Notice2022-25891
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
November 28, 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 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 227 (Monday, November 28, 2022)</title>
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[Federal Register Volume 87, Number 227 (Monday, November 28, 2022)]
[Notices]
[Pages 72997-72998]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25891]
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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
Savings Association Holding Company Report (FR LL-(b)11; OMB No. 7100-
0334).
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#adc3d8c5cc83c8c1c0cccac5dfcccfc4edcbdfcf83cac2db"><span class="__cf_email__" data-cfemail="dfb1aab7bef1bab3b2beb8b7adbebdb69fb9adbdf1b8b0a9">[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
[[Page 72998]]
Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/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 Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Savings Association Holding Company Report.
Collection identifier: FR LL-(b)11.
OMB control number: 7100-0334.
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 savings and loan holding companies (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).\1\ 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 \2\ or (2) primarily holds
insurance-related assets and does not submit financial reports with the
SEC pursuant to sections 13 or 15(d) of the Securities Exchange Act of
1934.\3\
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\1\ 76 FR 81933 (December 29, 2011).
\2\ 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.
\3\ 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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The reports filed under this collection are mostly unstructured and
include:
<bullet> Securities and Exchange Commission filings,
<bullet> Copies of reports on any company in their organizational
structure provided to the SLHC by Nationally Recognized Statistical
Rating Organizations and Securities Analysts,
<bullet> Supplemental information for the Quarterly Savings and
Loan Holding Company Report (FR 2320; OMB No. 7100-0345),
<bullet> Information about other materially important events,
<bullet> Financial statements, and
<bullet> Exhibits that include the SLHC's charter and bylaws or
instruments corresponding thereto.
Frequency: Quarterly,\4\ annually, and event-generated.
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\4\ 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 SLHCs.
Total estimated number of respondents: 3.
Total estimated annual burden hours: 26.<SUP>5</SUP>
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\5\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR LL-(b)11.
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Current actions: On August 2, 2022, the Board published a notice in
the Federal Register (87 FR 47209) requesting public comment for 60
days on the extension, without revision, of the FR LL-(b)11. The
comment period for this notice expired on October 3, 2022. The Board
did not receive any comments.
Board of Governors of the Federal Reserve System, November 22,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25891 Filed 11-25-22; 8:45 am]
BILLING CODE 6210-01-P
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