Notice2021-16145
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
July 29, 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, with revision, the Bank Holding Company Applications and Notifications (FR Y-3, FR Y-3N, and FR Y-4; OMB No. 7100-0121). The revisions are applicable as of August 30, 2021.
Full Text
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<title>Federal Register, Volume 86 Issue 143 (Thursday, July 29, 2021)</title>
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[Federal Register Volume 86, Number 143 (Thursday, July 29, 2021)]
[Notices]
[Pages 40839-40840]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-16145]
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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
Bank Holding Company Applications and Notifications (FR Y-3, FR Y-3N,
and FR Y-4; OMB No. 7100-0121). The revisions are applicable as of
August 30, 2021.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
[[Page 40840]]
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, With Revision, of the Following Information Collection:
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; 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; and Notification for Prior
Approval to Engage Directly or Indirectly in Certain Nonbanking
Activities.
Agency form number: FR Y-3, FR Y-3N, and FR Y-4.
OMB control number: 7100-0121.
Effective Date: August 30, 2021.
Frequency: Event-generated.
Respondents: Bank holding companies (BHCs) and companies seeking to
become BHCs involving certain formations, acquisitions, mergers, and
nonbanking activities.
Estimated number of respondents: FR Y-3, New BHCs: 72; FR Y-3,
Existing BHCs: 58; FR Y-3N: 21; FR Y-4, completed notification: 22; FR
Y-4, expedited notification: 8; and FR Y-4, post-consummation: 1.
Estimated average hours per response: Reporting: FR Y-3, New BHCs:
48.5; FR Y-3, Existing BHCs: 59; FR Y-3N: 4; FR Y-4, completed
notification: 11; FR Y-4, expedited notification: 5; and FR Y-4, post-
consummation: 0.5; Disclosure: FR Y-3: 1; FR Y-3N: 1; FR Y-4: 1.
Estimated annual burden hours: FR Y-3, New BHCs: 3,492; FR Y-3,
Existing BHCs: 3,422; FR Y-3N: 84; FR Y-4, completed notification: 242;
FR Y-4, expedited notification: 40; and FR Y-4, post-consummation: 1;
Disclosure: FR Y-3: 130; FR Y-3N: 21; FR Y-4: 22.
General description of report: These filings collect information on
proposals by BHCs and companies seeking to become BHCs involving
certain formations, acquisitions, mergers, and nonbanking activities.
The Board requires the submission of these filings for regulatory and
supervisory purposes and to fulfill its statutory obligations under the
Bank Holding Company Act of 1956 (the BHC Act). The Board uses the
information submitted in these filings to evaluate each individual
transaction with respect to the relevant statutory factors and to
ensure that the transaction complies with other applicable
requirements.
Legal authorization and confidentiality: Section 3(a) of the BHC
Act requires Board approval for formations, acquisitions, and mergers
of bank holding companies.\1\ Section 5(b) of the BHC Act authorizes
the Board to issue regulations and orders to carry out these
functions.\2\ These sections of the BHC Act provide the legal
authorization for the FR Y-3 and the FR Y-3N. Section 4(j) of the BHC
Act requires bank holding companies to give prior written notice to the
Board of any acquisition of a nonbank company or commencement of any
nonbanking activities.\3\ This section of the BHC Act provides the
legal authorization for the FR Y-4. The obligation to respond to the FR
Y-3, Y-3N, and Y-4 is required to obtain a benefit.
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\1\ 12 U.S.C. 1842(a).
\2\ 12 U.S.C. 1844(b). In addition, section 5(c) of the BHC Act
authorizes the Board to require reports from bank holding companies.
12 U.S.C. 1844(c).
\3\ 12 U.S.C. 1843(j).
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To the extent a respondent submits nonpublic commercial or
financial information in connection with the FR Y-3, Y-3N, or Y-4,
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 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 April 16, 2021, the Board published an initial
notice in the Federal Register (86 FR 20149) requesting public comment
for 60 days on the extension, with revision, of the FR Y-3, FR Y-3N,
and FR Y-4. The comment period for this notice expired on June 15,
2021. The Board did not receive any comments. The Board will adopt the
extension, with revision, of the FR Y-3, FR Y-3N, and FR Y-4 as
proposed.
Board of Governors of the Federal Reserve System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-16145 Filed 7-28-21; 8:45 am]
BILLING CODE 6210-01-P
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