[Federal Register Volume 82, Number 239 (Thursday, December 14, 2017)]
[Notices]
[Pages 58807-58808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26962]
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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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Reporting Requirements Associated with Regulation XX Concentration
Limit (FR XX) and Financial Company (as defined) Report of Consolidated
Liabilities (FR XX-1) (OMB No. 7100-0363).
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
[[Page 58808]]
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 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.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Report
Report title: Reporting Requirements Associated with Regulation XX
Concentration Limit; Financial Company (as defined) Report of
Consolidated Liabilities.
Agency form number: FR XX; FR XX-1.
OMB control number: 7100-0363.
Frequency: Event-generated; annual.
Respondents: Insured depository institutions, bank holding
companies, foreign banking organizations, savings and loan holding
companies, companies that control insured depository institutions, and
nonbank financial companies supervised by the Board; U.S. and foreign
financial companies that do not otherwise report consolidated financial
information to the Board or other appropriate Federal banking agency.
Estimated number of respondents: FR XX (Section 251.4(b)): 1; FR XX
(Section 251.4(c)): 1; FR XX-1: 43.
Estimated average hours per response: FR XX (Section 251.4(b)): 10,
FR XX (Section 251.4(c)): 10; FR XX-1: 2.
Estimated annual burden hours: FR XX (Section 251.4(b)): 10; FR XX
(Section 251.4(c)): 10; FR XX-1: 86 (106 total).
General description of report: The Board adopted Regulation XX to
implement section 14 of the Bank Holding Company Act of 1956 (BHC Act),
which was added by section 622 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act). Section 14 established a
financial sector concentration limit that generally prohibits a
financial company from merging or consolidating with, or otherwise
acquiring, another company if the resulting company's liabilities upon
consummation would exceed 10 percent of the aggregate liabilities of
all financial companies. Regulation XX established certain reporting
requirements for financial companies. The Board created the FR XX-1
reporting form to collect information required to be submitted by
Regulation XX.
Legal authorization and confidentiality: This information
collection is authorized by section 14 of the Bank Holding Company Act
(12 U.S.C. 1852(d)) and Regulation XX (12 CFR part 251). The obligation
of financial companies to comply with the consolidated liabilities
reporting requirement is mandatory. Compliance by financial companies
with the transactional reporting requirements is required in order to
obtain the benefit of Board consent to consummation of the
transactions.
Section 251.6 and FR XX-1. As noted, the required reporting of
calendar year-end liabilities under section 251.6 of Regulation XX can
be satisfied by many financial companies through their continued
reporting of consolidated financial information to the Board or other
appropriate Federal banking agency though the various reports listed
above. The information collected on those forms has been the subject of
separate authorization and confidentiality determinations. With regard
to the collection of the specific information at issue, calendar year-
end liabilities (including as collected on the FR XX-1), such
information generally is not considered confidential, but some
information, depending on the circumstances, may be the type of
confidential commercial and financial information that may be withheld
under exemption 4 of the Freedom of Information Act (FOIA) (5 U.S.C
552(b)(4)). As required information, it may be withheld under exemption
4 on a case-by-case basis only if public disclosure could result in
substantial competitive harm to the submitting institution. Any request
from a submitter for confidential treatment should be accompanied by a
detailed justification for confidentiality.
Section 251.4. The information collected under section 251.4 (under
both its prior written consent provision for individual transactions
and the general consent authority) consists of (1) a description of the
acquisition and (2) the change in and resultant aggregate amount of
financial company liabilities. The reported liabilities information, in
like fashion to the liabilities information reported under section
251.6, generally is not considered confidential but, depending on the
circumstances, may be the type of confidential commercial and financial
information that may be withheld under exemption 4 of FOIA. The
description of the individual acquisitions provided under the prior
written consent provisions generally would not be deemed confidential,
but that some such information may be of the type that could be
withheld under exemption 4 on a case-by-case basis, under the standards
enumerated above.
Current actions: On August 16, 2017, the Board published a notice
in the Federal Register (82 FR 38906) requesting public comment for 60
days on the extension, without revision, of the FR XX and FR XX-1. The
comment period for this notice expired on October 16, 2017. The Board
did not receive any comments. The information collection will be
extended as proposed.
Board of Governors of the Federal Reserve System, December 11,
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-26962 Filed 12-13-17; 8:45 am]
BILLING CODE 6210-01-P