Notice2022-16478
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
August 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 Savings Association Holding Company Report (FR LL-(b)11; OMB No. 7100-0334).
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]
[Pages 47209-47211]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16478]
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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, without
revision, the Savings Association Holding Company Report (FR LL-(b)11;
OMB No. 7100-0334).
DATES: Comments must be submitted on or before October 3, 2022.
[[Page 47210]]
ADDRESSES: You may submit comments, identified by FR LL-(b)11, 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#c8baadafbbe6aba7a5a5ada6bcbb88aeadacadbaa9a4baadbbadbabeade6afa7be"><span class="__cf_email__" data-cfemail="691b0c0e1a470a0604040c071d1a290f0c0d0c1b08051b0c1a0c1b1f0c470e061f">[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: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St 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, <a href="/cdn-cgi/l/email-protection#107e6578713e757c7d71777862717279507662723e777f66"><span class="__cf_email__" data-cfemail="bfd1cad7de91dad3d2ded8d7cddeddd6ffd9cddd91d8d0c9">[email protected]</span></a>, (202)
452-3884.
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,
Without Revision, the Following Information Collection
Collection title: Savings Association Holding Company Report.
Collection identifier: FR LL-(b)11.
OMB control number: 7100-0334.
Frequency: Quarterly,\1\ annually, and event-generated.
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\1\ The FR LL-(b)11 is filed quarterly except for the fourth
quarter when the respondent is required to file its annual report.
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Respondents: Exempt savings and loan holding companies (SLHCs).
Estimated number of respondents: Quarterly: 3; annually: 3; event-
generated: 1.
Estimated average hours per response: Quarterly: 2; annually: 2;
event-generated: 2.
Estimated annual burden hours: Quarterly: 18; annually: 6; event-
generated: 2.
General description of collection: Title III of the Dodd-Frank Wall
Street Reform and Consumer Protection Act transferred to the Board the
supervisory functions of the former Office of Thrift Supervision
related to SLHCs and their non-depository subsidiaries. Pursuant to
section 10(b) of the Home Owners' Loan Act (HOLA), the Board may
require SLHCs to file reports concerning their operations.
Following the transfer to the Board of authority to supervise
SLHCs, the Board determined to exempt certain SLHCs (exempt SLHCs) from
regulatory reporting using the Board's existing regulatory reports,
including the Consolidated Financial Statements for Holding Companies
(FR Y-9C; OMB No. 7100-0128) and the Parent Company Only Financial
Statements for Small Holding Companies (FR Y-9SP; OMB No. 7100-
0128).\2\ An SLHC is an exempt SLHC if it (1) meets the requirements of
section 10(c)(9)(C) of HOLA (i.e., it is a ``legacy'' unitary SLHC) and
has primarily commercial assets, with thrift assets making up less than
5 percent of the SLHC's consolidated assets \3\ or (2) primarily holds
insurance-related assets and does not submit financial reports with the
Securities and Exchange Commission (SEC) pursuant to sections 13 or
15(d) of the Securities Exchange Act of 1934.\4\
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\2\ 76 FR 81933 (December 29, 2011).
\3\ Specifically, a legacy unitary SLHC is exempt if (1) as
calculated annually as of June 30th, using the four previous
quarters (which includes the quarter-ended June 30th reporting
period), its savings association subsidiaries' consolidated assets
make up less than 5 percent of the total consolidated assets of the
legacy SLHC on an enterprise-wide basis for any of these four
quarters and (2) as calculated annually as of June 30th, using the
assets reported as of June 30th, where more than 50 percent of the
assets of the legacy unitary SLHC are derived from activities that
are not otherwise permissible under HOLA on an enterprise-wide
basis.
\4\ Specifically, an SLHC is considered to primarily hold
insurance-related assets if, as calculated annually as of June 30th,
using the assets reported as of June 30th, more than 50 percent of
the assets of the SLHC are derived from the business of insurance on
an enterprise-wide basis.
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[[Page 47211]]
The FR LL-(b)11 collects the following six categories of
information:
(1) Information about SEC filings;
(2) Reports provided by nationally recognized statistical rating
organizations (NRSROs) and securities analysts;
(3) Supplemental information for the Quarterly Savings and Loan
Holding Company Report (FR 2320; OMB No. 7100-0345);
(4) Information about other materially important events;
(5) Financial statements; and
(6) Other exhibits required by the Board.
Legal authorization and confidentiality: The FR LL-(b)11 is
authorized by section 10 of the HOLA.\5\ The FR LL-(b)11 is mandatory.
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\5\ 12 U.S.C. 1467a(b)(2)(A) (Requiring each SLHC and each
subsidiary thereof, other than a savings association, to ``file with
the Board, such reports as may be required by the Board.'').
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Information provided under the FR LL-(b)11 relating to supplemental
questions on the FR 2320 to which the respondent provided a ``yes''
response is generally considered to be confidential under exemption 4
of the Freedom of Information Act (FOIA), which protects nonpublic
commercial or financial information that is both customarily and
actually treated as private by the respondent.\6\ Respondents will be
notified if it is subsequently determined that any such information
must be released.
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\6\ 12 U.S.C. 552(b)(4).
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Information submitted to the Board under the FR LL-(b)11 may also
be protected from disclosure pursuant to exemption 8 of the FOIA if it
is contained in or related to examination, operating, or condition
reports prepared by, on behalf of, or for the use of an agency
responsible for the regulation or supervision of financial
institutions.\7\ Finally, individual respondents may request
confidential treatment in accordance with the Board's Rules Regarding
Availability of Information.\8\ Requests for confidential treatment of
information are reviewed on a case-by-case basis. To the extent
information provided on the FR LL-(b)11--apart from the material
described above--is nonpublic commercial or financial information,
which is both customarily and actually treated as private by the
respondent, the information may be protected from disclosure pursuant
to exemption 4 of the FOIA.\9\
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\7\ 5 U.S.C. 552(b)(8).
\8\ 12 CFR 261.17.
\9\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, July 27, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-16478 Filed 8-1-22; 8:45 am]
BILLING CODE 6210-01-P
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