[Federal Register Volume 62, Number 108 (Thursday, June 5, 1997)]
[Notices]
[Pages 30853-30856]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14652]


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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.

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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 Part 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 instruments 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 August 4, 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, 
NW., 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

[[Page 30854]]

from the courtyard entrance on 20th Street between Constitution Avenue 
and C Street, NW. 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 forms and 
instructions, the Paperwork Reduction Act Submissions (OMB 83-I), 
supporting statements, 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 Diane Jenkins (202-452-3544), 
Board of Governors of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following reports:
    1. Report Titles: Report of Transaction Accounts, Other Deposits 
and Vault Cash; Report of Certain Eurocurrency Transactions; and 
Advance Reports of Deposits.
    Agency form numbers: FR 2900, FR 2950, FR 2951, FR 2000, and FR 
2001.
    OMB control number: 7100-0087.
    Frequency: Weekly, quarterly, daily--dependent upon request.
    Reporters: Depository institutions.
    Annual reporting hours: 1,281,447.

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                                  Estimated                             
                                   average                              
             Report               hours per     Number of respondents   
                                   response                             
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FR 2900.........................      3.50   6,026 weekly; 5,982        
                                              quarterly.                
FR 2950/2951....................      1.00   642 weekly; 1 quarterly.   
FR 2000.........................      0.84   186.                       
FR 2001.........................      0.96   540                        
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    Small businesses are affected.
    General description of reports: This information collection is 
mandatory (12 U.S.C. 248(a), 461, 603, 615, and 3105(b)(2)) and is 
given confidential treatment under the Freedom of Information Act (5 
U.S.C. 552(b)(4)).
    Abstract: This package of reports collects information on: deposits 
and related items from depository institutions that have transaction 
accounts or nonpersonal time deposits and that are not fully exempt 
from reserve requirements (``nonexempt institutions'')(FR 2900); 
Eurocurrency transactions from depository institutions that obtain 
funds from foreign (non-U.S.) sources or that maintain foreign branches 
(FR 2950, FR 2951); and selected items on the FR 2900 in advance from 
samples of nonexempt insitutions on a daily basis (FR 2000) and on a 
weekly basis (FR 2001). The Federal Reserve proposes that the deposit 
cutoff used to determine weekly versus quarterly FR 2900 reporting (the 
``nonexempt deposit cutoff'') be raised above its indexed level of 
$59.3 million to $75.0 million. The higher cutoff would result in a 
potential shift of almost 1,000 reporters from weekly to quarterly FR 
2900 reporting and a significant reduction in annual reporting burden. 
No revisions to the content of any of the reports are proposed. 
Information provided by these reports is used for administering 
Regulation D--Reserve Requirements of Depository Institutions; or for 
constructing, analyzing, and controlling the monetary and reserves 
aggregates; or both.
    2. Report title: Commercial Bank Report of Consumer Credit.
    Agency form number: FR 2571.
    OMB control number: 7100-0080.
    Frequency: Monthly.
    Reporters: Commercial banks.
    Annual reporting hours: 2,475.
    Estimated average hours per response: 0.55.
    Number of respondents: 375.
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a and 248(a)(2)) and is given confidential 
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2571 collects information on consumer installment 
loans outstanding, by type of credit (automobile loans, revolving 
credit, and all other installment loans), as of the last business day 
of the month. Once a year, in September, two additional items are 
collected: total noninstallment consumer loans and total consumer 
loans. The FR 2571 also collects on a monthly basis three supplemental 
items on outstanding balances underlying securitized loan sales. The 
information, together with information obtained from other Federal 
Reserve reports and from secondary sources, is used to construct 
information on consumer credit for current analysis for monetary policy 
purposes.
    The following revisions are proposed: 1. reduce the authorized 
panel size from 400 to 375 commercial banks; 2. redefine loans to 
purchase automobiles (item 1 and supplemental item 1.a) to include 
loans to purchase light trucks for personal use; 3. eliminate the two 
annual items, Total noninstallment credit (item 5) and Total (item 6); 
and 4. eliminate the distinction between installment and noninstallment 
debt. (Items 1, 3, and 4 and supplemental item 1.c would be redefined 
to include both installment and noninstallment credit).
    3. Report titles: Quarterly Report of Interest Rates on Selected 
Direct Consumer Installment Loans; Quarterly Report of Credit Card 
Plans.
    Agency form numbers: FR 2835, FR 2835a.
    OMB control number: 7100-0085.
    Frequency: Quarterly.
    Reporters: Commercial banks.
    Annual reporting hours: 90 (FR 2835), 200 (FR 2835a).
    Estimated average hours per response: 0.15 (FR 2835), 0.50 (FR 
2835a).
    Number of respondents: 150 (FR 2835), 100 (FR 2835a).
    Small businesses are not affected.
    General description of reports: This information collection is 
voluntary (12 U.S.C. 248(a)(2)). The FR 2835 is not given confidential 
treatment, and the FR 2835a is given confidential treatment under the 
Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2835 collects the most common interest rate 
(largest dollar volume of loans) charged at a sample of commercial 
banks on two types of consumer loans made in a given week each quarter: 
new auto loans and other loans for consumer goods and personal 
expenditures. The FR 2835a collects two measures of average credit card 
interest rates from a sample of commercial banks. The information, 
together with information obtained from other Federal Reserve reports 
and from secondary sources, is used to construct information on 
consumer credit for current analysis for monetary policy purposes.
    On the FR 2835, the Federal Reserve proposes to redefine interest 
rates on loans for new automobiles (item 1) to include rates on loans 
to purchase light trucks for personal use, to reduce the authorized 
panel size for the FR 2835 from 175 to 150 commercial banks, and to 
reduce the authorized panel size for

[[Page 30855]]

the FR 2835a from 150 to 100 commercial banks.
    4. Report title: Monthly Survey of Industrial Electricity Use.
    Agency form numbers: FR 2009a, FR 2009b.
    OMB control number: 7100-0057.
    Frequency: Monthly.
    Reporters: Public and privately-owned electric utilities (FR 2009a) 
and cogenerators (FR 2009b).
    Annual reporting hours: 3,384.
    Estimated average hours per response: 1.0 (FR 2009a), 0.5 (FR 
2009b).
    Number of respondents: 183 (FR 2009a), 198 (FR 2009b).
    Small businesses are not affected.
    General description of reports: This information collection is 
voluntary (12 U.S.C. 225a, 263, 353 et seq., and 461) and is given 
confidential treatment under the Freedom of Information Act (5 U.S.C. 
552(b)(4)).
    Abstract: These surveys collect information on the volume of 
electric power sold during the month to classes of industrial 
customers. There are two versions of the survey: the FR 2009a, which is 
collected from electric utilities, and the FR 2009b, which is collected 
from manufacturing and mining facilities that generate electric power 
for their own use (cogenerators). The electric power data are used in 
deriving the Federal Reserve's monthly index of industrial production 
(IP) as well as for calculating the monthly estimates of electric power 
used by industry.
    The electric utility industry is currently restructuring in 
response to deregulation at the federal and state levels. As a result 
of the restructuring, sales of electric power to end users are no 
longer the exclusive domain of utilities, because new entities, such as 
power brokers, power marketers, and independent power producers (IPPs), 
are entering the industry; however, utilities will continue to control 
transmission facilities. The Federal Reserve proposes to revise the FR 
2009a such that respondents would report the amount of power delivered 
to industrial customers, instead of power sold, so that utilities will 
continue to report all power consumed by industrial customers connected 
to their facilities. No revisions are proposed to the FR 2009b. No 
change in reporting burden is anticipated.
    5. Report title: Report of Terms of Credit Card Plans.
    Agency form number: FR 2572.
    OMB control number: 7100-0239.
    Frequency: Semiannually.
    Reporters: Financial institutions.
    Annual reporting hours: 77.
    Estimated average hours per response: 0.25.
    Number of respondents: 153.
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 1646(b)) and is not given confidential treatment.
    Abstract: The FR 2572 collects data on credit card pricing and 
availability from a sample of at least 150 institutions that offer 
credit cards. The information is reported to the Congress and made 
available to the public in order to promote competition within the 
industry. The proposed revisions would modify the report instructions 
to clarify the treatment of introductory or teaser rates and would 
modify the reporting form to include an option to indicate the 
availability of such a rate. The general instructions would be revised 
to define more explicitly the nature of the credit card plan to be 
reported.
    6. Report titles: Uniform Application for Municipal Securities 
Principal or Municipal Securities Representative Associated with a Bank 
Municipal Securities Dealer; Uniform Termination Notice for Municipal 
Securities Principal or Municipal Securities Representative Associated 
with a Bank Municipal Securities Dealer.
    Agency form numbers: FR MSD-4, FR MSD-5.
    OMB control numbers: 7100-0100, 7100-0101.
    Frequency: On occasion.
    Reporters: State member banks, bank holding companies, and foreign 
dealer banks engaging in activities as municipal securities dealers, 
and persons who are or seek to be associated with such dealers as 
municipal securities principals or representatives.
    Annual reporting hours: 369 (FR MSD-4), 94 (FR MSD-5).
    Estimated average hours per response: 1.00 (FR MSD-4), 0.25 (FR 
MSD-5).
    Number of respondents: 369 (FR MSD-4), 377 (FR MSD-5).
    Small businesses are not affected.
    General description of reports: These information collections are 
mandatory (15 U.S.C. 78o-4, 78q, and 78u) and are given confidential 
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(6)).
    Abstract: Rule G-7, ``Information Concerning Associated Persons,'' 
of the Municipal Securities Rulemaking Board (MSRB) requires a person 
who is or seeks to be associated with a municipal securities dealer to 
provide certain background information to the dealer, and conversely, 
requires the dealer to obtain such information. The FR MSD-4 collects 
information, such as personal history and professional qualifications, 
on an employee whom the dealer wishes to assume the duties of a 
municipal securities principal or representative. The FR MSD-5 collects 
the date of, and the reason for termination of such an employee, and 
whether there occurred any investigations or actions by agencies or 
securities industry self regulating organizations (SROs) involving the 
associated person during the period of employment.
    The proposed changes to the instructions are, for the FR MSD-4: 1. 
to remove reference to the rules and regulations of the Board, the 
Office of the Comptroller of the Currency (OCC) and the Federal Deposit 
Insurance Corporation (FDIC) (instruction 2); 2. to add that ``a State 
branch or agency of a foreign bank'' must file with the Federal Reserve 
(instruction 3.a); 3. to specify a filing deadline not in MSRB Rule G-7 
that may not be specified elsewhere because of the elimination of the 
rules and regulations of the FRB, OCC, and FDIC (instruction 5); and 4. 
to remove a grandfather clause (instruction 15).
    For the FR MSD-5 the Federal Reserve proposes to change instruction 
3.a by adding that ``a State branch or agency of a foreign bank'' must 
file with the Federal Reserve. The proposed revisions reflect changes 
to the Federal Reserve's Regulation H and minor changes to the 
instructions to ensure conformity with reporting forms issued by the 
OCC and the FDIC. The proposed revisions would not change the 
information collected.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports.
    1. Report title: Quarterly Gasoline Company Report.
    Agency form number: FR 2580.
    OMB control number: 7100-0009.
    Frequency: Quarterly.
    Reporters: Gasoline companies.
    Annual reporting hours: 4.
    Estimated average hours per response: 0.15.
    Number of respondents: 7.
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, 353 et seq. and 461) and is given 
confidential treatment under the Freedom of Information Act (5 U.S.C. 
552(b)(4)).
    Abstract: The FR 2580 collects information on open-end retail 
credit outstanding from seven gasoline companies. The information, 
together with information obtained from other Federal Reserve reports 
and from secondary sources, is used to construct information on 
consumer credit for current analysis for monetary policy purposes.

[[Page 30856]]

    2. Report titles: Quarterly Report of Selected Deposits, Vault Cash 
and Reservable Liabilities; Annual Report of Total Deposits and 
Reservable Liabilities.
    Agency form numbers: FR 2910q, FR 2910a.
    OMB control number: 7100-0175.
    Frequency: Quarterly, annually.
    Reporters: Depository institutions.
    Annual reporting hours: 3,896 (FR 2910q), 2,838 (FR 2910a).
    Estimated average hours per response: 2.0 (FR 2910q), 0.5 (FR 
2910a).
    Number of respondents: 487 (FR 2910q), 5,675 (FR 2910a).
    Small businesses are affected.
    General description of reports: This information collection is 
mandatory (12 U.S.C. 248(a) and 461) and is given confidential 
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Abstract: These reports collect information from depository 
institutions (other than U.S. branches and agencies of foreign banks 
and Edge and agreement corporations) that are fully exempt from reserve 
requirements under the Garn-St Germain Depository Institutions Act of 
1982. Information provided by these reports is used to construct and 
analyze the monetary aggregates and to ensure compliance with 
Regulation D--Reserve Requirements of Depository Institutions.
    3. Report title: Allocation of Low Reserve Tranche and Reservable 
Liabilities Exemption.
    Agency form numbers: FR 2930, FR 2930a.
    OMB control number: 7100-0088.
    Frequency: Annually, and on occasion.
    Reporters: Depository institutions.
    Annual reporting hours: 86.
    Estimated average hours per response: 0.25.
    Number of respondents: 342.
    Small businesses are affected.
    General description of reports: This information collection is 
mandatory (FR 2930: 12 U.S.C. 248(a), 461, 603, and 615; FR 2930a: 12 
U.S.C. 248(a) and 461) and is given confidential treatment under the 
Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2930 and the FR 2930a provide information on the 
allocation of the low reserve tranche and reservable liabilities 
exemption for depository institutions having offices (or groups of 
offices) that submit separate FR 2900 deposits reports. The data 
collected on these reports are needed for the calculation of required 
reserves.

    Board of Governors of the Federal Reserve System, May 30, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-14652 Filed 6-4-97; 8:45 am]
BILLING CODE 6210-01-P