Interagency Notice of Change in Director or Senior 
Executive Officer, Interagency Biographical and Financial Report, 
Interagency Bank Merger Act because each of the agencies uses the forms 
for information collection. The agencies collaborated to determine 
whether the forms should be modified. They reviewed the forms in 
consideration of current law and applications processing procedures and 
practices.

    Board of Governors of the Federal Reserve System, March 12, 
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-05255 Filed 3-14-18; 8:45 am]
 BILLING CODE 6210-01-P