62366 Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 

9More detailed information regarding this 

collection, including more detailed burden 

estimates, can be found in the OMB Supporting 

Statement posted at https://www.federalreserve.gov/ 

apps/reportingforms/home/review. On the page 

displayed at the link, you can find the OMB 

Supporting Statement by referencing the collection 

identifier, FR 2590. 

transactions. This information is 

consistent with other information 

requested by FR 2590 and is not readily 

available through other regulatory 

reporting forms. 

Frequency: Quarterly, eventgenerated. 

Respondents: U.S. BHCs that are 

subject to Category I, II, or III standards, 

FBOs that are subject to Category II or 

III standards or that have total global 

consolidated assets of $250 billion or 

more, and SLHCs and U.S. IHCs that are 

subject to Category II or III standards. 

Total estimated number of 

respondents: 83. 

Estimated average hours per response: 

Reporting FR 2590 Form: 170.56. 

Reporting Requests for temporary 

relief: 10. 

Recordkeeping: 0.25. 

Total estimated change in burden: 0. 

Total estimated annual burden hours: 

56,719.9

Board of Governors of the Federal Reserve 

System, September 5, 2023. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2023–19475 Filed 9–8–23; 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 

Recordkeeping and Disclosure 

Requirements Associated with 

Regulation H (Securities Transactions 

by State Member Banks) (FR H–3; OMB 

No. 7100–0196). 

DATES: Comments must be submitted on 

or before November 13, 2023. 

ADDRESSES: You may submit comments, 

identified by FR H–3, 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, 

Without Revision, the Following 

Information Collection 

Collection title: Recordkeeping and 

Disclosure Requirements Associated 

with Regulation H (Securities 

Transactions by State Member Banks). 

Collection identifier: FR H–3. 

OMB control number: 7100–0196. 

General description of collection: 

Section 15C of the Securities Exchange 

Act of 1934 (the Act), establishes federal 

regulation of brokers and dealers of 


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Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 62367 

1 15 U.S.C. 78o–5. 

2The requirements of section 208.34 of 

Regulation H apply to all state member banks that 

effect more than 500 government securities 

brokerage transactions per year, unless the 

institution has filed a written notice, or is required 

to file notice, with the Board that it acts as a 

government securities broker or a government 

securities dealer. These requirements also do not 

apply to activities of foreign branches of SMBs; 

activities of nonmember, non-insured trust 

company subsidiaries of bank holding companies; 

or activities that are subject to regulations 

promulgated by the Municipal Securities 

Rulemaking Board. In addition, SMBs with an 

annual average of less than 200 securities 

transactions for customers over the prior three 

calendar years (exclusive of transactions in U.S. 

government and agency obligations) are exempt 

from these Regulation H recordkeeping and 

disclosure requirements. See 12 CFR 

208.34(a)(1)(i)–(iv). 

3More detailed information regarding this 

collection, including more detailed burden 

estimates, can be found in the OMB Supporting 

Statement posted at https://www.federalreserve.gov/ 

apps/reportingforms/home/review. On the page 

displayed at the link, you can find the OMB 

Supporting Statement by referencing the collection 

identifier, FR H–3. 

government securities, including banks 

and other financial institutions, and 

directs those brokers and dealers to keep 

certain records.1 These requirements are 

implemented for state member banks 

(SMBs) by sections 208.34(c), (d), and 

(g) of the Board’s Regulation H, which 

require that non-exempt SMBs 2

effecting securities transactions for 

customers establish and maintain a 

system of records of these transactions, 

furnish confirmations of transactions to 

customers that disclose certain 

information, and establish written 

policies and procedures relating to 

securities trading. 

Frequency: Event-generated, 

quarterly. 

Respondents: SMBs, SMB officers/ 

employees. 

Total estimated number of 

respondents: 3,368. 

Total estimated annual burden hours: 

100,774.3

Board of Governors of the Federal Reserve 

System, September 5, 2023. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2023–19476 Filed 9–8–23; 8:45 am] 

BILLING CODE 6210–01–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–7, ‘‘FRB— 

Payroll and Leave Records.’’ This 

system of records includes records of 

pay statements, tax forms, leave entries 

for worker’s compensation data, and 

leave data, including codes indicating 

reasons for taking leave (e.g., family 

illness, military leave). 

DATES: Comments must be received on 

or before October 11, 2023. This new 

system of records will become effective 

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–7 ‘‘FRB—Payroll 

and Leave 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 modifying this system of records to 

reflect general changes and 

modifications since the Board’s last 

review of this system. The Board is 

updating the record source categories to 

indicate that in addition to collecting 

payroll and leave information via 

various forms, it can also be collected 

via other human resources or 

information systems. The Board is also 

modifying the purpose of the system to 

state that the system is intended to 

assist with ‘‘financial reporting’’ as 

opposed to ‘‘cost-accounting programs’’ 

and taking the opportunity to update the 

system manager and the system 

location. 

The Board is proposing to modify 

system specific routine use #9 to clarify 

that federal agencies have a broader 

ability to collect debts than through 

administrative or salary offset or tax 

refunds. The Board is therefore adding 

the phrase ‘‘or other federal payments, 

or by other legally authorized means’’ at 

the end of the existing system specific 

routine use, to reflect the possibility of 

collecting debts by garnishing the wages 

of non-federal employees, referring the 

debt to a private collection agency, 

through direct contact with the debtor, 

or via other legally permissible means of 

collecting the debt. The Board is also 

updating the routine uses to include a 

link to the Board’s general routine use 

but is not otherwise establishing new 

routine uses or modifying existing uses. 

The Board is also making technical 

changes to BGFRS–7 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 categories: ‘‘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 

the following new fields: ‘‘Security 

Classification’’ and ‘‘History.’’ 

SYSTEM NAME AND NUMBER: 

BGFRS–7 ‘‘FRB—Payroll and Leave 

Records’’. 

SECURITY CLASSIFICATION: 

Unclassified. 


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