83 FR 34579 - 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 International Applications and Prior Notifications Under Subpart B of Regulation K (FR K-2; OMB No. 7100-0284).

[Federal Register Volume 83, Number 140 (Friday, July 20, 2018)]
[Notices]
[Pages 34579-34580]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15519]


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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 
International Applications and Prior Notifications Under Subpart B of 
Regulation K (FR K-2; OMB No. 7100-0284).

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: 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

[[Page 34580]]

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 and the proposed office, and it must invite the 
public to submit written comments to the appropriate Reserve Bank.
    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.
    Current actions: On March 23, 2018, the Board published a notice in 
the Federal Register (83 FR 12760) requesting public comment for 60 
days on the extension, with revision, of the FR K-2. The Board proposed 
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. 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. 2018-15519 Filed 7-19-18; 8:45 am]
 BILLING CODE 6210-01-P