[Federal Register Volume 61, Number 140 (Friday, July 19, 1996)]
[Notices]
[Pages 37748-37750]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-18332]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency information collection activities: Proposed collection;
comment request
AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice
-----------------------------------------------------------------------
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 of
1995, 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. 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. Board-
approved collections of information will be incorporated into the
official OMB inventory of currently approved collections of
information. A copy of the OMB 83-I and supporting statement and the
approved collection of information instrument(s) will be placed into
OMB's public docket files. 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 collection, 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 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 September 17, 1996.
ADDRESSES: Comments, which should refer to the OMB control number (or
Agency form number in the case of a new information collection that has
not yet been assigned an OMB number), should be addressed to William W.
Wiles, 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 261.8 of the Board's Rules
Regarding Availability of Information, 12 CFR 261.8(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, Federal Reserve Board Clearance Officer (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 Dorothea Thompson (202-452-
3544), Board of Governors of the Federal Reserve System, Washington, DC
20551.
Proposal to approve under OMB delegated authority the extension,
without revision, of the following reports:
1. Report title: OTC Margin Stock Report
Agency form number: FR 2048
OMB control number: 7100-0004
Frequency: quarterly
Reporters: corporations that have stock trading over-the-counter and
that are being considered for inclusion on the Board's List of
Marginable OTC Stocks
Annual reporting hours: 75
Estimated average hours per response: 0.25
Number of respondents: 75
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. Secs. 78g and 78w) and is not given
[[Page 37749]]
confidential treatment (5 U.S.C. Sec. 552(b)(4)).
Abstract: The report is used to survey corporations with over-the-
counter (OTC) stock traded on the National Association of Securities
Dealers Automated Quotations System's (NASDAQ) SmallCap Market. These
securities are being considered for initial and continued inclusion on
the Board's List of Marginable OTC Stocks published each February, May,
August, and November. The OTC List is part of the information the
Federal Reserve uses in fulfilling its statutory obligation to regulate
margin credit as mandated by the Securities Exchange Act of 1934.
2. Report title: Report of Broker Carrying Margin Accounts
Agency form number: FR 2240
OMB control number: 7100-0001
Frequency: annual
Reporters: member firms of the New York or American Stock Exchanges
that are carrying margin accounts as of the last business day of June
each year
Annual reporting hours: 232
Estimated average hours per response: 2.7
Number of respondents: 86
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 78q(g)) and is given confidential treatment
(5 U.S.C. Sec. 552(b)(4)).
Abstract: The report collects certain balance sheet information
required from securities brokers and dealers carrying margin accounts
to fulfill the Board's responsibility to regulate margin credit under
the Securities Exchange Act.
3. Report title: Consumer Satisfaction Questionnaire
Agency form number: FR 1379
OMB control number: 7100-0135
Frequency: on occasion
Reporters: individuals
Annual reporting hours: 8
Estimated average hours per response: .25
Number of respondents: 30
Small businesses are not affected.
General description of report: This information collection is
voluntary (15 U.S.C. Sec. 57a) and is not generally given confidential
treatment, however, some respondents may provide information not
specifically solicited on the form which may be exempt from disclosure
(5 U.S.C. Sec. 552(b)(4), (b)(6), or (b7)) upon specific request from
the respondent.
Abstract: The FR 1379 is used to determine whether complainants are
satisfied with the way the Federal Reserve System handled their
complaints and to solicit suggestions for improving the complaint-
handling process. The questionnaire is sent to consumers whose
complaints against state member banks were referred by the Board of
Governors to the appropriate Federal Reserve Bank for resolution.
4. Report title: Application for a Foreign Organization to Become a
Bank Holding Company
Agency form number: FR Y-1f
OMB control number: 7100-0119
Frequency: on occasion
Reporters: foreign organizations seeking initial entry into the United
States through the acquisition of a domestic bank
Annual reporting hours: 154
Estimated average hours per response: 77
Number of respondents: 2
Small businesses are not affected.
General description of report: This information collection is
mandatory for any foreign organization seeking to become a U.S. bank
holding company, and is authorized by the Bank Holding Company Act (12
U.S.C. Sec. 1842(a) and 1844(a) through (c)) and by Regulation Y (12
CFR Secs. 225.5(a) and 225.11(f)). The FR Y-1f is not confidential
unless the applicant specifically requests confidential treatment and
the Board approves the request. For the Board to grant confidentiality,
the applicant must demonstrate that disclosure of certain information
would likely result in substantial harm to the competitive position of
the bank holding company, its substitutes, or the bank to be acquired,
or that disclosure of personal information would result in clearly
unwarranted invasion of personal privacy.
Abstract: The application is filed by any company that is organized
under the laws of a foreign country and that is seeking initial entry
into the United States via establishment or acquisition of a U.S.
subsidiary bank. The application must contain the most recent
information available so that the staff can analyze the applicant's
current competitive position, its financial condition, and its
compliance with relevant statutory factors. While the application
collects the minimum amount of information needed, the instructions
explicitly state that the applicant may submit any additional
information that it wants the Federal Reserve to consider; thus the
applicant has latitude to present its best case. No other supervisory
information is collected.
Proposal to discontinue under OMB delegated authority the following
reports:
1. Report title: Survey of Debits to Selected Deposit Accounts
Agency form number: FR 2573
OMB control number: 7100-0081
Frequency: monthly
Reporters: selected commercial banks
Annual reporting hours: 3,000
Estimated average hours per response: 1.0
Number of respondents: 250
Small businesses are affected.
General description of report: This information collection is
voluntary (12 U.S.C.Sec. 248(a)(2)) and is given confidential
treatment (5 U.S.C. Sec. 552(b)(4)).
Abstract: The report collects the amount of debits (withdrawals
during the month) for three deposit categories, which cover the major
types of deposits that money stock holders can use directly or
indirectly for transaction purposes:
(1) demand deposits of individuals, partnerships, corporations, and
of states and political subdivisions;
(2) other checkable deposits (ATS, NOW, and telephone and
preauthorized transfer accounts); and
(3) savings deposits (including money market deposit accounts). The
Federal Reserve has used the FR 2573 data, together with deposit
balance data obtained in large part from weekly deposits reports, in
constructing universe estimates of bank debits and in calculating
deposit turnover rates, which are published in the Federal Reserve's
monthly statistical release, ``Debits and Deposit Turnover at
Commercial Banks (G.6).'' These data have aided in explaining the
behavior of the transaction accounts component of the monetary
aggregates.
The usefulness of the FR 2573 data in understanding the behavior of
the monetary aggregates has diminished in recent years as the
distinction between transaction accounts and savings accounts has
become increasingly blurred. Further, the emphasis on monetary
aggregates as policy targets has decreased. In addition, respondent
participation has declined over the last several years. For these
reasons, the Federal Reserve proposes to discontinue the survey and the
related statistical release.
2. Report title: Quarterly Report of Condition for a New York State
Investment Company and Its Domestic Subsidiaries
Agency form number: FR 2886a
OMB control number: 7100-0207
Frequency: quarterly
Reporters: New York State investment companies
Annual reporting hours: 360
Estimated average hours per response: 18
Number of respondents: 5
Small businesses are not affected.
General description of report: This information collection is
mandatory (12
[[Page 37750]]
U.S.C. Sec. 3105(b)(1)) and is authorized by state law (New York State
Banking Law Sec. 513). Data from Schedule M, ``Due to/Due from Related
Banking Institutions in the U.S. and in Foreign Countries,'' is given
confidential treatment (5 U.S.C. Sec. 552(b)(4)).
Abstract: This report collects selected balance sheet items from
New York State investment companies chartered under Article XII of New
York state banking law that are engaged in banking and that are
majority owned by foreign banks. The Federal Reserve uses data from the
FR 2886a to construct various banking statistics, including money
stock, bank credit aggregates, and nondeposit sources of funds for
commercial banks. The New York State Banking Department uses data from
the FR 2886a for supervisory purposes.
Over the last few years the number of respondents required to file
this report has declined with asset coverage shrinking significantly.
Because of the very small number of respondents and the diminished
importance that they represent in the construction of the Board's
various banking statistics, the Federal Reserve proposes to discontinue
the collection of this report. The New York State Banking Department
will continue to collect the FR 2886a on their own behalf for
supervisory purposes.
Board of Governors of the Federal Reserve System, July 15, 1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-18332 Filed 7-18-96; 8:45AM]
Billing Code 6210-01-F