83 FR 12760 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 57 (March 23, 2018)

The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the International Applications and Prior Notifications Under Subpart B of Regulation K (FR K-2; OMB No. 7100-0284). The Board proposes to revise the FR K-2 form and instructions in order to: Improve the clarity of the requests; reflect new laws, regulations, capital requirements, and accounting rules; make minor changes for improved style, grammar, and clarity; and harmonize the general information, certification, and confidentiality sections with other similar forms. The revisions are intended to reduce the need for subsequent requests for additional information from respondents, which delay the Federal Reserve's consideration of a filing and create additional burden for filers.

[Federal Register Volume 83, Number 57 (Friday, March 23, 2018)]
[Notices]
[Pages 12760-12761]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05958]


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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, with revision, 
the International Applications and Prior Notifications Under Subpart B 
of Regulation K (FR K-2; OMB No. 7100-0284). The Board proposes to 
revise the FR K-2 form and instructions in order to: Improve the 
clarity of the requests; reflect new laws, regulations, capital 
requirements, and accounting rules; make minor changes for improved 
style, grammar, and clarity; and harmonize the general information, 
certification, and confidentiality sections with other similar forms. 
The revisions are intended to reduce the need for subsequent requests 
for additional information from respondents, which delay the Federal 
Reserve's consideration of a filing and create additional burden for 
filers.

DATES: Comments must be submitted on or before May 22, 2018.

ADDRESSES: You may submit comments, identified by FR K-2, by any of the 
following methods:
     Agency website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     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 website 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 Paper Reduction Act 
(PRA) OMB submission, including the proposed reporting form and 
instructions, supporting statement, and other documentation will be 
placed into OMB's public docket files, if approved. 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, 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: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the 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.

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 proposal.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Report

    Report title: International Applications and Prior Notifications 
Under Subpart B of Regulation K.
    Agency form number: FR K-2.
    OMB control number: 7100-0284.
    Frequency: On occasion.
    Respondents: Foreign banks.
    Estimated number of respondents: 14.
    Estimated average hours per response: 36 hours.
    Estimated annual burden hours: 504 hours.
    General description of collection: Foreign banks are required to 
obtain the prior approval of the Federal Reserve to establish a branch, 
agency, or representative office in the United States; to acquire 
ownership or control of a commercial lending company in the United 
States; or to change the status of any existing office in the United 
States. The FR K-2 information collection contains five attachments for 
the application and notification requirements embodied in subpart B of 
Regulation K. The Federal Reserve uses the information to fulfill its 
statutory obligations under the International Banking Act.
    The applicant also is required to publish a notice in a newspaper 
of general circulation in the community where the office is proposed to 
be located. The notice must state the name and address of the 
applicant/notificant

[[Page 12761]]

and the proposed office, and it must invite the public to submit 
written comments to the appropriate Reserve Bank.
    Proposed revisions: The Board proposes to revise the FR K-2 form 
and instructions in order to: Improve the clarity of the requests; 
reflect the impact of new laws, regulations, capital requirements, and 
accounting rules; make minor changes for improved style, grammar and 
clarity; and harmonize the general information, certification, and 
confidentiality sections with other similar forms. The revisions are 
intended to make initial filings more reflective of the proposed 
transaction and thereby reduce the need for subsequent information 
requests, which delay the Federal Reserve's consideration of a filing 
and create additional burden for filers.
    Legal authorization and confidentiality: This information 
collection is mandatory and collected pursuant to sections 7, 10, and 
13 of the International Banking Act (12 U.S.C. 3105, 3107, and 3108). 
The information collected on the FR K-2 is normally subject to public 
disclosure under the Freedom of Information Act (FOIA). The applying or 
notifying organization may request that portions of the information 
contained in the FR K-2 be afforded confidential treatment. To do so, 
applicants must demonstrate how the information for which 
confidentiality is requested would fall within the scope of one or more 
of the exemptions contained in the FOIA. Any such request would be 
evaluated on a case-by-case basis.
    Effective date: July 31, 2018.

    Board of Governors of the Federal Reserve System, March 20, 
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-05958 Filed 3-22-18; 8:45 am]
 BILLING CODE 6210-01-P