[Federal Register Volume 67, Number 190 (Tuesday, October 1, 2002)]
[Notices]
[Pages 61626-61629]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-24680]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice.
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SUMMARY: Background: Notice is hereby given of the final approval of
proposed information collections by the Board of Governors of the
Federal Reserve System (Board) under OMB delegated authority, as per 5
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). Board-approved collections of information are incorporated
into the official OMB inventory of currently approved collections of
information. Copies of the OMB 83-I's and supporting statements and
approved collection of information instrument(s) are placed into OMB's
public docket files. The Federal Reserve may not conduct or sponsor,
and the respondent is not required to respond to, an information
collection that has been extended, revised, or implemented on or after
October 1, 1995, unless it displays a currently valid OMB control
number.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Mary M. West--Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Joseph Lackey--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503.
SUPPLEMENTARY INFORMATION:
Final approval under OMB delegated authority of the extension for three
years, without revision, of the following reports:
1. Report title: Consumer Satisfaction Questionnaire
Agency form number: FR 1379
OMB Control number: 7100-0135
Frequency: Event-generated
Reporters: Consumers
Annual reporting hours: 195 hours
Estimated average hours per response: 20 minutes
Number of respondents: 592
Small businesses are affected.
General description of report: This information collection is
voluntary (15 U.S.C. Sec. 57(a)(f)(1)). This information collection is
not usually given confidential treatment under the Freedom of
Information Act (FOIA). However, if a respondent provides information
not specifically solicited on the form, that information may be exempt
from disclosure under FOIA (5 U.S.C. Sec. Sec. (b)(4), (b)(6), or
(b)(7)) upon specific request from the respondent.
Abstract: The questionnaire is sent to consumers who have filed
complaints against state member banks. It is used to determine whether
complainants are satisfied with the way the Federal Reserve System
handled their complaints and to solicit suggestions for improving the
complaint investigation process.
2. Report title: The Disclosure Requirements in Connection with
Regulation CC to Implement the Expedited Funds Availability Act
Agency form number: Reg CC
OMB Control number: 7100-0235
Frequency: Event-generated
Reporters: State member banks and uninsured state branches and
agencies of foreign banks
Annual reporting hours: 331,630 hours
Estimated average hours per response: Initial notice or upon
request, 1 minute; Case-by-case hold notice, 3 minutes; Notice of
exceptions, 3 minutes; Notice posted where customers make deposits, 15
minutes; Annual notice of new ATMs, 5 hours; Notice of changes in
policy, 20 hours; and Notice of nonpayment to depositary bank, 1
minute.
Number of respondents: 1,271
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 4008). Because the Federal Reserve does not
collect any information, no issue of confidentiality arises.
Abstract: Regulation CC requires depository institutions to make
funds
[[Page 61627]]
deposited in transaction accounts available within specified time
periods, disclose their availability policies to customers, and begin
accruing interest on such deposits promptly. The disclosures are
intended to alert customers that their ability to use deposited funds
may be delayed, prevent unintentional (and costly) overdrafts, and
allow customers to compare the policies of different institutions
before deciding at which institution to deposit funds. The regulation
also requires notice to the depositary bank and to a customer of
nonpayment of a check.
Final approval under OMB delegated authority of the extension for three
years, with revision, of the following reports:
1. Report title: Applications for Membership in the Federal Reserve
System
Agency form number: FR 2083, FR 2083A, FR 2083B, and FR 2083C
OMB Control number: 7100-0046
Frequency: On Occasion
Reporters: Commercial banks and certain mutual savings banks
Annual reporting hours: 280 hours
Estimated average hours per response: 4 hours
Number of respondents: 70
Small businesses are affected.
General description of report: This information collection is
required to obtain or retain a benefit (12 U.S.C. Sec. Sec. 321, 322,
and 333). The information in the application is not confidential;
however, parts may be given confidential treatment at the applicant's
request (5 U.S.C. Sec. 552(b)(4)).
Abstract: The application for membership is a required one-time
submission, pursuant to Section 9 of the Federal Reserve Act, which
collects the information necessary for the Federal Reserve to evaluate
the statutory criteria for admission of a new or existing bank to
membership in the Federal Reserve System. This application provides
managerial, financial, and structural data.
Current Actions: The Federal Reserve proposes to revise the
application by replacing a majority of Section I of the application,
which applies to de novo banks, with a reference to the new Interagency
Charter and Federal Deposit Insurance application form (ICDIA form),
recently developed by the Office of the Comptroller of the Currency
(OCC), Federal Deposit Insurance Corporation (FDIC), and the Office of
Thrift Supervision (OTS). Two existing items and a footnote in this
section would be retained and slightly clarified. One item in Section
II of the membership application would be revised slightly, and Section
III would remain unchanged. The proposed revisions should improve
consistency and make filing of the application more expeditious and
less burdensome.
2. Report title: Domestic Finance Company Report of Consolidated
Assets and Liabilities
Agency form number: FR 2248
OMB Control number: 7100-0005
Frequency: Monthly, Quarterly, and Semiannually
Reporters: Domestic finance companies
Annual reporting hours: 352 hours
Estimated average hours per response: Monthly, 18 minutes;
Quarterly, 25 minutes; and Semiannually, 10 minutes.
Number of respondents: 80
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. Sec. 225(a)). Individual respondent data are
confidential under section (b)(4) of the Freedom of Information Act (5
U.S.C. Sec. 552).
Abstract: Each monthly report collects balance sheet data on major
categories of consumer and business credit receivables and on major
short-term liabilities. For quarter-end months (March, June, September,
and December), additional asset and liability items are collected to
provide a full balance sheet. The supplemental section collects data on
asset-backed securities. These data are used to construct universe
estimates of finance company holdings, which are published in the
monthly statistical releases Finance Companies (G.20) and Consumer
Credit (G.19), in the quarterly statistical release Flow of Funds
Accounts of the United States (Z.1), and in the Federal Reserve
Bulletin (Tables 1.51, 1.52, and 1.55).
Current Actions: The agency staff proposes three changes to the
report. First, because the number of finance companies participating in
the monthly survey has declined, the staff proposes to reduce the
authorized panel size from 100 finance companies to 80 finance
companies. Second, the staff proposes to add four questions about the
breakdown of 1-4 family real estate loans. These questions would be
answered only for quarter-end months. Third, the staff proposes to add
a special addendum section to the report, which would on occasion
include additional questions pertaining to financial topics of
interest. These addendum questions would be asked up to twice a year.
To help ease the reporting burden, these addendum questions would be
sent in advance to the respondents.
3. Report title: Notifications Related to Community Development and
Public Welfare Investments of State Member Banks
Agency form number: FR H-6
OMB Control number: 7100-0278
Frequency: Event-generated
Reporters: State member banks
Annual reporting hours: 80 hours
Estimated average hours per response: Investment notice, 2 hours;
Application, 5 hours; and Extension of divestiture period, 5 hours.
Number of respondents: Investment notice, 25; Application, 5; and
Extension of divestiture period, 1.
Small businesses are not affected.
General description of report: This information collection is
required to obtain a benefit (12 USC 338a, and 12 CFR 208.22).
Individual respondent data generally are not regarded as confidential,
but information that is proprietary or concerns examination ratings
would be considered confidential.
Abstract: Regulation H requires state member banks that want to
make community development or public welfare investments to comply with
the Regulation H notification requirements: (1) if the investment does
not require prior Board approval, a written notice must be sent to the
appropriate Federal Reserve Bank; (2) if certain criteria are not met,
a request for approval must be sent to the appropriate Federal Reserve
Bank; and, (3) if the Board orders divestiture but the bank cannot
divest within the established time limit, a request or requests for
extension of the divestiture period must be submitted to the
appropriate Federal Reserve Bank.
Current Actions: The proposed revision would create a form and
checklist that banks could use, at their option, to report the
information required by Regulation H for investments that do not
require prior Board approval. To the extent that this voluntary form
were used by banks, it would potentially ease their reporting burden by
allowing the banks to fill in the form rather than typing a letter
containing the required information. The form will also potentially
help the Board staff to collect uniform and thorough information about
community development and public welfare investments. The checklist
would help banks determine whether they must submit a request for prior
approval.
4. Report title: International Applications and Prior Notifications
Under Subpart B of Regulation K
Agency form number: FR K-2
OMB Control number: 7100-0284
Frequency: Event-generated
Reporters: Foreign banks
Annual reporting hours: 700 hours
Estimated average hours per response: 35 hours
[[Page 61628]]
Number of respondents: 20
Small businesses are not affected.
General description of report:This information collection is
required to obtain or retain a benefit (12 U.S.C. 3105 and 3107). The
applying organization has the opportunity to request confidentiality
for information that it believes will qualify for a Freedom of
Information Act exemption (5 U.S.C. 552).
Abstract: Foreign banks are required to obtain the prior approval
of the Federal Reserve to establish a branch, agency, or representative
office, or to acquire ownership or control of a commercial lending
company in the United States or to change the status of any existing
office in the United States. The Federal Reserve uses the information,
in part, to fulfill its statutory obligation to supervise foreign
banking organizations with offices in the United States.
Current Actions: The application requirements currently are
contained in Supervision and Regulation Letter dated March 5, 1992 (SR
92-6). A copy of this letter is available on the Board's public website
at http://www.federalreserve.gov/boarddocs/srletters/. The proposed FR
K-2 would consist of a reporting form with filing instructions in
addition to the informational requirements currently contained in SR
92- 6. The proposed modified and enhanced form FR K-2 would clarify and
streamline the information required in international applications and
prior notifications and reduce the need for repeated requests for
additional information after the application or notification has been
filed.
The current FR K-2 was developed in 1992 shortly after the passage
of the Foreign Bank Supervision Enhancement Act. Since that time, the
Federal Reserve has gained significant experience in processing these
types of applications and has over time expanded and modified the list
of standard information that should be required in these types of
applications and notifications. This expanded list would include
information regarding the home country laws and regulations designed to
deter and prevent money laundering, terrorist financing and other
illicit activities, as well as the policies and procedures in place at
the foreign bank to detect and prevent money laundering, terrorist
financing, and other illicit activities.
Also, Regulation K has been modified to allow for more proposals to
be processed under the prior notification procedures. SR 92-6 currently
contains two attachments: one attachment related to information
collected in applications to establish a branch, agency, or commercial
lending company, and one attachment related to information collected in
applications to establish a representative office. The form does not
currently contain separate attachments outlining informational
requirements for prior notifications. In order to add clarity, the
proposed FR K-2 would have separate attachments as follows indicating
the required information depending on the type of application or
notification.
Attachment A - Information Requested in Connection with
Applications by Foreign Banks to Establish Branches, Agencies, or
Commercial Lending Companies in the United States (section 211.24(a)(1)
of Regulation K).
Attachment B - Information Requested in Connection with
Applications by Foreign Banks to Establish Representative Offices in
the United States (section 211.24(a)(1) of Regulation K);
Attachment C - Information Requested in Connection with
Notifications by Foreign Banks to Establish Branches, Agencies, or
Commercial Lending Companies in the United States (section
211.24(a)(2)(i)(A) of Regulation K);
Attachment D - Information Requested in Connection with
Notifications by Foreign Banks to Establish Representative Offices in
the United States (section 211.24(a)(2)(i)(B)(1) - (3) of Regulation
K);
Attachment E - Commitments Required in Connection with Applications
and Notifications by Foreign Banks to Establish Branches, Agencies,
Commercial Lending Companies, or Representative Offices in the United
States.
5. Report title: Application for a Foreign Organization to Become a
Bank Holding Company
Agency form number: FR Y-1f
OMB Control number: 7100-0119
Frequency: Event-generated
Reporters: Foreign banking organizations
Annual reporting hours: 360 hours
Estimated average hours per response: 90 hours
Number of respondents: 4
Small businesses are not affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. Sec. 1842(a) and (c) and 1844(a) through
(c)) and by the USA PATRIOT Act, Sec. 327). The applying organization
has the opportunity to request confidentiality for information that it
believes will qualify for a Freedom of Information Act exemption (5
U.S.C. 552).
Abstract: Under the Bank Holding Company Act (BHCA), submission of
this application is mandatory for any company organized under the laws
of a foreign country seeking initial entry into the United States
through the establishment or acquisition of a U.S. subsidiary bank.
Applicants must provide financial and managerial information, discuss
the competitive effects of the proposed transaction, and discuss how
the proposed transaction would enhance the convenience and needs of the
community to be served.
Current Actions: Several changes would be made to the FR Y-1f,
including: (1) clarifying the application to improve consistency with
the FR Y-3 (OMB No. 7100-0121), where applicable; (2) adding language
to the instructions for an organization seeking to become a financial
holding company (FHC) in accordance with the Gramm-Leach-Bliley Act;
(3) adding an item to collect information on the anti-money laundering
measures taken by the Applicant and its home country to comply with the
requirements of the USA PATRIOT Act; and (4) adding items to collect
information regarding the manner in which a foreign bank applicant is
supervised by its home country authority(ies) and whether it is able to
provide adequate assurances of access to information on its operations
and activities, as required by the Foreign Bank Supervision Enhancement
Act (FBSEA).
Final approval under OMB delegated authority of the extension for three
years, with minor clarifications to the following reports:
1. Report title: Applications for Subscription to, Adjustment in
Holding of, and Cancellation of Federal Reserve Bank Stock
Agency form number: FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a,
and FR 2087
OMB Control number: 7100-0042
Frequency: On occasion
Reporters: National, State member, and Nonmember banks
Annual reporting hours: 881 hours
Estimated average hours per response: 0.5 hours
Number of respondents: 1,758
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. Sec. 222, 248, 282, 287, 288, and 321). Upon
request from an applicant, certain information may be given
confidential treatment pursuant to the Freedom of Information Act (5
U.S.C. 552).
[[Page 61629]]
Abstract: These applications are required by the Federal Reserve
Act and Regulation I and must be submitted to Federal Reserve Banks by
organizing and existing member commercial banks requesting the
issuance, adjustment, or cancellation of Federal Reserve Bank stock.
The applications are necessary in order to obtain account data on a
bank's capital and surplus and to document its request to increase or
decrease its holdings of Federal Reserve Bank stock.
Final approval under OMB delegated authority of the implementation of
the following report:
1. Report title: The Quantitative Impact Study
Agency form number: FR 3045
OMB Control number: 7100-0303
Frequency: One-time
Reporters: Large domestic bank holding companies
Annual reporting hours: 8,000 hours
Estimated average hours per response: 400 hours
Number of respondents: 20
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 1844) and is given confidential treatment (5
U.S.C. 552(b)(4)).
Abstract: The Federal Reserve, in conjunction with the Office of
the Comptroller of the Currency (OCC), plan to survey twenty large bank
holding companies (BHCs) as part of a worldwide effort by the Basel
Committee on Banking Supervision (the Committee). The Committee plans
to survey leading financial institutions from the thirteen countries
participating on the Committee as well as many other countries in order
to gauge the likely effects of proposed new capital standards for
internationally active banking organizations.
On a best-efforts basis, BHCs will be asked to provide information
about their exposures (e.g., loans and loan commitments) for each major
loan portfolio (corporate, interbank, sovereign, and retail) and to
identify for each portfolio the estimated effect of potential new
regulatory capital requirements. Such information and corresponding pro
forma capital requirements will be requested using current capital
standards and also under each of several alternative approaches: a so-
called ``standardized'' approach, which is similar to current rules,
and both ``foundation'' and ``advanced'' internal risk-based measures.
The survey will be completed using formatted Excel spreadsheets that
will calculate each respondent's capital requirements based on the
information it provides.
Board of Governors of the Federal Reserve System, September 24,
2002.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 02-24680 Filed 9-30-02; 8:45 am]
BILLING CODE 6210-01-S
