[Federal Register Volume 63, Number 250 (Wednesday, December 30, 1998)]
[Notices]
[Pages 71928-71929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-34549]
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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: Background. Notice is hereby given of the final approval of
proposed information collection 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 OMB 83-Is and 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:
Chief, Financial Reports Section--Mary M. McLaughlin--Division of
Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202-452-3829).
OMB Desk Officer--Alexander T. Hunt--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503 (202-395-7860).
Final approval under OMB delegated authority of the extension for
three years, with major revision, of the following report:
Report title: Interagency Bank Merger Act Application.
Agency form number: FR 2070
OMB control number: 7100-0171
Frequency: On occasion
Reporters: Individuals or households; Businesses or other for-
profit.
Annual reporting hours: Nonaffiliate--1,710; Affiliate--1,422.
Total: 3,132 burden hours
Estimated average hours per response: Nonaffiliate--30; Affiliate--
18
Number of respondents: Nonaffiliate--57; Affiliate--79.
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 321, 1828(c), and 4804). Except for select
sensitive items, this information collection is not given confidential
treatment.
Abstract: State member banks are required to file this application
prior to merging with any other insured depository institution,
consolidating with an insured depository institution, acquiring assets
from an insured depository institution (either directly or indirectly),
or assuming the liability to pay any of an insured depository
institution's deposits (either directly or indirectly).
This extension proposal includes a revision to make uniform the
merger application forms currently submitted to the Office of the
Comptroller of the Currency (OCC), the Office of Thrift Supervision
(OTS), the Federal Deposit Insurance Corporation (FDIC), and the Board
of Governors (Board)
[[Page 71929]]
(collectively, the Agencies) for both affiliated and nonaffiliated
institutions. The form name is the Interagency Bank Merger Act
Application. The Agencies need the information collected to insure that
the proposed transactions are permissible under law and regulation and
are consistent with safe and sound banking practices. The Agencies are
required, for example, to consider financial and managerial resources,
future prospects, convenience and needs of the community, community
reinvestment, and competition.
Some of the Agencies will collect limited supplemental information
in certain cases. For example, the OCC and OTS will collect information
regarding CRA commitments, the Federal Reserve will collect information
on debt servicing from certain institutions, and all Agencies will
require additional information on the competitive impact of proposed
mergers.
Current actions: On January 5, 1998, the Board granted initial
approval of the proposal. A joint notice of the proposed action was
published in the Federal Register on January 21, 1998 (63 FR 3182), and
the comment period expired on March 23, 1998. The Agencies received
five public comments from the Texas Department of Banking, the
Independent Bankers Association of America, the National Community
Investment Coalition, the Center for Community Change, and the
Conference of State Bank Supervisors, as well as comments from staff at
each agency. Most of the commenters suggested modifications to the
forms and instructions. As a result of the comments, the application
was further revised to include an ``Other'' category under the ``Filed
Pursuant To'' section and information on Tier 3 capital (if any), the
addresses of directors and senior executive officers, how the proposal
will meet the convenience and needs of the community (including needs
of the community under the applicable criteria of the Community
Reinvestment Act, and debt servicing (if applicable). In addition,
certain branch information requested in the initial proposal was
eliminated. The additional changes proposed in response to the comments
would not affect most applicants; on average for all applicants, the
estimated burden would be unchanged. The other agencies submitted the
same revised information collection to OMB for approval.
Board of Governors of the Federal Reserve System, December 23,
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-34549 Filed 12-29-98; 8:45AM]
Billing Code 6210-01-F
