62360 Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 

investigation/resolution/outcome of the 

matter (including witnesses); the 

individual’s managers and officers; the 

Office of Diversity & Inclusion and the 

Office of Inspector General (report of 

findings); and employees and officers in 

the People, Strategy, and Operations 

function of the Board. 

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

PURPOSES OF SUCH USES: 

General routine uses A, B, C, D, E, F, 

G, H, I, and J apply to this system. These 

general routine uses are located at 

https://www.federalreserve.gov/files/ 

SORN-page-general-routine-uses-ofboard-systems-of-records.pdf and are 

published in the Federal Register at 83 

FR 43872 at 43873–74 (August 28, 

2018). Records may also be used to 

disclose information to any source from 

which additional information is 

requested (to the extent necessary to 

identify the individual, inform the 

source of the purpose(s) of the request, 

and to identify the type of information 

requested), when necessary to obtain 

information relevant to a Board decision 

to hire or retain an employee, issue a 

security clearance, conduct a security or 

suitability investigation of an 

individual, classify jobs, let a contract, 

or issue a license, grant, or other 

benefits. 

POLICIES AND PRACTICES FOR STORAGE OF

RECORDS: 

Paper records in this system are 

stored in a secure room accessible only 

with a Board ID badge and access is 

limited to staff with a need to know. 

Electronic records are stored on a secure 

server with access limited to staff with 

a need to know. 

POLICIES AND PRACTICES FOR RETRIEVAL OF

RECORDS: 

Records can be retrieved by the names 

of the individuals on whom they are 

maintained or by employee 

identification number. 

POLICIES AND PRACTICES FOR RETENTION AND

DISPOSAL OF RECORDS: 

Employee relations case files are 

retained for seven years after the case is 

closed or final settlement on appeal, as 

appropriate. 

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL

SAFEGUARDS: 

Paper records are stored in a secure 

room accessible only with a Board ID 

badge and access is limited to staff with 

a need to know. Electronic files are 

stored on secure servers that have the 

ability to track individual user actions 

within the systems. The audit and 

accountability controls are based on 

NIST and Board standards which, in 

turn, are based on applicable laws and 

regulations. The controls assist in 

detecting security violations and 

performance or other issues in the 

system. Access to the system is 

restricted to authorized users within the 

Board who require access for official 

business purposes. Users are classified 

into different roles and common access 

and usage rights are established for each 

role. User roles are used to delineate 

between the different types of access 

requirements such that users are 

restricted to data that is required in the 

performance of their duties. Periodic 

assessments and reviews are conducted 

to determine whether users still require 

access, have the appropriate role, and 

whether there have been any 

unauthorized changes. 

RECORD ACCESS PROCEDURES: 

The Privacy Act allows individuals 

the right to access records maintained 

about them in a Board system of 

records. Your request for access must: 

(1) contain a statement that the request 

is made pursuant to the Privacy Act of 

1974; (2) provide either the name of the 

Board system of records expected to 

contain the record requested or a 

concise description of the system of 

records; (3) provide the information 

necessary to verify your identity; and (4) 

provide any other information that may 

assist in the rapid identification of the 

record you seek. 

Current or former Board employees 

may make a request for access by 

contacting the Board office that 

maintains the record. The Board 

handles all Privacy Act requests as both 

a Privacy Act request and as a Freedom 

of Information Act request. The Board 

does not charge fees to a requestor 

seeking to access or amend his/her 

Privacy Act records. 

You may submit your Privacy Act 

request to the—Secretary of the Board, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

You may also submit your Privacy Act 

request electronically by filling out the 

required information at: https://

foia.federalreserve.gov/. 

CONTESTING RECORD PROCEDURES: 

The Privacy Act allows individuals to 

seek amendment of information that is 

erroneous, irrelevant, untimely, or 

incomplete and is maintained in a 

system of records that pertains to them. 

To request an amendment to your 

record, you should clearly mark the 

request as a ‘‘Privacy Act Amendment 

Request.’’ You have the burden of proof 

for demonstrating the appropriateness of 

the requested amendment and you must 

provide relevant and convincing 

evidence in support of your request. 

Your request for amendment must: (1) 

provide the name of the specific Board 

system of records containing the record 

you seek to amend; (2) identify the 

specific portion of the record you seek 

to amend; (3) describe the nature of and 

reasons for each requested amendment; 

(4) explain why you believe the record 

is not accurate, relevant, timely, or 

complete; and (5) unless you have 

already done so in a related Privacy Act 

request for access or amendment, 

provide the necessary information to 

verify your identity. 

NOTIFICATION PROCEDURES: 

Same as ‘‘Access procedures’’ above. 

You may also follow this procedure in 

order to request an accounting of 

previous disclosures of records 

pertaining to you as provided for by 5 

U.S.C. 552a(c). 

EXEMPTIONS PROMULGATED FOR THE SYSTEM: 

None. 

HISTORY: 

This SORN was previously published 

in the Federal Register at 73 FR 24984 

at (May 6, 2008). The SORN was also 

amended to incorporate two new 

routine uses required by OMB at 83 FR 

43872 (August 28, 2018). 

Board of Governors of the Federal Reserve 

System. 

Ann Misback, 

Secretary of the Board. 

[FR Doc. 2023–19483 Filed 9–8–23; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

Privacy Act of 1974; System of 

Records 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice of a modified system of 

records. 

SUMMARY: Pursuant to the provisions of 

the Privacy Act of 1974, notice is given 

that the Board of Governors of the 

Federal Reserve System (Board) 

proposes to modify an existing system 

of records, entitled BGFRS–29, ‘‘FRB— 

Benefits Records.’’ This system of 

records contains records necessary to 

administer and maintain the Board’s 

benefits programs and to assist in 

personnel management. 

DATES: Comments must be received on 

or before October 11, 2023. This new 

system of records will become effective 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 62361 

October 11, 2023, without further 

notice, unless comments dictate 

otherwise. 

The Office of Management and Budget 

(OMB), which has oversight 

responsibility under the Privacy Act, 

requires a 30-day period prior to 

publication in the Federal Register in 

which to review the system and to 

provide any comments to the agency. 

The public is then given a 30-day period 

in which to comment, in accordance 

with 5 U.S.C. 552a(e)(4) and (11). 

ADDRESSES: You may submit comments, 

identified by BGFRS–29, ‘‘FRB— 

Benefits Records,’’ 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 SORN name 

and 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. 

In general, all public comments will 

be made available on the Board’s 

website at https://

www.federalreserve.gov/generalinfo/ 

foia/ProposedRegs.cfm as submitted, 

and will not be modified to remove 

confidential, contact or any identifiable 

information. Public comments may also 

be viewed electronically or in paper in 

Room M–4365A, 2001 C St. NW, 

Washington, DC 20551, between 9:00 

a.m. and 5:00 p.m. during federal 

business weekdays. 

FOR FURTHER INFORMATION CONTACT: 

David B. Husband, Senior Counsel, 

(202) 530–6270, or david.b.husband@

frb.gov; Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue NW, Washington, DC 20551. 

For users of telephone systems via text 

telephone (TTY) or any TTY-based 

Telecommunications Relay Services, 

please call 711 from any telephone 

anywhere in the United States. 

SUPPLEMENTARY INFORMATION: The Board 

is in the process of replacing its current 

enterprise resource planning (ERP) 

system and accordingly is modifying 

this system of records to reflect this 

transition. The Board is also taking the 

opportunity to generally revise and 

modernize the system of records notice 

throughout to match existing personnel 

practices. The Board is modifying the 

system to reflect that in accordance with 

provisions of the Dodd-Frank Act, 

codified at 12 U.S.C. 5493(a)(3)(A), 

Consumer Financial Protection Bureau 

(CFPB) employees may elect to 

participate in the Federal Reserve 

System’s retirement and thrift plans. 

Accordingly, the Board is amending the 

authority section and the category of 

individuals section to reflect the 

inclusion of CFPB employees. The 

Board is also expressly adding 

dependents of Board and CFPB 

employees in the category of 

individuals. 

The Board is amending systemspecific routine use 1 to refer to the 

Board’s benefit administrators and 

record keepers generally rather than 

specifically listing the various Board 

benefit plans given that the plans are 

subject to change. The Board is also 

amending the same routine use 1 to 

permit disclosures when necessary to 

adjudicate a claim under a thrift or 

health and welfare benefits program of 

the Board, a Federal Reserve Bank, or a 

listed federal agency. Finally, the Board 

is amending language in the routine use 

that permits disclosure to ‘‘an agency to 

conduct an analytical study or audit of 

benefits being paid under such 

programs’’ to instead qualify that such 

a disclosure would be made only to ‘‘an 

agency with governing authority over 

such programs.’’ This change matches 

the Board’s practice. In addition, the 

Board is updating the routine use 

section to incorporate a link to the 

Board’s general routine uses. 

The Board is also making minor 

changes to the category of records 

section to add ‘‘vision plan benefits’’ 

and to replace the voluntary plan 

insurance example from ‘‘Auto 

Insurance’’ to ‘‘Personal Accident 

Insurance.’’ The Board is amending the 

record source categories to reflect name 

changes to the programs e.g., Human 

Resources was renamed People, 

Strategy, and Operations and also to 

indicate that employees or former 

employees may provide information 

regarding their beneficiaries or 

dependents. Finally, the Board is also 

updating the system location, system 

manager, the policies and practices for 

retrieval of records and the policies and 

practices for retention of records. 

The Board is also making technical 

changes to BGFRS–29 consistent with 

the template laid out in OMB Circular 

No. A–108. Accordingly, the Board has 

made technical corrections and nonsubstantive language revisions to the 

following sections: ‘‘Policies and 

Practices for Storage of Records,’’ 

‘‘Policies and Practices for Retrieval of 

Records,’’ ‘‘Policies and Practices for 

Retention and Disposal of Records,’’ 

‘‘Administrative, Technical and 

Physical Safeguards,’’ ‘‘Record Access 

Procedures,’’ ‘‘Contesting Record 

Procedures,’’ and ‘‘Notification 

Procedures.’’ The Board has also created 

and populated the following new 

sections: ‘‘Security Classification’’ and 

‘‘History.’’ 

SYSTEM NAME AND NUMBER: 

BGFRS–29, ‘‘FRB—Benefits Records.’’ 

SECURITY CLASSIFICATION: 

Unclassified. 

SYSTEM LOCATION: 

Board of Governors of the Federal 

Reserve System 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551 and the Board’s vendor, 

Workday, Inc., 6110 Stoneridge Mall 

Road, Pleasanton, CA 94588. Some 

information is collected and 

maintained, on behalf of the Board, by 

its benefits providers. 

SYSTEM MANAGER(S): 

Lewis Andrews, Assistant Director, 

Division of Management, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue NW, Washington, DC 20551, 

(202) 452–3082, or lewis.e.andrews@

frb.gov. 

AUTHORITY FOR MAINTENANCE OF THE SYSTEM: 

Sections 10 and 11 of the Federal 

Reserve Act (12 U.S.C. 244 and 248) and 

12 U.S.C. 5493(a)(3). 

PURPOSE(S) OF THE SYSTEM: 

These records are collected and 

maintained to administer the Board’s 

benefits programs for its employees and 

assist in personnel management. 

CATEGORIES OF INDIVIDUALS COVERED BY THE

SYSTEM: 

Past and present Board and Consumer 

Financial Protection Bureau (Bureau) 

employees, their beneficiaries and 

dependents. 

CATEGORIES OF RECORDS IN THE SYSTEM: 

All forms relating to employee 

benefits including enrollment, records 

relating to claims filed for benefits, and 

memoranda relating to individuals’ 

benefits. These benefits include health 

insurance, dental plan, vision plan, life 

insurance, disability coverage, accident 

insurance, flexible spending accounts, 

premium conversion accounts, 

voluntary plans (e.g., Personal Accident 

Insurance), retirement and thrift plans, 

and any other benefits offered by the 

Board. 


ddrumheller on DSK120RN23PROD with NOTICES1
62362 Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 

RECORD SOURCE CATEGORIES: 

Information is provided by the 

individual to whom the record pertains, 

the benefit provider, and staff of People, 

Strategy & Operations in the Division of 

Management. In addition, an employee 

or former employee may provide 

information about their beneficiary or 

dependent. 

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

PURPOSES OF SUCH USES: 

General routine uses A, B, C, D, F, G, 

H, I, and J apply to this system. These 

general routine uses are located at 

https://www.federalreserve.gov/files/ 

SORN-page-general-routine-uses-ofboard-systems-of-records.pdf and are 

published in the Federal Register at 83 

FR 43872 at 43873–74 (August 28, 

2018). Records may also be used: 

1. to disclose information to the 

benefit administrators and record 

keepers of the Board’s benefit plans, a 

Federal Reserve Bank, or the 

Department of Labor, Department of 

Veterans Affairs, Social Security 

Administration, Department of Defense, 

or any federal agencies that have special 

civilian employee retirement programs; 

or to a national, state, county, 

municipal, or other publicly recognized 

charitable or income security 

administration agency (e.g., state 

unemployment-compensation agencies), 

when necessary to adjudicate a claim 

under the retirement, thrift, insurance, 

unemployment, or health and welfare 

benefits programs of the Board, a 

Federal Reserve Bank, or any agency 

cited above, or to an agency with 

governing authority over such programs 

to conduct an analytical study or audit 

of benefits being paid under such 

programs; 

2. to disclose to the Office of 

Personnel Management’s Federal 

Employees Group Life Insurance 

Program information necessary to verify 

election, declination, or waiver of 

regular and/or optional life insurance 

coverage, eligibility for payment of a 

claim for life insurance, or a Thrift 

Savings Program (TSP) election change 

and designation of beneficiary; 

3. to disclose to health insurance 

carriers that provide a health benefits 

plan under the Federal Employees 

Health Benefits Program information 

that is necessary to verify eligibility for 

payment of a claim for health benefits; 

and 

4. to disclose information to the 

executor of an individual’s estate, the 

government entity probating a will, a 

designated beneficiary, or to any person 

who is responsible for the care of an 

individual to the extent necessary when 

the individual to whom a record 

pertains is deceased, or mentally 

incompetent, or under other legal 

disability, and to disclose information to 

an individual’s emergency contact when 

necessary to assist that individual in 

obtaining any employment benefit or 

any working condition, such as 

accommodations under the 

Rehabilitation Act of 1973. 

POLICIES AND PRACTICES FOR STORAGE OF

RECORDS: 

Paper records in this system are 

stored in locked file cabinets with 

access limited to staff with a need to 

know. Electronic records are stored on 

a secure server with access limited to 

staff with a need to know. 

POLICIES AND PRACTICES FOR RETRIEVAL OF

RECORDS: 

Records can be retrieved by name or 

employee identification number. 

POLICIES AND PRACTICES FOR RETENTION AND

DISPOSAL OF RECORDS: 

The retention period for these records 

is currently under review. Until the 

review is completed, the records will 

not be destroyed. 

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL

SAFEGUARDS: 

Paper records are secured by lock and 

key and electronic files are stored 

within multiple secure systems. The 

systems have the ability to track 

individual user actions within them. 

The audit and accountability controls 

are based on NIST and Board standards 

which, in turn, are based on applicable 

laws and regulations. The controls assist 

in detecting security violations and 

performance or other issues in the 

system. Access to the systems is 

restricted to authorized users who 

require access for official business 

purposes. Users are classified into 

different roles and common access and 

usage rights are established for each 

role. User roles are used to delineate 

between the different types of access 

requirements such that users are 

restricted to data that is required in the 

performance of their duties. Periodic 

assessments and reviews are conducted 

to determine whether users still require 

access, have the appropriate role, and 

whether there have been any 

unauthorized changes. Additionally, 

periodic security assessments consistent 

with NIST guidance are performed to 

ensure ongoing security and integrity of 

the systems. 

RECORD ACCESS PROCEDURES: 

The Privacy Act allows individuals 

the right to access records maintained 

about them in a Board system of 

records. Your request for access must: 

(1) contain a statement that the request 

is made pursuant to the Privacy Act of 

1974; (2) provide either the name of the 

Board system of records expected to 

contain the record requested or a 

concise description of the system of 

records; (3) provide the information 

necessary to verify your identity; and (4) 

provide any other information that may 

assist in the rapid identification of the 

record you seek. 

Current or former Board employees 

may make a request for access by 

contacting the Board office that 

maintains the record. The Board 

handles all Privacy Act requests as both 

a Privacy Act request and as a Freedom 

of Information Act request. The Board 

does not charge fees to a requestor 

seeking to access or amend his/her 

Privacy Act records. 

You may submit your Privacy Act 

request to the—Secretary of the Board, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

You may also submit your Privacy Act 

request electronically by filling out the 

required information at: https://

foia.federalreserve.gov/. 

CONTESTING RECORD PROCEDURES: 

The Privacy Act allows individuals to 

seek amendment of information that is 

erroneous, irrelevant, untimely, or 

incomplete and is maintained in a 

system of records that pertains to them. 

To request an amendment to your 

record, you should clearly mark the 

request as a ‘‘Privacy Act Amendment 

Request.’’ You have the burden of proof 

for demonstrating the appropriateness of 

the requested amendment and you must 

provide relevant and convincing 

evidence in support of your request. 

Your request for amendment must: (1) 

provide the name of the specific Board 

system of records containing the record 

you seek to amend; (2) identify the 

specific portion of the record you seek 

to amend; (3) describe the nature of and 

reasons for each requested amendment; 

(4) explain why you believe the record 

is not accurate, relevant, timely, or 

complete; and (5) unless you have 

already done so in a related Privacy Act 

request for access or amendment, 

provide the necessary information to 

verify your identity. 

NOTIFICATION PROCEDURES: 

Same as ‘‘Access procedures’’ above. 

You may also follow this procedure in 

order to request an accounting of 

previous disclosures of records 

pertaining to you as provided for by 5 

U.S.C. 552a(c). 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 62363 

EXEMPTIONS PROMULGATED FOR THE SYSTEM: 

None. 

HISTORY: 

This SORN was previously published 

in the Federal Register at 73 FR 24984 

(May 6, 2008). The SORN was also 

amended to incorporate two new 

routine uses required by OMB at 83 FR 

43872 (August 28, 2018). 

Board of Governors of the Federal Reserve 

System. 

Ann Misback, 

Secretary of the Board. 

[FR Doc. 2023–19482 Filed 9–8–23; 8:45 am] 

BILLING CODE 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 

Recordkeeping and Disclosure 

Requirements Associated with 

Regulation R (FR R; OMB No. 7100– 

0316). 

DATES: Comments must be submitted on 

or before November 13, 2023. 

ADDRESSES: You may submit comments, 

identified by FR R, 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 or FR number in the subject line 

of the message. 

• Fax: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Federal Reserve Board of 

Governors, Attn: Ann E. Misback, 

Secretary of the Board, Mailstop M– 

4775, 2001 C St. 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 confidential 

business information, identifying 

information, or contact information. 

Public comments may also be viewed 

electronically or in paper in Room M– 

4365A, 2001 C St. NW, Washington, DC 

20551, between 9:00 a.m. and 5:00 p.m. 

on weekdays, except for Federal 

holidays. 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 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. 

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, nuha.elmaghrabi@frb.gov, (202) 

452–3884. 

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. 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. 

During the comment period for this 

proposal, a copy of the proposed PRA 

OMB submission, including the draft 

reporting form and instructions, 

supporting statement (which contains 

more detail about the information 

collection and burden estimates than 

this notice), and other documentation, 

will be made available on the Board’s 

public website at https://

www.federalreserve.gov/apps/ 

reportingforms/home/review or may be 

requested from the agency clearance 

officer, whose name appears above. 

Final versions of these documents will 

be made available at https://

www.reginfo.gov/public/do/PRAMain, if 

approved. 

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 Collection 

Collection title: Recordkeeping and 

Disclosure Requirements Associated 

with Regulation R. 

Collection identifier: FR R. 

OMB control number: 7100–0316. 

General description of collection: The 

Board’s Regulation R—Exceptions for 

Banks from the Definition of Broker in 

the Securities Exchange Act of 1934 (12 

CFR part 218) implements certain 

exceptions for banks from the definition 

of broker under section 3(a)(4) of the 

Securities Exchange Act of 1934 

(Exchange Act). Sections 701, 723, and 

741 of Regulation R contain certain 

recordkeeping provisions for banks that 

utilize the exceptions in the Exchange 

Act and certain customer and 

counterparty disclosure requirements. 

Proposed revisions: The Board 

proposes to revise the FR R to account 

for a recordkeeping provision in section 

218.723(c)(2)(ii) of Regulation R, which 

has not been previously cleared by the 

Board under the PRA. 

For purposes of determining 

compliance with the chiefly 

compensated test, a bank may exclude 

the trust or fiduciary accounts held at a 

non-shell foreign branch of the bank if 

the bank has reasonable cause to believe 

that trust or fiduciary accounts of the 

foreign branch held by or for the benefit 


ddrumheller on DSK120RN23PROD with NOTICES1