Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted

Forms and Documents

Document Name	Status
FR4006_20160629_omb.pdf Supporting Statement A	2016-06-29

IC Document Collections

IC ID	Document Title	Status
36161	Request for Extension of Time to Dispose of Assets Acquired in Satisfaction of Debts Previously Contracted	Modified

ICR Details

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
	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

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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.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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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

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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

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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:

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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

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Common Form ICR:  No

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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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