[Federal Register Volume 63, Number 13 (Wednesday, January 21, 1998)]
[Notices]
[Pages 3120-3121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1353]


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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 
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, with revision, of the following report:
    1. Report title: Government Securities Dealers Reports
Agency form number: FR 2004A, FR 2004B, FR 2004C, FR 2004SI, FR 2004WI
OMB Control number: 7100-0003
Frequency: weekly and on occasion
Reporters: primary dealers in U.S. government securities
Annual reporting hours: 11,817
Estimated average hours per response: 1.0 (FR 2004A, B, C, SI); 0.25 
(FR 2004WI)
Number of respondents: 39
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12. U.S.C. 248(a)(2), 353-359, and 461) and is given 
confidential treatment (5 U.S.C. 552 (b)(4)).
    Abstract: This group of reports is used to collect data on 
positions, transactions, and financing activity in the government 
securities market from primary dealers in U.S. government securities. 
The Federal Reserve uses the data to monitor the condition of the U.S. 
government securities market in its surveillance of the market and to 
assist the U.S. Department of the Treasury.
    The revisions are effective beginning with the January 28, 1998, 
report date. On the FR 2004A and FR 2004B a line has been added to 
report position and transaction volumes with respect to Treasury 
Inflation-Index Securities. On the FR 2004A and FR 2004B four lines 
have been added to provide greater detail regarding the dealers' 
federal agency securities positions and transaction volumes. On the FR 
2004C, two columns of matched-book financing transactions have been 
deleted. The revisions, on a net basis, have no effect on the current 
annual reporting burden.
    The Board of Governors received one comment, from The Bond Market 
Association, which strongly endorsed the revisions.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following reports:
    1. Report title: Domestic Branch Notification
Agency form number: FR 4001
OMB control number: 7100-0097
Frequency: on occasion
Reporters: state member banks
Annual reporting hours: 201
Estimated average hours per response: 30 minutes for expedited 
notifications; 1 hour for nonexpedited notifications
Number of respondents: 316 expedited, 43 nonexpedited
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 321) and is not given confidential treatment.
    Abstract: The Federal Reserve System requires a state member bank 
to file a notification whenever it proposes to establish a domestic 
branch. There is no formal reporting form; banks notify the Federal 
Reserve by letter prior to making the proposed investment. The Federal 
Reserve uses the information to fulfill its statutory obligation to 
obtain public comment on such proposals before acting on them, and to 
otherwise supervise state member banks.
    2. Report title: Investment in Bank Premises Notification
Agency form number: FR 4014
OMB control number: 7100-0139
Frequency: on occasion
Reporters: state member banks
    Annual reporting hours: 8
Estimated average hours per response: 30 minutes

[[Page 3121]]

Number of respondents: 15
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 371d) and is not given confidential treatment.
    Abstract: The Federal Reserve System requires a state member bank 
to file a notification whenever it proposes to make an investment in 
bank premises that results in its total bank premises investment 
exceeding its capital stock and surplus or, if the bank is well 
capitalized and in good condition, exceeding 150 percent of its capital 
stock and surplus. There is no formal reporting form; banks notify the 
Federal Reserve by letter prior to making the proposed investment. The 
Federal Reserve uses the information to fulfill its statutory 
obligation to supervise state member banks.
    3. Report title: Reports Related to Securities of State Member 
Banks as Required by Regulation H
Agency form number: N/A
OMB control number: 7100-0091
Frequency: on occasion
Reporters: state member banks
Annual reporting hours: 2,146
Estimated average hours per response: 5.11 hours
Number of respondents: 30
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (15 U.S.C. 78l(i)) and is not given confidential treatment.
    Abstract: The Federal Reserve's Regulation H requires certain state 
member banks to submit information related to their securities to the 
Board of Governors of the Federal Reserve System on the same forms that 
bank holding companies and nonbank entities use to submit similar 
information to the Securities and Exchange Commission. The information 
is used primarily for public disclosure and is available to the public 
upon request.
    Final approval under OMB delegated authority for the elimination of 
certain requested information, without extension, from the following 
reports:
    1. Report title: Weekly Report of Assets and Liabilities for Large 
Banks
Agency form number: FR 2416
OMB control number: 7100-0075
Frequency: weekly
Reporters: U.S. commercial banks
Annual reporting hours: The change is estimated to reduce the annual 
reporting burden from 46,592 hours to 44,928 hours.
Estimated average hours per response: The change is estimated to reduce 
the burden per response from 7 hours to 6.75 hours.
Number of respondents: 128
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. Secs.  225(a) and 248(a)(2)) and is given 
confidential treatment (5 U.S.C. Sec.  552(b)(4) and (8)).
    Abstract: The Board has eliminated two items from the FR 2416, the 
large domestic bank series of the three voluntary weekly condition/bank 
credit reports. The FR 2416 is a detailed balance sheet report that is 
collected as of each Wednesday from a sample of about 128 large U.S.-
chartered commercial banks. All three reports, together with data from 
other sources, are used to construct weekly estimates of bank credit, 
sources and uses of bank funds, and a balance sheet for the banking 
system as a whole. These estimates also are used in constructing the 
bank credit component of the domestic non-financial debt aggregate 
monitored by the Federal Open Market Committee.
    The Board has eliminated two items, ``Commercial paper outstanding 
issued by related institutions of the reporting bank, issued through 
commercial paper brokers and dealers'' (Memorandum item 7.a) and 
``Commercial paper outstanding issued by related institutions of the 
reporting bank, issued directly'' (Memorandum item 7.b). The 
information collected in these two items is now obtained by the Federal 
Reserve from another source, eliminating the need to maintain them on 
the FR 2416. The revisions are effective immediately.
    2. Report title: Consolidated Financial Statements for Bank Holding 
Companies
Agency form numbers: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9CS
OMB control number: 7100-0128
Frequency: quarterly and semi-annual
Reporters: bank holding companies
Annual reporting hours: The change to the FR Y-9C is estimated to 
reduce the total annual reporting burden for these reports from 262,818 
hours to 261,361.
Estimated average hours per response: ranges from 5 to 1,250 hours
Number of respondents: 7,430
Small businesses are affected.
    General description of report: The information collection is 
mandatory (12 U.S.C. 1844(b) and (c) and 12 CFR 225.5(b)). Confidential 
treatment is not routinely given to the data in these reports. However, 
confidential treatment for the reporting information, in whole or in 
part, can be requested in accordance with the instructions to the form. 
Data reported on the FR Y-9C, Schedule HC-H, Column A, requiring 
information on ``assets past due 30 through 89 days and still 
accruing'' and memoranda item 2 are confidential pursuant to Section 
(b)(8) of the Freedom of Information Act 5 U.S.C. 552(b)(8).
    Abstract: The Board eliminated the reporting requirements of 
Schedule HC-J on the Consolidated Financial Statements for Bank Holding 
Companies (FR Y-9C) effective for the fourth quarter of 1997. The FR Y-
9C consists of standardized financial statements similar to the 
commercial bank Report of Condition and Income (FFIEC 031-034; OMB No. 
7100-0036). The FR Y-9C consolidated financial statements are currently 
filed by top-tier bank holding companies with total consolidated assets 
of $150 million or more and by lower-tier bank holding companies that 
have total consolidated assets of $1 billion or more. In addition, all 
multibank bank holding companies with debt outstanding to the general 
public or engaged in certain nonbank activities, regardless of size, 
must file the FR Y-9C.
    On August 27, 1997, the Board announced in the Federal Register\1\ 
modifications to the prudential limits or firewalls that currently 
apply to bank holding companies engaged in securities underwriting and 
dealing activities through section 20 subsidiaries; the modifications 
are effective October 31, 1997. The Board announced that as one of its 
modifications to the firewalls, it was eliminating the required capital 
deductions that related to the section 20 subsidiary in determining 
capital adequacy. The Board stated that ``the capital deductions (and 
resulting deconsolidation for regulatory capital purposes) are 
inconsistent with generally accepted accounting principles (GAAP) and 
have therefore created confusion and imposed costs by requiring bank 
holding companies to prepare financial statements on two bases.'' 
Therefore, the Board has granted prompt reporting relief to bank 
holding companies with section 20 subsidiaries by eliminating Schedule 
HC-J from the FR Y-9C effective with the December 31, 1997, reporting 
date.
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    \1\ 62 FR 45295 (1997).
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    Board of Governors of the Federal Reserve System, January 15, 
1998.
William W. Wiles,
Secretary of the Board.
 [FR Doc. 98-1353 Filed 1-20-98; 8:45 am]
BILLING CODE 6210-01-F