[Federal Register Volume 64, Number 130 (Thursday, July 8, 1999)]
[Notices]
[Pages 36873-36874]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17267]
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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 proposal.
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 collections on
respondents, including through the use of automated collection
techniques or other forms of information technology.
Effective Date: Comments must be submitted on or before September
7, 1999.
FOR FURTHER INFORMATION CONTACT: 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.
A copy of the proposed forms and instructions, the Paperwork
Reduction Act Submission (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. West, 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 revisions, of the following reports:
1. Report title: Applications for Subscription to, Adjustment in
Holding of, and Cancellation of Federal Reserve Bank Stock.
Agency form numbers: FR 2030, 2030a, 2056, 2086, 2086a, 2086b, and
2087.
OMB control number: 7100-0042.
Frequency: On occasion.
Reporters: National, State Member, and Nonmember Banks.
Annual reporting hours: 952 (FR 2030: 47; FR 2030a: 13; FR 2056:
860; FR 2086: 1; FR 2086a: 30; FR 2087: 1).
Estimated average hours per response: 0.5 (for each form).
Number of respondents: 1,901 (FR 2030: 93; FR 2030a: 26; FR 2056:
1,719; FR 2086: 2; FR 2086a: 60; FR 2087: 1).
Small businesses are affected.
General description of report: This information collection is
mandatory [12 U.S.C. Secs. 222, 248, 282, 287, 288, and 321 and 12
C.F.R. Secs. 209.1, 209.3, 209.5(b), 209.7, and 209.8]. Upon request
from an applicant, certain information may be given confidential
treatment pursuant to the Freedom of Information Act (5 U.S.C. Secs.
552(b)(4) and (6)).
Abstract: These applications must be submitted to Federal Reserve
Banks by organizing and existing member commercial banks requesting the
issuance, adjustment, or cancellation of Federal Reserve Bank stock.
National banks, chartered by the Comptroller of the Currency, are
required to become members of the Federal Reserve System. State-
chartered commercial banks may elect to become members if they meet the
requirements established by the Board of Governors of the Federal
Reserve System. When a bank receives approval for membership in the
Federal Reserve System, the bank agrees to certain conditions of
membership which are contained in an approval letter sent to the bank
by the Federal Reserve Bank in the District where the bank is located.
In addition to the conditions of membership, the bank also is advised
by
[[Page 36874]]
the Reserve Bank that it must subscribe to the capital stock of the
Federal Reserve Bank of its District in an amount equal to 6 percent of
the bank's paid-up capital and surplus, including reserve for dividends
payable in common stock, pursuant to Section 5 of the Federal Reserve
Act and Regulation I. However, the bank is required to make payment for
only 50 percent of the subscription, which is recorded as paid-in
capital on the Reserve Bank's balance sheet. The remaining 50 percent
is subject to call by the Board of Governors of the Federal Reserve
System. On December 31, 1998, there were 3,401 Federal Reserve member
banks, and their consolidated paid-in capital at the twelve Federal
Reserve Banks was $5.6 billion.
These applications are necessary in order to obtain account data on
the bank's capital and surplus and to document its request to increase
or decrease its holdings of Federal Reserve Bank stock. Another purpose
of the applications is to verify that a request has been duly
authorized and to prevent unauthorized requests for issuance or
cancellation of Federal Reserve Bank stock.
Current Actions: The most significant changes would be (1) revising
the items included in the capital stock and surplus section on the FR
2056, (2) combining the FR 2086a and FR 2086b, and (3) adding an
optional field to each of the applications for the institution's ABA
number. On the FR 2056, the capital and surplus would be reported as
shown on the institution's most recent Report of Condition (instead of
on the date of the application). Also, the capital stock section would
include common stock, preferred stock (including sinking fund preferred
stock), and paid-in surplus less the aggregate of retained earnings,
gains(losses) on securities available-for-sale, and foreign currency
translation gains or losses, if such aggregate is a deficit. Finally,
information on ``reserve for dividends payable in common stock'' would
be deleted.
The FR 2086a would be used for all member banks converting or
merging into nonmember banks. This application would now include
national banks converting into nonmember banks and therefore the FR
2086b application would be eliminated.
The Certificate of Issuance of Federal Reserve Bank Stock would be
eliminated from the FR 2030, FR 2030a, and FR 2056 applications and the
Certificate of Cancellation of Federal Reserve Bank stock would be
eliminated from the FR 2056, FR 2086, FR 2086a, and FR 2087
applications. Also, minor clarifications would be made to all of the
applications to improve consistency and make filing of the applications
more expeditious and user-friendly.
2. Report title: Applications for Membership in the Federal Reserve
System.
Agency form numbers: FR 2083, 2083A-2083E.
OMB control number: 7100-0046.
Frequency: On occasion.
Reporters: Commercial banks and certain mutual savings banks.
Annual reporting hours: 2,805 burden hours.
Estimated average hours per response: 35.5 hours.
Number of respondents: 79.
Small businesses are affected.
General description of report: This information collection is
required [12 U.S.C. Secs. 321, 322 and 333]. The information in the
application is not confidential; however, parts may be given
confidential treatment at the applicant's request [5 U.S.C. Sec.
552(b)(4)].
Abstract: The application for membership is a required one-time
submission, pursuant to Section 9 of the Federal Reserve Act, that
collects the information necessary for the Federal Reserve Board to
evaluate the statutory criteria for admission of a new or existing bank
to membership in the Federal Reserve System. This application provides
managerial, financial, and structural data.
Current Actions: The Federal Reserve proposes to (1) revise the
application to conform with changes to Regulation H, (2) combine the FR
2083B, C, and D, which are filed by mutual savings banks, into one
application and (3) replace Section IV of the application with a
reference to the Interagency Biographical and Financial Report (FR
2081c; OMB No. 7100-0134).
With respect to the Regulation H changes, the instructions would be
revised as follows: the ``Preparation of Application'' section would be
updated regarding examination and Reserve Bank consultation and would
define those institutions that qualify for expedited treatment and the
``Public Notification'' section would be eliminated. On the FR 2083E,
which would be renamed the FR 2083C, references to capital stock would
be revised to capital stock and surplus. Capital stock and surplus
includes Tier 1 and Tier 2 capital, as calculated under the risk-based
capital guidelines, plus any allowance for loan and lease losses not
already included in Tier 2 capital.
The FR 2083B, C, and D would be combined in an effort to streamline
the applications and Section IV would be replaced with FR 2081c for
consistency purposed. Also, the Federal Reserve would incorporate
several formatting changes to all of the applications to improve
consistency and clarify the information to be reported.
Board of Governors of the Federal Reserve System, July 1, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-17267 Filed 7-7-99; 8:45am]
Billing Code 6210-01-F
