[Federal Register Volume 80, Number 249 (Tuesday, December 29, 2015)]
[Notices]
[Pages 81324-81326]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-32700]
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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: Notice is hereby given of the final approval of proposed
information collections by the Board of Governors of the Federal
Reserve System (Board) under OMB delegated authority. 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 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 control
number.
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.
Final approval under OMB delegated authority of 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
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confidential treatment pursuant to sections (b)(4) of the Freedom of
Information Act (FOIA) (5 U.S.C. 552(b)(4)). The Federal Reserve
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.
Current Actions: On October 22, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 64000) requesting public
comment for 60 days on the extension, without revision, of the FR Y-12
and FR Y-12A. The comment period for this notice expired on December
21, 2015. The Federal Reserve did not receive any comments. The
information collection will be extended for three years, without
revision, as proposed.
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 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.
Current Actions: On October 22, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 64000) requesting public
comment for 60 days on the extension, without revision, of the Bank
Secrecy Act Suspicious Activity Report. The comment period for this
notice expired on December 21, 2015. The Federal Reserve did not
receive any comments. The information collection will be extended for
three years, without revision, as proposed.
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.
Current Actions: On October 22, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 64000) requesting public
comment for 60 days on the extension, without revision, of the Domestic
Branch Notification. The comment period for this notice expired on
December 21, 2015. The Federal Reserve did not receive any comments.
The information collection will be extended for three years, without
revision, as proposed.
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
[[Page 81326]]
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.
Current Actions: On October 22, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 64000) requesting public
comment for 60 days on the extension, without revision, of the
Disclosure Requirements in Connection With Subpart H of Regulation H.
The comment period for this notice expired on December 21, 2015. The
Federal Reserve did not receive any comments. The information
collection will be extended for three years, without revision, as
proposed.
Board of Governors of the Federal Reserve System, December 23,
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-32700 Filed 12-28-15; 8:45 am]
BILLING CODE 6210-01-P