[Federal Register Volume 81, Number 226 (Wednesday, November 23, 2016)]
[Rules and Regulations]
[Pages 84415-84419]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-28231]
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FEDERAL RESERVE SYSTEM
12 CFR Part 209
[Regulation I; Docket No. R-1533]
RIN 7100-AE 47
Federal Reserve Bank Capital Stock
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
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SUMMARY: The Board of Governors (Board) is adopting, in final form and
without change, an interim final rule amending Regulation I. The final
rule establishes procedures for payment of dividends by the Federal
Reserve Banks (Reserve Banks) to implement the provisions of section
32203 of the ``Fixing America's Surface Transportation Act.'' The final
rule sets out the dividend rates applicable to Reserve Bank depository
institution stockholders and amends provisions of Regulation I
regarding treatment of accrued dividends when a Reserve Bank issues or
cancels Federal Reserve Bank capital stock.
DATES: This final rule is effective on January 1, 2017.
FOR FURTHER INFORMATION CONTACT: Evan Winerman, Counsel (202-872-7578),
Legal Division; or Kimberly Zaikov, Financial Project Leader (202/452-
2256), Reserve Bank Operations and Payments Systems Division. Users of
Telecommunication Device for Deaf (TDD) only, call (202) 263-4869.
[[Page 84416]]
SUPPLEMENTARY INFORMATION:
I. Overview
Regulation I governs the issuance and cancellation of capital stock
by the Reserve Banks. Under section 5 of the Federal Reserve Act \1\
and Regulation I,\2\ a member bank must subscribe to capital stock of
the Reserve Bank of its district in an amount equal to six percent of
the member bank's capital and surplus. The member bank must pay for
one-half of this subscription on the date that the Reserve Bank
approves its application for capital stock, while the remaining half of
the subscription shall be subject to call by the Board.\3\
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\1\ 12 U.S.C. 287.
\2\ 12 CFR 209.4(a).
\3\ 12 U.S.C. 287 and 12 CFR 209.4(c)(2).
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Prior to January 1, 2016, all member banks were entitled to a six
percent dividend on their paid-in capital stock. As of January 1, 2016,
the ``Fixing America's Surface Transportation Act'' (``FAST Act'') \4\
amended section 7(a)(1) of the Federal Reserve Act \5\ to provide that
stockholders with more than $10 billion in total consolidated assets
shall receive a dividend on paid-in capital stock equal to the lesser
of six percent and ``the rate equal to the high yield of the 10-year
Treasury note auctioned at the last auction held prior to the payment
of such dividend,'' while stockholders with $10 billion or less in
total consolidated assets shall continue to receive a six percent
dividend. The FAST Act also provides that the Board must adjust the $10
billion threshold for total consolidated assets annually to reflect the
change in the Gross Domestic Product Price Index, published by the
Bureau of Economic Analysis.
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\4\ Public Law 114-94, 129 Stat. 1312 (2015). See https://www.congress.gov/114/bills/hr22/BILLS-114hr22enr.pdf/.
\5\ 12 U.S.C. 289(a)(1).
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On February 24, 2016, the Board published an interim final rule and
request for comment in the Federal Register (81 FR 9082) that amends
Regulation I to implement section 32203 of the FAST Act. The interim
final rule allowed the Reserve Banks to continue their practice of
making semi-annual dividend payments, although at a new rate for larger
institutions.
In addition, Regulation I contains provisions with respect to the
treatment of accrued dividends when a Reserve Bank issues new stock or
cancels existing stock. These Regulation I provisions implement
portions of sections 5, 6, and 9 of the Federal Reserve Act, which were
not amended by the FAST Act. Section 5 provides that (1) when a Reserve
Bank issues new shares to a stockholder, the stockholder must pay the
Reserve Bank for accrued dividends at a monthly rate of one-half of one
percent from the last dividend and, correspondingly, (2) when a
stockholder reduces or liquidates its holding of Reserve Bank stock,
the Reserve Bank must pay the stockholder for accrued dividends at a
monthly rate of one-half of one percent from the last dividend.
Similarly, sections 6 and 9(10) of the Federal Reserve Act state that,
when a member bank becomes insolvent or voluntarily withdraws from
Reserve Bank membership, the Reserve Bank shall pay accrued dividends
on the bank's cancelled stock at a monthly rate of one-half of one
percent. Prior to the amendments published in the interim final rule,
Regulation I adopted the approach described in sections 5, 6, and 9(10)
of the Federal Reserve Act, providing in Sec. Sec. 209.4(d) and
209.4(e)(1) that dividends for subscriptions to, and cancellations of,
Reserve Bank stock shall accrue at a monthly rate of one-half of one
percent. As discussed below, the interim final rule adjusted the
accrued dividend rates for larger institutions to be consistent with
the rate adopted in the FAST Act.
II. Summary of Comments Received and Final Rule
A. Public Comments
The Board received nine comments on the interim final rule: One
from a trade association representing commercial banks; one from a
small commercial bank; and seven from individual members of the public.
The trade association and the commercial bank expressed concerns
regarding Congress's decision to lower the statutory dividend rate for
banks with more than $10 billion in total consolidated assets, while
other commenters supported Congress's decision. None of the commenters
suggested specific changes to the text of the interim final rule.
B. Description of Final Rule
1. Dividend Payment Rate
Like the interim final rule, the final rule amends Regulation I to
include a new paragraph, Sec. 209.4(e), addressing the rate for
dividend payments by the Reserve Banks. Section 209.4(e)(1)(i)
implements the FAST Act provision requiring that banks with more than
$10 billion in total consolidated assets receive a dividend on their
Reserve Bank capital stock at an annual rate of the lesser of six
percent and the high yield of the 10-year Treasury note auctioned at
the last auction held prior to the payment of the dividend. Section
209.4(e)(1)(ii) provides that banks with $10 billion or less in total
consolidated assets will continue to receive a dividend at an annual
rate of six percent. Section 209.4(e)(3) provides that dividends are
cumulative, as required by section 7 of the Federal Reserve Act.
Section 209.4(e)(2) provides that each dividend ``will be adjusted
to reflect the period from the last dividend payment date to the
current dividend payment date according to the dividend proration
basis.'' Section 209.1(d)(2) in turn defines ``dividend proration
basis'' as ``the use of a 360-day year of 12 30-day months for purposes
of computing dividend payments.'' Thus, under the interim final rule, a
semi-annual dividend payment to a stockholder with $10 billion or less
in total consolidated assets continues to be calculated as three
percent of paid-in capital. A semi-annual dividend payment to a
stockholder with more than $10 billion in total consolidated assets
would be calculated as the lesser of three percent or one-half of the
high yield of the 10-year Treasury note auctioned at the last auction
held prior to the payment of the dividend.
2. Payment of Accrued Dividends for Subscriptions to Reserve Bank Stock
Section 5 of the Federal Reserve Act requires that member banks
subscribe to new stock of the appropriate Reserve Bank whenever the
member bank increases its own capital stock, so as to maintain an
investment in Federal Reserve Bank stock equal to 3 percent of the
member bank's capital and surplus. Banks also become member banks
throughout the year.
As discussed above, section 5 of the Federal Reserve Act provides
that, when a stockholder subscribes to new capital stock, it must pay
for accrued dividends on that new stock at a monthly rate of one-half
of one percent from the last dividend (i.e., a monthly rate derived
from a six percent annual rate). Prior to the amendments published in
the interim final rule, Regulation I adopted the same approach. This
requirement ensures that the stockholder will not be overcompensated at
the next dividend payment, because the stockholder has paid in advance
for the portion of the stockholder's next dividend payment attributable
to the period for which the member bank did not own the stock.
Although section 5 of the Federal Reserve Act continues to provide
that a stockholder should pay for accrued dividends at a monthly rate
of one-half of one percent from the last dividend, section 7 of the
Federal Reserve Act now provides that stockholders with more than $10
billion in total
[[Page 84417]]
consolidated assets will receive an annual dividend at the lesser of
six percent and the high yield of the 10-year Treasury note auctioned
at the last auction held prior to the payment of the dividend. Applying
sections 5 and 7 literally could cause a larger stockholder to overpay
for accrued dividends if it paid at a rate based on a six percent
annual rate but received its next dividend payment at an annual rate
below six percent (assuming the high yield of the 10-year Treasury note
at the applicable auction was below six percent).
Like the interim final rule, the final rule reconciles the conflict
between sections 5 and 7 of the Federal Reserve Act by requiring that a
stockholder with more than $10 billion in total consolidated assets pay
for accrued dividends at an annual rate of the lesser of six percent
and the high yield of the 10-year Treasury note auctioned at the last
auction held prior to the previous dividend payment date (that is, the
rate used for the previous dividend payment to stockholders with more
than $10 billion in total consolidated assets), prorated to cover the
period between the last dividend payment date and the date of
subscription. This approach allows a larger stockholder to pay for
accrued dividends at a rate that is generally close to the dividend
rate the stockholder will earn at the next dividend payment. This
approach also resolves the statutory conflict in favor of giving effect
to the most recent Congressional act regarding the payment of dividends
as provided in the FAST Act. Conversely, the interim final rule
provided that stockholders with $10 billion or less in total
consolidated assets will continue to pay for accrued dividends at an
annual rate of six percent (prorated to cover the period between the
last dividend payment date and the date of subscription), as those
stockholders will continue to receive a six percent annual dividend.
This approach is adopted in the final rule without change.
The final rule also provides at Sec. 209.4(c)(3) for an adjustment
at the next annual dividend if a stockholder pays for accrued dividends
at a rate that is different from the annualized rate that the
stockholder ultimately receives at the next scheduled dividend payment
date. This adjustment equals the difference between the accrued
dividends the stockholder paid for the additional subscription and the
portion of the next dividend payment attributable to that additional
subscription, prorated to cover the period from the last dividend
payment date to the subscription date.
3. Payment of Accrued Dividends for Cancellations of Reserve Bank Stock
Section 5 of the Federal Reserve Act requires that a member bank
seek redemption of its Federal Reserve Bank stock as the capital of the
member bank declines, so as to maintain an investment in Federal
Reserve Bank stock equal to 3 percent of the member bank's capital and
surplus. Banks also relinquish membership throughout the year.
As discussed above, three provisions of the Federal Reserve Act
(sections 5, 6, and 9(10)) state that, when a Reserve Bank cancels
stock, the Reserve Bank shall pay the stockholder for accrued dividends
at a monthly rate of one-half of one percent from the last dividend
(i.e., a monthly rate derived from a six percent annual rate). Prior to
the amendments published in the interim final rule, Regulation I
adopted the same approach. Sections 5, 6, and 9(10) of the Federal
Reserve Act now conflict with section 7 of the Federal Reserve Act,
which provides (following passage of the FAST Act) that stockholders
with more than $10 billion in total consolidated assets will receive an
annual dividend at the lesser of six percent and the high yield of the
10-year Treasury note auctioned at the last auction held prior to the
payment of the dividend.
The final rule reconciles sections 5, 6, and 9(10) of the Federal
Reserve Act with section 7 of the Federal Reserve Act by requiring the
Reserve Banks to pay accrued dividends to stockholders with more than
$10 billion of total consolidated assets at an annual rate of the
lesser of six percent and the high yield of the 10-year Treasury note
auctioned at the last auction held prior to the date of cancellation,
prorated to cover the period between the last dividend payment date and
the date of cancellation. As noted above, this approach also resolves
the statutory conflict between sections 5, 6, and 9(10), on the one
hand, and section 7 on the other, in favor of the most recent
Congressional act regarding dividends expressed in the FAST Act.
Conversely, the final rule provides that, when a Reserve Bank cancels
stock of a stockholder with $10 billion or less in total consolidated
assets, the Reserve Bank will pay the stockholder for accrued dividends
at an annual rate of six percent (prorated to cover the period between
the last dividend payment date and the date of cancellation), as those
stockholders will continue to receive a six percent annual dividend.
4. Total Consolidated Assets: Definition and Inflation Adjustment
The dividend rate to which a stockholder is entitled under Section
7 of the Federal Reserve Act (as amended by the FAST Act) depends on
the stockholder's ``total consolidated assets.'' The final rule amends
Regulation I to include a new paragraph, Sec. 209.1(d)(3), that
generally defines total consolidated assets by reference to total
assets reported on the stockholder's most recent December 31
Consolidated Report of Condition and Income (Call Report).\6\ When a
bank joins the Federal Reserve System or when a member bank merges with
another entity and the surviving bank continues to be a Reserve Bank
stockholder, the bank may have never filed a year-end call report, or
its most recent year-end call report may not accurately reflect the
institution's size. Accordingly, the new member bank or the surviving
bank must report whether its total consolidated assets exceed $10
billion in its application for capital stock, which would be shortly
after the transaction or the date that the bank becomes a member bank.
To that end, the final rule amends Sec. 209.2(a) to require that a
bank seeking to join the Federal Reserve System report whether its
total consolidated assets exceed $10 billion in its application for
capital stock. Similarly, the final rule adds a new paragraph, Sec.
209.3(d)(3), that requires a surviving bank to report whether its total
consolidated assets exceed $10 billion when it submits its next
application for additional capital stock.
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\6\ The Board has also moved, without revision, the definition
of ``capital stock and surplus'' to the definitions in new Sec.
209.1(d).
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Section 7(a)(1)(C) of the Federal Reserve Act (added by the FAST
Act) requires that the Board make an annual inflation adjustment to the
total consolidated asset threshold that determines the dividend rate to
which a Reserve Bank is entitled. The final rule implements this
provision at Sec. 209.4(f). The Board expects to make this adjustment
using the final second quarter estimate of the Gross Domestic Product
Price Index for each year, published by the Bureau of Economic
Analysis.
III. Regulatory Analysis
A. Regulatory Flexibility Act Analysis
In accordance with section 604 of the Regulatory Flexibility Act
(``RFA''), 5 U.S.C. 601 et seq., the Board is publishing a final
regulatory flexibility analysis for the final rule. The RFA
[[Page 84418]]
generally requires an agency to assess the impact a rule is expected to
have on small entities. Under size standards established by the Small
Business Administration, banks and other depository institutions are
considered ``small'' if they have less than $550 million in assets.\7\
The RFA requires an agency either to provide a regulatory flexibility
analysis or to certify that the final rule will not have a significant
economic impact on a substantial number of small entities.
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\7\ 13 CFR 121.201.
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The final rule implements amendments to the Federal Reserve Act
that provide that Reserve Bank stockholders with more than $10 billion
in total consolidated assets will receive a dividend at an annual rate
equal to the lower of six percent and the high yield of the 10-year
Treasury note auctioned at the last auction held prior to the payment
of such dividend (with such dividend prorated to cover the period
between the last dividend payment date and the current dividend payment
date). The final rule also provides that, if a Reserve Bank cancels
stock of a stockholder with more than $10 billion in total consolidated
assets, the Reserve Bank will pay the stockholder accrued dividends at
an annual rate of the lesser of six percent and the high yield of the
most recent 10-year Treasury note auction held prior to the date of
cancellation, prorated to cover the period between the last dividend
payment date and the cancellation date. Finally, the final rule
provides that, if a Reserve Bank issues new stock to a stockholder with
more than $10 billion in total consolidated assets, the stockholder
will pay accrued dividends on such stock at an annual rate of the
lesser of six percent and the high yield of the most recent 10-year
Treasury note auction held prior to the previous dividend payment date
(prorated to cover the period between the last dividend payment date
and the subscription date). The next regular dividend payment to that
stockholder would be adjusted to account for the difference between the
rate at which the stockholder paid for accrued dividends and the rate
at which the stockholder receives the regular dividend payment.
Under the final rule, Reserve Bank stockholders with $10 billion or
less in total consolidated assets will continue to receive a dividend
on their Reserve Bank stock at an annual rate of six percent (prorated
to cover the period between the last dividend payment and the current
dividend payment). If a Reserve Bank issues new stock to, or cancels
existing stock of, a stockholder with $10 billion or less in total
consolidated assets, the stockholder or the Reserve Bank would
(respectively) continue to pay accrued dividends on such stock at an
annual rate of six percent (prorated to cover the period between the
last dividend payment date and the subscription date or the
cancellation date). Additionally, the final rule continues to allow
Reserve Banks to pay dividends semiannually to all stockholders,
including banks with $10 billion or less in total consolidated assets.
The Board received no public comments in response to the initial
regulatory flexibility analysis, nor did it receive comments from the
Chief Counsel for Advocacy of the Small Business Administration.
The only new requirement that the final rule imposes on
stockholders with $10 billion or less in total consolidated assets is
that such a stockholder must report whether its total consolidated
assets exceed $10 billion when the stockholder applies for (1) new
capital stock upon joining the Federal Reserve System or (2) additional
capital stock upon merging with another entity. Excluding these two
situations, a Reserve Bank will determine the total consolidated assets
of all stockholders by reference to the stockholder's most recent
December 31 Call Report. The final rule requires the Board to make an
annual inflation adjustment to the $10 billion total consolidated asset
threshold.
As noted above, a depository institution is ``small'' for purposes
of the RFA if it has less than $550 million of assets. The final rule
has no effect on small institutions. The Board expects that existing
banks and banks that are in the process of organization can readily
calculate their total consolidated assets to know if they are a large
institution covered by the amendments. The Board currently requires
that a bank file an application form with the Reserve Bank in whose
district it is located if the bank wishes to join the Federal Reserve
System or if the bank must increase or decrease its holding of Reserve
Bank stock.\8\ The Board is revising these forms to require that, when
a bank applies for membership or applies for new stock after merging
with another entity, the bank report whether its total consolidated
assets exceed $10 billion.
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\8\ See FR 2030 (application for capital stock for organizing
national banks); FR 2030A (application for capital stock for
nonmember state banks that are converting to national banks); FR
2083A (application for capital stock by state banks (except mutual
savings banks) and national banks that are converting to state
banks); FR 2083B (application for capital stock by mutual savings
banks); FR 2056 (application for adjustment in holding of Reserve
Bank stock).
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The RFA requires a description of why the agency rejected any
significant alternatives that would have affected the impact of the
rule on small entities. In this circumstance, there is no feasible
alternative to requiring that a bank in the process of organization
report whether its total consolidated assets exceed $10 billion when it
applies to join the System, because such banks will not have filed a
Call Report before applying for membership. With respect to measuring
the total consolidated assets of a surviving bank after a merger, the
Reserve Banks could alternatively (1) refer to the total assets
reported by the surviving bank on its most recent December 31 Call
Report or (2) add the total assets of the surviving bank and the
nonsurviving bank as reported on each bank's most recent December 31
Call Report. These alternative approaches to measuring total
consolidated assets in the merger context would reduce the reporting
burden on small entities, but they would not provide timely and
accurate notice to a Reserve Bank of whether a merger has caused a
surviving bank's total consolidated assets to exceed $10 billion. The
Board believes that requiring surviving banks to report whether total
consolidated assets exceed $10 billion when they apply for additional
capital stock is a minimal reporting burden of an amount that is known
by the banks and serves the intent of the FAST Act.
B. Paperwork Reduction Act Analysis
In accordance with section 3512 of the Paperwork Reduction Act of
1995 (44 U.S.C. 3501-3521) (PRA), the Board may not conduct or sponsor,
and a respondent is not required to respond to, an information
collection unless it displays a currently valid Office of Management
and Budget (OMB) control number. The OMB control numbers are 7100-0042
and 7100-0046. The Board reviewed the final rule under the authority
delegated to the Board by OMB. The final rule contains requirements
subject to the PRA. The reporting requirements are found in Sec. Sec.
209.2(a) and 209.3(d)(3). The Board received no comments on the PRA
analysis in the interim final rule.
The Board has a continuing interest in the public's opinions of
collections of information. At any time, comments regarding the burden
estimate, or any other aspect of this collection of information,
including suggestions for reducing the burden, may be sent to:
Secretary, Board of Governors of the Federal Reserve System, 20th and C
[[Page 84419]]
Streets NW., Washington, DC 20551. A copy of the comments may also be
submitted to the OMB desk officer (1) by mail to U.S. Office of
Management and Budget, 725 17th Street NW., 10235, Washington, DC
20503; (2) by facsimile to 202-395-6974; or (3) by email to:
[email protected], Attention, Federal Reserve Board Agency
Desk Officer.
Proposed Revisions, With Extension for Three Years, of the Following
Information Collections
(1) Title of Information Collection: Applications for Subscription
to, Adjustment in Holding of, and Cancellation of Federal Reserve Bank
Stock.
Agency Form Number: FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a,
FR 2087.
OMB Control Number: 7100-0042.
Frequency of Response: On occasion.
Affected Public: Businesses or other for-profit.
Respondents: National, State Member, and Nonmember banks.
Abstract: These application forms are required by the Federal
Reserve Act and Regulation I. These forms must be used by a new or
existing member bank (including a national bank) to request the
issuance, and adjustment in, or cancellation of Federal Reserve Bank
stock. The forms must contain certain certifications by the applicants,
as well as certain other financial and shareholder data that is needed
by the Federal Reserve to process the request.
Current Actions: The dividend rate to which a Reserve Bank
stockholder is entitled under section 7 of the Federal Reserve Act (as
amended by the FAST Act) depends on the stockholder's ``total
consolidated assets.'' Section 209.2(a) requires a bank to report
whether its total consolidated assets exceed $10 billion when it
applies for membership in the Federal Reserve System. Section
209.3(d)(3) requires a bank to report whether its total consolidated
assets exceed $10 billion when it applies for additional capital stock
after merging with another entity. The Board is proposing to revise FR
2030, FR 2030a, and FR 2056 to require that a bank report whether its
total consolidated assets exceed $10 billion when it applies to join
the Federal Reserve System or applies for additional capital stock
after merging with another entity. The proposed revisions would
increase the estimated average hours per response for FR 2030 and FR
2030a by half an hour. The proposed revisions would increase the
estimated average hours per response for FR 2056 by one quarter of an
hour. The Board is not proposing to revise FR 2086, FR 2086A, and FR
2087. The draft reporting forms are available on the Board's public Web
site at http://www.federalreserve.gov/apps/reportforms/review.aspx.
Estimated annual reporting hours: FR 2030: 4 hours; FR 2030a: 2
hours; FR 2056: 1,000 hours; FR 2086: 5 hours; FR 2086a: 40 hours; FR
2087: 1 hour.
Estimated average hours per response: FR 2030: 1 hour; FR 2030a: 1
hour; FR 2056: 0.75 hours; FR 2086: 0.5 hours; FR 2086a: 0.5 hours; FR
2087: 0.5 hours.
Number of respondents: FR 2030: 4; FR 2030a: 2; FR 2056: 1,333; FR
2086: 10; FR 2086a: 79; FR 2087: 1.
(2) Title of Information Collection: Application for Membership in
the Federal Reserve System.
Agency Form Number: FR 2083, FR 2083A, FR 2083B, and FR 2083C.
OMB Control Number: 7100-0046.
Frequency of Response: On occasion.
Affected Public: Businesses or other for-profit.
Respondents: Newly organized banks that seek to become state member
banks, or existing banks or savings institutions that seek to convert
to state member bank status.
Abstract: The application for membership is a required one-time
submission that collects the information necessary for the Federal
Reserve to evaluate the statutory criteria for admission of a new or
existing state bank into membership in the Federal Reserve System. The
application collects managerial, financial, and structural data.
Current Actions: The dividend rate to which a Reserve Bank
stockholder is entitled under Section 7 of the Federal Reserve Act (as
amended by the FAST Act) depends on the stockholder's ``total
consolidated assets.'' Section 209.2(a) requires a bank to report
whether its total consolidated assets exceed $10 billion when it
applies for membership in the Federal Reserve System. The Board is
proposing to revise FR 2083A and FR 2083B to require that a bank report
whether its total consolidated assets exceed $10 billion when it
applies to join the Federal Reserve System. The proposed revisions
would increase the estimated average hours per response by half an
hour. The Board is not proposing to revise FR 2083 or FR 2083C. The
draft reporting forms are available on the Board's public Web site at
http://www.federalreserve.gov/apps/reportforms/review.aspx. The
estimated annual reporting hours listed below, and the estimated
average hours per response, are cumulative totals for FR 2083, FR
2083A, FR 2083B, and FR 2083C.
Estimated annual reporting hours: 207 hours.
Estimated average hours per response: 4.5 hours.
Number of respondents: 46.
List of Subjects in 12 CFR Part 209
Banks and banking, Federal Reserve System, Reporting and
recordkeeping requirements, Securities.
PART 209--FEDERAL RESERVE BANK CAPITAL STOCK (REGULATION I)
Accordingly, the interim final rule amending 12 CFR part 209, which
was published at 81 FR 9082 on February 24, 2016, is adopted as a final
rule without change.
By order of the Board of Governors of the Federal Reserve
System, November 18, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-28231 Filed 11-22-16; 8:45 am]
BILLING CODE 6210-01-P