The Board’s Regulation XX -
Concentration Limit (12 CFR Part 251) implements section 14 of the
Bank Holding Company Act of 1956 (BHC Act), which establishes a
financial sector concentration limit that generally prohibits a
financial company from merging or consolidating with, or otherwise
acquiring, another company if the resulting company’s liabilities
upon consummation would exceed 10 percent of the aggregate
liabilities of all financial companies (a covered acquisition).
Under section 14 of the BHC Act and Regulation XX, a financial
company means (1) an insured depository institution, (2) a bank
holding company, (3) a savings and loan holding company, (4) any
other company that controls an insured depository institution, (5)
a nonbank financial company designated by the Financial Stability
Oversight Council (Council) for supervision by the Board, or (6) a
foreign bank or company that is treated as a bank holding company
for purposes of the BHC Act. Regulation XX includes certain
reporting requirements that apply to financial companies, and the
FR XX-1 report collects information from certain financial
companies that do not otherwise report consolidated financial
information to the Board or another Federal banking
agency.
US Code:
12 USC 1467a(b) and (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
US Code:
12 USC 3105(c)(2) Name of Law: International Banking Act of
1978
US Code: 12
USC 1852(d) Name of Law: Bank Holding Company Act of 1956
US Code: 12
USC 1844(c) Name of Law: Bank Holding Company Act of 1956
The decrease in total annual
burden hours reflects an update to the respondent count and
standardizing the estimated average hours per response burden.
$24,700
No
Yes
No
No
No
No
No
Mark Tokarski 202-452-5241
Mark.E.Tokarski@frb.gov
No
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.