Notice2024-16673
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
July 30, 2024
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 Recordkeeping Guidance Associated with Changes in Foreign Investments Made Pursuant to Regulation K (FR 2064; OMB No. 7100-0109).
Full Text
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<title>Federal Register, Volume 89 Issue 146 (Tuesday, July 30, 2024)</title>
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[Federal Register Volume 89, Number 146 (Tuesday, July 30, 2024)]
[Notices]
[Pages 61115-61116]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16673]
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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
Recordkeeping Guidance Associated with Changes in Foreign Investments
Made Pursuant to Regulation K (FR 2064; OMB No. 7100-0109).
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#a7c9d2cfc689c2cbcac6c0cfd5c6c5cee7c1d5c589c0c8d1"><span class="__cf_email__" data-cfemail="cba5bea3aae5aea7a6aaaca3b9aaa9a28badb9a9e5aca4bd">[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 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. On the page displayed at the link above, you can find the
supporting information by referencing the collection identifier, FR
2064.
[[Page 61116]]
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Recordkeeping Guidance Associated with Changes in
Foreign Investments. Made Pursuant to Regulation K.
Collection identifier: FR 2064.
OMB control number: 7100-0109.
General description of collection: Internationally active U.S.
banking organizations are expected to maintain adequate internal
records to allow examiners to review compliance with the investment
provisions of Regulation K. This recordkeeping guidance is what makes
up the FR 2064. For each investment made under Subpart A of Regulation
K, a banking organization investor should maintain internal records
regarding the type of investment; the amount of the investment; the
percentage ownership; activities conducted by the company and the legal
authority for such activities; and whether the investment was made
under general consent, prior notice, or specific consent authority.
With respect to investments made under general consent authority,
information also should be maintained that demonstrates compliance with
the various limits set out in section 211.9 of Regulation K. These
records are reviewed by examiners during examinations, allowing the
examiners to determine a banking organization's compliance with the
Federal Reserve Act and Subpart A of Regulation K. Monitoring banking
organizations' international investments also permits the Federal
Reserve to ensure that banking organizations do not expose themselves
to undue risk.
Frequency: On-going.
Respondents: U.S. banking organizations (member banks, Edge Act and
agreement corporations, and bank holding companies) that have made a
foreign investment.
Total estimated number of respondents: 20.
Total estimated annual burden hours: 160.
Current actions: On March 29, 2024, the Board published a notice in
the Federal Register (89 FR 22147) requesting public comment for 60
days on the extension, without revision, of the FR 2064. The comment
period for this notice expired on May 28, 2024. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, July 24, 2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-16673 Filed 7-29-24; 8:45 am]
BILLING CODE 6210-01-P
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