83 FR 34577 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 140 (July 20, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Application for a Foreign Organization to Acquire a U.S. Bank or Bank Holding Company (FR Y-3F; OMB No. 7100-0119).

[Federal Register Volume 83, Number 140 (Friday, July 20, 2018)]
[Notices]
[Pages 34577-34578]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15521]


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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.

ACTION: Notice.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision, the 
Application for a Foreign Organization to Acquire a U.S. Bank or Bank 
Holding Company (FR Y-3F; OMB No. 7100-0119).

DATES: The revisions are applicable as of July 31, 2018.

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 Board 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 Following Report

    Report title: Application for a Foreign Organization to Acquire a 
Bank Holding Company.
    Agency form number: FR Y-3F.
    OMB control number: 7100-0119.
    Frequency: On occasion.
    Respondents: Any company organized under the laws of a foreign 
country seeking to acquire a U.S. bank or bank holding company.
    Estimated number of respondents: Initial application, 1; subsequent 
application, 5.
    Estimated average hours per response: Initial application, 91 
hours; subsequent application, 71 hours.
    Estimated annual burden hours: 446 hours.
    General description of collection: Under the Bank Holding Company 
Act (BHCA), submission of this application is required for any company 
organized under the laws of a foreign country seeking to acquire a U.S. 
bank or bank holding company. Applicants must provide financial and 
managerial information, discuss the competitive effects of the proposed 
transaction, and discuss how the proposed transaction would effect the 
convenience and needs of the community to be served. The Federal 
Reserve also uses the information to fulfill, in part, its supervisory 
responsibilities with respect to foreign banking organizations in the 
United States.
    In addition to the application materials, an applicant also is 
required to publish a notice in a newspaper of general circulation in 
the community where the head office of the bank to be acquired is 
located. The notice must state the name and address of the applicant 
and its proposed subsidiary, and it must invite the public to submit 
written comments to the appropriate Federal Reserve Bank.
    Legal authorization and confidentiality: This information 
collection is mandatory and authorized by sections 3(a), 3(c), and 5(b) 
of the BHCA (12 U.S.C.1842(a), (c) and 1844(b)). The information 
provided in the application is not confidential unless the applicant 
specifically requests confidentiality and the Board approves the 
request. Applicants may rely on any Freedom of Information Act (FOIA) 
exemption, but such requests for confidentiality must contain detailed 
justifications corresponding to the

[[Page 34578]]

claimed FOIA exemption. Requests for confidentiality will be evaluated 
on a case-by-case basis.
    Effective date: July 31, 2018.
    Current actions: On March 23, 2018, the Board published a notice in 
the Federal Register (83 FR 12762) requesting public comment for 60 
days on the extension, with revision, of the FR Y-3F. The Board 
proposes to revise the FR Y-3F form and instructions in order to 
improve the clarity of the required information; obtain additional 
information necessary to evaluate the statutory factors; reflect the 
impact of new laws, regulations, capital requirements and accounting 
rules; and increase transparency regarding the information that is 
required to consider a proposal. The revisions are intended to reduce 
the need for subsequent information requests, which delay the Board's 
consideration of a filing and create additional burden for filers. The 
comment period for this notice expired on May 22, 2018. The Board did 
not receive any comments. Accordingly, the revisions will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, July 17, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-15521 Filed 7-19-18; 8:45 am]
 BILLING CODE 6210-01-P