[Federal Register Volume 64, Number 68 (Friday, April 9, 1999)]
[Notices]
[Pages 17380-17381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8824]
=======================================================================
-----------------------------------------------------------------------
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
Background. 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, as per 5
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). Board-approved collections of information are incorporated
into the official OMB inventory of currently approved collections of
information. Copies of the OMB 83-Is and 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.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. West--Division of Research
and Statistics, Board of Governors of the Federal Reserve System,
Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Alexander T. Hunt--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)
Final approval under OMB delegated authority of the extension for
three years, without revision, of the following reports:
1. Report title: Notification of Foreign Branch Status
Agency form number: FR 2058
OMB Control number: 7100-0069
Frequency: On occasion
Reporters: State member banks, national banks, bank holding
companies, Edge and agreement corporations.
Annual reporting hours: 20 hours.
Estimated average hours per response: 15 minutes.
Number of respondents: 80
Small businesses are not affected.
General description of report: This information collection is
mandatory (12 U.S.C. 321, 601, 602, 615, and 1844(c)) and is not given
confidential treatment.
Abstract: Member banks, bank holding companies, and Edge and
agreement corporations are required to notify the Federal Reserve
System of the opening, closing, or relocation of an approved foreign
branch. The notice requests information on the location and extent of
service provided by the branch, and is filed within thirty days of the
change in status. The Federal Reserve System needs the information
requested on the FR 2058 form to fulfill supervisory responsibilities
specified in Regulation K including the supervision of foreign branches
of U.S. banking organizations.
Regulation K, ``International Banking Operations,'' sets forth the
conditions under which a foreign branch may be established. For their
initial establishment of foreign branches, organizations must request
prior Federal Reserve approval as directed in Attachment A of the FR K-
1, ``International Applications and Prior Notifications Under Subparts
A and C of Regulation K'' (OMB No. 7100-0107). For subsequent branch
establishments into additional foreign countries, organizations must
give the Federal Reserve System forty-five days prior written notice
using Attachment B of FR K-1. Organizations use the FR 2058
notification to notify the Federal Reserve when any of these branches
has been opened, closed, or relocated.
2. 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
Effective date: May 10, 1999.
Frequency: On occasion
Reporters: State member banks, national banks, bank holding
companies, Edge and agreement corporations, and certain foreign banking
organizations.
Annual reporting hours: 636 hours.
Estimated average hours per response: Attachments A - G: 10;
Attachments H, I: 15; and Attachment J: 20.
Number of respondents: 36
Small businesses are not affected.
General description of report: This information collection is
mandatory (12 U.S.C. 601-604(a), 611-631, 1843(c)(13), 1843(c)(14), and
1844(c)) and is not given confidential treatment. The applying
organization has the opportunity to request confidentiality for
information that it believes will qualify for a Freedom of Information
Act exemption.
Abstract: The FR K-1 comprises a set of applications and
notifications that govern the formation of Edge or agreement
corporations and the international and foreign activities of U.S.
banking organizations. The applications and notifications collect
information on projected financial data, purpose, location, activities,
and management. The Federal Reserve requires these applications for
regulatory and supervisory purposes and to allow the Federal Reserve to
fulfill its statutory obligations under the Federal Reserve Act and the
Bank Holding Company Act of 1956.
Regulatory Flexibility Act Statement: The Board certifies that the
extension of the above applications and notifications is not expected
to have a significant economic impact on a substantial number of small
entities within the meaning of the Regulatory Flexibility Act.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following reports:
1. Report title: Reports Related to Public Welfare Investments of
State Member Banks.
Agency form number: FR H-6
OMB control number: 7100-0278
Effective date: May 10, 1999.
Frequency: Event-generated
Reporters: State member banks.
Annual reporting hours: 78 hours.
Estimated average hours per response: Investment Notice: 2;
Application: 2.75; Extension of divestiture period: 5
Number of respondents: 35
Small businesses are not affected.
General description of report: This information collection is
required to obtain a benefit (12 U.S.C. 338a) and is generally not
given confidential treatment. However, if the information collected
contains an examination rating (or other supervisory information), that
information would be exempt from disclosure (5 U.S.C. 552(b)(4)).
Abstract: The FR H-6 comprises of an investment notice, application
for Board approval of an investment, and request for extension of the
divestiture period of an investment. The state member banks may make
certain public welfare investments without prior Board approval, they
need only notify the Federal Reserve. Certain other public welfare
investments require prior approval and the request must be submitted to
the Board. If an investment ceases to conform to certain requirements
the state member bank must divest itself of the investment. In some
cases the bank must submit a
[[Page 17381]]
request for extension of the divestiture period. The proposed revisions
for the FR H-6 would conform the information collection with the
recently revised Regulation H. The Board is eliminating the requirement
that, to avoid applying for Board approval, the investment must be
smaller than 2 percent of capital and surplus. This should result in
fewer applications and more notices of investments not requiring Board
approval. Additionally, a requirement has been added to the application
for Board approval: if the bank is not permitted to make the investment
without Board approval, the institution must explain the reason(s) why
the investment is ineligible.
Regulatory Flexibility Act Analysis: Pursuant to section 605(b) of
the Regulatory Flexibility Act (RFA) (5 U.S.C. 605(b)) the Federal
Reserve hereby certifies that this proposed rule will not have a
significant economic impact on a substantial number of small entities.
2. 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
Agency form number: FR Y-3
OMB control number: 7100-0121
Frequency: Event-generated
Reporters: Corporations seeking to become bank holding companies,
or bank holding companies and state chartered banks that are members of
the Federal Reserve System
Annual reporting hours: 30,443 hours.
Estimated average hours per response: Section 3(a)(1): 49 hours;
Section 3(a)(3) and 3(a)(5): 59.5 hours
Number of respondents: Pursuant to Section 3(a)(1): 274; Pursuant
to Section 3(a)(3) and 3(a)(5): 286
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. sections 1842(a)(1), (a)(3), and (a)(5) and 12
U.S.C. section 1844(c)). Individual respondent data are available to
the public except any portions which have been granted confidential
treatment at the applicant's request (5 U.S.C. 552 (b)(4) and (b)(8)).
Abstract: This application collects information concerning proposed
bank holding company formations, acquisitions, and mergers between
banks and bank holding companies for review by the Federal Reserve. The
application collects financial and managerial information and data on
competitive and public convenience factors.
Current Actions: Tier 3 capital is now included in the information
requested for question 4.d of the FR Y-3 due to changes in the
international risk-based capital standards. Information on debt
servicing has been added to the FR Y-3 to conform the report with
revisions to sections 225.24 and 225.17 of Regulation Y.
Clarifications have been made to the ``Competition and Convenience
and Needs'' section of the application to remove certain outdated
references. Question 11 of this section has been clarified and question
12 of this section has been revised to conform with proposed changes to
the Interagency Bank Merger Act Application (FR 2070; OMB No. 7100-
0171). In addition, clarifications were made to the publication
requirements for this application.
3. Report title: Application for Prior Approval to Engage Directly
or Indirectly in Certain Nonbanking Activities.
Agency form number: FR Y-4
OMB control number: 7100-0121
Frequency: Event-generated
Reporters: Bank holding companies
Annual reporting hours: 4,147 hours.
Estimated average hours per response: Post-consummation: 0.50
hours; Expedited notification: 5 hours; Complete notification: 12
hours.
Number of respondents: Post-consummation: 29; Expedited
notification: 92; Complete notification: 306.
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 1843 and 1844 (c)). Individual respondent
data are available to the public except any portions granted
confidential treatment at the applicant's request (5 U.S.C. Sec.
552(b)(4) and (8)).
Abstract: This form is completed by a bank holding company seeking
prior approval (1) to acquire or retain the assets or shares of a
nonbank company or (2) to engage de novo in nonbank activities. Most
applications require information on the proposed transaction,
information on competition and public benefits, and financial and
managerial information. For applications to engage de novo in nonbank
activities permissible under Regulation Y, less detailed information is
required.
Current Actions: The Federal Reserve has revised the FR Y-4 to
reflect changes to Regulation Y that provide for two separate
streamlined procedures for certain nonbanking proposals that are
intended to reduce significantly regulatory burden and to improve the
ability of well-run bank holding companies to respond quickly to
changes in the market place. The FR Y-4 has become a notification form
instead of an application.
Final approval under OMB delegated authority the implementation of
the following report:
1. Report title: Notice for Prior Approval to Become a Bank Holding
Company, or for a Bank Holding Company to Acquire an Additional Bank or
Bank Holding Company
Agency form number: FR Y-3N
OMB control number: 7100-0121
Frequency: Event-generated
Reporters: Corporations seeking to become bank holding companies,
or bank holding companies and state chartered banks that are members of
the Federal Reserve System.
Annual reporting hours: 945 hours.
Estimated average hours per response: 5 hours.
Number of respondents: 189
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 1844(c)). Individual respondent data are
available to the public except any portions which have been granted
confidential treatment at the applicant's request (5 U.S.C. 552 (b)(4)
and (b)(8)).
Abstract: The Federal Reserve is implementing the FR Y-3N due to
Regulation Y revisions that provide for streamlined processes for
reviewing applications and notifications from respondents meeting
certain qualifying criteria. The FR Y-3N requests substantially less
information than the previous FR Y-3 for respondents that meet the
qualifying criteria.
Current Actions: The FR Y-3N reporting form is used for: (1)
notifications filed using the abbreviated notice procedures for certain
BHC formations, as described in section 225.17 of Regulation Y; (2)
notifications filed to acquire shares, assets, or control of a bank, or
a merger or consolidation between BHCs, filed under the streamlined
procedures described in section 225.14 of Regulation Y, and (3)
notifications filed to acquire a nonbank insured depository institution
that require approval under section 4 of the BHC Act, if the BHC and
the proposal would meet all of the criteria for expedited action under
section 225.14 if the nonbank insured depository institution were a
bank.
Board of Governors of the Federal Reserve System, April 5, 1999.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. 99-8824 Filed 4-8-99; 8:45am]
Billing Code 6210-01-F