Notice2023-04082
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
February 28, 2023
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 Reporting Requirements Associated with Regulation Y for Extension of Time to Conform to the Volcker Rule (FR Y-1; OMB No. 7100-0333).
Full Text
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<title>Federal Register, Volume 88 Issue 39 (Tuesday, February 28, 2023)</title>
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[Federal Register Volume 88, Number 39 (Tuesday, February 28, 2023)]
[Notices]
[Pages 12680-12681]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-04082]
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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
Reporting Requirements Associated with Regulation Y for Extension of
Time to Conform to the Volcker Rule (FR Y-1; OMB No. 7100-0333).
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#610f1409004f040d0c00060913000308210713034f060e17"><span class="__cf_email__" data-cfemail="a1cfd4c9c08fc4cdccc0c6c9d3c0c3c8e1c7d3c38fc6ced7">[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
[[Page 12681]]
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 (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, With Revision, of the Following Information Collection
Collection title: Reporting Requirements Associated with Regulation
Y for Extension of Time to Conform to the Volcker Rule.
Collection identifier: FR Y-1.
OMB control number: 7100-0333.
Effective Date: The revisions are applicable as of February 28,
2023.
General description of collection: The Board's Regulation Y--Bank
Holding Companies and Change in Bank Control (12 CFR part 225, subpart
K) provides that a banking entity or Board-supervised nonbank financial
company may, under certain circumstances, request an extension of time
to conform its activities to the requirements of section 13 of the Bank
Holding Company Act of 1956 (BHC Act),\1\ also known as the Volcker
Rule.\2\
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\1\ 12 U.S.C. 1851.
\2\ The term ``banking entity'' is defined in section 13(h)(1)
of the BHC Act (12 U.S.C. 1851(h)(1)). See Respondents section of
this notice for the full meaning.
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Frequency: Annual, event-generated.
Respondents: Insured depository institutions (other than certain
limited-purpose trust institutions and any insured depository
institution that has, and if every company that controls it has, total
consolidated assets of $10 billion or less and total trading assets and
trading liabilities, on a consolidated basis, that are 5 percent or
less of total consolidated assets), any company that controls such an
insured depository institution, any company that is treated as a bank
holding company for purposes of section 8 of the International Banking
Act of 1978 (12 U.S.C. 3106), and any affiliate or subsidiary of any of
the foregoing, and nonbank financial companies designated by the
Financial Stability Oversight Council that engage in proprietary
trading activities or make investments in covered funds.
Total estimated number of respondents: 1.
Total estimated annual burden hours: 12.\3\
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\3\ 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 Y-1.
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Current actions: On October 18, 2022, the Board published a notice
in the Federal Register (87 FR 63069) requesting public comment for 60
days on the extension, with revision, of the FR Y-1. The Board proposed
to revise the FR Y-1 to no longer include a provision related to
extended transition periods for illiquid funds for banking entities
since they were required to completely divest from such funds by July
21, 2022. The comment period for this notice expired on December 19,
2022. The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, February 23,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-04082 Filed 2-27-23; 8:45 am]
BILLING CODE 6210-01-P
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