[Federal Register Volume 61, Number 190 (Monday, September 30, 1996)]
[Notices]
[Pages 51116-51117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24916]



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FEDERAL RESERVE SYSTEM

Agency Information Collection Activities: Submission to OMB Under 
Delegated Authority

    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 
CFR Sec. 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--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)

Final Approval Under OMB Delegated Authority of the Extension, Without 
Revision, of the Following Reports

    1. Report title: Report of Broker Carrying Margin Accounts.
    Agency form number: FR 2240.
    OMB Control number: 7100-0001.
    Frequency: annual.
    Reporters: Securities brokers and dealers that carry margin 
accounts.
    Annual reporting hours: 246.
    Estimated average hours per response: 2.7.
    Number of respondents: 91.
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (15 U.S.C. Sec. 78q(g)) and is given confidential treatment 
(5 U.S.C. Sec. 552(b)(4)).
    Abstract: In order to fulfill the Board's responsibility to 
regulate margin credit under the Securities Exchange Act of 1934, the 
FR 2240 collects certain balance sheet information required from 
securities brokers and dealers carrying margin accounts.

    2. Report title: OTC Margin Stock Report.
    Agency form number: FR 2048.
    OMB Control number: 7100-0004.
    Frequency: quarterly.
    Reporters: Corporations with over-the-counter stock traded on the 
NASDAQ SmallCap market.
    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 (15 U.S.C. 78g and 78w) and is not considered confidential 
under the Freedom of Information Act (5 U.S.C. 552).
    Abstract: The FR 2048 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.

    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. 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. 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. 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.

Final Approval Under OMB Delegated Authority to Discontinue 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. 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

[[Page 51117]]

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 will discontinue the survey and the 
related statistical release effective following the collection of the 
August 1996 survey and publication of the related statistical data.

    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 U.S.C. 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. 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 will discontinue the 
collection of this report effective following the September 30, 1996 
reporting date. 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, September 24, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-24916 Filed 9-27-96; 8:45 am]
BILLING CODE 6210-01-P