View Information Collection Request (ICR) Package
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View Supporting Statement and Other Documents
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:
7100-0363
ICR Reference No:
202004-7100-011
Status:
Historical Active
Previous ICR Reference No:
202004-7100-010
Agency/Subagency:
FRS
Agency Tracking No:
FR XX
Title:
Reporting Requirements Associated with Regulation XX
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
12/22/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/22/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2023
36 Months From Approved
12/31/2020
Responses
40
0
39
Time Burden (Hours)
100
0
94
Cost Burden (Dollars)
0
0
0
Abstract:
The Board’s Regulation XX - Concentration Limit (12 CFR Part 251) implements section 14 of the Bank Holding Company Act of 1956 (BHC Act), which establishes a financial sector concentration limit that generally prohibits a financial company from merging or consolidating with, or otherwise acquiring, another company if the resulting company’s liabilities upon consummation would exceed 10 percent of the aggregate liabilities of all financial companies (a covered acquisition). Under section 14 of the BHC Act and Regulation XX, a financial company means (1) an insured depository institution, (2) a bank holding company, (3) a savings and loan holding company, (4) any other company that controls an insured depository institution, (5) a nonbank financial company designated by the Financial Stability Oversight Council (Council) for supervision by the Board, or (6) a foreign bank or company that is treated as a bank holding company for purposes of the BHC Act. Regulation XX includes certain reporting requirements that apply to financial companies, and the FR XX-1 report collects information from certain financial companies that do not otherwise report consolidated financial information to the Board or another Federal banking agency.
Authorizing Statute(s):
US Code:
12 USC 1467a(b) and (g)
Name of Law: Home Owners’ Loan Act
US Code:
12 USC 248(a)
Name of Law: Federal Reserve Act
US Code:
12 USC 324
Name of Law: Federal Reserve Act
US Code:
12 USC 3105(c)(2)
Name of Law: International Banking Act of 1978
US Code:
12 USC 1852(d)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act of 1956
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:
85 FR 51713
08/21/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 80099
12/11/2020
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Reporting Section 251.3(e)
Reporting Section 251.4(b)
Reporting Section 251.4(c)
Reporting Section 251.6
FR XX-1
Financial Company (as defined) Report of Consolidated Liabilities
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
40
39
0
1
0
0
Annual Time Burden (Hours)
100
94
0
6
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The estimated total annual burden for this information collection is 94 hours, and would increase to 100 hours with the revisions. The Board estimates that average hours per response for the section 251.3(e) reporting requirements would be 6 hours.
Annual Cost to Federal Government:
$24,700
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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?
No
Agency Contact:
Mark Tokarski 202-452-5241 Mark.E.Tokarski@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:
12/22/2020
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