83 FR 22685 - Agency Information Collection Activities; Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 95 (May 16, 2018)

Page Range		22685-22687
FR Document		2018-10410

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers) (FR G-1), the Deregistration Statement for Persons Registered Pursuant to Regulation U (FR G-2), and the Annual Report (FR G-4), and to extend for three years, without revision, the Statement of Purpose for an Extension of Credit Secured by Margin Stock by a Person Subject to Registration Under Regulation U (FR G-3), the Statement of Purpose for an Extension of Credit by a Creditor (FR T-4), and the Statement of Purpose for an Extension of Credit Secured by Margin Stock (FR U-1). These six data collections are collectively known as the Margin Credit Reports. The revisions will be applicable as of July 1, 2018, instead of April 1, 2018, as proposed.

Federal Register, Volume 83 Issue 95 (Wednesday, May 16, 2018)

[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)]
[Notices]
[Pages 22685-22687]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10410]


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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 
Registration Statement for Persons Who Extend Credit Secured by Margin 
Stock (Other Than Banks, Brokers, or Dealers) (FR G-1), the 
Deregistration Statement for Persons Registered Pursuant to

[[Page 22686]]

Regulation U (FR G-2), and the Annual Report (FR G-4), and to extend 
for three years, without revision, the Statement of Purpose for an 
Extension of Credit Secured by Margin Stock by a Person Subject to 
Registration Under Regulation U (FR G-3), the Statement of Purpose for 
an Extension of Credit by a Creditor (FR T-4), and the Statement of 
Purpose for an Extension of Credit Secured by Margin Stock (FR U-1). 
These six data collections are collectively known as the Margin Credit 
Reports. The revisions will be applicable as of July 1, 2018, instead 
of April 1, 2018, as proposed.

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 of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. 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 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.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the FR G-1, FR G-2, and FR G-4 reports, 
as well as extension for three years, without revision, of the FR G-3, 
FR T-4, and FR U-1:
    1. Report title: Registration Statement for Persons Who Extend 
Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers); 
Deregistration Statement for Persons Registered Pursuant to Regulation 
U; Annual Report.
    Agency form number: FR G-1; FR G-2; FR G-4.
    OMB control number: 7100-0011.
    Effective date: July 1, 2018.
    Frequency: FR G-1 and FR G-2, On occasion; FR G-4, annually.
    Estimated number of respondents: 89.
    Estimated average hours per response: FR G-1, 2.5; FR G-2, 0.25; FR 
G-4, 2.
    Estimated annual burden hours: 160.
    General description of report: The registration statement (FR G-1) 
is required to enable the Federal Reserve to identify nonbank lenders 
subject to the Board's Regulation U, to verify compliance with the 
regulation, and to monitor margin credit. In addition, registered 
nonbank lenders can be subject to periodic review by the Board, the 
National Credit Union Administration, and the Farm Credit 
Administration.
    The deregistration statement (FR G-2) is used by nonbank lenders to 
terminate its registration if their margin credit activities no longer 
exceed the regulatory threshold found in Regulation U. Under section 
221.3(b)(2) of Regulation U, a registered nonbank lender may apply to 
terminate its registration if the lender has not, during the preceding 
six calendar months, had more than $200,000 of such credit outstanding.
    The information submitted on the annual report (FR G-4) is required 
pursuant to Regulation U to enable the Federal Reserve to monitor the 
amount of credit extended by nonbank lenders that is secured by margin 
stock.
    2. Report title: Statement of Purpose for an Extension of Credit 
Secured by Margin Stock by a Person Subject to Registration Under 
Regulation U; Statement of Purpose for an Extension of Credit by a 
Creditor; Statement of Purpose for an Extension of Credit Secured by 
Margin Stock.
    Agency form number: FR G-3; FR T-4; FR U-1.
    OMB control number: 7100-0018; 7100-0019; 7100-0115.
    Effective date: July 1, 2018.
    Frequency: On occasion.
    Estimated number of respondents: FR G-3, 6; FR T-4, 4; FR U-1, 4.
    Estimated average hours per response: FR G-3, 0.17; FR T-4, 0.17; 
FR U-1, 0.17.
    Estimated annual burden hours: FR G-3, 20; FR T-4, 14; FR U-1, 51.
    General description of reports: The FR G-3, FR T-4, and FR U-1 
purpose statements, which are completed by the borrower and the lender 
(brokers and dealers, in the case of the FR T-4), consist of three 
parts. The borrower completes Part I of the reporting form and is 
required to do the following: State the amount of the loan and whether 
the purpose of the loan is to purchase, carry, or trade in securities 
(pursuant to the Board's Regulation T) or purchase or carry margin 
stock (pursuant to Regulation U) and, if not, describe the specific 
purpose of the loan. FR T-4 respondents must also answer a question as 
to whether the securities serving as collateral will be delivered 
against payment. The borrower must sign and date the reporting form. 
The lender completes Part II, which may entail listing and valuing any 
collateral. The lender then signs and dates Part III of the reporting 
form, acknowledging that the customer's statement is accepted in good 
faith. The lender is required to hold the reporting forms for at least 
three years after the credit is extinguished. The Federal Reserve 
System does not collect or process this information, but the 
information required on the form may be reviewed by Federal Reserve 
examiners to assess compliance with the Securities Exchange Act of 1934 
(the Act) and Regulation T.
    Legal authorization and confidentiality: These reports are 
authorized by section 7 of the Act (15 U.S.C. 78g). In addition, the FR 
T-4 is required by section 220.6 of Regulation T (12 CFR 220.6), the FR 
U-1 is required by sections 221.3(c)(1)(i) and (2)(i) of Regulation U 
(12 CFR 221.3(c)(1)(i) and (2)(i)), and the FR G-1, FR G-2, FR G-3, and 
FR G-4 are required by sections 221.3(b)(1), (2), and (3), and 
(c)(1)(ii) and (2)(ii) of Regulation U (12 CFR 221.3(b)(1), (2), and 
(3), and (c)(1)(ii) and (2)(ii)).
    The FR G-1 and FR G-4 collect financial information, including a 
balance sheet, from nonbank lenders subject to Regulation U. Some of 
these lenders may be individuals or nonbank entities that do not make 
this information publicly available; release could therefore cause 
substantial harm to the competitive position of the respondent or 
result in an unwarranted invasion of personal privacy. In those cases, 
the information could be withheld under exemption 4 or exemption 6 of 
the Freedom of Information Act (5 U.S.C. 552(b)(4) and (6)), 
respectively. Confidentiality determinations will be made on a case-by-
case basis. Because the FR G-3, FR T-4, and FR U-1 are not submitted to 
the Federal Reserve System and FR G-2 does not contain any information 
considered to be confidential, no confidentiality determination is 
necessary for these reports.

[[Page 22687]]

    Current actions: On January 23, 2018, the Board published a notice 
in the Federal Register (83 FR 3146) requesting public comment for 60 
days on the extension, with revision, of the FR G-1, FR G-2, and FR G-
4, as well as the extension, without revision, of the FR G-3, FR T-4, 
and FR U-1. The Board proposed to revise the instructions for the FR G-
1, FR G-2, and FR G-4 to require respondents to submit Portable 
Document Format (PDF) versions of the reporting forms and attachments 
to a designated Federal Reserve Board email address. The Board also 
proposed to consolidate all six Margin Credit Reports under one OMB 
control number, 7100-0011, which currently only includes the FR G-1, FR 
G-2, and FR G-4. The comment period expired on March 26, 2018. The 
Board did not receive any comments. Accordingly, the revisions will be 
implemented as proposed; provided that, the effective date of the 
revisions will be July 1, 2018, rather than April 1, 2018, as proposed.

    Board of Governors of the Federal Reserve System, May 11, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-10410 Filed 5-15-18; 8:45 am]
 BILLING CODE 6210-01-P

Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices 22685

district, which are also its primary nominees for positions on boards of Office of Finance is required to
customers. The Bank Act vests the directors and engage in recruiting and implement to promote diversity in all of
management of each Bank in a board of outreach directed at encouraging its business and activities ‘‘at all levels’’
directors that consists of two types of individuals who are minorities, women and, specifically, to encourage diversity
directors: (1) Member directors, who are and individuals with disabilities to seek in the nomination and solicitation of
drawn from the officers and directors of or apply for employment with the nominees for members of its boards of
member institutions located in the regulated entity.’’ 6 directors. FHFA also uses the
Bank’s district and who are elected to In conformity with the statutory information to establish a baseline to
represent members in a particular state requirements, FHFA’s MWI regulations analyze future trends related to the
in that district; and (2) independent require that each Bank and the Office of diversity of the boards of directors of the
directors, who are unaffiliated with any Finance submit to FHFA an annual Banks and the Office of Finance and to
of the Bank’s member institutions, but report describing, among other things, assess the effectiveness of the strategies
who reside in the Bank’s district and are its efforts to promote diversity at all developed by the Banks and the Office
elected on an at-large basis.1 The Office levels of management and employment, of Finance for promoting, developing,
of Finance is also governed by a board and the results of those efforts.7 In order and retaining diverse board talent.
of directors, which consists of the to provide a quantitative basis upon B. Burden Estimate
presidents of the eleven Banks and five which to assess the results of those
independent directors.2 efforts, FHFA’s regulations require that FHFA estimates the total annual hour
Section 1319A of the Federal Housing each Bank and the Office of Finance set burden imposed upon respondents by
Enterprises Financial Safety and forth in in their respective annual this information collection to be 20
Soundness Act of 1992 (Safety and reports the demographic data reported hours. This is based on estimates that
Soundness Act) requires that each of the on the EEO–1 form, which they are 200 Bank and Office of Finance
Banks establish an Office of Minority required to file annually with the Equal Directors will respond annually, with
and Women Inclusion (OMWI) to be Employment Opportunity Commission each response taking an average of 0.1
responsible for all matters relating to (EEOC).8 The EEO–1 form requires that hours (6 minutes) (200 respondents ×
diversity in its management, each respondent provide race, ethnicity 0.1 hours = 20 hours).
employment, and business activities, in and gender information for its C. Comments Request
accordance with requirements employees, broken down into various
established by FHFA.3 Section 1319A FHFA requests written comments on
job categories. Because the EEO–1 form the following: (1) Whether the collection
also requires that each Bank implement does not require that a respondent
standards and procedures to ensure, to of information is necessary for the
provide information on board directors, proper performance of FHFA functions,
the maximum extent possible, the FHFA cannot use the EEO–1 data to
inclusion and utilization of women and including whether the information has
assess the effectiveness of the Bank practical utility; (2) the accuracy of
minorities ‘‘at all levels’’ of its business System’s efforts to ‘‘encourage the
and activities, and submit an annual FHFA’s estimates of the burdens of the
consideration of diversity in nominating collection of information; (3) ways to
report to FHFA detailing actions taken or soliciting nominees for positions on
to achieve those goals.4 enhance the quality, utility, and clarity
boards of directors.’’ of the information collected; and (4)
FHFA’s MWI regulations implement Therefore, in order to enable FHFA to
those statutory requirements and also ways to minimize the burden of the
assess those efforts, the MWI regulations collection of information on
extend the requirements to the Office of separately require that the annual
Finance. The regulations require respondents, including through the use
reports set forth ‘‘[d]ata showing for the of automated collection techniques or
generally that each Bank and the Office reporting year by minority and gender
of Finance ‘‘develop, implement, and other forms of information technology.
classification, the number of individuals
maintain policies and procedures to on the board of directors of each Bank Dated: May 10, 2018.
ensure, to the maximum extent possible and the Office of Finance,’’ using the Kevin Winkler,
in balance with financially safe and same racial and ethnic classifications Chief Information Officer, Federal Housing
sound business practices, the inclusion that are used on the EEO–1 form (which Finance Agency.
and utilization of minorities, women, comply with OMB’s ‘‘Statistical Policy [FR Doc. 2018–10431 Filed 5–15–18; 8:45 am]
individuals with disabilities, and Directive No. 15, Race and Ethnic BILLING CODE 8070–01–P
minority-, women-, and disabled-owned Standards for Federal Statistics and
businesses in all business and activities Administrative Reporting’’).9 The
and at all levels of the regulated entity, regulation requires that each Bank and FEDERAL RESERVE SYSTEM
including in management, employment, the Office of Finance collect that data
procurement, insurance, and all types of ‘‘through an information collection Agency Information Collection
contracts.’’ 5 In recognition of the fact requesting each director’s voluntary Activities; Announcement of Board
that each Bank is required by statute to self-identification of his or her minority Approval Under Delegated Authority
promote diversity and inclusion ‘‘at all and gender classification without and Submission to OMB
levels’’ of its business and activities, the personally identifiable information.’’
MWI regulations further require that the AGENCY: Board of Governors of the
FHFA uses the information collected Federal Reserve System.
Banks’ policies and procedures (as well under this control number to assess the SUMMARY: The Board of Governors of the
as those of the Office of Finance) effectiveness of the policies and Federal Reserve System (Board) is
sradovich on DSK3GMQ082PROD with NOTICES

‘‘[e]ncourage the consideration of procedures that each Bank and the
diversity in nominating or soliciting adopting a proposal to extend for three
years, with revision, the Registration
6 See 12 CFR 1223.21(b)(7).
1 See 12 U.S.C. 1427(a)(1), (b), (d). 7 See
Statement for Persons Who Extend
12 CFR 1223.22(a).
2 See 12 CFR 1273.7(a). 8 See 12 CFR 1223.23(b)(1). As required by 29
Credit Secured by Margin Stock (Other
3 See 12 U.S.C. 4520(a).
CFR 1602.7, each Bank and the Office of Finance Than Banks, Brokers, or Dealers) (FR G–
4 See 12 U.S.C. 4520(b), (d). annually files an EEO–1 form with the EEOC. 1), the Deregistration Statement for
5 See 12 CFR 1223.21(b). 9 See 12 CFR 1223.23(b)(10)(i). Persons Registered Pursuant to

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Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices 22687

Current actions: On January 23, 2018, Retained Annuity Trust #2, with • Mail: General Services
the Board published a notice in the William C. Martin as trustee, all of Ann Administration, Regulatory Secretariat
Federal Register (83 FR 3146) Arbor, Michigan; to join the Martin Division (MVCB), 1800 F Street NW,
requesting public comment for 60 days Family Control Group approved on Washington, DC 20405. ATTN: Ms.
on the extension, with revision, of the December 15, 2017, and acquire voting Mandell/IC 9000–0035, Claims and
FR G–1, FR G–2, and FR G–4, as well shares of Arbor Bancorp, Inc., and Appeals.
as the extension, without revision, of thereby indirectly acquire voting shares Instructions: Please submit comments
the FR G–3, FR T–4, and FR U–1. The of Bank of Ann Arbor, both of Ann only and cite Information Collection
Board proposed to revise the Arbor, Michigan. 9000–0035, Claims and Appeals, in all
instructions for the FR G–1, FR G–2, and Board of Governors of the Federal Reserve
correspondence related to this
FR G–4 to require respondents to submit System, May 11, 2018. collection. Comments received generally
Portable Document Format (PDF) Yao-Chin Chao,
will be posted without change to http://
versions of the reporting forms and www.regulations.gov, including any
Assistant Secretary of the Board.
attachments to a designated Federal personal and/or business confidential
[FR Doc. 2018–10438 Filed 5–15–18; 8:45 am]
Reserve Board email address. The Board information provided. To confirm
also proposed to consolidate all six BILLING CODE P receipt of your comment(s), please
Margin Credit Reports under one OMB check http://www.regulations.gov,
control number, 7100–0011, which approximately two to three days after
currently only includes the FR G–1, FR DEPARTMENT OF DEFENSE submission to verify posting (except
G–2, and FR G–4. The comment period allow 30 days for posting of comments
expired on March 26, 2018. The Board GENERAL SERVICES submitted by mail).
did not receive any comments. ADMINISTRATION
FOR FURTHER INFORMATION CONTACT: Mr.
Accordingly, the revisions will be Charles Gray, Procurement Analyst,
implemented as proposed; provided NATIONAL AERONAUTICS AND
Federal Acquisition Policy Division,
that, the effective date of the revisions SPACE ADMINISTRATION
GSA, 703–795–6328 or via email at
will be July 1, 2018, rather than April [OMB Control No. 9000–0035; Docket No. charles.gray@gsa.gov.
1, 2018, as proposed. 2018–0003; Sequence No. 7] SUPPLEMENTARY INFORMATION:
Board of Governors of the Federal Reserve
System, May 11, 2018. Information Collection; Claims and A. Purpose
Michele Taylor Fennell,
Appeals It is the Government’s policy to try to
Assistant Secretary of the Board. resolve all contractual issues by mutual
AGENCIES: Department of Defense (DOD),
agreement at the contracting officer’s
[FR Doc. 2018–10410 Filed 5–15–18; 8:45 am] General Services Administration (GSA),
level without litigation. Reasonable
BILLING CODE 6210–01–P and National Aeronautics and Space
efforts should be made to resolve
Administration (NASA).
controversies prior to submission of a
FEDERAL RESERVE SYSTEM ACTION: Notice of request for public contractor’s claim. The Contract
comments regarding an extension to an Disputes Act of 1978 (41 U.S.C. 7103)
Change in Bank Control Notices; existing OMB clearance. requires that claims exceeding $100,000
Acquisitions of Shares of a Bank or must be accompanied by a certification
Bank Holding Company SUMMARY: Under the provisions of the that (1) the claim is made in good faith;
Paperwork Reduction Act, the (2) supporting data are accurate and
The notificants listed below have
Regulatory Secretariat Division will be complete; and (3) the amount requested
applied under the Change in Bank
submitting to the Office of Management accurately reflects the contract
Control Act (12 U.S.C. 1817(j)) and
and Budget (OMB) a request to review adjustment for which the contractor
§ 225.41 of the Board’s Regulation Y (12
and approve an extension of a believes the Government is liable. The
CFR 225.41) to acquire shares of a bank
previously approved information information, as required by FAR clause
or bank holding company. The factors
collection requirement concerning 52.233–1, Disputes, is used by a
that are considered in acting on the
claims and appeals. contracting officer to decide or resolve
notices are set forth in paragraph 7 of
DATES: Submit comments on or before the claim. Contractors may appeal the
the Act (12 U.S.C. 1817(j)(7)).
The notices are available for July 16, 2018. contracting officer’s decision by
immediate inspection at the Federal ADDRESSES: Submit comments submitting written appeals to the
Reserve Bank indicated. The notices identified by Information Collection appropriate officials.
also will be available for inspection at 9000–0035, Claims and Appeals, by any B. Annual Reporting Burden
the offices of the Board of Governors. of the following methods: Respondents: 4,500.
Interested persons may express their • Regulations.gov: http:// Responses per Respondent: 3.
views in writing to the Reserve Bank www.regulations.gov. Annual Responses: 13,500.
indicated for that notice or to the offices Submit comments via the Federal Hours Per Response: 1.
of the Board of Governors. Comments eRulemaking portal by searching the Total Burden Hours: 13,500.
must be received not later than May 31, OMB control number. Select the link
‘‘Submit a Comment’’ that corresponds C. Public Comments
2018.
with ‘‘Information Collection 9000– Public comments are particularly
sradovich on DSK3GMQ082PROD with NOTICES

A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice 0035, Claims and Appeals’’. Follow the invited on: Whether this collection of
President) 230 South LaSalle Street, instructions provided at the ‘‘Submit a information is necessary for the proper
Chicago, Illinois 60690–1414: Comment’’ screen. Please include your performance of functions of the FAR,
1. The William C. Martin 2018 name, company name (if any), and and whether it will have practical
Grantor Retained Annuity Trust #1, with ‘‘Information Collection 9000–0035, utility; whether our estimate of the
William C. Martin as trustee, and the Claims and Appeals’’ on your attached public burden of this collection of
William C. Martin 2018 Grantor document. information is accurate, and based on

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Document Created: 2018-11-02 09:13:14
Document Modified: 2018-11-02 09:13:14

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		On January 23, 2018, the Board published a notice in the Federal Register (83 FR 3146) requesting public comment for 60 days on the extension, with revision, of the FR G-1, FR G-2, and FR G- 4, as well as the extension, without revision, of the FR G-3, FR T-4, and FR U-1. The Board proposed to revise the instructions for the FR G- 1, FR G-2, and FR G-4 to require respondents to submit Portable Document Format (PDF) versions of the reporting forms and attachments
Dates		July 1, 2018.
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.
FR Citation		83 FR 22685