Notice2022-07221
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
April 6, 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 Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted (FR 4006; OMB No. 7100- 0129).
Full Text
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<title>Federal Register, Volume 87 Issue 66 (Wednesday, April 6, 2022)</title>
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[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19926-19927]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07221]
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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 Request for Extension of Time to Dispose of Assets Acquired in
Satisfaction of Debts Previously Contracted (FR 4006; OMB No. 7100-
0129).
DATES: Comments must be submitted on or before June 6, 2022.
ADDRESSES: You may submit comments, identified by FR 4006, 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#780a1d1f0b561b1715151d160c0b381e1d1c1d0a19140a1d0b1d0a0e1d561f170e"><span class="__cf_email__" data-cfemail="780a1d1f0b561b1715151d160c0b381e1d1c1d0a19140a1d0b1d0a0e1d561f170e">[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.
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: Request for Extension of Time to Dispose of Assets
Acquired in Satisfaction of Debts Previously Contracted.
Agency form number: FR 4006.
OMB control number: 7100-0129.
Frequency: On occasion.
Respondents: Bank holding companies (BHCs).
Estimated number of respondents: Section 225.12(b), 1; Section
225.22(d)(1), 20; Section 225.140(c) and (d), 12.
Estimated average hours per response: Section 225.12(b), 5; Section
225.22(d)(1), 5; Section 225.140(c) and (d), 2.
Estimated annual burden hours: Section 225.12(b), 5; Section
225.22(d)(1), 100; Section 225.140(c) and (d), 24.
General description of report: The Bank Holding Company Act of 1956
(BHC Act) and the Board's Regulation Y (12 CFR part 225) require a bank
holding company that, either through foreclosure or otherwise in the
ordinary course of collecting a debt previously
[[Page 19927]]
contracted (DPC), acquired voting securities of a bank or BHC or the
securities or assets of a company engaged in a nonbanking activity to
seek prior Board approval in order to retain ownership of those shares
or assets for more than two years.
Proposed revisions: The Board proposes to revise the FR 4006 to
account for the voluntary reporting provisions set forth in sections
225.140(c) and 225.140(d) of Regulation Y. These sections state,
respectively, that a BHC that holds nonbanking DPC assets past the two-
year statutory holding period should report annually to the appropriate
Reserve Bank on its efforts to accomplish divestiture of such assets
and that a BHC that holds real estate acquired as DPC property for
longer than five years should keep the appropriate Reserve Bank advised
on a regular basis concerning its efforts to dispose of the property.
Legal authorization and confidentiality: The FR 4006 is authorized
pursuant to sections 3(a) and 4(c)(2) of the BHC Act \1\ and sections
225.12(b) and 225.22(d) of the Board's Regulation Y, which permit a BHC
to acquire securities or assets in the ordinary course of collecting a
DPC in good faith without seeking prior Board approval if such
securities or assets (DPC property) are divested within two years of
acquisition. To hold the DPC property beyond this two-year period, a
BHC must seek the Board's approval.\2\ The FR 4006 is required to
obtain this benefit.
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\1\ 12 U.S.C. 1842(a) and 1843(c)(2).
\2\ The two-year period may be extended by the Board for up to
three years in one-year increments (12 CFR 225.12(b); 12 CFR
225.22(d)(1)). The Board may provide up to five additional one-year
extensions (for a total of ten years) if the DPC property is shares,
real estate, or other assets where the holding company demonstrates
that each extension would not be detrimental to the public interest
and either the bank holding company has made good faith attempts to
dispose of such shares, real estate or other assets or disposal of
the shares, real estate or other assets during the initial period
would have been detrimental to the company (12 CFR
225.22(d)(1)(ii)).
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The information contained on the FR 4006 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 4006
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.\4\
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\3\ 12 CFR 261.17.
\4\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, April 1, 2022.
Margaret Shanks,
Deputy Secretary of the Board.
[FR Doc. 2022-07221 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
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