Notice2021-22592
Proposed Agency Information Collection Activities; Comment Request
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
October 18, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Holding Company Report of Insured Depository Institutions' Section 23A Transactions with Affiliates (FR Y-8; OMB No. 7100-0126).
Full Text
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<title>Federal Register, Volume 86 Issue 198 (Monday, October 18, 2021)</title>
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[Federal Register Volume 86, Number 198 (Monday, October 18, 2021)]
[Notices]
[Pages 57675-57676]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-22592]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Holding Company Report of Insured Depository
Institutions' Section 23A Transactions with Affiliates (FR Y-8; OMB No.
7100-0126).
DATES: Comments must be submitted on or before December 17, 2021.
ADDRESSES: You may submit comments, identified by FR Y-8, by any of the
following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#3e4c5b594d105d5153535b504a4d7e585b5a5b4c5f524c5b4d5b4c485b10595148"><span class="__cf_email__" data-cfemail="07756260742964686a6a62697374476162636275666b7562746275716229606871">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> FAX: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
146, 1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m.
and 5:00 p.m. on weekdays. For security reasons, the Board requires
that visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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.
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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the 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
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
[[Page 57676]]
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Report title: Holding Company Report of Insured Depository
Institutions' Section 23A Transactions with Affiliates.
Agency form number: FR Y-8.
OMB control number: 7100-0126.
Frequency: Quarterly.
Respondents: U.S. top-tier bank holding companies (BHCs),
intermediate holding companies (IHCs), and savings and loan holding
companies (SLHCs); foreign banking organizations (FBOs) that directly
own or control a U.S. subsidiary insured depository institution.
Estimated number of respondents: Reporting, 692; recordkeeping,
692.
Estimated average hours per response: Reporting, 7.3;
recordkeeping, 0.5.
Estimated annual burden hours: 21,590.
General description of report: The FR Y-8 collects information on
covered transactions between an insured depository institution and its
affiliates that are subject to the quantitative limits and other
requirements of section 23A of the Federal Reserve Act (12 U.S.C. 371c)
and the Board's Regulation W--Transactions Between Member Banks and
Their Affiliates (12 CFR part 223). The data to be reported vary based
on the activities and subsidiaries of the insured depository
institution. A respondent must file a separate FR Y-8 report for each
U.S. insured depository institution it controls.
Legal authorization and confidentiality: Section 5(c) of the Bank
Holding Company Act authorizes the Board to require BHCs and IHCs to
file the FR Y-8.\1\ Section 10(b)(2) of the Home Owners' Loan Act
authorizes the Board to require SLHCs to file the FR Y-8.\2\ Section
8(a) of the International Banking Act authorizes the Board to require
FBOs that directly own or control a U.S. subsidiary insured depository
institution to file the FR Y-8.\3\ Information provided on the FR Y-8
may be kept confidential under exemption 4 of the Freedom of
Information Act (FOIA) as confidential commercial or financial
information that is both customarily and actually treated as
private.\4\ Information collected on the FR Y-8 may also be considered
confidential under FOIA exemption 8 if it is obtained as part of an
examination or supervision of a financial institution.\5\
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\1\ 12 U.S.C. 1844(c).
\2\ 12 U.S.C. 1467a(b)(2).
\3\ 12 U.S.C. 3106(a).
\4\ 5 U.S.C. 552(b)(4).
\5\ 5 U.S.C. 552(b)(8).
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The FR Y-8 report is mandatory for respondents that control an
insured depository institution that has engaged in covered transactions
with an affiliate during the reporting period.
Board of Governors of the Federal Reserve System, October 12,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-22592 Filed 10-15-21; 8:45 am]
BILLING CODE 6210-01-P
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