[Federal Register Volume 86, Number 109 (Wednesday, June 9, 2021)]
[Notices]
[Pages 30605-30606]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12089]


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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, without revision, the 
Application for a Foreign Organization to Acquire a U.S. Bank or Bank 
Holding Company (FR Y-3F; OMB No. 7100-0119).

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--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, Without Revision, of the Following Information Collection

    Report title: Application for a Foreign Organization to Acquire a 
U.S. Bank or Bank Holding Company.
    Agency form number: FR Y-3F.
    OMB control number: 7100-0119.
    Frequency: On occasion.
    Respondents: Any company organized under the laws of a foreign 
country that seeks to acquire a U.S. bank or bank holding company.
    Estimated number of respondents: 6.
    Estimated average hours per response: Reporting: Initial 
application: 90; Subsequent application: 70; Disclosure: 1.
    Estimated annual burden hours: Reporting: Initial application: 90; 
Subsequent application: 350; Disclosure: 6.
    General description of report: Under the Bank Holding Company Act 
(BHC Act), any company, including a company organized under the laws of 
a foreign country, that seeks to acquire a U.S. bank or bank holding 
company must receive prior approval from the Board to do so. The 
Federal Reserve uses the information collected by the FR Y-3F to 
determine whether to approve the application and, subsequently, to 
carry out its supervisory responsibilities with respect to the foreign 
banking organization's operations in the United States.
    Legal authorization and confidentiality: Section 3(a) of the BHC 
Act \1\ requires prior approval by the Board for any company, including 
a foreign company, to acquire a U.S. bank or bank holding company, and 
section 3(c) of the BHC Act \2\ sets forth the factors that the Board 
must consider in approving such an application. Sections

[[Page 30606]]

5(a) through 5(c) of the BHC Act \3\ authorize the Board to require the 
registration of bank holding companies, issue regulations and orders to 
carry out its supervisory responsibilities thereunder, and examine and 
require reports to be submitted by bank holding companies, 
respectively. Together, these sections of the BHC Act provide the legal 
authorization for the FR Y-3F. The FR Y-3F is required to obtain a 
benefit.
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    \1\ 12 U.S.C. 1842(a).
    \2\ 12 U.S.C. 1842(c).
    \3\ 12 U.S.C. 1844(a)-(c).
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    To the extent a respondent submits nonpublic commercial or 
financial information in connection with the FR Y-3F, 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 treated as confidential pursuant to exemption 8 of 
the FOIA.\6\
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    \4\ 5 U.S.C. 552(b)(4).
    \5\ 5 U.S.C. 552(b)(6).
    \6\ 5 U.S.C. 552(b)(8).
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    Current actions: On March 8, 2021, the Board published an initial 
notice in the Federal Register (86 FR 13381) requesting public comment 
for 60 days on the extension, without revision, of the FR Y-3F. The 
comment period for this notice expired on May 7, 2021. The Board did 
not receive any comments. The Board will adopt the extension, without 
revision of the FR K-2 as originally proposed.

    Board of Governors of the Federal Reserve System, June 4, 2021.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021-12089 Filed 6-8-21; 8:45 am]
BILLING CODE 6210-01-P