Notice2021-26735
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
December 10, 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 Reporting and Recordkeeping Requirements Associated with Regulation W (FR W; OMB No. 7100-0304).
Full Text
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<title>Federal Register, Volume 86 Issue 235 (Friday, December 10, 2021)</title>
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[Federal Register Volume 86, Number 235 (Friday, December 10, 2021)]
[Notices]
[Pages 70495-70496]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-26735]
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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
Reporting and Recordkeeping Requirements Associated with Regulation W
(FR W; OMB No. 7100-0304).
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 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.
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. 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: Reporting and Recordkeeping Requirements Associated
with Regulation W.
Agency form number: FR W.
OMB control number: 7100-0304.
Effective Date: December 10, 2021.
Frequency: Event generated.
Respondents: Insured depository institutions and uninsured member
banks.
[[Page 70496]]
Estimated number of respondents: 1.
Estimated average hours per response:
Reporting
Section 223.15(b)(4), 2;
Section 223.31(d)(4), 6;
Section 223.41(d)(2), 6;
Section 223.43(b), 10;
Recordkeeping
Section 223.42(f), 2;
Section 223.42(g)(3), 2.
Estimated annual burden hours: 28.
General description of report: The FR W information collection
comprises the reporting requirements of Regulation W that are found in
sections 223.15(b)(4), 223.31(d)(4), 223.41(d)(2), and 223.43(b). This
information is used to demonstrate compliance with sections 23A and 23B
of the Federal Reserve Act (FRA) and to request certain exemptions from
the Board. Sections 23A and 23B of the FRA are designed to protect a
depository institution from exposure arising from certain transactions
with affiliates. They also limit the ability of an insured depository
institution to transfer the subsidy arising from access to the federal
safety net to such affiliates. Regulation W implements sections 23A and
23B by defining terms used in the statute, explaining the statute's
requirements, and exempting certain transactions. The regulation
includes provisions requiring the reporting of information to the Board
under certain circumstances, including a provision permitting a bank to
request from the Board a discretionary exemption from the requirements
of section 23A as long as the Board finds the exemption to be in the
public interest and consistent with the purposes of section 23A.
Legal authorization and confidentiality: Sections 23A and 23B of
the FRA authorize the Board to issue these requirements (12 U.S.C.
371c(f) and 371c-1(e)). Compliance with the FR W requirements is
required to obtain a benefit.
Information provided on the Loan Participation Renewal notice
(Section 223.15(b)(4)) may be considered 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 (5 U.S.C. 552(b)(4)). Information provided on the
Acquisition notice (Section 223.31(d)(4)), the Internal Corporate
Reorganization Transaction notice (Section 223.41(d)(2)), and the
Section 23A Additional Information request (Section 223.43(b))
generally is not considered confidential, but respondents may request
confidential treatment under exemption 4 of the FOIA if the information
is confidential commercial or financial information that is both
customarily and actually treated as private. Information collected
under the FR W 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 U.S.C. 552(b)(8)).
Current actions: On September 1, 2021, the Board published a notice
in the Federal Register (86 FR 49031) requesting public comment for 60
days on the extension, with revision, of the Reporting and
Recordkeeping Requirements Associated with Regulation W. The Board
revised the FR W information collection to account for two
recordkeeping provisions in section 223.42 of Regulation W that had not
been previously cleared by the Board under the PRA. The Board did not
adopt any forms associated with FR W to address these provisions. The
comment period for this notice expired on November 1, 2021. The Board
did not receive any comments.
Board of Governors of the Federal Reserve System, December 6,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-26735 Filed 12-9-21; 8:45 am]
BILLING CODE 6210-01-P
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