[Federal Register Volume 62, Number 45 (Friday, March 7, 1997)]
[Notices]
[Pages 10562-10563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5586]
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FEDERAL RESERVE SYSTEM
Agency information collection activities: Proposed collection;
comment request
AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice
[[Page 10563]]
Background:
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act, as
per 5 CFR 1320.16, to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board under conditions set forth in 5 CFR 1320
Appendix A.1. 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. Board-
approved collections of information will be incorporated into the
official OMB inventory of currently approved collections of
information. A copy of the OMB 83-I and supporting statement and the
approved collection of information instrument(s) will be placed into
OMB's public docket files. The following information collections, which
are being handled under this delegated authority, have received initial
Board approval and are hereby published for comment. At the end of the
comment period, the proposed information collection, along with an
analysis of comments and recommendations received, will be submitted to
the Board for final approval under OMB delegated authority. Comments
are invited on the following:
a. whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. the accuracy of the Federal Reserve's estimate of the burden of
the proposed information collection, including the validity of the
methodology and assumptions used;
c. ways to enhance the quality, utility, and clarity of the
information to be collected; and
d. ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology.
DATES: Comments must be submitted on or before May 6, 1997.
ADDRESSES: Comments, which should refer to the OMB control number or
agency form number, should be addressed to William W. Wiles, Secretary,
Board of Governors of the Federal Reserve System, 20th and C Streets,
N.W., Washington, DC 20551, or delivered to the Board's mail room
between 8:45 a.m. and 5:15 p.m., and to the security control room
outside of those hours. Both the mail room and the security control
room are accessible from the courtyard entrance on 20th Street between
Constitution Avenue and C Street, N.W. Comments received may be
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as
provided in section 261.8 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.8(a).
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Alexander T. Hunt, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and
instructions, the Paperwork Reduction Act Submission (OMB 83-I),
supporting statement, and other documents that will be placed into
OMB's public docket files once approved may be requested from the
agency clearance officer, whose name appears below.
Mary M. McLaughlin, Chief, Financial Reports Section (202-452-
3829), Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, DC 20551. Telecommunications Device
for the Deaf (TDD) users may contact Dorothea Thompson (202-452-3544),
Board of Governors of the Federal Reserve System, Washington, DC 20551.
Proposal to approve under OMB delegated authority the extension,
without revision, of the following reports:
1. Report title: Report of Bank Holding Company Intercompany
Transactions and Balances
Agency form number: FR Y-8
OMB control number: 7100-0126
Frequency: Semiannually, and interim reporting required for certain
large asset transfers
Reporters: Domestic, top-tier bank holding companies with assets of
$300 million or more
Annual reporting hours: 4,080 burden hours
Estimated average hours per response: 3 burden hours
Number of respondents: 645 semiannual respondents; 70 interim
respondents
Small businesses are not affected.
General description of report: This information collection is
required by section 5(c) of the Bank Holding Company Act (12 U.S.C.
1844 (c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is
given confidential treatment pursuant to the Freedom of Information Act
(5 U.S.C. 552 (b)(8)).
Abstract: The report collects information on assets transferred
between subsidiary banks and other entities of the bank holding company
organization (that is, the bank holding company and its nonbank
subsidiaries). This report also collects information on the income
recognized by subsidiary banks from other bank holding company members.
This information is required in order to identify categories of funds
flows and internal transactions and balances that could adversely
affect the safety and soundness of insured depository institutions.
2. Report title: Report of Intercompany Transactions for Foreign
Banking Organizations and Their U.S. Bank Subsidiaries
Agency form number: FR Y-8f
OMB control number: 7100-0127
Frequency: Semiannually, and interim reporting required for certain
large asset transfers
Reporters: Bank holding companies as defined by Section 2(a) of the
Bank Holding Company Act with at least $300 million in total
consolidated assets that are organized under the laws of a foreign
country and principally engaged in banking outside the United States
Annual reporting hours: 360 burden hours
Estimated average hours per response: 3 burden hours
Number of respondents: 58 semiannual respondents; 4 interim respondents
Small businesses are not affected.
General description of report: This information collection is
required by section 5(c) of the Bank Holding Company Act (12 U.S.C.
1844 (c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is
given confidential treatment pursuant to the Freedom of Information Act
(5 U.S.C. 552 (b)(8)).
Abstract: This report provides the Board and the Reserve Banks with
information on intercompany transactions between foreign banking
organizations and their U.S. bank subsidiaries. It enables the Federal
Reserve to monitor and supervise intercompany flows of funds to ensure
that U.S. subsidiary banks are not engaging in any unsafe and unsound
practices with their foreign owners. This report supplements the
Board's global framework for the supervision of the U.S. operations of
foreign banks. In addition, it aids in determining whether a foreign
banking organization serves as a source of strength to its U.S.
subsidiary.
Board of Governors of the Federal Reserve System, March 3, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-5586 Filed 3-6-97; 8:45AM]
Billing Code 6210-01-P
