Notice2022-24029
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, without revision, the Reporting and Recordkeeping Requirements Associated with Regulation L (FR L; OMB No. 7100-0378).
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 66704-66705]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24029]
-----------------------------------------------------------------------
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, without
revision, the Reporting and Recordkeeping Requirements Associated with
Regulation L (FR L; OMB No. 7100-0378).
DATES: Comments must be submitted on or before January 3, 2023.
ADDRESSES: You may submit comments, identified by FR L, 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#c7b5a2a0b4e9a4a8aaaaa2a9b3b487a1a2a3a2b5a6abb5a2b4a2b5b1a2e9a0a8b1"><span class="__cf_email__" data-cfemail="73011614005d101c1e1e161d0700331516171601121f011600160105165d141c05">[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#7d1308151c531811101c1a150f1c1f143d1b0f1f531a120b"><span class="__cf_email__" data-cfemail="234d564b420d464f4e42444b5142414a634551410d444c55">[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: Reporting and Recordkeeping Requirements
Associated with Regulation L.
Collection identifier: FR L.
OMB control number: 7100-0378.
Frequency: Event-generated.
Respondents: State member banks, bank holding companies (BHCs), and
savings and loan holding companies (SLHCs).
Estimated number of respondents: Reporting, 2; recordkeeping, 2.
Estimated average hours per response: Reporting, 4; recordkeeping,
3.
Estimated annual burden hours: Reporting, 8; recordkeeping, 6.
General description of collection: The Depository Institution
Management Interlocks Act (DIMIA) generally
[[Page 66705]]
prohibits management officials from serving simultaneously with two
unaffiliated depository organizations (i.e., depository institutions
and depository institution holding companies), but allows for
exemptions from the prohibition in certain circumstances. The FR L
information collection accounts for the reporting and recordkeeping
requirements associated with implementation of DIMIA.
Legal authorization and confidentiality: The FR L is authorized by
sections 205 and 209 of the DIMIA, as amended.\1\ The FR L is required
to obtain a benefit.
---------------------------------------------------------------------------
\1\ 12 U.S.C. 3205 (exempting a director of a diversified SLHC
who is also a director of an unaffiliated depository organization
from the DIMIA's interlock prohibitions if both the SLHC and the
unaffiliated depository organization notify their appropriate
federal regulatory agency at least 60 days before the dual service
is proposed to begin and no agency disapproves the dual service
before the end of the 60-day period) and 3207 (authorizing the Board
to prescribe regulations carrying out the DIMIA with respect to
state member banks, BHCs, and SLHCs).
---------------------------------------------------------------------------
Information submitted to the Board under the reporting requirements
associated with the FR L is not considered confidential unless an
applicant requests confidential treatment in accordance with the
Board's Rules Regarding Availability of Information.\2\ Requests for
confidential treatment of information are reviewed on a case-by-case
basis. Information provided to the Board under the FR L's reporting
requirements 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).\3\ Submissions to the Board
under these requirements 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.\4\
---------------------------------------------------------------------------
\2\ 12 CFR 261.17.
\3\ 5 U.S.C. 552(b)(4).
\4\ 5 U.S.C. 552(b)(6).
---------------------------------------------------------------------------
Information covered by the recordkeeping requirements associated
with the FR L is maintained at the relevant banking organization. The
FOIA would therefore only be implicated if the Board obtained such
records as part of the examination or supervision of a banking
organization. In the event the records are obtained by the Board as
part of an examination or supervision of a financial institution, this
information would be considered confidential pursuant to exemption 8 of
the FOIA, which protects information contained in ``examination,
operating, or condition reports'' obtained in the bank supervisory
process.\5\ Information covered by the FR L's recordkeeping
requirements may also be protected from disclosure under exemption 4 or
6 of the FOIA, depending on the contents of the information.\6\
---------------------------------------------------------------------------
\5\ 5 U.S.C. 552(b)(8).
\6\ 5 U.S.C. 552(b)(4) and (6).
---------------------------------------------------------------------------
Consultation outside the agency: The Board consulted with the
Federal Deposit Insurance Corporation and the Office of the Comptroller
of the Currency, the other agencies with responsibilities related to
these requirements associated with DIMIA, to confirm alignment of the
burden estimates.
Board of Governors of the Federal Reserve System, November 1,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-24029 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.