[Federal Register Volume 84, Number 202 (Friday, October 18, 2019)]
[Notices]
[Pages 55958-55959]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22725]
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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
Disclosure and Reporting Requirements of the Community Reinvestment Act
(CRA)-Related Agreements (Regulation G) (FR G; OMB No. 7100-0299).
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.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be placed into OMB's public docket files.
These documents also are 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.
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. Copies
of the PRA Submission, supporting statements, and approved collection
of information instrument(s) are placed into OMB's public docket files.
Final Approval under OMB Delegated Authority of the Extension for
Three Years, Without Revision, of the Following Information Collection:
Report title: Disclosure and Reporting Requirements of the
Community Reinvestment Act (CRA)-Related Agreements (Regulation G).
Agency form number: FR G.
OMB control number: 7100-0299.
[[Page 55959]]
Frequency: Quarterly, annually, and on occasion.
Respondents: State member banks and their subsidiaries, bank
holding companies, and savings and loan holding companies (Insured
Depository Institutions (IDIs)); affiliates of bank holding companies
and savings and loan holding companies, other than banks, savings
associations, and subsidiaries of banks and savings associations; and
nongovernmental entities or persons (NGEPs) that enter into covered
agreements with any of the aforementioned companies.
Estimated number of respondents: Reporting: IDIs and affiliates--
Copy of agreements to agency, 2 respondents; List of agreements to
agency, 2 respondents; Annual report, 2 respondents; and Filing NGEP
annual report, 2 respondents; Reporting: NGEP--Copy of agreements to
agency, 6 respondents; and Annual Report, 6 respondents; Disclosure:
IDIs and affiliates--Covered agreements to public, 2 respondents; and
Agreements relating to activities of CRA affiliates, 2 respondents; and
Disclosure: NGEP--Covered agreements to public, 6 respondents.
Estimated average hours per response: Reporting: IDIs and
affiliates--Copy of agreements to agency, 1 hour; List of agreements to
agency, 1 hour; Annual report, 4 hours; and Filing NGEP annual report,
1 hour; Reporting: NGEP--Copy of agreements to agency, 1 hour; and
Annual Report, 4 hours; Disclosure: IDIs and affiliates--Covered
agreements to public, 1 hour; and Agreements relating to activities of
CRA affiliates, 1 hour; and Disclosure: NGEP--Covered agreements to
public, 1 hour.
Estimated annual burden hours: Reporting: IDIs and affiliates--Copy
of agreements to agency, 8 hours; List of agreements to agency, 8
hours; Annual report, 8 hours; and Filing NGEP annual report, 6 hours;
Reporting: NGEP--Copy of agreements to agency, 6 hours; and Annual
Report, 24 hours; Disclosure: IDIs and affiliates--Covered agreements
to public, 6 hours; and Agreements relating to activities of CRA
affiliates, 6 hours; and Disclosure: NGEP--Covered agreements to
public, 6 hours.
General description of report: The Gramm-Leach-Bliley Act (GLBA)
amended the Federal Deposit Insurance Act (FDI Act) by adding a new
section 48, entitled ``CRA Sunshine Requirements.'' Section 48 imposes
disclosure and reporting requirements on IDIs, their affiliates, and
NGEPs that enter into written agreements that (1) are made in
fulfillment of the CRA and (2) involve funds or other resources of an
IDI or affiliate with an aggregate value of more than $10,000 in a
year, or loans with an aggregate principal value of more than $50,000
in a year. Section 48 excludes from the disclosure and reporting
requirements any CRA-related agreement between an IDI or its affiliate,
on the one hand, and an NGEP, on the other hand, if the NGEP has not
contacted the IDI, its affiliate, or a federal banking agency
concerning the CRA performance of the IDI.
The GLBA directed the Board, as well as the other federal banking
agencies, to issue consistent and comparable regulations to implement
the requirements of section 48 of the FDI Act. In 2001, the agencies
promulgated substantially identical regulations, which interpret the
scope of written agreements that are subject to the statute and
implement the disclosure and reporting requirements of section 48.\1\
The Board's Regulation G implements the provisions of the GLBA
requiring both IDIs and NGEP to make a copy of any covered agreement
available to the public and the appropriate federal banking agency, and
to file an annual report with each appropriate federal banking agency
regarding the use of funds under such agreement for that fiscal year.
In addition, each calendar quarter, an IDI and its affiliates must
provide to the appropriate federal banking agency a list of all covered
agreements entered into during that quarter or a copy of the covered
agreements.
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\1\ 12 CFR part 35 (Office of the Comptroller of the Currency);
12 CFR part 207 (Board); 12 CFR part 346 (Federal Deposit Insurance
Corporation).
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Legal authorization and confidentiality: The disclosure and
reporting requirements of Regulation G are authorized pursuant to the
authority of the Board to prescribe regulations to carry out the
purposes of section 711 of GLBA.\2\ The obligation to comply with the
disclosure and reporting requirements of Regulation G is mandatory.
Because the disclosure and reporting requirements of section 711 and
Regulation G require relevant parties to disclose covered agreements to
the public, an entity subject to Regulation G would likely be unable to
prevent the Board from releasing a covered agreement to the public.\3\
However, in the preamble to Regulation G, the Board stated that an
entity subject to Regulation G may submit a public version of its
covered agreements to the Board with a request for confidential
treatment. The Board further stated that it would release this version
to the public unless it received a request under the Freedom of
Information Act (FOIA) for the entirety of the CRA-related agreement.
In such case, information in the agreement may be protected from
disclosure by FOIA exemptions (b)(4) (which protects ``trade secrets
and commercial or financial information obtained from a person [that
is] privileged and confidential'') \4\ and (b)(8) (which protects
information contained in ``examination, operating, or condition
reports'' obtained in the bank supervisory process).\5\
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\2\ 12 U.S.C. 1831y(h)(1).
\3\ The Board noted in the preamble to Regulation G that section
711 would require disclosure of some types of information that an
agency might normally withhold from disclosure under the FOIA and
that the Board would not keep information confidential under the
FOIA that a party would be required to disclose under section 711.
Disclosure and Reporting of CRA-Related Agreements, 66 Federal
Register 2052, 2066-2067 (Jan. 10, 2001).
\4\ 5 U.S.C. 552(b)(4).
\5\ 5 U.S.C. 552(b)(8).
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Current actions: On July 9, 2019, the Board published an initial
notice in the Federal Register (84 FR 32743) requesting public comment
for 60 days on the extension, without revision, of the Disclosure and
Reporting Requirements of the Community Reinvestment Act (CRA)-Related
Agreements (Regulation G) (FR G). The comment period for this notice
expired on September 9, 2019. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, October 11,
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-22725 Filed 10-17-19; 8:45 am]
BILLING CODE 6210-01-P