Notice2022-24027
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
November 4, 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 Information Collections and Forms Related to Regulation MM (FR MM; OMB No. 7100-0340).
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 213 (Friday, November 4, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66700-66701]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24027]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Information Collections and Forms Related to Regulation MM (FR MM;
OMB No. 7100-0340).
DATES: Comments must be submitted on or before January 3, 2023.
ADDRESSES: You may submit comments, identified by FR MM, 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#1f6d7a786c317c7072727a716b6c5f797a7b7a6d7e736d7a6c7a6d697a31787069"><span class="__cf_email__" data-cfemail="05776062762b666a6868606b71764563606160776469776076607773602b626a73">[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#c3adb6aba2eda6afaea2a4abb1a2a1aa83a5b1a1eda4acb5"><span class="__cf_email__" data-cfemail="aec0dbc6cf80cbc2c3cfc9c6dccfccc7eec8dccc80c9c1d8">[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/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</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 Proposals
The Board invites public comment on the following information
collection, which is being reviewed under
[[Page 66701]]
authority delegated by the OMB under the PRA. Comments are invited on
the following:
a. Whether the proposed collections of information are 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 collections, 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 Collections
Collection title: Information Collections and Forms Related to
Regulation MM.
Collection identifier: FR MM.
OMB control number: 100-0340.
Frequency: On occasion.
Respondents: Mutual savings associations that wish to reorganize to
form a mutual holding company under the Home Owner's Loan Act,
subsidiary holding companies of a mutual holding company, mutual
holding companies, members of applying mutual organizations.
Estimated number of respondents: FR MM-10(o)-1: 3; FR MM-10(o)-2:
1; FR MM-AC: 2; FR MM-PS: 4; FR MM-OC: 3; FR MM-OF: 3; Notice of
Reorganization: 1; Offering Period Extension: 1; Voluntary Supervisory
Conversion: 1; Newspaper Publication: 1.
Estimated average hours per response: FR MM-10(o)-1: 60; FR MM-
10(o)-2: 30; FR MM-AC: 60; FR MM-PS: 50; FR MM-OC: 1; FR MM-OF: 1;
Notice of Reorganization: 1; Offering Period Extension: 1; Voluntary
Supervisory Conversion: 1; Newspaper Publication: 1.
Estimated annual burden hours: FR MM-10(o)-1: 180; FR MM-10(o)-2:
30; FR MM-AC: 120; FR MM-PS: 200; FR MM-OC: 3; FR MM-OF: 3; Notice of
Reorganization: 1; Offering Period Extension: 1; Voluntary Supervisory
Conversion: 1; Newspaper Publication: 5.
General description of collection: The FR MM consists of
information that must be filed in connection with certain proposals
involving savings and loan holding companies (SLHCs) that are organized
in mutual holding company (MHC) form, including the reorganization of a
savings association into MHC form, stock issuances of holding company
subsidiaries of MHCs, and conversions of MHCs to stock form, as well as
certain disclosures related to these filings. The Board requires the
submission of these filings to allow the Board to fulfill its
obligations to review such transactions under section 10(o) of the Home
Owners' Loan Act (HOLA), as amended (12 U.S.C. 1467a(o)) and the
Board's Regulation MM-Mutual Holding Companies (12 CFR part 239). The
Board uses the information submitted by an applicant or notificant to
evaluate these transactions with respect to the relevant statutory and
regulatory factors.
Proposed revisions: The Board proposes to update the reference to
the Board's Rules Regarding Availability of Information, which governs
requests for confidential treatment and modify the language to clarify
which Reserve Bank a currently supervised institution should reach out
to with inquiries. Additionally, recent legislative and regulatory
changes implemented the community bank leverage ratio (CBLR) framework
in 2020, which, if used by a qualifying depository organization,
eliminates the requirement for the organization to track risk-weighted
assets and report risk-based capital ratios. In light of this change,
the Board proposes to revise the FR MM-10(o)-1, 10(o)-2, and AC
instructions to provide applicants that have elected to use the CBLR
framework with the option not to submit information related to risk-
weighted assets or risk-based capital ratios. Finally, the Board
proposes to correct obsolete references within the requested
information section of the General Instructions of the FR MM-PS which
were carried forward from the former Office of Thrift Supervision.
Legal authorization and confidentiality: The FR MM is authorized
pursuant to section 10(o) of the HOLA, as amended,\1\ and the Board's
Regulation MM.\2\ The FR MM is also authorized under the Board's
general authority under sections 10(b) \3\ and 10(g) \4\ of HOLA. The
FR MM is required to obtain a benefit. The information submitted under
the FR MM is not considered confidential unless an applicant requests
confidential treatment in accordance with the Board's Rules Regarding
Availability of Information.\5\ Requests for confidential treatment of
information are reviewed on a case-by-case basis. Information provided
under the FR MM 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 (FOIA).\6\ Submissions under the FR
MM may also contain personnel and medical files the disclosure of which
would constitute a clearly unwarranted invasion of personal privacy,
which are protected under exemption 6 of the FOIA.\7\
---------------------------------------------------------------------------
\1\ 12 U.S.C. 1467a(o) (requiring a savings association seeking
to reorganize in MHC form to provide written notice to the Board
containing such information as the Board requires by regulation or
specific request in connection with a particular notice).
\2\ 12 CFR part 239 (implementing sections 10(g) and 10(o) of
HOLA).
\3\ 12 U.S.C. 1467a(b) (requiring SLHCs to register with the
Board on such forms as it may prescribe and authorizing the Board to
require reports from SLHCs containing such information concerning
the operations of SLHCs and their subsidiaries as the Board may
require.)
\4\ 12 U.S.C. 1467a(g) (authorizing the Board to issue such
regulations and orders as it deems necessary or appropriate to
enable it to administer and carry out the purposes of section 10).
\5\ 12 CFR 261.17.
\6\ 5 U.S.C. 552(b)(4).
\7\ 5 U.S.C. 552(b)(6).
Board of Governors of the Federal Reserve System, November 1,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-24027 Filed 11-3-22; 8:45 am]
BILLING CODE 6210-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 4, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.