Under the Bank Holding Company Act of 1956 (BHC Act), any company, including a company organized under the laws of a foreign country, that seeks to acquire a U.S. bank or bank holding company must receive prior approval from the Board to do so. The Federal Reserve uses the information collected by the FR Y-3F to determine whether to approve the application and, subsequently, to carry out its supervisory responsibilities with respect to the foreign banking organizationâs operations in the United States.
US Code:
12 USC 1842(c)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1844(b)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1842(a)
Name of Law: Bank Holding Company Act of 1956
The decrease in total annual burden hours reflects an update to the respondent counts and standardizing the estimated average hours per response burden.
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:
(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;
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.
Form FR Y-3F Reporting Application form
FRY3F_20240728_83c.pdf
Reporting Application form