View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0129
ICR Reference No:
201606-7100-022
Status:
Historical Active
Previous ICR Reference No:
201606-7100-017
Agency/Subagency:
FRS
Agency Tracking No:
FR 4006
Title:
Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
06/29/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/29/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2019
36 Months From Approved
06/30/2016
Responses
65
0
65
Time Burden (Hours)
325
0
325
Cost Burden (Dollars)
0
0
0
Abstract:
A bank holding company (BHC) that acquired voting securities or assets through foreclosure in the ordinary course of collecting a debt previously contracted (DPC) may not retain ownership of those shares or assets for more than two years without prior Federal Reserve approval. There is no formal reporting form (the FR 4006 designation is for internal purposes only) and each request for extension must be filed with the Reserve Bank that has direct supervisory responsibility for the BHC. The FR 4006 is required to obtain the Reserve Bank’s consent to hold DPC shares or assets beyond the two- year permissible holding period. The Federal Reserve uses the information provided in the request to fulfill its statutory obligation to supervise BHCs.
Authorizing Statute(s):
US Code:
12 USC 1843(a)
Name of Law: Bank Holding Company Act
US Code:
12 USC 1843(c)(2)
Name of Law: Bank Holding Company Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
81 FR 20384
04/07/2016
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 42357
06/29/2016
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
65
65
0
0
0
0
Annual Time Burden (Hours)
325
325
0
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lois Lawrence 202-452-2984 Lois.D.Lawrence@frb.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
06/29/2016
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