[Federal Register Volume 62, Number 108 (Thursday, June 5, 1997)]
[Notices]
[Pages 30853-30856]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14652]
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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.
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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 Part 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 instruments 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 August 4, 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,
NW., 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
[[Page 30854]]
from the courtyard entrance on 20th Street between Constitution Avenue
and C Street, NW. 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 forms and
instructions, the Paperwork Reduction Act Submissions (OMB 83-I),
supporting statements, 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 Diane Jenkins (202-452-3544),
Board of Governors of the Federal Reserve System, Washington, DC 20551.
Proposal to approve under OMB delegated authority the extension for
three years, with revision, of the following reports:
1. Report Titles: Report of Transaction Accounts, Other Deposits
and Vault Cash; Report of Certain Eurocurrency Transactions; and
Advance Reports of Deposits.
Agency form numbers: FR 2900, FR 2950, FR 2951, FR 2000, and FR
2001.
OMB control number: 7100-0087.
Frequency: Weekly, quarterly, daily--dependent upon request.
Reporters: Depository institutions.
Annual reporting hours: 1,281,447.
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Estimated
average
Report hours per Number of respondents
response
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FR 2900......................... 3.50 6,026 weekly; 5,982
quarterly.
FR 2950/2951.................... 1.00 642 weekly; 1 quarterly.
FR 2000......................... 0.84 186.
FR 2001......................... 0.96 540
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Small businesses are affected.
General description of reports: This information collection is
mandatory (12 U.S.C. 248(a), 461, 603, 615, and 3105(b)(2)) and is
given confidential treatment under the Freedom of Information Act (5
U.S.C. 552(b)(4)).
Abstract: This package of reports collects information on: deposits
and related items from depository institutions that have transaction
accounts or nonpersonal time deposits and that are not fully exempt
from reserve requirements (``nonexempt institutions'')(FR 2900);
Eurocurrency transactions from depository institutions that obtain
funds from foreign (non-U.S.) sources or that maintain foreign branches
(FR 2950, FR 2951); and selected items on the FR 2900 in advance from
samples of nonexempt insitutions on a daily basis (FR 2000) and on a
weekly basis (FR 2001). The Federal Reserve proposes that the deposit
cutoff used to determine weekly versus quarterly FR 2900 reporting (the
``nonexempt deposit cutoff'') be raised above its indexed level of
$59.3 million to $75.0 million. The higher cutoff would result in a
potential shift of almost 1,000 reporters from weekly to quarterly FR
2900 reporting and a significant reduction in annual reporting burden.
No revisions to the content of any of the reports are proposed.
Information provided by these reports is used for administering
Regulation D--Reserve Requirements of Depository Institutions; or for
constructing, analyzing, and controlling the monetary and reserves
aggregates; or both.
2. Report title: Commercial Bank Report of Consumer Credit.
Agency form number: FR 2571.
OMB control number: 7100-0080.
Frequency: Monthly.
Reporters: Commercial banks.
Annual reporting hours: 2,475.
Estimated average hours per response: 0.55.
Number of respondents: 375.
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 225a and 248(a)(2)) and is given confidential
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(4)).
Abstract: The FR 2571 collects information on consumer installment
loans outstanding, by type of credit (automobile loans, revolving
credit, and all other installment loans), as of the last business day
of the month. Once a year, in September, two additional items are
collected: total noninstallment consumer loans and total consumer
loans. The FR 2571 also collects on a monthly basis three supplemental
items on outstanding balances underlying securitized loan sales. The
information, together with information obtained from other Federal
Reserve reports and from secondary sources, is used to construct
information on consumer credit for current analysis for monetary policy
purposes.
The following revisions are proposed: 1. reduce the authorized
panel size from 400 to 375 commercial banks; 2. redefine loans to
purchase automobiles (item 1 and supplemental item 1.a) to include
loans to purchase light trucks for personal use; 3. eliminate the two
annual items, Total noninstallment credit (item 5) and Total (item 6);
and 4. eliminate the distinction between installment and noninstallment
debt. (Items 1, 3, and 4 and supplemental item 1.c would be redefined
to include both installment and noninstallment credit).
3. Report titles: Quarterly Report of Interest Rates on Selected
Direct Consumer Installment Loans; Quarterly Report of Credit Card
Plans.
Agency form numbers: FR 2835, FR 2835a.
OMB control number: 7100-0085.
Frequency: Quarterly.
Reporters: Commercial banks.
Annual reporting hours: 90 (FR 2835), 200 (FR 2835a).
Estimated average hours per response: 0.15 (FR 2835), 0.50 (FR
2835a).
Number of respondents: 150 (FR 2835), 100 (FR 2835a).
Small businesses are not affected.
General description of reports: This information collection is
voluntary (12 U.S.C. 248(a)(2)). The FR 2835 is not given confidential
treatment, and the FR 2835a is given confidential treatment under the
Freedom of Information Act (5 U.S.C. 552(b)(4)).
Abstract: The FR 2835 collects the most common interest rate
(largest dollar volume of loans) charged at a sample of commercial
banks on two types of consumer loans made in a given week each quarter:
new auto loans and other loans for consumer goods and personal
expenditures. The FR 2835a collects two measures of average credit card
interest rates from a sample of commercial banks. The information,
together with information obtained from other Federal Reserve reports
and from secondary sources, is used to construct information on
consumer credit for current analysis for monetary policy purposes.
On the FR 2835, the Federal Reserve proposes to redefine interest
rates on loans for new automobiles (item 1) to include rates on loans
to purchase light trucks for personal use, to reduce the authorized
panel size for the FR 2835 from 175 to 150 commercial banks, and to
reduce the authorized panel size for
[[Page 30855]]
the FR 2835a from 150 to 100 commercial banks.
4. Report title: Monthly Survey of Industrial Electricity Use.
Agency form numbers: FR 2009a, FR 2009b.
OMB control number: 7100-0057.
Frequency: Monthly.
Reporters: Public and privately-owned electric utilities (FR 2009a)
and cogenerators (FR 2009b).
Annual reporting hours: 3,384.
Estimated average hours per response: 1.0 (FR 2009a), 0.5 (FR
2009b).
Number of respondents: 183 (FR 2009a), 198 (FR 2009b).
Small businesses are not affected.
General description of reports: This information collection is
voluntary (12 U.S.C. 225a, 263, 353 et seq., and 461) and is given
confidential treatment under the Freedom of Information Act (5 U.S.C.
552(b)(4)).
Abstract: These surveys collect information on the volume of
electric power sold during the month to classes of industrial
customers. There are two versions of the survey: the FR 2009a, which is
collected from electric utilities, and the FR 2009b, which is collected
from manufacturing and mining facilities that generate electric power
for their own use (cogenerators). The electric power data are used in
deriving the Federal Reserve's monthly index of industrial production
(IP) as well as for calculating the monthly estimates of electric power
used by industry.
The electric utility industry is currently restructuring in
response to deregulation at the federal and state levels. As a result
of the restructuring, sales of electric power to end users are no
longer the exclusive domain of utilities, because new entities, such as
power brokers, power marketers, and independent power producers (IPPs),
are entering the industry; however, utilities will continue to control
transmission facilities. The Federal Reserve proposes to revise the FR
2009a such that respondents would report the amount of power delivered
to industrial customers, instead of power sold, so that utilities will
continue to report all power consumed by industrial customers connected
to their facilities. No revisions are proposed to the FR 2009b. No
change in reporting burden is anticipated.
5. Report title: Report of Terms of Credit Card Plans.
Agency form number: FR 2572.
OMB control number: 7100-0239.
Frequency: Semiannually.
Reporters: Financial institutions.
Annual reporting hours: 77.
Estimated average hours per response: 0.25.
Number of respondents: 153.
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 1646(b)) and is not given confidential treatment.
Abstract: The FR 2572 collects data on credit card pricing and
availability from a sample of at least 150 institutions that offer
credit cards. The information is reported to the Congress and made
available to the public in order to promote competition within the
industry. The proposed revisions would modify the report instructions
to clarify the treatment of introductory or teaser rates and would
modify the reporting form to include an option to indicate the
availability of such a rate. The general instructions would be revised
to define more explicitly the nature of the credit card plan to be
reported.
6. Report titles: Uniform Application for Municipal Securities
Principal or Municipal Securities Representative Associated with a Bank
Municipal Securities Dealer; Uniform Termination Notice for Municipal
Securities Principal or Municipal Securities Representative Associated
with a Bank Municipal Securities Dealer.
Agency form numbers: FR MSD-4, FR MSD-5.
OMB control numbers: 7100-0100, 7100-0101.
Frequency: On occasion.
Reporters: State member banks, bank holding companies, and foreign
dealer banks engaging in activities as municipal securities dealers,
and persons who are or seek to be associated with such dealers as
municipal securities principals or representatives.
Annual reporting hours: 369 (FR MSD-4), 94 (FR MSD-5).
Estimated average hours per response: 1.00 (FR MSD-4), 0.25 (FR
MSD-5).
Number of respondents: 369 (FR MSD-4), 377 (FR MSD-5).
Small businesses are not affected.
General description of reports: These information collections are
mandatory (15 U.S.C. 78o-4, 78q, and 78u) and are given confidential
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(6)).
Abstract: Rule G-7, ``Information Concerning Associated Persons,''
of the Municipal Securities Rulemaking Board (MSRB) requires a person
who is or seeks to be associated with a municipal securities dealer to
provide certain background information to the dealer, and conversely,
requires the dealer to obtain such information. The FR MSD-4 collects
information, such as personal history and professional qualifications,
on an employee whom the dealer wishes to assume the duties of a
municipal securities principal or representative. The FR MSD-5 collects
the date of, and the reason for termination of such an employee, and
whether there occurred any investigations or actions by agencies or
securities industry self regulating organizations (SROs) involving the
associated person during the period of employment.
The proposed changes to the instructions are, for the FR MSD-4: 1.
to remove reference to the rules and regulations of the Board, the
Office of the Comptroller of the Currency (OCC) and the Federal Deposit
Insurance Corporation (FDIC) (instruction 2); 2. to add that ``a State
branch or agency of a foreign bank'' must file with the Federal Reserve
(instruction 3.a); 3. to specify a filing deadline not in MSRB Rule G-7
that may not be specified elsewhere because of the elimination of the
rules and regulations of the FRB, OCC, and FDIC (instruction 5); and 4.
to remove a grandfather clause (instruction 15).
For the FR MSD-5 the Federal Reserve proposes to change instruction
3.a by adding that ``a State branch or agency of a foreign bank'' must
file with the Federal Reserve. The proposed revisions reflect changes
to the Federal Reserve's Regulation H and minor changes to the
instructions to ensure conformity with reporting forms issued by the
OCC and the FDIC. The proposed revisions would not change the
information collected.
Proposal to approve under OMB delegated authority the extension for
three years, without revision, of the following reports.
1. Report title: Quarterly Gasoline Company Report.
Agency form number: FR 2580.
OMB control number: 7100-0009.
Frequency: Quarterly.
Reporters: Gasoline companies.
Annual reporting hours: 4.
Estimated average hours per response: 0.15.
Number of respondents: 7.
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 225a, 263, 353 et seq. and 461) and is given
confidential treatment under the Freedom of Information Act (5 U.S.C.
552(b)(4)).
Abstract: The FR 2580 collects information on open-end retail
credit outstanding from seven gasoline companies. The information,
together with information obtained from other Federal Reserve reports
and from secondary sources, is used to construct information on
consumer credit for current analysis for monetary policy purposes.
[[Page 30856]]
2. Report titles: Quarterly Report of Selected Deposits, Vault Cash
and Reservable Liabilities; Annual Report of Total Deposits and
Reservable Liabilities.
Agency form numbers: FR 2910q, FR 2910a.
OMB control number: 7100-0175.
Frequency: Quarterly, annually.
Reporters: Depository institutions.
Annual reporting hours: 3,896 (FR 2910q), 2,838 (FR 2910a).
Estimated average hours per response: 2.0 (FR 2910q), 0.5 (FR
2910a).
Number of respondents: 487 (FR 2910q), 5,675 (FR 2910a).
Small businesses are affected.
General description of reports: This information collection is
mandatory (12 U.S.C. 248(a) and 461) and is given confidential
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(4)).
Abstract: These reports collect information from depository
institutions (other than U.S. branches and agencies of foreign banks
and Edge and agreement corporations) that are fully exempt from reserve
requirements under the Garn-St Germain Depository Institutions Act of
1982. Information provided by these reports is used to construct and
analyze the monetary aggregates and to ensure compliance with
Regulation D--Reserve Requirements of Depository Institutions.
3. Report title: Allocation of Low Reserve Tranche and Reservable
Liabilities Exemption.
Agency form numbers: FR 2930, FR 2930a.
OMB control number: 7100-0088.
Frequency: Annually, and on occasion.
Reporters: Depository institutions.
Annual reporting hours: 86.
Estimated average hours per response: 0.25.
Number of respondents: 342.
Small businesses are affected.
General description of reports: This information collection is
mandatory (FR 2930: 12 U.S.C. 248(a), 461, 603, and 615; FR 2930a: 12
U.S.C. 248(a) and 461) and is given confidential treatment under the
Freedom of Information Act (5 U.S.C. 552(b)(4)).
Abstract: The FR 2930 and the FR 2930a provide information on the
allocation of the low reserve tranche and reservable liabilities
exemption for depository institutions having offices (or groups of
offices) that submit separate FR 2900 deposits reports. The data
collected on these reports are needed for the calculation of required
reserves.
Board of Governors of the Federal Reserve System, May 30, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-14652 Filed 6-4-97; 8:45 am]
BILLING CODE 6210-01-P
