[Federal Register Volume 62, Number 124 (Friday, June 27, 1997)]
[Notices]
[Pages 34758-34759]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-16798]


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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 a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 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:
Chief, Financial Reports Section--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 for 
three years, without revision, of the following report:
    1. Report title: Consolidated Report of Condition and Income for 
Edge and Agreement Corporations
Agency form number: FR 2886b
OMB Control number: 7100-0086
Frequency: Quarterly
Reporters: Edge and agreement corporations
Annual reporting hours: 3,619
Estimated average hours per response: 11.6
Number of respondents: 39 banking corporations, 39 investment 
corporations
Small businesses are not affected.
Effective Date: September 30, 1997
    General description of report: This information collection is 
mandatory (12 U.S.C. 602 and 625) and is given confidential treatment 
(5 U.S.C. 552(b)(4)).
    Abstract: This report collects balance sheet and income data from 
Edge and

[[Page 34759]]

agreement corporations. Information collected on the FR 2886b is used 
to help plan and target the scope of examinations of Edge corporations 
and to evaluate applications. Data from the FR 2886b are also used to 
monitor aggregate institutional trends, such as growth in assets and 
the number of offices, changes in leverage, and the types and locations 
of customers. Revisions to the report include changing reporting to a 
fully consolidated basis (consolidation of all subsidiaries of the 
corporation, not just the branch operations as is currently the case); 
collecting new information on mutual fund and annuity sales; adding two 
line items: ``Trading assets'' and ``Trading liabilities;'' changing 
the reporting of current items ``Claims on affiliates'' and 
``Liabilities to affiliates'' from a net to a gross basis; revising the 
reporting of securities, income and expenses, changes in capital 
reserve accounts, and off-balance-sheet items to be more consistent 
with the collection of similar data on the Report of Condition for 
Foreign Subsidiaries of U.S. Banking Organizations (FR 2314; OMB No. 
7100-0073); revising ``Claims on and Liabilities to Affiliates'' to 
include related U.S. banks other than the parent bank; revising ``Past 
Due and Nonaccrual Loans and Lease Financing Receivables'' to include 
past due information on other assets; and exempting nonbanking Edge 
corporations from reporting seven supporting schedules. In addition, 
the FR 2886b reporting instructions have been modified to conform with 
generally accepted accounting principles (GAAP).
    Comments: Notice of the proposal was published in the Federal 
Register on April 1, 1997; the comment period expired on June 2, 1997. 
The Board received one comment letter from a large bank holding 
company. The commenter recommended first that the Federal Reserve 
establish consolidation requirements for the FR 2886b consistent with 
the international portion of a bank's Report of Condition and Income 
(Call Report)(FFIEC 031-034; OMB No. 7100-0036). Second, the commenter 
recommended that the implementation date be timed to be consistent with 
the timing of the annual changes to the Call Report, generally the 
first quarter of the following year, to allow adequate time to effect 
systems programming and other preparation work. The commenter also 
asked that the quarterly due date match the due date for the Call 
Report for banks with foreign offices, which is 45 days after quarter-
end.
    Board supervision staff discussed consolidation procedures with the 
commenter, explained that the general consolidation procedures are 
already consistent with the Call Report, and addressed a specific 
consolidation concern of the commenter. The Board will delay 
implementation of the revised report to September 30, 1997, to provide 
respondents with additional time to make necessary system changes. In 
addition, the Board will change the due date for the FR 2886b to allow 
for an additional 15-day extension past the currently allowed 30 days 
after quarter-end. This will match the due date for the Call Report for 
banks with foreign offices.
    Board of Governors of the Federal Reserve System, June 23, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-16798 Filed 6-26-97; 8:45AM]
Billing Code 6210-01-F