[Federal Register Volume 63, Number 110 (Tuesday, June 9, 1998)]
[Notices]
[Pages 31475-31477]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15273]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Proposed Collection;
Comment Request
AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: 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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the OMB 83-Is and supporting
statements and approved collection of information instruments 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.
Request for comment on information collection proposals.
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 collections, 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 collections of information are 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 collections, 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 10, 1998.
ADDRESSES: Comments, which should refer to the OMB control number or
agency form number, should be addressed to Jennifer J. Johnson,
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 261.14 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.14(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 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 report:
1. Report title: Bank Holding Company Report of Changes in Investments
and Activities
Agency form number: FR Y-6A
OMB control number: 7100-0124
Frequency: on occasion
Reporters: bank holding companies
Annual reporting hours: 9,233
Estimated average hours per response: 0.85
Number of respondents: 2,263
Small businesses are not affected.
General description of report: This information collection is
mandatory (12 U.S.C. 1844(b) and (c)) and is not routinely given
confidential treatment. However, confidential treatment for the report
information can be requested, in whole or part, in accordance with the
instructions to the form.
Abstract: The Bank Holding Company Report of Changes in Investments
and Activities is an event-generated report filed by top-tier bank
holding companies to report changes in regulated investments and
activities made pursuant to the Bank Holding Company Act and Regulation
Y. The report collects information relating to acquisitions,
divestitures, changes in activities, and legal authority. The number of
FR Y-6As submitted varies depending on the reportable activity engaged
in by each bank holding company.
The Federal Reserve proposes the following revisions to the FR Y-
6A: (1)
[[Page 31476]]
simplify the method in which investments are reported to provide only
one legal code for the forty-six exempt nonbank activities permissible
under Section 4(c)8 of the Bank Holding Company Act, eliminating 45
codes; (2) remove the regulatory provision field from the Investments/
Activities Schedule and add a new field to this schedule to capture the
accounting method used (``Pooling of Interest'' or ``Purchase or
Assumption'') for mergers when the survivor is a bank; (3) make minor
formatting changes to the cover page and the Investments/Activities
Schedule; and (4) clarify the instructions for reporting general
partnerships, limited partnerships, and non-voting equity investments.
Proposal to approve under OMB delegated authority the extension for
three years, without revision, of the following reports:
1. Report title: Report of Foreign (Non-U.S.) Currency Deposits
Agency form number: FR 2915
OMB control number: 7100-0237
Frequency: quarterly
Reporters: depository institutions
Annual reporting hours: 390
Estimated average hours per response: 0.5
Number of respondents: 195
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 248(a)(2) and 3105(b)(2)) and is given
confidential treatment (5 U.S.C. 552(b)(4)).
Abstract: The FR 2915 collects weekly averages of the amounts
outstanding for foreign (non-U.S.) currency deposits held at U.S.
offices of depository institutions, converted to U.S. dollars and
included in the FR 2900 (OMB No. 7100-0087), the principal deposits
report that is used for the calculation of required reserves and for
the construction of the monetary aggregates. Foreign currency deposits
are subject to reserve requirements and, therefore, are included in the
FR 2900. However, foreign currency deposits are not included in the
monetary aggregates. The FR 2915 data are used to back foreign currency
deposits out of the FR 2900 data for construction and interpretation of
the monetary aggregates. The FR 2915 data also are used to monitor the
volume of foreign currency deposits.
2. Report title: Written Security Program for State Member Banks
Agency form number: FR 4004
OMB control number: 7100-0112
Frequency: on occasion
Reporters: state member banks
Annual reporting hours: 47
Estimated average hours per response: 0.5
Number of respondents: 94
Small businesses are affected.
General description of report: This recordkeeping requirement is
mandatory (12 U.S.C. 1882, 248(a)(1), and 325). Because written
security programs are maintained at state member banks, no issue of
confidentiality under the Freedom of Information Act arises.
Abstract: The FR 4004 information collection is a recordkeeping
requirement contained in the Board's Regulation P (12 CFR 216), which
implements the Bank Protection Act of 1968. Each state member bank must
develop and implement a written security program and maintain it in the
bank's records. There is no formal reporting form and the information
is not submitted to the Federal Reserve.
3. Report title: Annual Report on Status of Disposition of Assets
Acquired in Satisfaction of Debts Previously Contracted
Agency form number: FR 4006
OMB control number: 7100-0129
Frequency: annual
Reporters: bank holding companies
Annual reporting hours: 3,000
Estimated average hours per response: 5
Number of respondents: 600
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 1842(a), 1843(c)(2), and 1844(c)) and may be given
confidential treatment upon request (5 U.S.C. 552(b)(4)).
Abstract: Bank holding companies that have acquired assets or
shares through foreclosure in the ordinary course of collecting a debt
previously contracted are required to submit the report for assets or
shares that have been held beyond two years from the acquisition date.
The report does not have a required format; bank holding companies
submit the information in a letter. The letter contains information on
the progress made to dispose of such assets or shares and allows the
bank holding company to request an extension of time for holding such
assets or shares.
4. Report title: Notice of Branch Closure
Agency form number: FR 4031
OMB control number: 7100-0264
Frequency: on occasion
Reporters: state member banks
Annual reporting hours: 783
Estimated average hours per response: reporting: 2; disclosure: 1;
recordkeeping: 8
Number of respondents: reporting and disclosure: 226;
recordkeeping: 13
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 1831r-1) and may be given confidential treatment
upon request (5 U.S.C. 552(b)(4)).
Abstract: These reporting, recordkeeping, and disclosure
requirements regarding the closing of any branch of an insured
depository institution are imposed by section 228 of the Federal
Deposit Insurance Corporation Improvement Act of 1991. There is no
reporting form associated with the reporting portion of this
information collection; state member banks notify the Federal Reserve
by letter prior to closing a branch. The Federal Reserve uses the
information to fulfill its statutory obligation to supervise state
member banks.
5. Report title: Survey to Obtain Information on the Relevant
Market in Individual Merger Cases
Agency form number: FR 2060
OMB control number: 7100-0232
Frequency: on occasion
Reporters: small businesses and consumers
Annual reporting hours: 55 hours
Estimated average hours per response: 10 minutes for small
businesses, 6 minutes for consumers
Number of respondents: 25 small businesses and 50 consumers per
survey
Small businesses are affected.
General description of report: This information collection is
voluntary (12 U.S.C. 1817(j), 1828(c), and 1841 et seq.) and is given
confidential treatment (5 U.S.C. 552(b)(4) and (b)(6)).
Abstract: This telephone survey is designed to determine from what
sources small businesses and consumers obtain financial services. The
information is needed for specific merger and acquisition applications
to determine relevant banking markets in the analysis of local market
competition.
Proposal to approve under OMB delegated authority the
implementation of the following report:
1. Report title: Selected Balance Sheet Items for Discount Window
Borrowers
Agency form number: FR 2046
OMB control number: 7100-0289
Frequency: on occasion
Reporters: depository institutions
Annual reporting hours: 3,091
Estimated average hours per response: .75 hours for adjustment or
extended credit borrowers; .25 hours for seasonal credit borrowers
Number of respondents: 424 adjustment credit borrowers and 316
seasonal credit borrowers, based on 1996 borrowing. There was no
extended credit borrowing during 1996, which was representative of most
recent years.
Small businesses are affected.
General description of report: This information collection is
mandatory (12
[[Page 31477]]
U.S.C. Secs. 347b and 248(a)(2) and (i)) and is given confidential
treatment (5 Sec. U.S.C. 552(b)(4)).
Abstract: The Federal Reserve's Regulation A, ``Extensions of
Credit by Federal Reserve Banks,'' (12 CFR 201) requires that Reserve
Banks review balance sheet data in order to guard against inappropriate
discount window borrowing situations. Currently, borrowers are
requested to report certain balance sheet data for a period that
encompasses the dates of borrowing. There is considerable variation
across Districts in the specific data elements collected, in the time
periods for which data are requested, and in the formats in which data
are reported. The proposed FR 2046 would standardize these aspects of
data collection across Reserve Banks.
Board of Governors of the Federal Reserve System, June 3, 1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-15273 Filed 6-8-98; 8:45AM]
Billing Code 6210-01-F
