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

Published date17 February 2022
Record Number2022-03470
SectionNotices
CourtFederal Reserve System
Federal Register, Volume 87 Issue 33 (Thursday, February 17, 2022)
[Federal Register Volume 87, Number 33 (Thursday, February 17, 2022)]
                [Notices]
                [Page 9053]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2022-03470]
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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
                Holding Company Report of Insured Depository Institutions' Section 23A
                Transactions with Affiliates (FR Y-8 OMB No. 7100-0126).
                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, Washington, DC 20551, (202) 452-3829.
                 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, and approved collection of
                information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal
                Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx 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
                 Report title: Holding Company Report of Insured Depository
                Institutions' Section 23A Transactions with Affiliates.
                 Agency form number: FR Y-8.
                 OMB control number: 7100-0126.
                 Frequency: Quarterly.
                 Respondents: U.S. top-tier bank holding companies (BHCs),
                intermediate holding companies (IHCs), and savings and loan holding
                companies (SLHCs); foreign banking organizations (FBOs) that directly
                own or control a U.S. subsidiary insured depository institution.
                 Estimated number of respondents: Reporting, 692; recordkeeping,
                692.
                 Estimated average hours per response: Reporting, 7.3;
                recordkeeping, 0.5.
                 Estimated annual burden hours: 21,590.
                 General description of report: The FR Y-8 collects information on
                covered transactions between an insured depository institution and its
                affiliates that are subject to the quantitative limits and other
                requirements of section 23A of the Federal Reserve Act (12 U.S.C. 371c)
                and the Board's Regulation W--Transactions Between Member Banks and
                Their Affiliates (12 CFR part 223). The data to be reported vary based
                on the activities and subsidiaries of the insured depository
                institution. A respondent must file a separate FR Y-8 report for each
                U.S. insured depository institution it controls.
                 Legal authorization and confidentiality: Section 5(c) of the Bank
                Holding Company Act authorizes the Board to require BHCs and IHCs to
                file the FR Y-8.\1\ Section 10(b)(2) of the Home Owners' Loan Act
                authorizes the Board to require SLHCs to file the FR Y-8.\2\ Section
                8(a) of the International Banking Act authorizes the Board to require
                FBOs that directly own or control a U.S. subsidiary insured depository
                institution to file the FR Y-8.\3\ Information provided on the FR Y-8
                may be kept confidential under exemption 4 of the Freedom of
                Information Act (FOIA) as confidential commercial or financial
                information that is both customarily and actually treated as
                private.\4\ Information collected on the FR Y-8 may also be considered
                confidential under FOIA exemption 8 if it is obtained as part of an
                examination or supervision of a financial institution.\5\
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                 \1\ 12 U.S.C. 1844(c).
                 \2\ 12 U.S.C. 1467a(b)(2).
                 \3\ 12 U.S.C. 3106(a).
                 \4\ 5 U.S.C. 552(b)(4).
                 \5\ 5 U.S.C. 552(b)(8).
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                 The FR Y-8 report is mandatory for respondents that control an
                insured depository institution that has engaged in covered transactions
                with an affiliate during the reporting period.
                 Current actions: On October 18, 2021, the Board published a notice
                in the Federal Register (86 FR 57675) requesting public comment for 60
                days on the extension, without revision, of the Holding Company Report
                of Insured Depository Institutions' Section 23A Transactions with
                Affiliates. The comment period for this notice expired on December 17,
                2021. The Board did not receive any comments.
                 Board of Governors of the Federal Reserve System, February 14,
                2022.
                Michele Taylor Fennell,
                Deputy Associate Secretary of the Board.
                [FR Doc. 2022-03470 Filed 2-16-22; 8:45 am]
                BILLING CODE 6210-01-P
                

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