Notice2022-01717
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
January 28, 2022
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, with revision, the Application to Become a Savings and Loan Holding Company or to Acquire a Savings Association or Savings and Loan Holding Company (FR LL-10(e); OMB No. 7100-0336).
Full Text
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<title>Federal Register, Volume 87 Issue 19 (Friday, January 28, 2022)</title>
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[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4593-4595]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01717]
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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, with revision,
the Application to Become a Savings and Loan Holding Company or to
Acquire a Savings Association or Savings and Loan Holding Company (FR
LL-10(e); OMB No. 7100-0336).
DATES: Comments must be submitted on or before March 29, 2022.
ADDRESSES: You may submit comments, identified by FR LL-10(e), 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#691b0c0e1a470a0604040c071d1a290f0c0d0c1b08051b0c1a0c1b1f0c470e061f"><span class="__cf_email__" data-cfemail="8dffe8eafea3eee2e0e0e8e3f9fecdebe8e9e8ffece1ffe8fee8fffbe8a3eae2fb">[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.
[[Page 4594]]
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
M-4365A, 2001 C St 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;
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,
With Revision, the Following Information Collection:
Report title: Application to Become a Savings and Loan Holding
Company or to Acquire a Savings Association or Savings and Loan Holding
Company.
Agency form number: FR LL-10(e).
OMB control number: 7100-0336.
Frequency: Event generated.
Respondents: Entities seeking prior approval to become or acquire a
savings and loan holding company (SLHC).
Estimated number of respondents: 15.
Estimated average hours per response: Reporting, 60; Disclosure,
15.
Estimated annual burden hours: Reporting, 900; Disclosure, 15.
General description of report: The form collects information
concerning certain proposed SLHC formations, acquisitions, and mergers.
Specifically, the form collects financial and managerial information
and information about the proposed transaction, the competitive effects
of the proposal, and the impact of the transaction on the convenience
and needs of the communities to be served. Applicants that file the FR
LL-10(e) are also required to publish a notice in a newspaper of
general circulation in the community(ies) in which the head office(s)
of the applicant; its largest subsidiary savings association, if any;
and each savings association to be directly or indirectly acquired are
located.
Proposed Revisions
Standardized Form
The Board proposes to revise the FR LL-10(e) by adding a two-page
standardized application and certification form. The application and
certification form record identification and contact information for
the applicant, whether the applicant is requesting confidential
treatment for materials submitted, and a certification by a
representative of the applicant that, among other things, the
information provided in the application is accurate to the best of the
signatory's knowledge and belief. Adding a certification page would be
consistent with other similar Board application forms.
Filing Requirements for Informational Filings
The Board is also revising the FR LL-10(e) to include instructions
on what information a filer must include in a notice regarding the
reorganization of a newly-formed holding company pursuant to 12 CFR
238.12(a)(2). Under the Home Owners' Loan Act (HOLA) and Regulation LL,
such a reorganization does not require prior approval from the Board.
However, Regulation LL notes that an informational filing is required,
and the revised instructions indicate that the filer must provide
information regarding the Proposed Transaction and Financial and
Managerial Information in such a situation.
CBLR Framework
Recent legislative and regulatory changes implemented the Community
Bank Leverage Ratio (CBLR) framework in 2020, which, if utilized by a
qualifying depository organizations, eliminates the requirement for the
organization to track risk-weighted assets and report risk-based
capital ratios.\1\ In light of this change, the Board proposes to
revise the FR LL-10(e) instructions to provide that applicants that
have elected to utilize the CBLR framework would not be required to
submit information related to risk-weighted assets or risk-based
capital
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ratios. Similarly, if the savings association subsidiary of an
applicant has elected to use the CBLR framework, the applicant would no
longer be required to submit the FR LL-10(e) information related to the
savings association's risk-weighted assets or risk-based capital
ratios. The proposed revisions would simplify the reporting requirement
with regard to those savings associations and SLHCs that have elected
to utilize the CBLR framework.
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\1\ See Regulatory Capital Rule: Capital Simplification for
Qualifying Community Banking Organizations, 84 FR 61776 (Nov. 13,
2019). See also 12 CFR 217.12.
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Filings Pursuant to Section 238.11(f) of Regulation LL and Other
Clarifications
Pursuant to section 238.11(f) of Regulation LL, a director or
officer of an SLHC, or any individual who owns, controls, or holds the
power to vote (or holds proxies representing) more than 25 percent of
the voting shares of such an SLHC, must receive the approval of the
Board prior to acquiring control of any savings association that is not
a subsidiary of such SLHC. The Board proposes to modify the FR LL-10(e)
instructions to explicitly provide that the FR LL-10(e) must be
submitted for such an application.
The Board is also proposing a minor change that would correct a
cross-reference to the Board's rules regarding the availability of
information and to clarify that the informational requirements of the
FR LL-10(e) are mandatory for all filers.
Legal authorization and confidentiality: The FR LL-10(e) is
authorized by section 10(b)(2) of HOLA.\2\ The FR LL-10(e) is required
to obtain a benefit.
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\2\ 12 U.S.C. 1467a(b) (requiring SLHCs to register with the
Board on such forms as it may prescribe and authorizing the Board to
require reports from SLHCs containing such information concerning
the operations of SLHCs and their subsidiaries as the Board may
require).
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The information contained on the FR LL-10(e) is not considered
confidential unless an applicant requests confidential treatment in
accordance with the Board's Rules Regarding Availability of
Information.\3\ Requests for confidential treatment of information are
reviewed on a case-by-case basis. Information provided on the FR LL-
10(e) may be nonpublic commercial or financial information, which is
both customarily and actually treated as private by the respondent,
which is protected from disclosure pursuant to exemption 4 of the
Freedom of Information Act (FOIA).\4\ Submissions of the FR LL-10(e)
may also contain personnel and medical files the disclosure of which
would constitute a clearly unwarranted invasion of personal privacy,
which are protected under exemption 6 of the FOIA,\5\ or information
contained in or related to examination, operating, or condition reports
prepared by, on behalf of, or for the use of an agency responsible for
the regulation or supervision of financial institutions, which are
protected under exemption 8 of the FOIA.\6\
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\3\ 12 CFR 261.17.
\4\ 5 U.S.C. 552(b)(4).
\5\ 5 U.S.C. 552(b)(6).
\6\ 5 U.S.C. 552(b)(8).
Board of Governors of the Federal Reserve System, January 24,
2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-01717 Filed 1-27-22; 8:45 am]
BILLING CODE 6210-01-P
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