Agency Information Collection Activities: Announcement of Board Approval under Delegated Authority and Submission to OMB

Federal Register, Volume 84 Issue 246 (Monday, December 23, 2019)
[Federal Register Volume 84, Number 246 (Monday, December 23, 2019)]
[Pages 70528-70529]
From the Federal Register Online via the Government Publishing Office []
[FR Doc No: 2019-27599]
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-
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829.
    Office of Management and Budget (OMB) Desk Officer--Shagufta
Ahmed--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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be placed into OMB's public docket files.
These documents also are available on the Federal Reserve Board's
public website at or may be requested from the agency clearance officer,
whose name appears above.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
[[Page 70529]]
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. Copies
of the PRA Submission, supporting statements, and approved collection
of information instrument(s) are placed into OMB's public docket files.
    Final Approval under OMB Delegated Authority of the Extension for
Three Years, Without Revision, the Following Information Collection:
    Report title: Savings Association Holding Company Report.
    Agency form number: FR LL-(b)11.\1\
    \1\ The internal Agency Tracking Number previously assigned by
the Board to this information collection was ``FR H-(b)11.'' The
Board is changing the internal Agency Tracking Number to ``FR LL-
(b)11'' for the purpose of consistency.
    OMB control number: 7100-0334.
    Frequency: Quarterly,\2\ annually, and event-generated.
    \2\ The FR LL-(b)11 is filed quarterly except for the fourth
quarter when the respondent is required to file its annual report.
    Respondents: Certain savings and loan holding companies (SLHCs).
    Estimated number of respondents: Quarterly: 6; annually: 6; event-
generated: 1.
    Estimated average hours per response: Quarterly: 2; annually: 2;
event-generated: 2.
    Estimated annual burden hours: Quarterly: 36; annually: 12; event-
generated: 2.
    General description of report: 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 SLHCs and their non-depository subsidiaries. Pursuant to
section 10(b) 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 (known as ``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).
Exempt SLHCs must file the FR LL-(b)11 quarterly report in order for
the Board to obtain the information that is necessary to supervise such
SLHCs, monitor their financial condition, and assess their regulatory
compliance. An SLHC is exempt from filing the FR Y-9C or FR Y-9SP if
it: (1) Meets the requirements of section 10(c)(9)(C) of HOLA (i.e., a
``grandfathered'' unitary SLHC) and has primarily commercial assets,
with thrift assets making up less than 5 percent of the SLHC's
consolidated assets;\3\ or (2) primarily holds insurance-related assets
and does not otherwise submit financial reports with the U.S.
Securities and Exchange Commission pursuant to sections 13 or 15(d) of
the Securities Exchange Act of 1934.
    \3\ Specifically, a grandfathered 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
grandfathered 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 grandfathered unitary SLHC are derived from activities
that are not otherwise permissible under HOLA on an enterprise-wide
    The FR LL-(b)11 collects the following six categories of
    (1) Information about U.S. Securities and Exchange Commission
    (2) Reports provided by Nationally Recognized Statistical Rating
Organizations and Securities Analysts;
    (3) Supplemental information for the Quarterly Savings and Loan
Holding Company Report (FR 2320; OMB No. 7100-0345);
    (4) Information about other materially important events;
    (5) Financial statements; and
    (6) Other exhibits required by the Board.
    Legal authorization and confidentiality: The FR LL-10(b)11 is
authorized pursuant to section 10 of the Home Owners' Loan Act, which
requires SLHCs to file ``such reports as may be required by the
Board.'' \4\ The FR LL-(b)11 is mandatory.
    \4\ 12 U.S.C. 1467a(b)(2)(A).
    Information provided through the FR LL- (b)11 that corresponds to a
``yes'' answer to questions 24, 25, and 26 of the FR 2320 is generally
considered to be confidential under exemption 4 of the Freedom of
Information Act (FOIA), which protects privileged or confidential
commercial or financial information.\5\ If it should be determined
subsequently that any information collected on these three items must
be released, respondents will be notified. Individual respondents may
request that other information submitted to the Board through the FR
LL-(b)11 be kept confidential, and the Board will determine whether the
information is entitled to confidential treatment on a case-by-case
basis. Information may be kept confidential under FOIA exemption 4 or
exemption 8, which exempts from disclosure information ``related to
examination, operating, or condition reports prepared by, on behalf of,
or for the use of an agency responsible for the regulation or
supervision of financial institutions.'' \6\
    \5\ 5 U.S.C. 552(b)(4).
    \6\ 5 U.S.C. 552(b)(4) and (8).
    Current actions: On September 10, 2019, the Board published an
initial notice in the Federal Register (84 FR 47514) 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 November 12, 2019.
The Board did not receive any comments.
    Board of Governors of the Federal Reserve System, December 17,
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-27599 Filed 12-20-19; 8:45 am]