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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FR4006_20220923_omb.pdf	Supporting Statement A	Uploaded 2022-09-23	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36161	Reporting Section 225.12(b)		Unchanged
255279	Reporting Sections 225.140(c) and (d)		New
237788	Reporting Section 225.22(d)(1)		Unchanged

ICR Details

OMB Control No: 7100-0129	ICR Reference No: 202208-7100-005
Status: Historical Active	Previous ICR Reference No: 202201-7100-005
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: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/23/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 09/23/2022
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2025	36 Months From Approved	09/30/2022
Responses	33	0	21
Time Burden (Hours)	129	0	105
Cost Burden (Dollars)	0	0	0

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Abstract: The Bank Holding Company Act of 1956 (BHC Act) and the Board’s Regulation Y - Bank Holding Companies and Change in Bank Control (12 CFR Part 225) require a bank holding company (BHC) that, either through foreclosure or otherwise in the ordinary course of collecting a debt previously contracted (DPC), acquired voting securities of a bank or BHC or the securities or assets of a company engaged in a nonbanking activity to seek prior Board approval in order to retain ownership of those shares or assets for more than two years.

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Authorizing Statute(s): US Code: 12 USC 1842(a) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1843(c)(2) Name of Law: Bank Holding Company Act of 1956
  

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:
	87 FR 19926	04/06/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 47214	08/02/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Reporting Section 225.12(b)
Reporting Section 225.22(d)(1)
Reporting Sections 225.140(c) and (d)

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ICR Summary of Burden

table that charts list 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	33	21	0	12	0	0
Annual Time Burden (Hours)	129	105	0	24	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: No

Burden Reduction Due to:

Short Statement: The estimated total annual burden for the FR 4006 is 105 hours, and would increase to 129 hours with the revisions. The respondent burden per extension request is estimated to average five hours per submission. However, the respondent burden varies depending upon the complexity of the individual situation. Respondent counts are based on an average of respondents over the past two years. The Federal Reserve has not received any requests under section 225.12(b) over the past two years but is using a placeholder of 1 respondent in its estimates.

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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.     No

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

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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: 09/23/2022

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