Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Notices 71767 

1The issuer and government surveys, supporting 

statement, and other documentation are available 

on the Board’s public Web site at: http://

www.federalreserve.gov/apps/reportforms/

review.aspx. 2 15 U.S.C. 1693o–2(a)(7)(D). 

and APL Co. Pte. Ltd./American 

President Lines, Ltd. (acting as a single 

party). 

Filing Party: Wayne R. Rohde, Esq.; 

Cozen O’Connor; 1627 I Street NW. 

Suite 1100; Washington, DC 20006. 

Synopsis: The agreement would 

authorize the parties to exchange space 

on their respective services between the 

U.S. Atlantic Coast and the Middle East 

and would also authorize APL to charter 

space to Maersk Line in the trade 

between Asia and the U.S. West Coast. 

By Order of the Federal Maritime 

Commission. 

Dated: November 28, 2014. 

Karen V. Gregory, 

Secretary. 

[FR Doc. 2014–28442 Filed 12–2–14; 8:45 am] 

BILLING CODE 6730–01–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: Notice is hereby given of the 

final approval of proposed information 

collections by the Board of Governors of 

the Federal Reserve System (Board) 

under OMB delegated authority, as per 

5 CFR 1320.16 (OMB Regulations on 

Controlling Paperwork Burdens on the 

Public). Board-approved collections of 

information are incorporated into the 

official OMB inventory of currently 

approved collections of information. 

Copies of the Paperwork Reduction Act 

Submission, supporting statements and 

approved collection of information 

instrument(s) are placed into OMB’s 

public docket files. The Federal Reserve 

may not conduct or sponsor, and the 

respondent is not required to respond 

to, an information collection that has 

been extended, revised, or implemented 

on or after October 1, 1995, unless it 

displays a currently valid OMB control 

number. 

FOR FURTHER INFORMATION CONTACT: 

Federal Reserve Board Acting Clearance 

Officer—John Schmidt—Office of the 

Chief Data Officer, Board of Governors 

of the Federal Reserve System, 

Washington, DC 20551, (202) 452–3829. 

Telecommunications Device for the Deaf 

(TDD) users may contact (202) 263– 

4869, Board of Governors of the Federal 

Reserve System, Washington, DC 20551. 

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. 

Final approval under OMB delegated 

authority the extension for three years of 

the following information collection, 

with revision: 

Report title: Governmentadministered, General-use Prepaid Card 

Surveys.1

Agency form number: FR 3063a and 

FR 3063b. 

OMB control number: 7100–0343. 

Frequency: Annual. 

Reporters: Issuers of governmentadministered, general-use prepaid cards 

(FR 3063a) and governments that 

administer general-use prepaid card 

programs (FR 3063b). 

Estimated annual reporting hours: FR 

3063a: 375 hours; FR 3063b: 2,700 

hours. 

Estimated average hours per response: 

FR 3063a: 25 hours; FR 3063b: 15 hours. 

Number of respondents: FR 3063a: 15; 

FR 3063b: 180. 

General description of report: This 

information collection is authorized by 

subsection 920(a) of the Electronic Fund 

Transfer Act (EFTA), which was 

amended by section 1075(a) of the 

Dodd-Frank Act. 15 U.S.C. 1693o–2. 

EFTA Section 920(a) requires the Board 

to submit an annual report to the 

Congress on the prevalence of use of 

general-use prepaid cards in Federal, 

state, and local governmentadministered payment programs and on 

the interchange transaction fees and 

cardholder fees charged with respect to 

the use of such prepaid cards. 15 U.S.C. 

1693o–2(a)(7)(D). EFTA Section 920(a) 

also provides the Board with authority 

to require issuers to provide information 

to enable the Board to carry out the 

provisions of the subsection. 15 U.S.C. 

1693o–2(a)(3)(B). The obligation of 

issuers to respond to the issuer survey 

(FR 3063a) is mandatory. However, the 

obligation of state and local 

governments to respond to the 

government survey (FR 3063b) is 

voluntary. A limited amount of 

information collected on the FR 3063a 

issuer survey is publicly available, and 

thus, is not accorded confidential 

treatment. However, most of the 

information collected on the FR 3063a 

issuer survey is not publicly available 

and may be kept confidential as 

explained herein. Data collected by the 

issuer survey may be kept confidential 

under exemption (b)(4) of the Freedom 

of Information Act (FOIA), which 

exempts from disclosure ‘‘trade secrets 

and commercial or financial information 

obtained from a person and privileged 

or confidential.’’ 5 U.S.C. 552(b)(4). 

Such data may be kept confidential 

under exemption 4 if the release of data 

would cause substantial harm to the 

competitive position of the issuer. For 

example, certain issuer survey 

responses would likely contain 

information related to an organization’s 

revenue structure and other proprietary 

and commercial information and the 

release of such information would cause 

substantial harm to the competitive 

position of the issuer and could 

therefore be kept confidential under 

exemption 4. The information collected 

on the government survey (FR 3063b) is 

not accorded confidential treatment. 

Abstract: Section 1075(a) of the DoddFrank Act provides that the Board shall 

provide annually a report to the 

Congress regarding the prevalence of 

use of general-use prepaid cards in 

federal, state, and local governmentadministered payment programs, and 

the interchange and cardholder fees 

charged with respect to the use of such 

prepaid cards.2 Section 1075(a) of the 

Dodd-Frank Act also provides the Board 

with authority to require card issuers to 

respond to information requests as may 

be necessary to carry out the provisions 

of the section. 

Current Actions: On September 19, 

2014, the Federal Reserve published a 

notice in the Federal Register (79 FR 

56368) requesting public comment for 

60 days on the extension, with revision, 

of the Government-Administered, 

General-Use Prepaid Card Surveys. The 

comment period for this notice expired 

on November 18, 2014. The Federal 

Reserve did not receive any comments. 

The revisions will be implemented as 

proposed. 

As noted in the initial Federal 

Register notice (IFR) the Federal 

Reserve requested specific comment 

regarding the potential impact of 

eliminating the government survey (FR 

3063b). The Federal Reserve noted in 

the IFR that the data collected under FR 

3063b are used to calculate and report 

prevalence-of-use metrics, including the 

ratio of funds disbursed by prepaid 

cards to funds disbursed by all payment 

methods. Also, as noted in the IFR, 

should the Federal Reserve decide to 

eliminate FR 3063b, it would no longer 

be able to report this ratio; rather, the 

Federal Reserve would rely on data from 

the issuer survey (FR 3063a) to calculate 

and report alternative prevalence-of-use 

metrics, including the value of funds 

loaded onto government-administered 


tkelley on DSK3SPTVN1PROD with NOTICES
71768 Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Notices 

prepaid cards, the volume and value of 

settled purchase transactions, and the 

volume and value of ATM withdrawals. 

As discussed in the IFR, the Federal 

Reserve believes that eliminating FR 

3063b would significantly reduce 

reporting burden on the public. For this 

reason, and because the Federal Reserve 

did not receive any comments on the 

potential impact of eliminating FR 

3063b, the Federal Reserve plans not to 

conduct this survey in calendar year 

2015. Nevertheless, the Federal Reserve 

will maintain the authority to conduct 

FR 3063b through the 2015–2018 datacollection cycle. During this period, the 

Federal Reserve will determine whether 

the alternative prevalence-of-use metrics 

derived from FR 3063a are reasonable 

for satisfying the reporting requirements 

of the Dodd-Frank Act. Should the 

Federal Reserve make this 

determination, a notice would be 

published in the Federal Register 

requesting public comment on the 

discontinuance of the FR 3063b 

information collection for future datacollection cycles. 

Board of Governors of the Federal Reserve 

System, November 28, 2014. 

Margaret McCloskey Shanks, 

Deputy Secretary of the Board. 

[FR Doc. 2014–28432 Filed 12–2–14; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

[Docket No. R–1503] 

Application of Enhanced Prudential 

Standards and Reporting 

Requirements to General Electric 

Capital Corporation 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Request for public comment on 

the application of enhanced prudential 

standards and reporting requirements to 

General Electric Capital Corporation. 

SUMMARY: Pursuant to section 165 of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act, the Board of 

Governors of the Federal Reserve 

System (Board) is inviting public 

comment on the proposed application of 

enhanced prudential standards to 

General Electric Capital Corporation 

(GECC), a nonbank financial company 

that the Financial Stability Oversight 

Council has determined should be 

supervised by the Board. The Board has 

assessed the business model, capital 

structure, risk profile, and systemic 

footprint of GECC to determine how the 

enhanced prudential standards should 

apply, including how to tailor 

application of the standards to the 

company. In light of the substantial 

similarity of GECC’s activities and risk 

profile to that of a similarly-sized bank 

holding company, the Board is 

proposing to apply enhanced prudential 

standards to GECC that are similar to 

those that apply to large bank holding 

companies, including: (1) Capital 

requirements; (2) capital-planning and 

stress-testing requirements; (3) liquidity 

requirements; and (4) risk-management 

and risk-committee requirements. The 

Board also is proposing to apply certain 

additional enhanced prudential 

standards to GECC in light of certain 

unique aspects related to GECC’s 

activities, risk profile, and structure, 

including additional independence 

requirements for GECC’s board of 

directors, restrictions on intercompany 

transactions between GECC and General 

Electric Company, and leverage capital 

requirements that are comparable to the 

standards that apply to the largest, most 

systemic banking organizations. In 

addition, the Board is proposing to 

require GECC to file certain reports with 

the Board that are similar to the reports 

required of bank holding companies. 

DATES: Comments must be submitted by 

February 2, 2015. 

ADDRESSES: You may submit comments, 

identified by Docket No. R–1503, by any 

of the following methods: 

Agency Web site: http://

www.federalreserve.gov. Follow the 

instructions for submitting comments at 

http://www.federalreserve.gov/apps/

foia/proposedregs.aspx. 

Federal eRulemaking Portal: http://

www.regulations.gov. Follow the 

instructions for submitting comments. 

Email: regs.comments@

federalreserve.gov. Include docket 

number R–1503 in the subject line of the 

message. 

FAX: (202) 452–3819 or (202) 452– 

3102. 

Mail: Robert deV. Frierson, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW., Washington, 

DC 20551. 

All public comments are available 

from the Board’s Web site at http://

www.federalreserve.gov/generalinfo/

foia/ProposedRegs.cfm as submitted, 

unless modified for technical reasons. 

Accordingly, your comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper form in Room MP–500 of the 

Board’s Martin Building (20th and C 

Streets NW.; Washington, DC 20551) 

between 9:00 a.m. and 5:00 p.m. on 

weekdays. 

FOR FURTHER INFORMATION CONTACT: Ann 

Misback, Associate Director, (202) 452– 

3799, Jyoti Kohli, Senior Supervisory 

Financial Analyst, (202) 452–2539, or 

Elizabeth MacDonald, Senior 

Supervisory Financial Analyst, (202) 

475–6316, Division of Banking 

Supervision and Regulation; or Laurie 

Schaffer, Associate General Counsel, 

(202) 452–2277 or Jahad Atieh, 

Attorney, (202) 452–3900, Legal 

Division. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Overview of GECC 

III. Statutory Requirements for the 

Application of Enhanced Prudential 

Standards to Nonbank Financial 

Companies Supervised by the Board 

A. Overview 

B. GECC 

IV. Proposed Enhanced Prudential Standards 

to Apply to GECC 

A. Capital Requirements 

B. Capital Planning Requirements 

C. Stress-Testing requirements 

D. Liquidity Requirements 

E. Risk-Management and Risk-Committee 

Requirements 

F. Other Prudential Standards: Restrictions 

on Intercompany Transactions 

G. Future Standards 

V. Proposed Reporting Requirements 

A. FR Y–6 Report 

B. FR Y–10 Report 

C. FR Y–9C and FR Y–9LP Reports 

D. FR Y–11 and FR Y–11S Reports 

E. FR 2314 and FR 2314S Reports 

F. FR Y–14A, FR Y–14M, and FR Y–14Q 

Reports 

G. FR Y–15 Report 

H. FFIEC 009 and FFIEC 009a Reports 

I. FFIEC 102 

VI. Timing of Application 

VII. Paperwork Reduction Act 

VIII. Proposed Order 

I. Introduction 

Section 165 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (Dodd-Frank Act) directs the Board 

of Governors of the Federal Reserve 

System (Board) to establish enhanced 

prudential standards for bank holding 

companies with total consolidated 

assets of $50 billion or more and 

nonbank financial companies that the 

Financial Stability Oversight Council 

(Council) has determined should be 

supervised by the Board (nonbank 

financial companies supervised by the 

Board) in order to prevent or mitigate 

risks to U.S. financial stability that 

could arise from the material financial 

distress or failure, or ongoing activities 

of, these companies. The enhanced 

prudential standards must include 

enhanced risk-based and leverage 

capital requirements, liquidity 

requirements, risk-management and 


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