Notice2021-16146
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 International Applications and Prior Notifications under Subparts A and C of Regulation K (FR K-1; OMB No. 7100-0107). The revisions are effective immediately.
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 40840-40841]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-16146]
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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
effective immediately.
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.
[[Page 40841]]
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: 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: The revisions are effective immediately.
Frequency: On occasion.
Respondents: Member banks, Edge and agreement corporations,\1\ bank
holding companies (BHCs), and certain investments by foreign
organizations.
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\1\ References to Edge corporations are inclusive of agreement
corporations. An agreement corporation is a corporation that has
entered into an agreement with the Board that it will not exercise
any power that is impermissible for an Edge corporation. 12 CFR
211.5(g)(1).
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Estimated number of respondents: Reporting: Attachments A and B, 6;
Attachments C through G, 13; Attachments H and I, 10; Attachment J, 2;
Attachment K, 1; Section 211.5(c)(4) requirements, 1; Section 211.8
requirements, 1; Section 211.10 requirements, 1; Section 211.11
requirements, 1. Disclosure: Attachment F, 13. Recordkeeping: Section
211.13 requirement, 70.
Estimated average hours per response: Reporting: Attachments A and
B, 11.5; Attachments C through G, 9; Attachments H and I, 15.5;
Attachment J, 10; Attachment K, 20; Section 211.5(c)(4) requirements,
1; Section 211.8 requirements, 0.25; Section 211.10 requirements, 8;
Section 211.11 requirements, 5. Disclosure: Attachment F, 1.
Recordkeeping: Section 211.13 requirement, 1.
Estimated annual burden hours: Reporting: Attachments A and B, 138;
Attachments C through G, 234; Attachments H and I, 465; Attachment J,
20; Attachment K, 20; Section 211.5(c)(4) requirements, 1; Section
211.8 requirements, 0; Section 211.10 requirements, 8; Section 211.11
requirements, 5. Disclosure: Attachment F, 26. Recordkeeping: Section
211.13 requirement, 70.
General description of report: Subpart A of Regulation K--
International Banking Operations, 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 by eligible
investors.\2\ The FR K-1 information collection contains eleven
attachments for the application and notification requirements 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 (FRA)
and the Bank Holding Company Act of 1956 (BHC Act). The applications
are event-generated and provide the Federal Reserve with information
necessary to evaluate each of the proposed transactions.
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\2\ Eligible investors are BHCs, Edge and agreement corporations
that are subsidiaries of bank holding companies but are not
subsidiaries of banks, banker's banks, and foreign banking
organizations. 12 CFR 211.32(d).
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Legal authorization and confidentiality: The Board is authorized to
collect the information required on the FR K-1 under sections 25 and
25A of the FRA,\3\ and sections 4(c)(13), 4(c)(14), and 5(c) of the BHC
Act.\4\ Section 25 of the FRA authorizes the Board to approve
applications to establish agreement corporations, establish foreign
branches, and invest in foreign banks in accordance with regulations
prescribed by the Board. Section 25 also authorizes the Board to
require reports concerning the condition of these entities. Section 25A
of the FRA authorizes the Board to approve the establishment of Edge
corporations, to issue rules and regulations relating to these
entities, and to require reports from these entities. Section 4(c)(13)
of the BHC Act authorizes the Board, by regulation or order, to
determine that BHCs may invest in companies that do business abroad.
Section 4(c)(14) of the BHC Act authorizes BHCs to invest in export
trading companies, subject to a notice requirement and disapproval by
the Board. Section 5(c) of the BHC Act grants the Board reporting and
examination authorities.
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\3\ 12 U.S.C. 601-604(a) and 611-631.
\4\ 12 U.S.C. 1843(c)(13), 1843(c)(14), and 1844(c).
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The applications and notifications comprising FR K-1 are required
to obtain a benefit. Individual respondents may request that
information submitted to the Board through the FR K-1 be kept
confidential. If a respondent requests confidential treatment, the
Board will determine whether the information is entitled to
confidential treatment on a case-by-case basis. To the extent a
respondent submits nonpublic commercial or financial information, 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).\5\ 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.\6\ To the extent that the Board obtains information as
part of the examination process, the information may be confidential
pursuant to exemption 8 of the FOIA.\7\
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\5\ 5 U.S.C. 552(b)(4).
\6\ 5 U.S.C. 552(b)(6).
\7\ 5 U.S.C. 552(b)(8).
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Current actions: On May 5, 2021, the Board published an initial
notice in the Federal Register (86 FR 23968) requesting public comment
for 60 days on the extension, with revision, of the FR K-1. The Board
proposed revisions to the FR K-1 information collection to account for
several reporting and recordkeeping provisions in sections 211.5,
211.8, 211.10, 211.11, and 211.13 of Regulation K that had not been
previously cleared by the Board under the PRA. The Board did not
propose additional attachments to the FR K-1 to address these
provisions. The comment period for this notice expired on July 6, 2021.
The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-16146 Filed 7-28-21; 8:45 am]
BILLING CODE 6210-01-P
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