13382 Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices 

1 12 U.S.C. 1842(a). 

2 12 U.S.C. 1842(c). 

3 12 U.S.C. 1844(a)–(c). 

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

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

6 5 U.S.C. 552(b)(8). 

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 available at 

https://www.reginfo.gov/public/do/ 

PRAMain, 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, 

Without Revision, the Following 

Information Collection: 

Report title: Application for a Foreign 

Organization to Acquire a U.S. Bank or 

Bank Holding Company. 

Agency form number: FR Y–3F. 

OMB Control Number: 7100–0119. 

Frequency: On occasion. 

Respondents: Any company organized 

under the laws of a foreign country that 

seeks to acquire a U.S. bank or bank 

holding company. 

Estimated number of respondents: 6. 

Estimated average hours per response: 

Reporting: Initial application: 90; 

Subsequent application: 70; Disclosure: 

1. 

Estimated annual burden hours: 

Reporting: Initial application: 90; 

Subsequent application: 350; 

Disclosure: 6. 

General description of report: Under 

the Bank Holding Company Act (BHC 

Act), any company, including a 

company organized under the laws of a 

foreign country, that seeks to acquire a 

U.S. bank or bank holding company 

must receive prior approval from the 

Board to do so. The Federal Reserve 

uses the information collected by the FR 

Y–3F to determine whether to approve 

the application and, subsequently, to 

carry out its supervisory responsibilities 

with respect to the foreign banking 

organization’s operations in the United 

States. 

Legal authorization and 

confidentiality: Section 3(a) of the BHC 

Act 1 requires prior approval by the 

Board for any company, including a 

foreign company, to acquire a U.S. bank 

or bank holding company, and section 

3(c) of the BHC Act 2 sets forth the 

factors that the Board must consider in 

approving such an application. Sections 

5(a) through 5(c) of the BHC Act 3

authorize the Board to require the 

registration of bank holding companies, 

issue regulations and orders to carry out 

its supervisory responsibilities 

thereunder, and examine and require 

reports to be submitted by bank holding 

companies, respectively. Together, these 

sections of the BHC Act provide the 

legal authorization for the FR Y–3F. The 

FR Y–3F is required to obtain a benefit. 

To the extent a respondent submits 

nonpublic commercial or financial 

information in connection with the FR 

Y–3F, 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).4 To the extent 

a respondent submits personal, 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.5 If a 

respondent requests confidential 

treatment, the Board will determine 

whether the information is entitled to 

confidential treatment on a case-by-case 

basis. 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. 

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 

information may be treated as 

confidential pursuant to exemption 8 of 

the FOIA.6

Board of Governors of the Federal Reserve 

System, March 1, 2021. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2021–04663 Filed 3–5–21; 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, without revision, the 

International Applications and Prior 

Notifications under Subpart B of 

Regulation K (FR K–2; OMB No. 7100– 

0284). 


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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices 13383 

1The term ‘‘office’’ means any branch, agency, or 

representative office, or a commercial lending 

company subsidiary. 

2 12 U.S.C. 3105, 3107, and 3108. 

3 5 U.S.C. 552(b)(4). 

4 5 U.S.C. 552(b)(6). 

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

DATES: Comments must be submitted on 

or before May 7, 2021. 

ADDRESSES: You may submit comments, 

identified by FR K–2, by any of the 

following methods: 

• Agency Website: https://

www.federalreserve.gov/. Follow the 

instructions for submitting comments at 

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 available at 

https://www.reginfo.gov/public/do/ 

PRAMain, 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, 

Without Revision, the Following 

Information Collection: 

Report title: The International 

Applications and Prior Notifications 

under Subpart B of Regulation K. 

Agency form number: FR K–2. 

OMB control number: 7100–0284. 

Frequency: On occasion. 

Respondents: Foreign banks. 

Estimated number of respondents: 13. 

Estimated average hours per response: 

Reporting: 35; Disclosure: 1. 

Estimated annual burden hours: 

Reporting: 455; Disclosure: 13. 

General description of report: Under 

the International Banking Act of 1978 

(IBA), foreign banks are required to 

obtain the prior approval of the Board 

to establish a branch, agency, or 

representative office in the United 

States; to establish or acquire ownership 

or control of a commercial lending 

company in the United States; or to 

change the status of an agency or 

limited branch to a branch in the United 

States. The Board uses the information 

from the FR K–2 in connection with 

these applications and to supervise 

foreign banks with offices 1 in the 

United States. 

Legal authorization and 

confidentiality: The FR K–2 is 

authorized pursuant to sections 7, 10, 

and 13 of the International Banking 

Act.2 The applications and notifications 

comprising FR K–2 are required to 

obtain a benefit. 

The Board does not routinely publicly 

release information collected through 

the FR K–2. To the extent a respondent 

submits nonpublic commercial or 

financial information in connection 

with the FR K–2, 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).3 To the extent a respondent 

submits personal, 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.4 If a 

respondent requests confidential 

treatment, the Board will determine 

whether the information is entitled to 

confidential treatment on a case-by-case 

basis. 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. 

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 

information may be treated as 

confidential pursuant to exemption 8 of 

the FOIA.5


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13384 Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices 

1 12 U.S.C. 1817(k). 

2 12 U.S.C. 375b. The Board also has the authority 

to require reports from state member banks (12 

U.S.C. 248(a) and 324). 

3 Section 306(o) of the Federal Deposit Insurance 

Corporation Improvement Act of 1991 contains a 

similar authorization. 

4 5 U.S.C. 552(b)(8). 

Board of Governors of the Federal Reserve 

System, March 1, 2021. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2021–04664 Filed 3–5–21; 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, without revision, the 

Recordkeeping and Disclosure 

Requirements Associated with 

Regulation O (FR O; OMB No. 7100– 

0382). FR O received a temporary sixmonth clearance on November 10, 2020. 

This action is to extend that clearance 

for three years. 

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

reportforms/review.aspx 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 

collections of information conducted or 

sponsored by the Board. Boardapproved 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, of the 

Following Information Collection 

Report title: Recordkeeping and 

Disclosure Requirements Associated 

with Regulation O. 

Agency form number: FR O. 

OMB control number: 7100–0382. 

Frequency: As needed. 

Respondents: Member banks. 

Estimated number of respondents: 

Recordkeeping: 1,570; disclosure: 1,570. 

Estimated average hours per response: 

Recordkeeping: 4; disclosure; 2. 

Estimated annual burden hours: 

Recordkeeping: 6,280; disclosure: 3,140. 

General description of report: The 

Board’s Regulation O—Loans to 

Executive Officers, Directors, and 

Principal Shareholders of Member 

Banks (12 CFR part 215) governs any 

extension of credit made by a member 

bank to an executive officer, director, or 

principal shareholder of the member 

bank, of any company of which the 

member bank is a subsidiary, and of any 

other subsidiary of that company. It 

prohibits such extensions of credit 

unless they are made on substantially 

the same terms (including interest rates 

and collateral) as those prevailing at the 

time for comparable transactions by the 

bank with other persons who are not 

employed by the bank and do not 

involve more than the normal risk of 

repayment or present other unfavorable 

features. Sections 215.8 and 215.9 of 

Regulation O contain recordkeeping and 

disclosure requirements on member 

banks. 

Pursuant to section 215.8 of 

Regulation O, respondents must 

maintain records necessary for 

compliance with the requirements of 

Regulation O. Any recordkeeping 

method adopted by a respondent shall 

identify, through an annual survey, all 

insiders of the respondent and maintain 

records of all extensions of credit to 

insiders of the respondent, including 

the amount and terms of each such 

extension of credit. Additionally, any 

recordkeeping method adopted by a 

respondent shall maintain records of 

extensions of credit to insiders of the 

respondent’s affiliates by using either 

the survey method or borrower inquiry 

method, as set forth in Regulation O, or 

a different recordkeeping method if the 

appropriate federal banking agency 

determines that the respondent’s 

method is at least as effective as the 

listed methods. 

Pursuant to section 215.9 of 

Regulation O, upon receipt of a written 

request from the public, a respondent 

must make available the names of each 

of its executive officers and each of its 

principal shareholders to whom, or to 

whose related interests, the member 

bank had outstanding as of the end of 

the latest previous quarter of the year, 

an extension of credit that, when 

aggregated with all other outstanding 

extensions of credit at such time from 

the member bank to such person and to 

all related interests of such person, 

equaled or exceeded 5 percent of the 

member bank’s capital and unimpaired 

surplus or $500,000, whichever amount 

is less. Respondents are not required to 

disclose the specific amounts of 

individual extensions of credit. 

Additionally, each respondent must 

maintain records of all requests for the 

information described above and the 

disposition of such requests. These 

records may be disposed of after two 

years from the date of the request. 

Legal authorization and 

confidentiality: The FR O is authorized 

by section 7 of the Federal Deposit 

Insurance Act (section 7) 1 and section 

22(6) of the Federal Reserve Act (section 

22(h)).2 Section 7 authorizes the Board 

to require state member banks to report 

and publicly disclose information 

concerning extensions of credit by the 

state member bank to its executive 

officers, principal shareholders, or 

related interests of those persons. 

Section 22(h) authorizes the Board to 

prescribe rules related to extensions of 

credit to executive officers, directors, 

and principal shareholders.3

The obligation to respond is 

mandatory. The information disclosed 

under the disclosure requirements of 

Regulation O is not confidential. The 

information that is subject to the 

recordkeeping requirements of 

Regulation O would be maintained at 

each state member bank. For this 

information, the Freedom of Information 

Act (‘‘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.4 In addition, in 

these cases, the information may also be 


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