83952 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 

registration requirements of Regulation 

U must complete an FR G–3 purpose 

statement for each extension of credit 

secured directly or indirectly, in whole 

or in part, by any margin stock. The 

purpose statement is intended to ensure 

that a lender does not extend credit to 

purchase or carry margin stock in excess 

of the amount permitted by the Federal 

Reserve pursuant to Regulation U. 

Report title: Annual Report. 

Agency form number: FR G–4. 

OMB control number: 7100–0011. 

Frequency: Annually. 

Respondents: Federal and state credit 

unions; insurance companies; 

commercial and consumer credit 

organizations; production credit 

associations; small businesses; 

insurance premium funding plans; planlenders (a company or its affiliate that 

extends credit to employees to purchase 

company stock under an eligible 

employee stock option or stock 

purchase plan); lenders to Employee 

Stock Ownership Plans (ESOPs), thrift 

plans, and broker-dealer affiliates; and 

other lenders. 

Estimated number of respondents: 70. 

Estimated average hours per response: 

2. 

Estimated annual burden hours: 140. 

General description of report: The FR 

G–4 annual report requires nonbank 

lenders to provide the total amount of 

credit outstanding secured directly or 

indirectly by margin stock as of June 30, 

and the amount of credit extended 

secured directly or indirectly by margin 

stock during the year. Lenders are 

required to indicate whether the loans 

involved are purpose or nonpurpose 

and to disclose whether credit is used 

to fund employee stock options, 

purchases, or ownership plans. Those 

lenders funding stock options, 

purchases, and ownership plans must 

specify whether such credit was 

extended pursuant to the provisions set 

forth in section 221.4 of Regulation U, 

which authorizes employers to extend 

credit to employees and ESOPs without 

regard to the margin requirements. All 

nonbank lenders registered pursuant to 

Regulation U must file an annual report 

with the Federal Reserve. Any new 

registrants are required to file the 

annual report for the year following 

their registration date. 

Report title: Statement of Purpose for 

an Extension of Credit by a Creditor. 

Agency form number: FR T–4. 

OMB control number: 7100–0011. 

Frequency: Event-generated. 

Respondents: Brokers and dealers. 

Estimated number of respondents: 4. 

Estimated average hours per response: 

0.17. 

Estimated annual burden hours: 14. 

General description of report: The FR 

T–4 must be completed only if the 

purpose of the credit being extended is 

not to purchase, carry, or trade in 

securities and the credit is in excess of 

that otherwise permitted under 

Regulation T (nonpurpose credit). The 

information captured on FR T–4 

provides a written record of the amount 

of nonpurpose credit being extended, 

the purpose for which the money is to 

be used, and a listing and valuation of 

collateral. 

Report title: Statement of Purpose for 

an Extension of Credit Secured by 

Margin Stock. 

Agency form number: FR U–1. 

OMB control number: 7100–0011. 

Frequency: Event-generated. 

Respondents: Banks. 

Estimated number of respondents: 4. 

Estimated average hours per response: 

0.17. 

Estimated annual burden hours: 51. 

General description of report: A bank 

must complete the FR U–1 purpose 

statement when it extends credit in 

excess of $100,000 secured directly or 

indirectly, in whole or in part, by any 

margin stock. The information captured 

on FR U–1 provides a written record of 

the amount of credit being extended, the 

purpose for which the money is to be 

used, and a listing and valuation of 

collateral. 

Legal authorization and 

confidentiality: The FR G–1, G–2, G–3, 

G–4, T–4, and U–1 are authorized by 

sections 7 and 23 of the Securities 

Exchange Act of 1934 which state, 

respectively, that the Board shall 

‘‘prescribe rules and regulations with 

respect to the amount of credit that may 

be initially extended and subsequently 

maintained on any security’’ and that 

‘‘[t]he Commission, the Board of 

Governors of the Federal Reserve 

System, and the other agencies 

enumerated in section 78c(a)(34) of this 

title shall each have power to make such 

rules and regulations as may be 

necessary or appropriate to implement 

the provisions of this chapter for which 

they are responsible or for the execution 

of the functions vested in them by this 

chapter, and may for such purposes 

classify persons, securities, transactions, 

statements, applications, reports, and 

other matters within their respective 

jurisdictions, and prescribe greater, 

lesser, or different requirements for 

different classes thereof.’’ 

All six reports are mandatory. 

Individual respondents may request that 

information submitted to the Board 

through the FR G–1 and FR G–4 be kept 

confidential. If a respondent requests 

confidential treatment, the Board will 

determine whether the information is 

entitled to confidential treatment on a 

case-by-case basis. To the extent a 

respondent submits nonpublic 

commercial or financial information, 

which is both customarily and actually 

treated as private by the respondent, the 

respondent may request confidential 

treatment pursuant to exemption 4 of 

the Freedom of Information Act (FOIA). 

To the extent a respondent submits 

personnel, medical, or similar files, the 

disclosure of which would constitute an 

unwarranted invasion of privacy, the 

respondent may request confidential 

treatment pursuant to exemption 6 of 

the FOIA. 

Because the FR T–4, FR U–1, and FR 

G–3 are maintained at each banking 

organization, the FOIA would only be 

implicated if the Board obtained such 

records as part of the examination or 

supervision of a banking organization. 

In the event the records are obtained by 

the Board as part of an examination or 

supervision of a financial institution, 

this information may be considered 

confidential pursuant to exemption 8 of 

the FOIA, which protects information 

contained in ‘‘examination, operating, 

or condition reports’’ obtained in the 

bank supervisory process. Information 

collected through the FR G–2 is not 

considered to be confidential. 

Board of Governors of the Federal Reserve 

System, December 17, 2020. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2020–28327 Filed 12–22–20; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Proposed Agency Information 

Collection Activities; Comment 

Request 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice, request for comment. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) invites 

comment on a proposal to extend for 

three years, with revision, the 

Interagency Notice of Change in Control, 

the Interagency Notice of Change in 

Director or Senior Executive Officer, 

and the Interagency Biographical and 

Financial Report (FR 2081a,b,c; OMB 

No. 7100–0134). 

DATES: Comments must be submitted on 

or before February 22, 2021. 

ADDRESSES: You may submit comments, 

identified by FR 2081a, FR 2081b, or FR 

2081c, by any of the following methods: 

• Agency Website: https://

www.federalreserve.gov/. Follow the 

instructions for submitting comments at 


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Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 83953 

https://www.federalreserve.gov/apps/ 

foia/proposedregs.aspx. 

• Email: regs.comments@

federalreserve.gov. Include the OMB 

number in the subject line of the 

message. 

• Fax: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Ann E. Misback, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

All public comments are available 

from the Board’s website at https://

www.federalreserve.gov/apps/foia/ 

proposedregs.aspx as submitted, unless 

modified for technical reasons or to 

remove personally identifiable 

information at the commenter’s request. 

Accordingly, comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper in Room 146, 1709 New York 

Avenue NW, Washington, DC 20006, 

between 9:00 a.m. and 5:00 p.m. on 

weekdays. For security reasons, the 

Board requires that visitors make an 

appointment to inspect comments. You 

may do so by calling (202) 452–3684. 

Upon arrival, visitors will be required to 

present valid government-issued photo 

identification and to submit to security 

screening in order to inspect and 

photocopy comments. 

Additionally, commenters may send a 

copy of their comments to the 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. 

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. 

SUPPLEMENTARY INFORMATION: On June 

15, 1984, OMB delegated to the Board 

authority under the PRA to approve and 

assign OMB control numbers to 

collections of information conducted or 

sponsored by the Board. In exercising 

this delegated authority, the Board is 

directed to take every reasonable step to 

solicit comment. In determining 

whether to approve a collection of 

information, the Board will consider all 

comments received from the public and 

other agencies. 

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, if approved. 

These documents will also be made 

available on the 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. 

Request for Comment on Information 

Collection Proposal 

The Board invites public comment on 

the following information collection, 

which is being reviewed under 

authority delegated by the OMB under 

the PRA. Comments are invited on the 

following: 

a. Whether the proposed collection of 

information is necessary for the proper 

performance of the Board’s functions, 

including whether the information has 

practical utility; 

b. The accuracy of the Board’s 

estimate of the burden of the proposed 

information collection, including the 

validity of the methodology and 

assumptions used; 

c. Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; 

d. Ways to minimize the burden of 

information collection on respondents, 

including through the use of automated 

collection techniques or other forms of 

information technology; and 

e. Estimates of capital or startup costs 

and costs of operation, maintenance, 

and purchase of services to provide 

information. 

At the end of the comment period, the 

comments and recommendations 

received will be analyzed to determine 

the extent to which the Board should 

modify the proposal. 

Proposal Under OMB Delegated 

Authority To Extend for Three Years, 

With Revision, the Following 

Information Collections 

Report title: Interagency Notice of 

Change in Control. 

Agency form number: FR 2081a. 

OMB control number: 7100–0134. 

Frequency: Event generated. 

Respondents: All financial 

institutions regulated by the Board. 

Estimated number of respondents: 

162. 

Estimated average hours per response: 

Reporting, 29.5; Disclosure, 1. 

Estimated annual burden hours: 

Reporting, 4,779; Disclosure, 162. 

General description of report: The FR 

2081a is submitted in connection with 

the acquisition of shares of an insured 

depository institution, savings and loan 

holding company (SLHC), or bank 

holding company (BHC) (or group of 

BHCs or SLHCs) by an individual or a 

group of individuals or a company or 

group of companies that would not be 

BHCs or SLHCs after consummation of 

the proposed transaction. When the 

Board is the federal banking regulatory 

agency for the target organization, the 

notice must be submitted to the 

appropriate Reserve Bank. The notice 

must include a description of the 

proposed transaction, the purchase 

price and funding source, the personal 

and financial information of the 

proposed acquirer(s), and any proposed 

new management. 

A FR 2081a filer must publish an 

announcement soliciting public 

comment on the proposed acquisition in 

a newspaper of general circulation in 

the community in which the head office 

of the depository institution or holding 

company is located. In the case of a BHC 

or SLHC, an announcement also must be 

published in each community in which 

the head office of a bank or savings 

association subsidiary of the holding 

company is located. A copy of the 

affidavit(s) of publication should be 

submitted to the appropriate Reserve 

Bank. The publication must (1) state the 

name and address of each person 

identified as an acquirer in the notice; 

(2) state the name of the bank or holding 

company to be acquired and each of its 

subsidiary banks; and (3) include a 

statement that interested persons may 

submit comments on the proposed 

transaction to the Board or the 

appropriate Reserve Bank. The 

newspaper notice must be published no 

more than 15 calendar days before and 

no later than 10 calendar days after the 

date that the application is filed with 

the appropriate Reserve Bank. 

Report title: Interagency Notice of 

Change in Director or Senior Executive 

Officer. 

Agency form number: FR 2081b. 

OMB control number: 7100–0134. 

Frequency: Event generated. 

Respondents: All financial 

institutions regulated by the Board. 

Estimated number of respondents: 

119. 

Estimated average hours per response: 

2. 

Estimated annual burden hours: 238. 

General description of report: The FR 

2081b is used, under certain 

circumstances, to notify the appropriate 

Reserve Bank of a proposed change to 

an institution’s board of directors or 

senior executive officers. The notice 

must be filed if the institution is not in 

compliance with all minimum capital 

requirements, is in troubled condition, 

or is otherwise required by the Board to 

provide such notice. The reporting form 

may be filed by the relevant state 


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83954 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 

1 12 U.S.C. 1817(j). The Board also has the 

authority to require reports from bank holding 

companies (12 U.S.C. 1844(c)), savings and loan 

holding companies (12 U.S.C. 1467a(b) and (g)), and 

state member banks (12 U.S.C. 248(a) and 324). 

2 12 U.S.C. 1831i. 

3 12 U.S.C. 1828(c). 

4 12 U.S.C. 1842. 

5 5 U.S.C. 552(b)(4) 

6 5 U.S.C. 552(b)(6) 

7 5 U.S.C. 552(b)(8). 

member bank (SMB), SLHC, or BHC, or 

by the affected individual. The notice 

must include (1) details of the proposed 

transaction; (2) steps taken by the 

insured depository institution or 

holding company to investigate and 

satisfy itself as to the competence, 

experience, character, and integrity of 

the subject individual; (3) if the notice 

represents a proposal to serve as a 

senior executive officer of an insured 

depository institution or holding 

company, a description of the duties 

and responsibilities of the subject 

position and proposed terms of 

employment; and (4) if it is an after-thefact notice, an identification of the 

exception to the prior notice 

requirement upon which the notificant 

relies or a discussion of the reasons that 

prior notice was not given and what 

steps have been taken to avoid future 

violations. 

Report title: Interagency Biographical 

and Financial Report. 

Agency form number: FR 2081c. 

OMB control number: 7100–0134. 

Frequency: Event generated. 

Respondents: All financial 

institutions regulated by the Board. 

Estimated number of respondents: 

959. 

Estimated average hours per response: 

4.5. 

Estimated annual burden hours: 

4,316. 

General description of report: The FR 

2081c is used by certain shareholders, 

directors, and executive officers in 

connection with the FR 2081a and FR 

2081b. Information requested on this 

reporting form is subject to verification 

and must be complete. As with all the 

notices and reporting forms, requests for 

clarification or supplementation of the 

original filing may be necessary. 

Proposed Revisions: The Board 

proposes to revise the FR 2081c by 

correcting an inadvertent and 

unintentional numbering error from the 

previous clearance. As a result of this 

error, currently, a respondent is 

required to provide their telephone 

number and email address only if they 

are not a U.S. citizen or are a dual 

citizen. With the corrected numbering 

and delineation, the form will clearly 

require all respondents to provide their 

telephone number and email address. 

This revision would be effective 

immediately. No changes are being 

proposed for the FR 2081a or FR 2081b. 

Legal authorization and 

confidentiality: The FR 2081a and FR 

2081c information collections are 

authorized by section 7(j) of the Federal 

Deposit Insurance Act, which states that 

‘‘[n]o person . . . shall acquire control 

of any insured depository institution 

. . . unless the appropriate Federal 

banking agency has been given sixty 

days’ prior written notice of such 

proposed acquisition’’ and requires the 

Federal Reserve to investigate the 

competence, experience, integrity, and 

financial ability of any such person.1

The FR 2081a, FR 2081b, and FR 2081c 

information collections are authorized 

by section 914 of the Financial 

Institutions Reform, Recovery, and 

Enforcement Act (FIRREA), which 

provides that an insured depository 

institution or depository institution 

holding company shall notify the 

appropriate Federal banking agency of 

the proposed addition of any individual 

to the board of directors or the 

employment of any individual as a 

senior executive officer at least 30 days 

before such addition or employment 

becomes effective.2

In addition to being used in 

conjunction with the FR 2081a and FR 

2081b, the FR 2081c is used in 

conjunction with the FR 2070 and the 

Application to Become a Bank Holding 

Company and/or Acquire an Additional 

Bank or Bank Holding Company (FR Y– 

3; OMB No. 7100–0121). When used in 

conjunction with the FR 2070, the FR 

2081c is authorized by section 18(c) of 

the Federal Deposit Insurance Act, 

which requires that a SMB, when it is 

the acquiring, assuming, or resulting 

bank, obtain prior approval from the 

Board before merging or consolidating 

with another insured depository 

institution, or assuming liability to pay 

any deposits made in any other 

depository institution, and requires the 

Board to consider the managerial 

resources and future prospects of the 

existing and proposed institutions.3

When used in conjunction with the FR 

Y–3, the FR 2081c is authorized by 

section 3(a) of the Bank Holding 

Company Act of 1956, which requires 

Board approval for formations, 

acquisitions, and mergers of bank 

holding companies, and requires the 

Board to consider the competence, 

experience, and integrity of the officers, 

directors, and principal shareholders of 

the company.4

The obligation to file these eventgenerated reports is mandatory. 

Individual respondents may request that 

information submitted to the Board 

through the FR 2081a, FR 2081b, or FR 

2081c be kept confidential. If a 

respondent requests confidential 

treatment, the Board will determine 

whether the information is entitled to 

confidential treatment on a case-by-case 

basis. To the extent a respondent 

submits nonpublic commercial or 

financial information, which is both 

customarily and actually treated as 

private by the respondent, the 

respondent may request confidential 

treatment pursuant to exemption 4 of 

the Freedom of Information Act 

(FOIA).5 To the extent a respondent 

submits personnel, medical, or similar 

files, the disclosure of which would 

constitute an unwarranted invasion of 

privacy, the respondent may request 

confidential treatment pursuant to 

exemption 6 of the FOIA.6 To the extent 

a respondent submits information 

related to examination, operating, or 

condition reports prepared by, on behalf 

of, or for the use of a financial 

supervisory agency, the respondent may 

request confidential treatment pursuant 

to exemption 8 of the FOIA.7 The entity 

should separately designate any such 

information as ‘‘confidential 

commercial information’’ or 

‘‘confidential financial information,’’ 

and the Board will treat such designated 

information as confidential to the extent 

permitted by law, including the FOIA. 

Consultation outside the agency: An 

interagency working group responsible 

for reviewing this collection, comprised 

of representatives from the Board, OCC, 

and FDIC, collaborated on confirming 

that changes were needed to the FR 

2081c form for this clearance cycle. 

Board of Governors of the Federal Reserve 

System, December 17, 2020. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2020–28329 Filed 12–22–20; 8:45 am] 

BILLING CODE 6210–01–P 

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 Notifications 

Related to Community Development 

and Public Welfare Investments of State 

Member Banks (FR H–6; OMB No. 


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