[Federal Register Volume 64, Number 172 (Tuesday, September 7, 1999)]
[Notices]
[Pages 48641-48643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23119]
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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.
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, 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 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 261.14 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. 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.
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:
[[Page 48642]]
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 November 8, 1999.
Discontinuation of the following report:
1. Report title: Commercial Bank Report of Consumer Credit.
Agency form number: FR 2571.
OMB control number: 7100-0080.
Effective Date: Mid-year 2000.
Frequency: Monthly.
Reporters: Commercial Banks.
Annual reporting hours: 2,475 hours.
Estimated average hours per response: 33 minutes.
Number of respondents: 375 commercial banks.
Small businesses are affected.
General description of report: This information collection is
voluntary (12 U.S.C. 248(a)(2)) and is given confidential treatment (5
U.S.C. 552(b)(4)).
Abstract: The FR 2571 collects information on outstanding consumer
credit, by type, as of the last business day of the month, from a
sample of commercial banks. This survey, however, has become less
reliable in recent years. Sales of loan portfolios between banks inside
and outside of the FR 2571 sample cause the estimated amount of
consumer credit held or securitized by commercial banks to fluctuate
sharply relative to that held or securitized by the commercial bank
universe. Extensive ad hoc adjustments are often needed to keep the
consumer credit data in what is believed to be a reasonable range. The
accuracy of these adjustments is unknown until staff benchmark total
commercial bank consumer credit to the quarterly Consolidated Reports
of Condition and Income (Call Report; FFIEC 031-034).
Current Actions: The Federal Reserve proposes to discontinue the FR
2571, subject to approval of the proposal to extend, with revision, the
bank credit reports: the Weekly Report of Assets and Liabilities for
Large Banks (FR 2416), the Weekly Report of Selected Assets (FR 2644),
and the Weekly Report of Assets and Liabilities for Large U.S. Branches
and Agencies of Foreign Banks (FR 2069). In particular, this proposal
is dependent on the addition of questions on revolving consumer loans
and securitized total and revolving consumer loans to the bank credit
reports.
Proposals to approve under OMB delegated authority the extension
for three years, with revision the following reports:
1. Report title: Weekly Report of Assets and Liabilities for Large
Banks.
Agency form number: FR 2416.
OMB control number: 7100-0075.
Effective Date: Mid-June 2000.
Frequency: Weekly.
Reporters: U.S.-chartered commercial banks.
Annual reporting hours: 18,850.
Estimated average hours per response: 7.25 hours.
Number of respondents: 50.
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 225(a) and 248(a)(2)) and is given confidential
treatment (5 U.S.C. 552(b)(4)).
2. Report title: Weekly Report of Selected Assets.
Agency form number: FR 2644.
OMB control number: 7100-0075.
Effective Date: Mid-June 2000.
Frequency: Weekly.
Reporters: U.S.-chartered commercial banks.
Annual reporting hours: 66,924.
Estimated average hours per response: 1.17 hours.
Number of respondents: 1,100.
Small businesses are affected.
General description of report: This information collection is
voluntary (12 U.S.C. 225(a) and 248(a)(2)) and is given confidential
treatment (5 U.S.C. 552(b)(4)).
3. Report title: Weekly Report of Assets and Liabilities for Large
U.S. Branches and Agencies of Foreign Banks.
Agency form number: FR 2069.
OMB control number: 7100-0030.
Effective Date: Mid-June 2000.
Frequency: Weekly.
Reporters: U.S. branches and agencies of foreign (non-U.S.) banks.
Annual reporting hours: 27,891.
Estimated average hours per response: 5.83.
Number of respondents: 92.
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 3105(b)(2)) and is given confidential treatment (5
U.S.C. 552(b)(4)).
Abstract: The FR 2416 is a detailed, 43-item balance sheet that
covers domestic offices of large U.S.-chartered commercial banks. The
FR 2644 collects 11 items covering investments and loans plus total
assets and three memorandum items, two that disaggregate total
borrowings between bank and nonbank sources and one for mortgage-backed
securities. The FR 2069 is a detailed, 28-item balance sheet that
covers large U.S. branches and agencies of foreign banks. These reports
are collected as of each Wednesday.
These three voluntary reports are mainstays of the Federal
Reserve's reporting system from which data for analysis of current
banking developments are derived. The FR 2416 is used on a stand-alone
basis as the ``large domestic bank series.'' The other two reports are
samples for estimating outstandings for the universe, using data for
benchmarks from the quarterly commercial bank Consolidated Reports of
Condition and Income (FFIEC 031-034; OMB No. 7100-0036) and the Report
of Assets and Liabilities of U.S. Branches and Agencies of Foreign
Banks (FFIEC 002; OMB No.7100-0032) (Call Reports). All three reports,
together with data from other sources, are used for constructing weekly
estimates of bank credit, of sources and uses of bank funds, and of a
balance sheet for the banking system as a whole. These estimates are
used in constructing the bank credit component of the domestic
nonfinancial debt aggregate.
The Federal Reserve publishes the data in aggregate form in a
statistical release that is followed closely by other government
agencies, the banking industry, the financial press, and other users.
This weekly H.8 statistical release, ``Assets and Liabilities of
Commercial Banks in the United States,'' provides a balance sheet for
the banking industry as a whole and disaggregated by its large
domestic, small domestic, and foreign related components.
Current Actions: Owing to substantial consolidation in the domestic
banking industry since the last report renewal, a considerable shift
from FR 2416 to FR 2644 panels would be required to maintain
traditional large bank coverage. The Federal Reserve proposes reducing
the authorized size of the FR 2416 panel. Several reporters currently
on the branch and agency (FR 2069) panel would be dropped because most
of their assets have been shifted to other reporters.
The Federal Reserve proposes a net addition of three items to the
FR 2416 and the FR 2644; these three items are currently reported on
the monthly
[[Page 48643]]
Commercial Bank Survey of Consumer Credit (FR 2571; OMB No. 7100-0080).
The Federal Reserve proposes to discontinue the FR 2571, contingent
upon the addition of these items to the weekly condition/bank credit
reports. The Federal Reserve also proposes to add a memorandum item to
the FR 2416 and the FR 2069 and to clarify the FR 2416 and the FR 2644
instructions for reporting derivatives.
Proposal to approve under OMB delegated authority the extension for
three years, without revision, the following report:
1. Report title: The Recordkeeping and Disclosure Requirements
Associated with Loans Secured by Real Estate Located in Flood Hazard
Areas Pursuant to Section 208.25 of Regulation H.
Agency form number: unnum Reg H-2.
OMB control number: 7100-0280.
Frequency: Event-generated.
Reporters: State Member Banks.
Annual reporting hours: 58,885.
Estimated average hours per response: Notice of special flood
hazards to borrowers and servicers, Notice to FEMA of servicer, and
Notice to FEMA of change of servicer: 5 minutes each; Retention of
standard FEMA form: 2.5 minutes.
Number of respondents: 988.
Small businesses are affected.
General description of report: This information collection is
mandatory (12 CFR 208.25). Since the Federal Reserve does not collect
any information, no issue of confidentiality would normally arise.
Should any of these records come into the possession of the Federal
Reserve System, such information would be given confidential treatment
(5 U.S.C. 552(b)(4) and (b)(6)).
Abstract: The regulation requires the state member banks (SMBs) to
notify a borrower and servicer when loans secured by real estate are
determined to be in a special flood hazard area. The SMB must then
notify the borrower and servicer whether flood insurance is available.
If a loan secured by real estate is in a special flood hazard area, the
SMB must notify the Federal Emergency Management Agency (FEMA) of the
identity of, and any change of, the servicer of the loan. Lastly, the
SMB must retain a copy of the Standard Flood Hazard Determination Form
used to determine whether the property securing a loan is in a special
flood hazard area.
Board of Governors of the Federal Reserve System, August 31,
1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-23119 Filed 9-3-99; 8:45 am]
BILLING CODE 6210-01-F
