Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 3539 

1A selected borrowing from a non-exempt entity 

is an unsecured borrowing (an unsecured primary 

obligation undertaken by the reporting institution 

as a means of obtaining funds) in U.S. dollars from 

a counterparty that is a non-exempt entity as 

derived from Regulation D, section 204.2(a)(vii). 

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 Report of 

Selected Money Market Rates (FR 2420; 

OMB No. 7100–0357). The revisions are 

effective with the September 1, 2022, as 

of date. 

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. Boardapproved 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, With Revision, of the Following 

Information Collection 

Report title: Report of Selected Money 

Market Rates. 

Agency form number: FR 2420. 

OMB control number: 7100–0357. 

Effective Date: September 1, 2022, as 

of date. 

Frequency: Daily. 

Respondents: Commercial banks, 

savings associations, U.S. branches and 

agencies of foreign banks, international 

banking facilities, and significant 

banking organizations representing 

entities actively participating in the 

federal funds and/or other money 

markets. 

Estimated number of respondents: 

Commercial banks, savings associations, 

U.S. branches and agencies of foreign 

banks, and significant banking 

organizations, 181; international 

banking facilities, 77. 

Estimated average hours per response: 

Commercial banks, savings associations, 

U.S. branches and agencies of foreign 

banks, and significant banking 

organizations, 2.0; international banking 

facilities, 1.1. 

Estimated annual burden hours: 

Commercial banks, savings associations, 

U.S. branches and agencies of foreign 

banks, and significant banking 

organizations, 90,500; international 

banking facilities, 21,175. 

General description of report: The FR 

2420 is a transaction-based report that 

collects daily liability data on federal 

funds purchased, selected borrowings 

from non-exempt entities,1 Eurodollar 

transactions, and time deposits and 

certificates of deposits (CDs) from (1) 

domestically chartered commercial 

banks and savings associations that have 

$18 billion or more in total assets as 

well as those that have total assets above 

$5 billion but less than $18 billion and 

meet the activity threshold, (2) U.S. 

branches and agencies of foreign banks 

with total third-party assets of $2.5 

billion or more, and (3) significant 

banking organizations that are active 

participants in money markets. The FR 

2420 also collects daily data on 

Eurodollar transactions from 

International Banking Facilities (IBFs) of 

the above-referenced institutions. The 

FR 2420 data are used in the publication 

of the Effective Federal Funds Rate 

(EFFR) and Overnight Bank Funding 

Rate (OBFR) and in analysis of current 

money market conditions. 

Legal authorization and 

confidentiality: The FR 2420 is 

authorized by section 11 of the Federal 

Reserve Act (FRA) and section 7 of the 

International Banking Act of 1978 (IBA). 

Section 11 of the FRA authorizes the 

Board to require reports from depository 

institutions as it may deem necessary 

and authorizes the Board to prescribe 

reports of liabilities and assets from 

insured depository institutions to enable 

the Board to discharge its responsibility 

to monitor and control monetary and 

credit aggregates (12 U.S.C. 248(a)). 

Section 7 of the IBA provides that 

federal branches and agencies of foreign 

banks are subject to section 11 of the 

FRA as if they were state member banks 

(12 U.S.C. 3105(c)). The obligation to 

respond to the FR 2420 is mandatory. 

The FRBNY uses aggregate data from 

the FR 2420 to publish the EFFR, OBFR, 

and associated statistics daily. The 

information provided by individual 

respondents to the FR 2420 is nonpublic 

commercial or financial information, 

which is both customarily and actually 

treated as private by the respondents. 

Responses to the FR 2420 are therefore 

accorded confidential treatment 

pursuant to exemption 4 of the Freedom 

of Information Act (5 U.S.C. 552(b)(4)). 

Current actions: On May 5, 2021, the 

Board published a notice in the Federal 

Register (86 FR 23971) requesting 

public comment for 60 days on the 

extension, with revision, of the FR 2420. 

The Board proposed to add a data item 

to specify the day-count convention 

used for all interest rates reported on the 

FR 2420 reporting form. The Board also 

proposed revisions to the FR 2420 

instructions to allow for more timely 

collection of data, improve monitoring 

of the transition away from the London 

Interbank Offered Rate (LIBOR), 

strengthen the reference rate production 

process, and ensure the integrity of 

reported data. The proposed revisions 

support the Board’s monetary policy 

and supervisory mandates by providing 

greater insight into funding market 

conditions in periods where conditions 

change rapidly, potentially affecting 

policy measures taken by the Federal 

Reserve. The comment period for this 

notice expired on July 6, 2021. The 

Board received two comment letters 

from two banking industry associations. 

As more fully explained below, the 

commenters opposed changing the 

submission deadline for certain parts of 

the FR 2420 from the morning after the 

transaction is completed (next-day 

deadline) to the evening the transaction 

is completed (same-day deadline) and 

suggested a later implementation date 

for changing the submission deadline 

for CD and time deposit transactions 

(Part C). One comment also argued that 

certain proposed additions to the FR 

2420 instructions, pertaining to 

securities lending, Certificate of Deposit 

Account Registry Service (CDARS), and 

insured cash sweep transactions, would 

significantly alter the scope of required 

reporting and increase the reporting 

burden. In light of the comments, the 

Board has finalized the proposed 

revisions to FR 2420, with certain 


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3540 Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 

2The commenters also noted that the proposed 

reporting instructions were not made publicly 

available at the time the proposal was published in 

the Federal Register and requested that certain 

proposed changes to the instructions not be adopted 

as a result. The initial Federal Register notice stated 

that copies of the reporting form and instructions 

could be requested from the Board’s clearance 

officer, who was also identified in the notice. In 

response to the commenters’ letter, the proposed 

form and instructions were provided to the 

commenters and posted on the Board’s public 

website. 

modifications intended to mitigate any 

increase in reporting burden. 

Same Day Submission Deadline for 

Parts A, B, and D of FR 2420 

The commenters indicated that the 

proposed same-day deadline for 

submission of data related to Federal 

Funds Purchased (Part A), Eurodollars 

(Part B), and Selected Deposits (Part D) 

transactions from the morning after the 

transaction is completed (next-day 

deadline) to the evening the transaction 

is completed (same-day deadline) would 

not be feasible for certain reporters and 

would leave insufficient time for 

reporting controls and other due 

diligence processes. The commenters 

also suggested that the proposed 

deadline would lead to an increase in 

re-filings of the FR 2420 report, as firms 

would need to re-file to correct mistakes 

which would also increase the reporting 

burden. 

In consideration of the additional 

burden on certain reporters that would 

have resulted from the proposed sameday deadline, the Board has not 

finalized this proposed revision to the 

FR 2420. The deadline for the above 

noted parts of FR 2420 will remain 7 

a.m. ET on the day after the transaction 

date. However, the Board will 

nonetheless encourage firms to submit 

reports as early as possible in order to 

reduce operational risk associated with 

the publication of reference rates. The 

majority of reporting firms already 

submit data for these parts of FR 2420 

on the same day as the transactions are 

completed, and the Board encourages 

other reporters to follow this convention 

when practicable. Reducing risks 

associated with reference rates 

production provides benefits to the 

public and financial markets, in 

addition to aiding monetary policy 

implementation, and the Board may 

repropose a same-day submission 

deadline in connection with a future 

renewal of the FR 2420. 

Submission Deadline for Part C of FR 

2420 

The commenters requested that 

implementation of the proposed earlier 

next-day deadline for Part C of FR 2420 

be delayed at least until August 1, 2022, 

or 12 months after the release of the 

final form and instructions. The 

commenters argue that this later 

implementation date is needed for 

reporting firms to have sufficient time to 

adjust their internal reporting and 

control processes to accommodate the 

earlier reporting deadline. In light of the 

additional burden for reporting firms, 

the Board will require compliance with 

the next-day deadline for Part C, along 

with other changes to the instructions, 

starting on September 1, 2022. 

Changes to Instructions 

One commenter opposed several 

additions to the FR 2420 instructions, 

including provisions concerning 

securities lending, CDARS, and insured 

cash sweep transactions. Regarding 

securities lending transactions 

collateralized by cash, the commenter 

inquired why these transactions would 

be considered selected deposits. With 

respect to CDARS and insured cash 

sweep transactions, the commenter 

asserted that the proposed additions to 

the instructions may entail a significant 

increase in firms’ reporting burden, as 

the added language appeared to require 

data that may not be in the possession 

of reporting firms, but rather third 

parties. In response to the concerns 

raised by the commenter, the Board will 

not include the proposed additions 

concerning securities lending, CDARS, 

and insured cash sweep transactions in 

the final instructions.2

The Board adopted the remaining 

revisions to the FR 2420 as proposed. 

Board of Governors of the Federal Reserve 

System, January 19, 2022. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2022–01259 Filed 1–21–22; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Change in Bank Control Notices; 

Acquisitions of Shares of a Savings 

and Loan Holding Company 

The notificants listed below have 

applied under the Change in Bank 

Control Act (‘‘Act’’) (12 U.S.C. 1817(j)) 

and of the Board’s Regulation LL (12 

CFR 238.31) to acquire shares of a 

savings and loan holding company. The 

factors that are considered in acting on 

the notices are set forth in paragraph 7 

of the Act (12 U.S.C. 1817(j)(7)). 

The public portions of the 

applications listed below, as well as 

other related filings required by the 

Board, if any, are available for 

immediate inspection at the Federal 

Reserve Bank(s) indicated below and at 

the offices of the Board of Governors. 

This information may also be obtained 

on an expedited basis, upon request, by 

contacting the appropriate Federal 

Reserve Bank and from the Board’s 

Freedom of Information Office at 

https://www.federalreserve.gov/foia/ 

request.htm. Interested persons may 

express their views in writing on the 

standards enumerated in paragraph 7 of 

the Act. 

Comments regarding each of these 

applications must be received at the 

Reserve Bank indicated or the offices of 

the Board of Governors, Ann E. 

Misback, Secretary of the Board, 20th 

Street and Constitution Avenue NW, 

Washington, DC 20551–0001, not later 

than February 8, 2022. 

A. Federal Reserve Bank of 

Minneapolis (Chris P. Wangen, 

Assistant Vice President), 90 Hennepin 

Avenue, Minneapolis, Minnesota 

55480–0291. Comments can also be sent 

electronically to MA@mpls.frb.org: 

1. Scott D. Hewitt, Park Rapids, 

Minnesota; to acquire voting shares of 

Dorset Bancshares, Inc., and thereby 

indirectly acquire voting shares of 

Northwoods Bank of Minnesota, all of 

Park Rapids, Minnesota. 

A. Federal Reserve Bank of Kansas 

City (Jeffrey Imgarten, Assistant Vice 

President) 1 Memorial Drive, Kansas 

City, Missouri 64198–0001: 

1. Xinwei Lu, Glen Head, New York; 

Peter Sasaki, New York, New York; John 

Zeng, Newport Coast, California; and 

Beidi Zheng, Los Gatos, California; to 

form a group acting in concert to acquire 

voting shares of My Anns Corporation, 

and thereby indirectly acquire voting 

shares of Piqua State Bank, both of 

Piqua, Kansas. 

Board of Governors of the Federal Reserve 

System, January 19, 2022. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2022–01257 Filed 1–21–22; 8:45 am] 

BILLING CODE P 

FEDERAL TRADE COMMISSION 

Revised Jurisdictional Thresholds for 

Section 8 of the Clayton Act 

AGENCY: Federal Trade Commission. 

ACTION: Notice. 

SUMMARY: The Federal Trade 

Commission announces the revised 

thresholds for interlocking directorates 

required by the 1990 amendment of 

Section 8 of the Clayton Act. Section 8 

prohibits, with certain exceptions, one 

person from serving as a director or 

officer of two competing corporations if 


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