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OMB Control No: 7100-0381	ICR Reference No: 202010-7100-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR 4035
Title: Reporting, Recordkeeping, and Disclosure Requirements Associated with Rules Regarding Availability of Information
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 10/29/2020
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/09/2020
	Date Received in OIRA: 10/29/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2021	6 Months From Approved
Responses	334	0	0
Time Burden (Hours)	134	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The information collection consist of reporting, recordkeeping, and disclosure requirements under subpart C (Nonpublic Information Made Available to Supervised Financial Institutions, Governmental Agencies, and Others in Certain Circumstances) of Rules Regarding Availability of Information (12 CFR Part 261). Subpart C contains reporting requirements that enable third parties to request the Board’s authorization to access, use, or further disclose confidential supervisory information or other nonpublic information of the Board, and that ensure that the Board is notified when any subpoena or other legally enforceable demand requires production of confidential supervisory information or other nonpublic information of the Board in the form of documents or testimony. Subpart C also contains one recordkeeping requirement related to a provision that allows supervised financial institutions to disclose confidential supervisory information to service providers if the disclosure is deemed necessary to the service provider’s provision of services, and two disclosure requirements that apply when individuals are served with a subpoena, order, or other judicial or administrative process requiring the production of confidential supervisory information or other nonpublic information of the Board in the form of documents or testimony.

Emergency Justfication: The delegation of authority to the Board from OMB that permits the Board to approve collections of information under the PRA includes the authority to temporarily approve a collection of information without seeking public comment. To exercise this authority, the Board must determine that a new collection of information or a change to an existing collection must be instituted quickly and that public participation in the approval process would defeat the purpose of the collection or substantially interfere with the Board’s ability to perform its statutory obligation. Following the temporary approval of an information collection, the Board must conduct a normal delegated review of the collection within six months, including publishing in the Federal Register a notice seeking public comment. The Board has temporarily approved the collections of information contained within subpart C of 12 CFR Part 261 under the title FR 4035. The Board has determined that this collection of information must be instituted quickly and that public participation in the approval process would defeat the purpose of the collection of information and substantially interfere with the Board’s ability to perform its statutory obligations. In particular, the Board has determined that because the reporting and disclosure requirements are existing requirements that facilitate the Board’s processing of requests to access and use the Board’s confidential supervisory information, the Board’s ability to perform its statutory responsibilities relating to the disclosure, production, or withholding of the Board’s information would be diminished if the Board were unable to enforce the collections of information contained within subpart C due to possible noncompliance with the PRA.

Authorizing Statute(s): US Code: 12 USC 326 Name of Law: Federal Reserve Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AF51	Final or interim final rulemaking	85 FR 57616	09/15/2020

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	334	334
Annual Time Burden (Hours)	134	134
Annual Cost Burden (Dollars)	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: No

Burden Reduction Due to:

Short Statement: This is a new collection. The estimated total annual burden for the FR 4035 is 134 hours. The estimated total annual burden is based on the average number of requests the Board received in connection with the types of requests covered by sections 261.22(c), 261.23(b), and 261.23(c) in 2017, 2018, 2019, and the average number of notices the Board received pursuant to the notice requirement covered by section 261.24(a)(1) in 2017, 2018, and 2019. Although these provisions were recently modified by the Board, the Board does not believe that the number of requests and notices made pursuant to those sections will materially change due to those modifications. Furthermore, the estimated annual burden hours with respect to the new recordkeeping requirement under section 261.21(b)(4) is based on the average number of requests the Board received in 2017, 2018, 2019 from supervised financial institutions to disclose confidential supervisory information to their service providers.

Annual Cost to Federal Government: $0

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: Kaitlin Merritt 202 452-3752 kaitlin.m.merritt@frb.gov

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