[Federal Register Volume 63, Number 107 (Thursday, June 4, 1998)]
[Notices]
[Pages 30495-30496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-14807]
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FEDERAL RESERVE SYSTEM
Agency information collection activities: Announcement of Board
approval under delegated authority and submission to OMB
SUMMARY
Background
Notice is hereby given of the final approval of a 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. A copy
of the OMB 83-I and supporting statement and an approved collection of
information instrument is 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 the extension for
three years, with revision, of the following report:
1. Report title: Annual Report of Bank Holding Companies
Agency form number: FR Y-6
[[Page 30496]]
OMB control number: 7100-0124
Frequency: annual
Reporters: bank holding companies
Annual reporting hours: 22,552
Estimated average hours per response: 4.0
Number of respondents: 5,638
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 1844(b) and (c)). Confidential treatment is not
routinely given to the information in this report. However,
confidential treatment for the report information can be requested, in
whole or part, in accordance with the instructions to the form.
Abstract: The annual FR Y-6 report provides structure information
that includes an organizational chart and information about
shareholders that meet certain criteria as well as information on the
identity, percentage ownership, and business interests of principal
shareholders, directors, and executive officers. The report enables the
Federal Reserve to monitor bank holding company operations and to
ensure that the operations are conducted in a safe and sound manner and
are in compliance with the provisions of the Bank Holding Company Act
and Regulation Y (12 C.F.R. 225).
On March 2, 1998, the Board issued for public comment proposed
revisions to the FR Y-6 report (63 FR 10224). The comment period
expired on May 1, 1998. The Board proposed to revise the reporting
requirements of the item providing information on directors and
officers (report item 4) to eliminate the reporting of the number of
voting securities owned, controlled or held with the power to vote by
principal shareholders, officers, directors or other individuals in the
bank holding company exercising similar functions. Respondents would
still be required to disclose the percentage of each class of voting
securities owned, controlled or held with the power to vote by such
individuals. Board staff also propose to add lines to the report cover
page and the supplemental cover page to disclose holding company
physical locations, and to add an appendix to provide an example of an
accurately completed FR Y-6 to assist respondents in completing this
free-form report.
The Board received comment letters from five consulting firms.
Each commenter objected to the proposed revision to eliminate the
reporting of the number of voting securities owned, controlled or held
with the power to vote by principal shareholders, officers, directors
or other individuals in the bank holding companies exercising similar
functions. The commenters generally stated that this information
provides a measure of an officer or a director's commitment to the
safety and soundness of the holding company.
Board staff contacted commenters and discovered that they did not
realize that respondents will still be required to disclose the
percentage of each class of voting securities owned, controlled or held
with the power to vote by such individuals. The commenters indicated
that continued collection of this item addresses their concerns. The
Board believes that the requirement to only provide the percentage of
voting shares held will still provide the Federal Reserve with adequate
regulatory information. The Board approved the information collection
as initially proposed.
Board of Governors of the Federal Reserve System, May 29, 1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-14807 Filed 6-3-98; 8:45 am]
Billing Code 6210-01-P
