Notice2022-03470
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
February 17, 2022
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, 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 87 Issue 33 (Thursday, February 17, 2022)</title>
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[Federal Register Volume 87, Number 33 (Thursday, February 17, 2022)]
[Notices]
[Page 9053]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-03470]
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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, without revision, the
Holding Company Report of Insured Depository Institutions' Section 23A
Transactions with Affiliates (FR Y-8 OMB No. 7100-0126).
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, Without Revision, of 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.
Current actions: On October 18, 2021, the Board published a notice
in the Federal Register (86 FR 57675) requesting public comment for 60
days on the extension, without revision, of the Holding Company Report
of Insured Depository Institutions' Section 23A Transactions with
Affiliates. The comment period for this notice expired on December 17,
2021. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, February 14,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-03470 Filed 2-16-22; 8:45 am]
BILLING CODE 6210-01-P
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