40840 Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Notices 

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

2 12 U.S.C. 1844(b). In addition, section 5(c) of the 

BHC Act authorizes the Board to require reports 

from bank holding companies. 12 U.S.C. 1844(c). 

3 12 U.S.C. 1843(j). 

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

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

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

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. 

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. 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: Application for Prior 

Approval to Become a Bank Holding 

Company, or for a Bank Holding 

Company to Acquire an Additional 

Bank or Bank Holding Company; Notice 

for Prior Approval to Become a Bank 

Holding Company, or for a Bank 

Holding Company to Acquire an 

Additional Bank or Bank Holding 

Company; and Notification for Prior 

Approval to Engage Directly or 

Indirectly in Certain Nonbanking 

Activities. 

Agency form number: FR Y–3, FR Y– 

3N, and FR Y–4. 

OMB control number: 7100–0121. 

Effective Date: August 30, 2021. 

Frequency: Event-generated. 

Respondents: Bank holding 

companies (BHCs) and companies 

seeking to become BHCs involving 

certain formations, acquisitions, 

mergers, and nonbanking activities. 

Estimated number of respondents: FR 

Y–3, New BHCs: 72; FR Y–3, Existing 

BHCs: 58; FR Y–3N: 21; FR Y–4, 

completed notification: 22; FR Y–4, 

expedited notification: 8; and FR Y–4, 

post-consummation: 1. 

Estimated average hours per response: 

Reporting: FR Y–3, New BHCs: 48.5; FR 

Y–3, Existing BHCs: 59; FR Y–3N: 4; FR 

Y–4, completed notification: 11; FR Y– 

4, expedited notification: 5; and FR Y– 

4, post-consummation: 0.5; Disclosure: 

FR Y–3: 1; FR Y–3N: 1; FR Y–4: 1. 

Estimated annual burden hours: FR 

Y–3, New BHCs: 3,492; FR Y–3, Existing 

BHCs: 3,422; FR Y–3N: 84; FR Y–4, 

completed notification: 242; FR Y–4, 

expedited notification: 40; and FR Y–4, 

post-consummation: 1; Disclosure: FR 

Y–3: 130; FR Y–3N: 21; FR Y–4: 22. 

General description of report: These 

filings collect information on proposals 

by BHCs and companies seeking to 

become BHCs involving certain 

formations, acquisitions, mergers, and 

nonbanking activities. The Board 

requires the submission of these filings 

for regulatory and supervisory purposes 

and to fulfill its statutory obligations 

under the Bank Holding Company Act 

of 1956 (the BHC Act). The Board uses 

the information submitted in these 

filings to evaluate each individual 

transaction with respect to the relevant 

statutory factors and to ensure that the 

transaction complies with other 

applicable requirements. 

Legal authorization and 

confidentiality: Section 3(a) of the BHC 

Act requires Board approval for 

formations, acquisitions, and mergers of 

bank holding companies.1 Section 5(b) 

of the BHC Act authorizes the Board to 

issue regulations and orders to carry out 

these functions.2 These sections of the 

BHC Act provide the legal authorization 

for the FR Y–3 and the FR Y–3N. 

Section 4(j) of the BHC Act requires 

bank holding companies to give prior 

written notice to the Board of any 

acquisition of a nonbank company or 

commencement of any nonbanking 

activities.3 This section of the BHC Act 

provides the legal authorization for the 

FR Y–4. The obligation to respond to the 

FR Y–3, Y–3N, and Y–4 is required to 

obtain a benefit. 

To the extent a respondent submits 

nonpublic commercial or financial 

information in connection with the FR 

Y–3, Y–3N, or Y–4, 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 confidential 

pursuant to exemption 8 of the FOIA.6

Current actions: On April 16, 2021, 

the Board published an initial notice in 

the Federal Register (86 FR 20149) 

requesting public comment for 60 days 

on the extension, with revision, of the 

FR Y–3, FR Y–3N, and FR Y–4. The 

comment period for this notice expired 

on June 15, 2021. The Board did not 

receive any comments. The Board will 

adopt the extension, with revision, of 

the FR Y–3, FR Y–3N, and FR Y–4 as 

proposed. 

Board of Governors of the Federal Reserve 

System, July 23, 2021. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2021–16145 Filed 7–28–21; 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, with revision, the International 

Applications and Prior Notifications 

under Subparts A and C of Regulation 

K (FR K–1; OMB No. 7100–0107). The 

revisions are effective immediately. 

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. 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Notices 40841 

1References to Edge corporations are inclusive of 

agreement corporations. An agreement corporation 

is a corporation that has entered into an agreement 

with the Board that it will not exercise any power 

that is impermissible for an Edge corporation. 12 

CFR 211.5(g)(1). 

2Eligible investors are BHCs, Edge and agreement 

corporations that are subsidiaries of bank holding 

companies but are not subsidiaries of banks, 

banker’s banks, and foreign banking organizations. 

12 CFR 211.32(d). 

3 12 U.S.C. 601–604(a) and 611–631. 

4 12 U.S.C. 1843(c)(13), 1843(c)(14), and 1844(c). 

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

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

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

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. 

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. 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: International 

Applications and Prior Notifications 

under Subparts A and C of Regulation 

K. 

Agency form number: FR K–1. 

OMB control number: 7100–0107. 

Effective Date: The revisions are 

effective immediately. 

Frequency: On occasion. 

Respondents: Member banks, Edge 

and agreement corporations,1 bank 

holding companies (BHCs), and certain 

investments by foreign organizations. 

Estimated number of respondents: 

Reporting: Attachments A and B, 6; 

Attachments C through G, 13; 

Attachments H and I, 10; Attachment J, 

2; Attachment K, 1; Section 211.5(c)(4) 

requirements, 1; Section 211.8 

requirements, 1; Section 211.10 

requirements, 1; Section 211.11 

requirements, 1. Disclosure: Attachment 

F, 13. Recordkeeping: Section 211.13 

requirement, 70. 

Estimated average hours per response: 

Reporting: Attachments A and B, 11.5; 

Attachments C through G, 9; 

Attachments H and I, 15.5; Attachment 

J, 10; Attachment K, 20; Section 

211.5(c)(4) requirements, 1; Section 

211.8 requirements, 0.25; Section 211.10 

requirements, 8; Section 211.11 

requirements, 5. Disclosure: Attachment 

F, 1. Recordkeeping: Section 211.13 

requirement, 1. 

Estimated annual burden hours: 

Reporting: Attachments A and B, 138; 

Attachments C through G, 234; 

Attachments H and I, 465; Attachment 

J, 20; Attachment K, 20; Section 

211.5(c)(4) requirements, 1; Section 

211.8 requirements, 0; Section 211.10 

requirements, 8; Section 211.11 

requirements, 5. Disclosure: Attachment 

F, 26. Recordkeeping: Section 211.13 

requirement, 70. 

General description of report: Subpart 

A of Regulation K—International 

Banking Operations, governs the foreign 

investments and activities of member 

banks, Edge and agreement 

corporations, BHCs, and certain 

investments by foreign organizations. 

Subpart C of Regulation K governs 

investments in export trading 

companies by eligible investors.2 The 

FR K–1 information collection contains 

eleven attachments for the application 

and notification requirements in 

Subparts A and C of Regulation K. The 

Board requires these applications for 

regulatory and supervisory purposes 

and to allow the Board to fulfill its 

statutory obligations under the Federal 

Reserve Act (FRA) and the Bank 

Holding Company Act of 1956 (BHC 

Act). The applications are eventgenerated and provide the Federal 

Reserve with information necessary to 

evaluate each of the proposed 

transactions. 

Legal authorization and 

confidentiality: The Board is authorized 

to collect the information required on 

the FR K–1 under sections 25 and 25A 

of the FRA,3 and sections 4(c)(13), 

4(c)(14), and 5(c) of the BHC Act.4

Section 25 of the FRA authorizes the 

Board to approve applications to 

establish agreement corporations, 

establish foreign branches, and invest in 

foreign banks in accordance with 

regulations prescribed by the Board. 

Section 25 also authorizes the Board to 

require reports concerning the condition 

of these entities. Section 25A of the FRA 

authorizes the Board to approve the 

establishment of Edge corporations, to 

issue rules and regulations relating to 

these entities, and to require reports 

from these entities. Section 4(c)(13) of 

the BHC Act authorizes the Board, by 

regulation or order, to determine that 

BHCs may invest in companies that do 

business abroad. Section 4(c)(14) of the 

BHC Act authorizes BHCs to invest in 

export trading companies, subject to a 

notice requirement and disapproval by 

the Board. Section 5(c) of the BHC Act 

grants the Board reporting and 

examination authorities. 

The applications and notifications 

comprising FR K–1 are required to 

obtain a benefit. Individual respondents 

may request that information submitted 

to the Board through the FR K–1 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 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.6 To the extent 

that the Board obtains information as 

part of the examination process, the 

information may be confidential 

pursuant to exemption 8 of the FOIA.7

Current actions: On May 5, 2021, the 

Board published an initial notice in the 

Federal Register (86 FR 23968) 

requesting public comment for 60 days 

on the extension, with revision, of the 

FR K–1. The Board proposed revisions 

to the FR K–1 information collection to 

account for several reporting and 

recordkeeping provisions in sections 

211.5, 211.8, 211.10, 211.11, and 211.13 

of Regulation K that had not been 

previously cleared by the Board under 

the PRA. The Board did not propose 

additional attachments to the FR K–1 to 

address these provisions. The comment 

period for this notice expired on July 6, 

2021. The Board did not receive any 

comments. The revisions will be 

implemented as proposed. 

Board of Governors of the Federal Reserve 

System, July 23, 2021. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2021–16146 Filed 7–28–21; 8:45 am] 

BILLING CODE 6210–01–P 


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