Notice2022-14376
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
July 6, 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 Notice of Proposed Stock Redemption (FR 4008; OMB No. 7100-0131).
Full Text
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<title>Federal Register, Volume 87 Issue 128 (Wednesday, July 6, 2022)</title>
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[Federal Register Volume 87, Number 128 (Wednesday, July 6, 2022)]
[Notices]
[Page 40238]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-14376]
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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
Notice of Proposed Stock Redemption (FR 4008; OMB No. 7100-0131).
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
Collection title: Notice of Proposed Stock Redemption.
Collection identifier: 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 collection: 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 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. 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
[that is] privileged or confidential.'' \3\
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\3\ 5 U.S.C. 552(b)(4).
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Current actions: On March 2, 2022, the Board published a notice in
the Federal Register (87 FR 11706) requesting public comment for 60
days on the extension, without revision, of the FR 4008. The comment
period for this notice expired on May 2, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, June 30, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-14376 Filed 7-5-22; 8:45 am]
BILLING CODE 6210-01-P
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