Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FRY1_20230227_83c.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2023-02-27	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
196716	Reporting Sections 225.181(c) and 225.182(c)		Modified

ICR Details

OMB Control No: 7100-0333	ICR Reference No: 202302-7100-009
Status: Historical Active	Previous ICR Reference No: 201908-7100-010
Agency/Subagency: FRS	Agency Tracking No: FR Y-1
Title: Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/27/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 02/27/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2023	02/28/2023	02/28/2023
Responses	1	0	1
Time Burden (Hours)	12	0	3
Cost Burden (Dollars)	0	0	0

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Abstract: The Board’s Regulation Y - Bank Holding Companies and Change in Bank Control (12 CFR Part 225, Subpart K) provides that a banking entity or Board-supervised nonbank financial company may, under certain circumstances, request an extension of time to conform its activities to the requirements of section 13 of the Bank Holding Company Act of 1956 (BHC Act), also known as the Volcker Rule.

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Authorizing Statute(s): US Code: 12 USC 1851(c)(6) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1467a(b) Name of Law: Home Owners’ Loan Act
   US Code: 12 USC 1467a(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
  

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:
	84 FR 16490	04/19/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 40052	08/13/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Reporting Sections 225.181(c) and 225.182(c)

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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	1	1	0	0	0	0
Annual Time Burden (Hours)	12	3	0	0	9	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: The increase in total annual burden hours reflects an update to the estimated average hours per response.

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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.     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

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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: 02/27/2023

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