Rules and Regulations. Notice

Agency: Board of Governors of the Federal Reserve System
Action: Notice
Citation: FR Doc. 03-1310

Summary

Background. On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act, as per 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the OMB 83-Is and supporting statements and approved collection of information instruments 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. Request for comment on information collection proposal. The following information collection, which is being handled under this delegated authority, has received initial Board approval and is hereby published for comment. At the end of the comment period, the proposed information collection, along with an analysis of comments and recommendations received, will be submitted to the Board for final approval under OMB delegated authority. Comments are invited on the following: a. whether the proposed collection of information is necessary for the proper performance of the Federal Reserve's functions; including whether the information has practical utility; b. the accuracy of the Federal Reserve's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. ways to enhance the quality, utility, and clarity of the information to be collected; and d. ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology.

Dates

Comments must be submitted on or before March 24, 2003.

Supplementary Information

Proposal to Approve Under OMB Delegated Authority The Extension For Three Years, With Revision, of the Following Report: Report title: Interagency Notice of Change in Bank Control, Interagency Notice of Change in Director or Senior Officer, and Interagency Biographical and Financial Report Agency form number: FR 2081a, FR 2081b, and FR 2018c OMB control number: 7100-0134 Frequency: On occasion Reporters: Financial institutions and certain of their officers and shareholders Annual reporting hours: Interagency Notice of Change in Bank Control-3,900 hours; Interagency Notice of Change in Director or Senior Officer-130 hours; Interagency Biographical and Financial Report-4,420 hours Estimated average hours per response: Interagency Notice of Change in Bank Control-30 hours; Interagency Notice of Change in Director or Senior Officer-2 hours; Interagency Biographical and Financial Report-4 hours Number of respondents: Interagency Notice of Change in Bank Control-130; Interagency Notice of Change in Director or Senior Officer-65; Interagency Biographical and Financial Report-1,105 Small businesses are affected. General description of report: This information collection is mandatory (12 U.S.C. 1817(j) and 12 U.S.C. 1831(q)) and is not given confidential treatment. Abstract: The information collected assists the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) in fulfilling their statutory responsibilities. These regulatory agencies use the information to evaluate a depository institution's controlling ownership interests and its senior officers and directors. The information collected in the Interagency Notice of Change in Bank Control (FR 2081a) is supplied by persons proposing to make significant investments in bank holding companies or depository institutions. The information collected in the Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b) is required under Section 914 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The notice is completed, under certain circumstances, by a bank holding company or depository institution making changes in its board of directors or senior executive officers. The Interagency Biographical and Financial Report (FR 2081c) is not a stand-alone report; it is used as a companion report with other reports to gather required information about the individuals involved in certain types of applications and notifications. Board of Governors of the Federal Reserve System, January 15, 2003. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 03-1310 Filed 1-21-03; 8:45 am]