[Federal Register Volume 62, Number 45 (Friday, March 7, 1997)]
[Notices]
[Pages 10562-10563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5586]


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FEDERAL RESERVE SYSTEM


Agency information collection activities: Proposed collection; 
comment request

AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice

[[Page 10563]]

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, 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 May 6, 1997.
ADDRESSES: Comments, which should refer to the OMB control number or 
agency form 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, Chief, Financial Reports Section (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: Report of Bank Holding Company Intercompany 
Transactions and Balances
Agency form number: FR Y-8
OMB control number: 7100-0126
Frequency: Semiannually, and interim reporting required for certain 
large asset transfers
Reporters: Domestic, top-tier bank holding companies with assets of 
$300 million or more
Annual reporting hours: 4,080 burden hours
Estimated average hours per response: 3 burden hours
Number of respondents: 645 semiannual respondents; 70 interim 
respondents
Small businesses are not affected.
    General description of report: This information collection is 
required by section 5(c) of the Bank Holding Company Act (12 U.S.C. 
1844 (c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is 
given confidential treatment pursuant to the Freedom of Information Act 
(5 U.S.C. 552 (b)(8)).
    Abstract: The report collects information on assets transferred 
between subsidiary banks and other entities of the bank holding company 
organization (that is, the bank holding company and its nonbank 
subsidiaries). This report also collects information on the income 
recognized by subsidiary banks from other bank holding company members. 
This information is required in order to identify categories of funds 
flows and internal transactions and balances that could adversely 
affect the safety and soundness of insured depository institutions.
    2. Report title: Report of Intercompany Transactions for Foreign 
Banking Organizations and Their U.S. Bank Subsidiaries
Agency form number: FR Y-8f
OMB control number: 7100-0127
Frequency: Semiannually, and interim reporting required for certain 
large asset transfers
Reporters: Bank holding companies as defined by Section 2(a) of the 
Bank Holding Company Act with at least $300 million in total 
consolidated assets that are organized under the laws of a foreign 
country and principally engaged in banking outside the United States
Annual reporting hours: 360 burden hours
Estimated average hours per response: 3 burden hours
Number of respondents: 58 semiannual respondents; 4 interim respondents
Small businesses are not affected.
    General description of report: This information collection is 
required by section 5(c) of the Bank Holding Company Act (12 U.S.C. 
1844 (c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is 
given confidential treatment pursuant to the Freedom of Information Act 
(5 U.S.C. 552 (b)(8)).
Abstract: This report provides the Board and the Reserve Banks with 
information on intercompany transactions between foreign banking 
organizations and their U.S. bank subsidiaries. It enables the Federal 
Reserve to monitor and supervise intercompany flows of funds to ensure 
that U.S. subsidiary banks are not engaging in any unsafe and unsound 
practices with their foreign owners. This report supplements the 
Board's global framework for the supervision of the U.S. operations of 
foreign banks. In addition, it aids in determining whether a foreign 
banking organization serves as a source of strength to its U.S. 
subsidiary.
    Board of Governors of the Federal Reserve System, March 3, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-5586 Filed 3-6-97; 8:45AM]
Billing Code 6210-01-P