[Federal Register Volume 62, Number 100 (Friday, May 23, 1997)]
[Notices]
[Page 28481]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13659]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Submission to OMB Under
Delegated Authority
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). 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:
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)
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)
Final approval under OMB delegated authority of the extension for
three years, 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 Federal 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, May 20, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-13659 Filed 5-22-97; 8:45AM]
Billing Code 6210-01-F
