Notice2022-04345
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
March 2, 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, without revision, the Notice of Proposed Stock Redemption.
Full Text
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<title>Federal Register, Volume 87 Issue 41 (Wednesday, March 2, 2022)</title>
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[Federal Register Volume 87, Number 41 (Wednesday, March 2, 2022)]
[Notices]
[Pages 11706-11707]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-04345]
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FEDERAL RESERVE SYSTEM
[FR 4008; OMB No. 7100-0131]
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 Notice of Proposed Stock Redemption.
DATES: Comments must be submitted on or before May 2, 2022.
ADDRESSES: You may submit comments, identified by FR 4008, 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#f785929084d994989a9a92998384b79192939285969b85928492858192d9909881"><span class="__cf_email__" data-cfemail="d1a3b4b6a2ffb2bebcbcb4bfa5a291b7b4b5b4a3b0bda3b4a2b4a3a7b4ffb6bea7">[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
M-4365A, 2001 C St NW, Washington, DC 20551, 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.
[[Page 11707]]
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,
Without Revision, the Following Information Collection
Report title: Notice of Proposed Stock Redemption.
Agency form number: FR 4008.
OMB control number: 7100-0131.
Frequency: On occasion.
Respondents: Bank holding companies (BHCs).
Estimated number of respondents: 6.
Estimated average hours per response: 15.5.
Estimated annual burden hours: 93.
General description of report: The Bank Holding Company Act of 1956
(BHC Act) and Board's Regulation Y--Bank Holding Companies and Change
in Bank Control (12 CFR 225) require a BHC to seek the prior approval
of the Board before purchasing or redeeming its equity securities in
certain circumstances. Due to the limited information that a BHC must
provide in connection with any such request, there is no required
reporting form (the FR 4008 designation is for internal purposes only),
and each request for prior approval is generally filed 30 days before
the proposed stock purchase or redemption as a notification with the
Reserve Bank that has direct supervisory responsibility for the
requesting BHC. The Federal Reserve uses the information provided in
the redemption notices to supervise BHCs.
Legal authorization and confidentiality: The FR 4008 is authorized
pursuant to sections 5(b) and (c) of the Bank Holding Company Act (BHC
Act).\1\ Section 5(b) of the BHC Act, as amended by section 616 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act,\2\
authorizes the Board to ``issue such regulations and orders, including
regulations and orders relating to the capital requirements for bank
holding companies, as may be necessary to enable it to administer and
carry out the purposes of this chapter and prevent evasions thereof.''
Section 5(c) of the BHC Act generally authorizes the Board to, among
other things, require reports from BHCs on a range of issues. The FR
4008 is required for certain BHCs to obtain the benefit of being able
to purchase or redeem their equity securities.
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\1\ 12 U.S.C. 1844(b) and (c).
\2\ Public Law 111-203, 124 Stat. 1376 (2010).
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Individual respondents may request that data submitted be kept
confidential on a case-by-case basis. If a respondent requests
confidential treatment, the Board will determine whether the
information is entitled to confidential treatment on an ad hoc basis.
Requests may include information related to the BHC's business
operations, such as terms and sources of the funding for the redemption
and pro forma balance sheets. To the extent that this information
constitutes nonpublic commercial or financial information, which is
both customarily and actually treated as private by the respondent, it
may be kept confidential under exemption 4 of the Freedom of
Information Act, which exempts ``trade secrets and commercial or
financial information obtained from a person and privileged or
confidential.'' \3\
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\3\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, February 24,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-04345 Filed 3-1-22; 8:45 am]
BILLING CODE 6210-01-P
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