[Federal Register Volume 80, Number 204 (Thursday, October 22, 2015)]
[Notices]
[Pages 64000-64002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-26817]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act (PRA),
to approve of and assign OMB 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 PRA Submission, supporting statements and approved collection of
information instruments 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 number.
DATES: Comments must be submitted on or before December 21, 2015.
ADDRESSES: You may submit comments, identified by FR Y-12/12A, FR 2230,
FR 4001, or Reg H-7 by any of the following methods:
Agency Web site: http://www.federalreserve.gov. Follow the
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instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Robert deV. Frierson, 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 Web site 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 PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site 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:
Request for Comment on Information Collection Proposals
The following information collections, which are being handled
under this delegated authority, have received initial Board approval
and are hereby published for comment. At the end of the comment period,
the proposed information collections, along with an analysis of
comments and recommendations received, will be submitted to the Board
for final approval under OMB delegated authority. 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 start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Reports
1. Report title: Consolidated Bank Holding Company Report of Equity
Investments in Nonfinancial Companies and the Annual Report of Merchant
Banking Investments Held for an Extended Period.
Agency form number: FR Y-12, FR Y12A, respectively.
OMB control number: 7100-0300.
Frequency: FR Y-12: quarterly or semi-annually, FR Y-12A: annually.
Reporters: Bank holding companies (BHCs), financial holding
companies (FHCs) and savings and loan holding companies (SLHCs).
Estimated annual reporting hours: FR Y-12: 1,650 hours, FR Y-12A:
133 hours.
Estimated average hours per response: FR Y-12: 16.5 hours, FR Y-
12A: 7 hours.
Number of respondents: FR Y-12: 28, FR Y-12A: 19.
General description of report: This collection of information is
mandatory and authorized to be collected from BHCs and FHCs pursuant to
Section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)(1)(A))
and from SLHCs pursuant to section 10 of the Home Owners Loan Act (12
U.S.C. 1467a(b)). Overall, the Federal Reserve does not consider the
data collected on the FR Y-12 to be confidential. However, a holding
company may request confidential treatment pursuant to sections (b)(4)
of the Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(4)). The
Board considers the data collected on the FR Y-12A to be confidential
pursuant to sections (b)(4) and (b)(8) of FOIA (5 U.S.C. 552(b)(4) and
(b)(8)).
Abstract: The FR Y-12 collects information from certain domestic
BHCs and SLHCs on their equity investments in nonfinancial companies.
The FR Y-12 data serve as an important risk-monitoring device for
institutions active in this business line by allowing supervisory staff
to monitor an institution's activity between review dates. They also
serve as an early warning mechanism to identify institutions whose
activities in this area are growing rapidly and therefore warrant
special supervisory attention. The FR Y-12A is filed annually by
institutions that hold merchant banking investments that are
approaching the end of the holding period permissible under Regulation
Y. The FR Y-12A data continue to be a useful tool for examiners to
monitor institutions that have merchant banking investments that are
approaching holding period limitations.
2. Report title: Bank Secrecy Act Suspicious Activity Report (BSA-
SAR).
Agency form number: FR 2230.
OMB control number: 7100-0212.
Frequency: On occasion.
Reporters: State member banks (SMBs), BHCs and their nonbank
subsidiaries, Edge and agreement corporations, and the U.S. branches
and agencies, representative offices, and nonbank subsidiaries of
foreign banks supervised by the Federal Reserve.
Estimated annual reporting hours: 159,071 hours.
Estimated average hours per response: 1.5 hours.
Number of respondents: 5,489.
General description of report: The BSA-SAR is required by law,
pursuant to authority contained in the following statutes: 12 U.S.C.
248(a)(1), 3105(c)(2), 3106(a), and 625 of the International Banking
Act, 12 U.S.C. 1844(c) of the Bank Holding Company Act, and 12 U.S.C.
1818(s) of the Federal Deposit Insurance Act. The obligation to file a
SAR is set forth in the Board's rules, and is mandatory for SMBs (12
CFR 208.62(c)); entities subject to the Bank Holding Company Act and
their nonbank subsidiaries (12 CFR 225.4(f)); Edge and agreement
corporations (12 CFR 211.5(k)); and U.S. branches, agencies, and
representative offices of
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foreign banks (12 CFR 211.24(f)). BSA-SARs are exempt from FOIA
disclosure by 31 U.S.C. 5319, which specifically provides that SARS
``are exempt from disclosure under section 552 of title 5'', and FOIA
exemption 3, 5 U.S.C. 552(b)(3) (matters ``specifically exempted from
disclosure by statute'').
Abstract: Since 1996, the Federal Reserve Board, the Office of the
Comptroller of the Currency, the Federal Deposit Insurance Corporation,
the National Credit Union Administration, and the Department of the
Treasury's Financial Crimes Enforcement Network have required certain
types of financial institutions to report known or suspected violations
of law and suspicious transactions. To fulfill these requirements,
supervised banking organizations file SARs. Law enforcement agencies
use the information submitted on the reporting form to initiate
investigations and the Federal Reserve uses the information in the
examination and oversight of supervised institutions.
3. Report title: Domestic Branch Notification.
Agency form number: FR 4001.
OMB control number: 7100-0097.
Frequency: On occasion.
Reporters: SMBs.
Estimated annual reporting hours: 131 hours.
Estimated average hours per response: 30 minutes for expedited
notifications and 1 hour for nonexpedited notifications.
Number of respondents: 60 expedited and 101 nonexpedited.
General description of report: Section 9(3) of the Federal Reserve
Act, (12 U.S.C. 321), requires that SMBs obtain prior Federal Reserve
approval before establishing a domestic branch. This requirement is
implemented by the provisions of Section 208.6 of the Board's
Regulation H, (12 CFR 208.6). The obligation of SMBs to request prior
approval of the appropriate supervising Reserve Bank in order to
establish a domestic branch is mandatory. The individual respondent
information in the notification is not considered confidential.
Abstract: The Federal Reserve Act and Regulation H require an SMB
to seek prior approval of the Federal Reserve System before
establishing or acquiring a domestic branch. Such requests for approval
must be filed as notifications at the appropriate Reserve Bank for the
SMB. Due to the limited information that an SMB generally has to
provide for branch proposals, there is no formal reporting form for a
domestic branch notification. An SMB is required to notify the Federal
Reserve by letter of its intent to establish one or more new branches
and provide with the letter evidence that public notice of the proposed
branch(es) has been published by the SMB in the appropriate
newspaper(s). The Federal Reserve uses the information provided to
fulfill its statutory obligation to review any public comment on
proposed branches before acting on the proposals and otherwise to
supervise SMBs.
4. Report title: Disclosure Requirements in Connection With Subpart
H of Regulation H (Consumer Protections in Sales of Insurance).
Agency form number: Reg H-7.
OMB control number: 7100-0298.
Frequency: On occasion.
Reporters: State member banks.
Estimated annual reporting hours: 13,372 hours.
Estimated average hours per response: 1.5 minutes
Number of respondents: 849.
General description of report: Section 305 of the Gramm-Leach-
Bliley Act of 1999 requires that the Federal Reserve and the other
federal banking agencies issue joint regulations applicable to retail
sales practices, solicitations, advertising, or offers of insurance by
depository institutions. (12 U.S.C. 1831x) Subpart H of the Federal
Reserve's Regulation H, Consumer Protection in Sales of Insurance,
implements section 305 on behalf of the Federal Reserve, and provides
for the disclosures outlined above. (12 CFR part 208, subpart H) The
obligation of SMBs to make these disclosures is mandatory. Since the
Federal Reserve does not collect any information, no issue of
confidentiality normally arises.
Abstract: Subpart H of Regulation H was adopted pursuant to section
305 of the Gramm-Leach-Bliley Act of 1999, which required the federal
banking agencies to issue joint regulations governing retail sales
practices, solicitations, advertising, and offers of insurance by, on
behalf of, or at the offices of insured depository institutions. The
insurance consumer protection rules in Regulation H require depository
institutions to prepare and provide certain disclosures to consumers.
Covered persons are required to make certain disclosures before the
completion of the initial sale of an insurance product or annuity to a
consumer and at the time a consumer applies for an extension of credit
in connection with which and insurance product or annuity is solicited,
offered, or sold.
Board of Governors of the Federal Reserve System, October 19,
2015.
Robert deV. Frierson
Secretary of the Board.
[FR Doc. 2015-26817 Filed 10-21-15; 8:45 am]
BILLING CODE 6210-01-P