FRLL10b_20161007_omb

Supporting Statement for the
Savings and Loan Holding Company Registration Statement
(FR LL-10(b); OMB No. 7100-0337)
Summary
The Board of Governors of the Federal Reserve System (Board), under delegated
authority from the Office of Management and Budget (OMB), proposes to extend for three years,
with revision, the mandatory Savings and Loan Holding Company Registration Statement
(FR LL-10(b); OMB No. 7100-0337). The FR LL-10(b) is used to collect information from a
newly-formed savings and loan holding company (SLHC). The form also collects information
concerning any changes to intercompany relationships since approval of the holding company
application. The current annual reporting burden for the FR LL-10(b) is estimated to be 24 hours
and would remain unchanged with the proposed revisions.
Background and Justification
Section 10(b)(1) of the Home Owners’ Loan Act, as amended (HOLA), 12 U.S.C. §
1467a(b)(1) and 12 CFR section 238.4(c) provide that each SLHC is required to register with the
Federal Reserve within 90 days of becoming an SLHC. The Federal Reserve may extend the
time within which an SLHC is required to register. An SLHC registers with the Federal Reserve
by filing the FR LL-10(b). Once an SLHC has filed the FR LL-10(b), it is not required to file an
additional registration statement upon acquisition of additional savings associations.
Description of the Information Collection
The FR LL-10(b) includes information on the financial condition, ownership, operations,
management, and intercompany relationships of the SLHC and its subsidiaries.
The Federal Reserve reviews the FR LL-10(b) to assess the adequacy of responses to
items, disclosure of pertinent facts, and completeness in all material respects. This includes
information concerning the date of consummation of transactions and the number of shares
acquired.
Proposed Revisions
The Federal Reserve proposes to change the number of the form from “Form H-(b)10” to
“FR LL-10(b)” (the authority to require an SLHC to register is section 10(b) in HOLA and “LL”
is the Board’s regulation governing the operations and activities of an SLHC). This format is
consistent with the numbering of other Federal Reserve forms (e.g., FR Y-3, FR Y-3N, and
FR Y-4). In addition, all references to the Office of Thrift Supervision (OTS) have been
replaced with references to the Board or the Reserve Banks, including references to the former
OTS regulations that have been replaced with citations to the Federal Reserve’s Savings and
Loan Holding Companies (Regulation LL).

The Federal Reserve proposes to add an explanation of its submission deadline, including
filing instructions for when the 90th day falls on a weekend or a holiday.
HOLA permits the Federal Reserve to require an SLHC and each of its subsidiaries, other
than a savings association, to file reports with the Federal Reserve. The FR LL-10(b) currently
allows an SLHC to omit information regarding subsidiaries of a savings association. The
Federal Reserve proposes to change that practice and require an SLHC to include information
regarding subsidiaries of a savings association. The Federal Reserve also proposes to add
language requiring an SLHC to provide information not only on the stock it acquired of a
subsidiary savings association but also for any other types of ownership interest.
The Federal Reserve proposes to remove an OTS requirement that a copy of registration
statement be submitted on disc as this information can now be submitted electronically. In
addition, the Federal Reserve removed language on financial disclosure requirements since these
requirements are already required by law for an SLHC that is required to register with the
Securities and Exchange Commission.
Finally, the Federal Reserve proposes several stylistic and grammatical changes to the
form and instructions.
Time Schedule for Information Collection
This information collection is event generated. The FR LL-10(b) is collected when an
SLHCs is newly formed or when any changes are made to intercompany relationships after
approval of the holding company application.
Legal Status
The Boards’ Legal Division has determined that FR LL-10(b) is authorized by section
10(b) of HOLA (12 U.S.C. § 1467a(b)(1)) and Regulation LL (12 CFR section 238.4(c)).
Section 10(b) of the HOLA, provides that each SLHC is required to register with the Federal
Reserve within 90 days of becoming an SLHC on forms prescribed by the Board that contain
such information as the Board may deem necessary or appropriate. The obligation to respond is
mandatory. Information contained in the FR LL-10(b) is not considered confidential. If an
SLHC wishes to claim confidential treatment for any information submitted on or with the form,
it would need to describe the circumstances and provide a justification for the withholding of the
information consistent with the Freedom of Information Act (5 U.S.C. § 552).
Consultation Outside the Agency
On June 1, 2016, the Board published a notice in the Federal Register (81 FR 35015)
requesting public comment for 60 days on the extension, with revision, of the FR LL-10(b). The
comment period for this notice expired on August 1, 2016. The Board did not receive any
comments. On August 17, 2016, the Board published a final notice in the Federal Register
(81 FR 54804).

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Estimate of Respondent Burden
The annual reporting burden for the FR LL-10(b) is estimated to be 24 hours as shown in
the following table. The number of respondents is based on the average number of new SLHCs
during the calendar years 2013 through 2015. These reporting requirements represent less than
1 percent of total Federal Reserve System paperwork burden.

FR LL-10(b)

Number of
respondents1

Annual
frequency

Estimated
average hours
per response

Estimated
annual burden
hours

3

1

8

24

The total annual cost to the public for this information collection is estimated to be $1,276.2
Sensitive Questions
This collection of information contains no questions of a sensitive nature, as defined by
OMB guidelines.
Estimate of Cost to the Federal Reserve System
The costs to the Federal Reserve of collecting and processing this application are
negligible.

1

Of these respondents, two are considered small entities as defined by the Small Business Administration (i.e.,
entities with less than $550 million in total assets) www.sba.gov/contracting/getting-started-contractor/make-sureyou-meet-sba-size-standards/table-small-business-size-standards.
2
Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rates (30% Office & Administrative Support at $17, 45% Financial Managers at
$65, 15% Lawyers at $66, and 10% Chief Executives at $89). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor and Statistics (BLS), Occupational Employment and Wages
May 2015, published March 30, 2016 www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined using
the BLS Occupational Classification System, www.bls.gov/soc/.

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