[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