Notice2021-12089
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 9, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Application for a Foreign Organization to Acquire a U.S. Bank or Bank Holding Company (FR Y-3F; OMB No. 7100-0119).
Full Text
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<title>Federal Register, Volume 86 Issue 109 (Wednesday, June 9, 2021)</title>
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[Federal Register Volume 86, Number 109 (Wednesday, June 9, 2021)]
[Notices]
[Pages 30605-30606]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-12089]
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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
Application for a Foreign Organization to Acquire a U.S. Bank or Bank
Holding Company (FR Y-3F; OMB No. 7100-0119).
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.
Office of Management and Budget (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, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA Submission, supporting
statements, and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be
requested from the agency clearance officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Report title: Application for a Foreign Organization to Acquire a
U.S. Bank or Bank Holding Company.
Agency form number: FR Y-3F.
OMB control number: 7100-0119.
Frequency: On occasion.
Respondents: Any company organized under the laws of a foreign
country that seeks to acquire a U.S. bank or bank holding company.
Estimated number of respondents: 6.
Estimated average hours per response: Reporting: Initial
application: 90; Subsequent application: 70; Disclosure: 1.
Estimated annual burden hours: Reporting: Initial application: 90;
Subsequent application: 350; Disclosure: 6.
General description of report: Under the Bank Holding Company Act
(BHC Act), any company, including a company organized under the laws of
a foreign country, that seeks to acquire a U.S. bank or bank holding
company must receive prior approval from the Board to do so. The
Federal Reserve uses the information collected by the FR Y-3F to
determine whether to approve the application and, subsequently, to
carry out its supervisory responsibilities with respect to the foreign
banking organization's operations in the United States.
Legal authorization and confidentiality: Section 3(a) of the BHC
Act \1\ requires prior approval by the Board for any company, including
a foreign company, to acquire a U.S. bank or bank holding company, and
section 3(c) of the BHC Act \2\ sets forth the factors that the Board
must consider in approving such an application. Sections
[[Page 30606]]
5(a) through 5(c) of the BHC Act \3\ authorize the Board to require the
registration of bank holding companies, issue regulations and orders to
carry out its supervisory responsibilities thereunder, and examine and
require reports to be submitted by bank holding companies,
respectively. Together, these sections of the BHC Act provide the legal
authorization for the FR Y-3F. The FR Y-3F is required to obtain a
benefit.
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\1\ 12 U.S.C. 1842(a).
\2\ 12 U.S.C. 1842(c).
\3\ 12 U.S.C. 1844(a)-(c).
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To the extent a respondent submits nonpublic commercial or
financial information in connection with the FR Y-3F, which is both
customarily and actually treated as private by the respondent, the
respondent may request confidential treatment pursuant to exemption 4
of the Freedom of Information Act (FOIA).\4\ To the extent a respondent
submits personal, medical, or similar files, the disclosure of which
would constitute an unwarranted invasion of privacy, the respondent may
request confidential treatment pursuant to exemption 6 of the FOIA.\5\
If a respondent requests confidential treatment, the Board will
determine whether the information is entitled to confidential treatment
on a case-by-case basis. The entity should separately designate any
such information as ``confidential commercial information'' or
``confidential financial information'' and the Board will treat such
designated information as confidential to the extent permitted by law,
including the FOIA. To the extent a respondent submits information
related to examination, operating, or condition reports prepared by, on
behalf of, or for the use of a financial supervisory agency, the
information may be treated as confidential pursuant to exemption 8 of
the FOIA.\6\
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\4\ 5 U.S.C. 552(b)(4).
\5\ 5 U.S.C. 552(b)(6).
\6\ 5 U.S.C. 552(b)(8).
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Current actions: On March 8, 2021, the Board published an initial
notice in the Federal Register (86 FR 13381) requesting public comment
for 60 days on the extension, without revision, of the FR Y-3F. The
comment period for this notice expired on May 7, 2021. The Board did
not receive any comments. The Board will adopt the extension, without
revision of the FR K-2 as originally proposed.
Board of Governors of the Federal Reserve System, June 4, 2021.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021-12089 Filed 6-8-21; 8:45 am]
BILLING CODE 6210-01-P
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