FRLL10b_20230421_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 authority
delegated by the Office of Management and Budget (OMB), has extended for three years, with
revision, the Savings and Loan Holding Company Registration Statement (FR LL-10(b); OMB
No. 7100-0337). The FR LL-10(b) form is used to collect information from a newly formed
savings and loan holding company (SLHC) and also covers certain requests for deregistration as
an SLHC.
The Board revised the FR LL-10(b) by adding an existing unstructured information
collection that was not previously cleared under the Paperwork Reduction Act. The existing
uncleared information collection is the request for deregistration as an SLHC. The Board also
made certain clarifications to the instructions of the Registration Statement. The clarifications to
the instructions relate to length of the registration application recordkeeping requirement,
requesting confidential treatment of filings, and required information related to the formation and
subsidiaries of savings associations or SLHCs.
The current estimated total annual burden for the FR LL-10(b) is 50 hours, and would
increase to 51 hours. The revisions would result in an increase of 1 hour. The form and
instructions are available on the Board’s public website at
https://www.federalreserve.gov/apps/reportingforms.
Background and Justification
Section 10(b)(1) of the Home Owners’ Loan Act (HOLA)1 and section 238.4(c) of the
Board’s Regulation LL - Savings and Loan Holding Companies (12 CFR Part 238)2 provide that
each SLHC is required to register with the Board within 90 days of becoming an SLHC. An
SLHC must register with the Board by filing the FR LL-10(b) with the appropriate Federal
Reserve Bank.3 The information collected by the FR LL-10(b) is not available from other
sources. This report is event-generated, and the Board requires this information to meet its
obligations under HOLA and the Board’s Regulation LL. If this information were not collected
or were collected less frequently, the Board would not meet the statutory requirements of HOLA.
Description of Information Collection
The FR LL-10(b) requests information from registering SLHCs on the financial
condition, ownership, operations, management, and intercompany relationships of the SLHC and
its subsidiaries. Additionally, respondents must include information concerning the transaction
1

12 U.S.C. § 1467a(b)(1).
12 CFR 238.4(c).
3
For multi-tier SLHCs, the top-tier SLHC may file a combined report. However, each SLHC in the multi-tier
structure must provide all required information.
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that resulted in the respondent becoming an SLHC, a description of the SLHC’s business, and a
description of any changes related to the financial condition, ownership, operations,
intercompany relationships, and management of the SLHC and its subsidiaries since the
registrant’s application to become an SLHC was approved. The principal executive or principal
financial officer of the registering SLHC must certify that the information contained in the
submission has been carefully reviewed and is true, correct, and complete. An institution’s
SLHC designation impacts its regulatory environment and is therefore integral to informing
respondents’ all future actions and operations.
The FR LL-10(b) may be submitted electronically through FedEZFile by Portable
Document Format or by hard copy.
Respondent Panel
The FR LL-10(b) panel comprises companies that become or deregister from being
SLHCs.
Frequency
The FR LL-10(b) is submitted and retained on an event-generated basis.
Revisions to the FR LL-10(b)
The Board revised the FR LL-10(b) by clearing an existing information collection that
has not previously been cleared. Specifically, Supervision and Regulation Letter (SR Letter)
11-124 notes that an SLHC that controls only one savings association subsidiary, provided that
subsidiary functions solely in a trust or fiduciary capacity, may submit a request to the Board to
deregister as an SLHC in accordance with a statutory exception.5 In submitting such a request,
the requesting SLHC should affirm that its savings association affiliate meets the relevant
statutory requirements, described in the SR Letter.
The Board also made certain clarifications to the instructions for the registration
statement:
• In the Filing Requirements section, added additional language clarifying that a
respondent must retain a copy of the signed form at least three years, unless it ceases to
be an SLHC before then.
• In the Public Information section, added additional language on the Board’s procedures
for requesting confidential treatment, including the relevant regulatory citation.
• In the Requested Information section, Item 1.C., General Information, clarified that the
background information requested includes formations of savings associations or SLHCs.
• In the Requested Information section, Item 2, Amendments and Revisions to Information
Provided in Savings and Loan Holding Company Application, clarified that the requested
information includes formations of SLHCs and related subsidiaries.
4

SR 11-12: Deregistration Procedures for Certain Savings and Loan Holding Companies (July 21, 2011), available
at https://www.federalreserve.gov/supervisionreg/srletters/sr1112.htm.
5
See 12 U.S.C. §1467a(a)(1)(D)(ii)(II).

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•

In the Requested Information section, Item 4, Savings and Loan Holding Company Status
and Basis of Control, clarified that the documentation requirements include formations of
savings associations or SLHCs, and that responses should be limited to changes since
submitting the SLHC application.

Time Schedule for Information Collection
This information collection is event-generated. A company must file the FR LL-10(b)
form within 90 days after it becomes an SLHC, unless it has been granted an extension from the
appropriate Federal Reserve Bank. An SLHC may file a request to deregister at any time it meets
the requirements for deregistration.
Public Availability of Data
No data collected by this information collection are published.
Legal Status
The FR LL-10(b) is authorized by sections 10(b)(1) and 10(b)(6) of the HOLA
(12 U.S.C. §§ 1467a(b)(1) and (b)(6)).6 The FR LL-10(b) is mandatory for new SLHCs and
required to obtain a benefit for requests for deregistration as an SLHC.
The information submitted under the FR LL-10(b) is not considered confidential unless
an applicant requests confidential treatment in accordance with the Board’s Rules Regarding
Availability of Information.7 Requests for confidential treatment of information are reviewed on
a case-by-case basis. Information provided under the FR LL-10(b) may be nonpublic commercial
or financial information that is both customarily and actually treated as private by the
respondent, which is protected from disclosure pursuant to exemption 4 of the Freedom of
Information Act (FOIA) (5 U.S.C. § 552(b)(4)). Submissions under the FR LL-10(b) may also
contain personnel and medical files the disclosure of which would constitute a clearly
unwarranted invasion of personal privacy, which are protected under exemption 6 of the FOIA
(5 U.S.C. § 552(b)(6)).
Consultation Outside the Agency
There has been no consultation outside the Federal Reserve System.
Public Comments
On November 4, 2022, the Board published an initial notice in the Federal Register (87
FR 66699) 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 January 3, 2023. The Board did not
any comments. The Board adopted the extension, with revision, of the FR LL-10(b) as originally
6

Requiring SLHCs to register with the Board on such forms as it may prescribe and authorizing the Board to release
a registered SLHC from registration upon motion or application.
7
12 CFR 261.17.

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proposed. On March 30, 2023, the Board published a final notice in the Federal Register (88 FR
19143).
Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the FR LL-10(b) is 50
hours, and would increase to 51 hours with the revisions. The number of respondents is based on
the average number of filings received during the calendar years 2020 and 2021. These reporting
and recordkeeping requirements represent less than 1 percent of the Board’s total paperwork
burden.

FR LL-10(b)
Current
Reporting
Recordkeeping

Estimated
number of
respondents8

Estimated
annual
frequency

Estimated
average hours
per response

6
6

1
1

8
0.25

48
2
50

6
1
6

1
1
1

8
1
0.25

48
1
2
51

Current Total
Proposed
Reporting
Registration
Deregistration9
Recordkeeping
Proposed Total
Change

Estimated
annual burden
hours

1

The estimated total annual cost to the public for the FR LL-10(b) is $3,023 and would
increase to $3,083 with the revisions.10
Sensitive Questions
This collection of information contains no questions of a sensitive nature, as defined by
OMB guidelines.

8

Of these respondents, 4 are considered small entities as defined by the Small Business Administration (i.e., entities
with less than $850 million in total assets), https://www.sba.gov/document/support-table-size-standards. There are
no special accommodations given to mitigate the burden on small institutions.
9
There is currently no formal reporting form for deregistration. The Board has not received deregistration or
appointment of agent submissions in the last two years and so estimates one respondent per year as a placeholder.
10
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 $21, 45% Financial Managers at
$74, 15% Lawyers at $71, and 10% Chief Executives at $102). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor Statistics (BLS), Occupational Employment and Wages,
May 2021, published March 31, 2022, https://www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined
using the BLS Standard Occupational Classification System, https://www.bls.gov/soc/.

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Estimate of Cost to the Federal Reserve System
The estimated cost to the Federal Reserve System for collecting and processing this
registration is negligible.

5