83 FR 34580 - 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 Bank Holding Company Application and Notification Forms (OMB No. 7100- 0121): The Application for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-3), the Notification for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-3N), and the Notification for Prior Approval to Engage Directly or Indirectly in Certain Nonbanking Activities (FR Y-4).

[Federal Register Volume 83, Number 140 (Friday, July 20, 2018)]
[Notices]
[Pages 34580-34581]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15520]


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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 
Bank Holding Company Application and Notification Forms (OMB No. 7100-
0121): The Application for Prior Approval to Become a Bank Holding 
Company or for a Bank Holding Company to Acquire an Additional Bank or 
Bank Holding Company (FR Y-3), the Notification for Prior Approval to 
Become a Bank Holding Company or for a Bank Holding Company to Acquire 
an Additional Bank or Bank Holding Company (FR Y-3N), and the 
Notification for Prior Approval to Engage Directly or Indirectly in 
Certain Nonbanking Activities (FR Y-4).

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 Prior Approval to Become a Bank 
Holding Company, or for a Bank Holding Company to Acquire an Additional 
Bank or Bank Holding Company; Notification for Prior Approval to Become 
a Bank Holding Company, or for a Bank Holding Company to Acquire an 
Additional Bank or Bank Holding Company; and Notification for Prior 
Approval to Engage Directly or Indirectly in Certain Nonbanking 
Activities.
    Agency form number: FR Y-3, FR Y-3N, and FR Y-4.
    OMB control number: 7100-0121.
    Frequency: Event-generated.
    Respondents: Corporations seeking to become bank holding companies 
(BHCs) and existing BHCs.
    Estimated average hours per response: FR Y-3, Section 3(a)(1): 50 
hours; FR Y-3, Section 3(a)(3) and 3(a)(5): 60.5 hours; FR Y-3N, 
Sections 3(a)(1), 3(a)(3), and 3(a)(5): 5 hours; FR Y-4, complete 
notification: 12 hours; FR Y-4, expedited notification: 5 hours; and FR 
Y-4, post-consummation: 0.5 hours.
    Estimated number of respondents: FR Y-3, Section 3(a)(1): 81; FR Y-
3, Section 3(a)(3) and 3(a)(5): 136; FR Y-3N, Sections 3(a)(1), 
3(a)(3), and 3(a)(5): 26; FR Y-4, complete notification: 30; FR Y-4, 
expedited notification: 11; and FR Y-4, post-consummation: 1.
    Estimated annual burden hours: 12,824 hours.
    General description of report: The Federal Reserve requires the 
submission of these filings for regulatory and supervisory purposes and 
to allow the Federal Reserve to fulfill its statutory obligations under 
the Bank Holding Company Act of 1956 (the BHC Act). These filings 
collect information on proposals by BHCs involving

[[Page 34581]]

formations, acquisitions, mergers, and nonbanking activities. The 
Federal Reserve uses this information to evaluate each individual 
transaction with respect to financial and managerial factors, 
permissibility, competitive effects, net public benefits, financial 
stability, and the impact on the convenience and needs of affected 
communities.
    The applicant or notificant 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: The FR Y-3 application and 
FR Y-3N notification are mandatory and submitted pursuant to section 
3(a) of the BHC Act, which requires Board approval for formations, 
acquisitions, and mergers of bank holding companies (12 U.S.C. 
1842(a)), and section 5(b) of the BHC Act, which authorizes the Board 
to issue regulations and orders to carry out these functions (12 U.S.C. 
1844(b)). The FR Y-4 notification is mandatory and submitted pursuant 
to section 4(j) of the BHC Act, which requires BHCs to give advance 
written notice to the Board of any nonbanking activities (12 U.S.C. 
1843(j)), and section 5(b) of the BHC Act (12 U.S.C. 1844(b)), 
described above.
    The information submitted in the FR Y-3, Y-3N, and Y-4 is 
considered to be public unless an institution requests confidential 
treatment for portions of the particular application or notification. 
Applicants may rely on any Freedom of Information Act exemption, and 
such requests for confidentiality must contain detailed justifications 
corresponding to the claimed 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 12758) requesting public comment for 60 
days on the extension, with revision, of the FR Y-3, FR Y-3N, and FR Y-
4. The Board proposes to revise the FR Y-3, FR Y-3N, and FR Y-4 forms 
and instructions in order to improve the clarity of the requests; 
reflect the impact of new laws, regulations, capital requirements and 
accounting rules; delete items that are not typically useful for the 
analysis of the proposal; and add transparency for filers regarding the 
information that is required to consider a proposal. The revisions are 
intended to make initial filings better reflect and include the 
information that Board staff requires to evaluate a transaction and 
thereby reduce the need for subsequent information requests, which may 
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. 2018-15520 Filed 7-19-18; 8:45 am]
 BILLING CODE 6210-01-P