[Federal Register Volume 59, Number 13 (Thursday, January 20, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-1316]


[[Page Unknown]]

[Federal Register: January 20, 1994]


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FEDERAL RESERVE SYSTEM

 

Agency Forms under Review

Background

    Notice is hereby given of the submission of proposed information 
collection to the Office of Management and Budget (OMB) for its review 
and approval under the Paperwork Reduction Act (Title 44 U.S.C. Chapter 
35) and under OMB regulations on Controlling Paperwork Burdens on the 
Public (5 CFR part 1320). A copy of the proposed information collection 
and supporting documents is available from the agency clearance officer 
listed in the notice. Any comments on the proposal should be sent to 
the agency clearance officer and to the OMB desk officer listed in the 
notice.

DATES: Comments should be submitted on or before February 19, 1993.

FOR FURTHER INFORMATION CONTACT: Mary M. McLaughlin, Federal Reserve 
Board Clearance Officer (202-452-3829), Division of Research and 
Statistics, Board of Governors of the Federal Reserve System, 
Washington, DC 20551; Gary Waxman, OMB Desk Officer (202-395-3740), 
Office of Information and Regulatory Affairs, Office of Management and 
Budget, New Executive Office Building, Room 3208, Washington, DC 20503. 
For the hearing impaired only, Telecommunications Device for the Deaf 
(TDD), Dorothea Thompson (202-452-3544), Board of Governors of the 
Federal Reserve System, Washington, DC 20551.

Request for OMB approval to revise the following report:

1. Report title: Reports of Condition and Income
Agency form number: FFIEC 031-034
OMB Docket number: 7100-0036
Frequency: Quarterly
Reporters: State member banks
Annual reporting hours: 166,042
Estimated average hours per response: 42.1
Number of respondents: 986
Small businesses are affected.

General description of report:

    This information collection is mandatory (12 U.S.C. 324) and is 
given partial confidential treatment.
SUMMARY:
    On a quarterly basis, state member banks are required to file 
detailed schedules of assets, liabilities, and capital in the form of a 
condition report and summary statement; detailed schedule of operating 
income and expense, sources and disposition of income, and changes in 
equity capital in the form of an income statement; and a variety of 
supporting schedules. Data are used for supervisory and monetary policy 
purposes. The proposed changes affect several existing Call Report 
schedules. Unless otherwise indicated, the proposed changes would apply 
to all four sets of reporting forms (FFIEC 031, FFIEC 032, FFIEC 033, 
and FFIEC 034); the proposed changes are as follows:

    (1) Revisions to the reporting of securities in the following Call 
Report schedules to reflect the effect of Financial Accounting 
Standards Board Statement No. 115, ``Accounting for Certain Investments 
in Debt and Equity Securities'' (FASB 115), which banks must adopt for 
Call Report purposes for fiscal years beginning after December 15, 
1993:
    (a) In the body of Schedule RC-B, ``Securities,'' the amortized 
cost and fair value for each type of held-to-maturity securities would 
be reported separately from the amortized cost and fair value for each 
type of available-for-sale securities. On the FFIEC 031 report forms, 
the breakdown of securities (not held in trading accounts) in domestic 
offices by type of security would be moved from the body of Schedule 
RC-B to Schedule RC-H, ``Selected Balance Sheet Items for Domestic 
Offices.''
    (b) In the Memoranda section of Schedule RC-B, Memorandum items 3, 
``Taxable securities issued by states and political subdivisions in the 
U.S.,'' and 5, ``Debt securities for sale,'' would be deleted. A new 
Memorandum item would be added for the amortized cost of held-to-
maturity securities sold or transferred during the calendar year-to-
date.
    (c) On Schedule RC, ``Balance Sheet,'' item 2, ``Securities,'' 
would be split into separate items for ``Available-for-sale 
securities'' and ``Held-to-maturity securities,'' while item 26.b would 
be recaptioned as ``Net unrealized holding gains (losses) on available-
for-sale securities.''
    (d) On Schedule RI, ``Income Statement,'' item 6, ``Gains (Losses) 
on securities not held in trading accounts,'' would be split into 
separate items for gains (losses) on available-for-sale securities and 
held-to-maturity securities.
    (e) On Schedule RI-A, ``Changes in Equity Capital,'' item 11 would 
be recaptioned as ``Change in net unrealized holding gains (losses) on 
available-for-sale securities.''
    (2) On Schedule RC-M, ``Memoranda,'' new items would be added for 
the amount of mutual funds (segregated into four categories) and 
annuities sold during the quarter by the reporting bank and by third 
parties with whom the bank has a contractual sales arrangement. In 
Schedule RI, ``Income Statement,'' a Memorandum item would be added for 
fee income from the sale and servicing of mutual funds and annuities.
    (3) On Schedule RC, ``Balance Sheet,'' item 16 for ``Other borrowed 
money'' would be split into separate subitems for amounts with an 
original maturity of one year or less and for amounts with an original 
maturity of more than one year. In addition, a new category of 
liabilities, ``Trading liabilities,'' would begin to be reported on 
Schedule RC.
    (4) On Schedule RC-O, ``Other Data for Deposit Insurance 
Assessments,'' a new item would be added for ``Benefit-responsive 
Depository Institution Investment Contracts.''
    (5) On the FFIEC 031 and 032 report forms:
    (a) Schedule RC-D would be revised to cover both trading assets and 
liabilities, including new items for three categories of mortgage-
backed securities, trading assets in foreign offices (on the FFIEC 031 
report forms), revaluation gains (broken down between domestic offices 
and foreign offices on the FFIEC 031) and revaluation losses on 
interest rate, foreign exchange rate, and other commodity and equity 
contracts, and liability for short positions. In addition to the banks 
with $1 billion or more in total assets that are currently required to 
complete Schedule RC-D, those banks with $2 billion or more in par-
notional amount of interest rate, foreign exchange rate, and other 
commodity and equity contracts (and less than $1 billion in total 
assets) will be required to complete the schedule.
    (b) Schedule RC-N, which collects past due and nonaccrual data, 
would see the addition of new items for interest rate, foreign exchange 
rate, and other commodity and equity contracts that are past due 30 
through 89 days or past due 90 days or more. Banks would report the 
book value of amounts carried as assets on the balance sheet for such 
past due contracts as well as the replacement cost of those past due 
contracts with a positive replacement cost. Consistent with the 
existing treatment of Schedule RC-N data, individual bank information 
on contracts past due 30 through 89 days would be treated as 
confidential.
    (6) On Schedule RC-C, part I, ``Loans and Leases,'' a single total 
would be reported for ``Obligations (other than securities and leases) 
of states and political subdivisions in the U.S.'' and the separate 
items for taxable and tax-exempt obligations would be eliminated.
    (7) Memorandum items 1 and 2 on Schedule RC-L, ``Off-Balance Sheet 
Items,'' which collect data on certain loan sales and purchases during 
the quarter would be deleted.
    In addition, the general Call Report instruction precluding assets 
and liabilities from being offset or otherwise netted unless 
specifically required by the instructions would be modified to allow 
on-balance sheet amounts associated with conditional and exchange 
contracts (e.g., forwards, interest rate swaps, and options) to be 
offset in accordance with Financial Accounting Standards Board 
Interpretation No. 39. This would be an interim treatment pending 
clarification of an interpretive issue under Interpretation No. 39. 
Consistent with existing Call Report instructions, the netting of 
assets and liabilities other than those arising from conditional and 
exchange contracts will not be permitted unless specifically required 
by the instructions.
    The effective date for these proposed changes, if approved, would 
be the March 31, 1994, report date.

    Board of Governors of the Federal Reserve System, January 13, 
1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-1316 Filed 1-19-94; 8:45 am]
BILLING CODE 6210-01-F