[Federal Register Volume 61, Number 22 (Thursday, February 1, 1996)]
[Notices]
[Pages 3712-3713]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-2077]



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FEDERAL RESERVE SYSTEM


Agency Forms Under Review

Background

    Notice is hereby given of the final approval of proposed 
information collections by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority, as per 5 C.F.R. 
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). 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.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Mary M. McLaughlin--Division 
of Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Milo Sunderhauf--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 3208, Washington, DC 20503 (202-395-7340)
    Final approval under OMB delegated authority of the extension, 
without revision, of the following report:
    1. Report title: Notification of Foreign Branch Status
Agency form number: FR 2058
OMB Control number: 7100-0069
Effective date: February 5, 1996
Frequency: On occasion
Reporters: State member banks, Edge and agreement corporations, and 
bank holding companies
Annual reporting hours: 20
Estimated average hours per response: 0.25
Number of respondents: 80
Small businesses are not affected.
    General description of report: This information collection is 
required to obtain or retain a benefit (12 U.S.C. Secs. 321, 601, 602, 
615, and 1844(c)) and is not given confidential treatment.
    Abstract: Member banks, bank holding companies, and Edge and 
agreement corporations are required to notify the Federal Reserve 
System of the opening, closing, or relocation of an approved foreign 
branch. The notice requests information on the location and extent of 
service provided by the branch, and is filed within thirty days of the 
change in status. The Federal Reserve needs the information to fulfill 
its statutory obligation to supervise foreign branches of U.S. banking 
organizations. Minor clarifying changes have been made to the form and 
instructions.
    Regulation K, ``International Banking Operations,'' sets forth the 
conditions under which a foreign branch may be established. For their 
initial establishment of foreign branches, organizations must request 
prior Board approval as directed in Attachment A of the FR K-1, 
``International Applications and Prior Notifications Under Subparts A 
and C of Regulation K'' (OMB No. 7100-0107). For subsequent branch 
establishments into additional foreign countries, organizations must 
give the Federal Reserve System forty-five days prior written notice 
using Attachment B of FR K-1. Organizations use the FR 2058 
notification to notify the Federal Reserve when any of these branches 
has been opened, closed, or relocated.
    The changes in the FR 2058 instructions clarify the scope of the 
branch status changes that require notification to the Federal Reserve. 
Information on changes in status of additional branches within the same 
country in which such a subsidiary is incorporated is not required. 
Also, the instructions have been clarified to reflect that a notice 
should be filed for foreign branches of subsidiaries acquired or 
divested by the institution. The FR 2058 notification form also has 
been better formatted to elicit the effective date of the branch status 
change and whether the branch is a shell or a full service branch.
    Regulatory Flexibility Act Analysis: The Board certifies that the 
above reporting requirements are not expected to have a significant 
economic impact on small entities within the meaning of the Regulatory 
Flexibility Act (5 U.S.C. 601 et seq.).
    2. Information collection title: Disclosure Requirements in 
Connection with Regulation CC to implement the Expedited Funds 
Availability Act
Agency form number: None
OMB Control number: 7100-0235
Frequency: Event-generated
Respondents: State member banks
Annual reporting hours: 171,900
Estimated average hours per response: Notice of exceptions, Case by 
case hold notice, or Notice to potential customers upon request: 3 
minutes; Notice posted where consumers make deposits: 15 minutes; 
Notice of changes in policy: 20 hours; and Annual notice of new ATMs: 5 
hours.
Number of respondents: 975
Small businesses are affected.
    General description of information collection: This information 
collection is mandatory (12 U.S.C. Sec.  4008). No issue of 
confidentiality under the Freedom of Information Act normally arises.
    Abstract: The third party disclosure requirements are intended to 
alert consumers about their financial institutions' check-hold policies 
and to help prevent unintentional (and costly) overdrafts. Most 
disclosures must be made within one banking day of the triggering 
event. Disclosures resulting from a policy change must be made thirty 
days before action is taken, or within thirty days if the action makes 
funds available more quickly. Model forms, clauses, and notices are 
appended to the regulation to provide guidance.
    The Board's Regulation CC applies to all depository institutions, 
not just state member banks. However, under Paperwork Reduction Act 
regulations, the Federal Reserve accounts for the burden of the 
paperwork associated with the regulation only for state member banks. 
Other agencies account for the Regulation CC paperwork burden on their 
respective constituencies.
    Regulatory Flexibility Act Analysis: The Board certifies that the 
extension of the above disclosure requirements are not expected to have 
a significant economic impact on a substantial number of small entities 
within the meaning of the Regulatory Flexibility Act (5 U.S.C. 601 et 
seq.).
    3. Information collection title: Recordkeeping Requirements 
Associated with the Real Estate Lending Standards Regulation (12 CFR 
208.51)
Agency form number: None
OMB Control number: 7100-0261
Frequency: Annual
Respondents: State member banks
Annual reporting hours: 39,000
Estimated average hours per response: 40
Number of respondents: 975
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec.  1828(o)). No issue of confidentiality under 
the Freedom of Information Act normally arises.
    Abstract: This information collection is a recordkeeping 
requirement contained in the Board's Regulation H (12 CFR 208.51) that 
implements section 304 of the Federal Deposit Insurance Corporation 
Improvement Act of 1991 (FDICIA). The requirement is to adopt and 
maintain a written real estate

[[Page 3713]]

lending policy that is consistent with safe and sound lending 
practices. There is no formal reporting form and the information is not 
submitted to the Federal Reserve.

    Regulatory Flexibility Act Analysis: The Board certifies that the 
extension of the above recordkeeping requirements are not expected to 
have a significant economic impact on a substantial number of small 
entities within the meaning of the Regulatory Flexibility Act (5 U.S.C. 
601 et seq.).

    Board of Governors of the Federal Reserve System, January 26, 
1996.
William W. Wiles,

Secretary of the Board.

[FR Doc. 96-2077 Filed 1-31-96; 8:45AM]

BILLING CODE 6210-01-F