Notice2022-16477
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
August 2, 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, 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 147 (Tuesday, August 2, 2022)</title>
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[Federal Register Volume 87, Number 147 (Tuesday, August 2, 2022)]
[Notices]
[Page 47214]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16477]
[[Page 47214]]
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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, 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).
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, <a href="/cdn-cgi/l/email-protection#f799829f96d9929b9a96909f8596959eb7918595d9909881"><span class="__cf_email__" data-cfemail="5e302b363f703b32333f39362c3f3c371e382c3c70393128">[email protected]</span></a>, (202)
452-3884.
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, With Revision, of the Following Information Collection
Collection title: Request for Extension of Time to Dispose of
Assets Acquired in Satisfaction of Debts Previously Contracted.
Collection identifier: FR 4006.
OMB control number: 7100-0129.
Effective Date: The revisions are applicable as of August 2, 2022.
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 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.
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. To the extent information provided on
the FR 4006 is nonpublic commercial or financial information, which is
both customarily and actually treated as private by the respondent,
such information may be 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).
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Current actions: On April 6, 2022, the Board published a notice in
the Federal Register (87 FR 19926) requesting public comment for 60
days on the extension, with revision, of the FR 4006. The Board has
revised 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. The comment period for this notice
expired on June 6, 2022. The Board did not receive any comments. The
revisions will be implemented as proposed.
Board of Governors of the Federal Reserve System, July 27, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-16477 Filed 8-1-22; 8:45 am]
BILLING CODE 6210-01-P
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