[Federal Register Volume 86, Number 143 (Thursday, July 29, 2021)]
[Notices]
[Pages 40840-40841]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16146]


-----------------------------------------------------------------------

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.

[[Page 40841]]

    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. Board-
approved 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.
---------------------------------------------------------------------------

    \1\ References 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).
---------------------------------------------------------------------------

    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 event-generated and provide the Federal Reserve with information 
necessary to evaluate each of the proposed transactions.
---------------------------------------------------------------------------

    \2\ Eligible 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).
---------------------------------------------------------------------------

    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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \5\ 5 U.S.C. 552(b)(4).
    \6\ 5 U.S.C. 552(b)(6).
    \7\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------

    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