97-27277. Agency Information Collection Activities: Discontinuance

[Federal Register Volume 62, Number 199 (Wednesday, October 15, 1997)]
[Notices]
[Page 53637]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27277]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Discontinuance

Background

    Notice is hereby given of the discontinuance of an information 
collection by the Board of Governors of the Federal Reserve System 
(Board).
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. McLaughlin--Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)
    Discontinuation of the following report:
    1. Report title: Monthly Survey of Selected Deposits and Annual 
Supplement to the Monthly Survey of Selected Deposits
Agency form number: FR 2042 and FR 2042a
OMB Control number: 7100-0066
Effective Date: immediately; data as-of September 30, 1997 will be the 
last collected
Frequency: monthly (FR 2042) and annual (FR 2042a)
Reporters: commercial banks and savings banks insured by the Bank 
Insurance Fund (BIF)
Annual reporting hours: 6,300 (FR 2042) and 525 (FR 2042a)
Estimated average hours per response: 1.0
Number of respondents: 525
Small businesses are affected.
    General description of report: This information collection has been 
voluntary (12 U.S.C. Sec.  248(a)(2)). For the FR 2042, the individual 
respondent data on amounts outstanding and on interest expense have 
been given confidential treatment (5 U.S.C. Sec.  552(b)(4)). 
Individual respondent information on interest rates paid on deposits 
has been made available to the public on request. Data from the FR 
2042a have not been accorded confidential status.
    Abstract: These reports have collected information on the structure 
and pricing of deposit accounts from a stratified sample of 525 
commercial and BIF-insured savings banks. Results of the monthly survey 
have been published once a month in a supplementary table included in 
the Board's H.6 statistical release, Money Stock, Liquid Assets, and 
Debt Measures.
    The Federal Reserve has used FR 2042 and FR 2042a data in a number 
of ways, including construction and interpretation of the monetary 
aggregates, measuring elasticities in money demand equations, and 
assessing the changing behavior of banks in pricing deposit accounts. 
However, innovations in retail products and pricing have reduced the 
accuracy and usefulness of the data collected in the underlying survey. 
Discontinuing the survey will produce cost savings for the Federal 
Reserve and reduce the reporting burden on depository institutions. 
Data on retail deposit rates can be obtained from private sector 
vendors.
    The public's use of FR 2042 data appears to be minimal.
    Board of Governors of the Federal Reserve System, October 8, 
1997
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-27277 Filed 10-14-97; 8:45 am]
Billing Code 6210-01-F