[Federal Register Volume 83, Number 140 (Friday, July 20, 2018)]
[Notices]
[Pages 34578-34579]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15518]
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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, with revision, the
International Applications and Prior Notifications under Subparts A and
C of Regulation K (FR K-1; OMB No. 7100-0107). 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
[[Page 34579]]
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 Subparts A and C of Regulation K.
Agency form number: FR K-1.
OMB control number: 7100-0107.
Frequency: On occasion.
Respondents: Member banks, Edge and agreement corporations, bank
holding companies (BHCs), and foreign organizations.
Estimated number of respondents: Attachments A and B, 5;
Attachments C through G, 15; Attachments H and I, 12; Attachment J, 2;
Attachment K, 1.
Estimated average hours per response: Attachments A and B, 11.5
hours; Attachments C through G, 10 hours; Attachments H and I, 15.5
hours; Attachment J, 10 hours; Attachment K, 20 hours.
Estimated annual burden hours: 1,013 hours.
General description of collection: Subpart A of the Board's
Regulation K governs the foreign investments and activities of member
banks, Edge and agreement corporations, BHCs, and certain investments
by foreign organizations. Subpart C of Regulation K governs investments
in export trading companies. The FR K-1 information collection contains
eleven attachments for the application and notification requirements
embodied in Subparts A and C of Regulation K. The Board requires these
applications for regulatory and supervisory purposes and to allow the
Board to fulfill its statutory obligations under the Federal Reserve
Act and the Bank Holding Company Act of 1956. The applications are
event-generated and provide the Federal Reserve with information
necessary to evaluate each of the proposed transactions.
Legal authorization and confidentiality: This information
collection is mandatory and collected pursuant to sections 25 and 25A
of the Federal Reserve Act (12 U.S.C. 601-604(a), 611-631), and
sections 4(c)(13), 4(c)(14), and 5(c) of the Bank Holding Company Act
(12 U.S.C. 1843(c)(13), 1843(c)(14), 1844(c)). The information
submitted in the FR K-1 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 (FOIA) exemption, but such requests for
confidentiality must contain detailed justifications corresponding to
the claimed FOIA exemption. Any 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 12761) requesting public comment for 60
days on the extension, with revision, of the FR K-1. The Board proposed
to revise the FR K-1 form and instructions primarily to make minor
changes for improved style, grammar, and clarity, and to align the
general information, certification, and confidentiality sections with
other similar forms.\1\ In addition, a statement has been added
indicating that the Board prefers that applicants/notificants
electronically submit the application/notification and that a pre-
filing option is available. No changes have been made to the
information required in the various attachments to the FR K-1 form. 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.
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\1\ Bank Holding Company Application and Notification Forms (FR
Y-3, FR Y-3N, and FR Y-4; OMB No. 7100-0121), the International
Applications and Prior Notifications Under Subpart B of Regulation K
(FR K-2; OMB No. 7100-0284), and the Application for a Foreign
Organization to Acquire a U.S. Bank or Bank Holding Company (FR Y-
3F; OMB No. 7100-0119).
Board of Governors of the Federal Reserve System, July 17, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-15518 Filed 7-19-18; 8:45 am]
BILLING CODE 6210-01-P