[Federal Register Volume 63, Number 110 (Tuesday, June 9, 1998)] [Notices] [Pages 31475-31477] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 98-15273] ======================================================================= ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Proposed Collection; Comment Request AGENCY: Board of Governors of the Federal Reserve System SUMMARY: 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. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the OMB 83-Is and supporting statements and approved collection of information instruments are placed into OMB's public docket files. 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. Request for comment on information collection proposals. 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 collections, 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 collections of information are 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 collections, 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 10, 1998. ADDRESSES: Comments, which should refer to the OMB control number or agency form number, should be addressed to Jennifer J. Johnson, 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 261.14 of the Board's Rules Regarding Availability of Information, 12 CFR 261.14(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 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 report: 1. Report title: Bank Holding Company Report of Changes in Investments and Activities Agency form number: FR Y-6A OMB control number: 7100-0124 Frequency: on occasion Reporters: bank holding companies Annual reporting hours: 9,233 Estimated average hours per response: 0.85 Number of respondents: 2,263 Small businesses are not affected. General description of report: This information collection is mandatory (12 U.S.C. 1844(b) and (c)) and is not routinely given confidential treatment. However, confidential treatment for the report information can be requested, in whole or part, in accordance with the instructions to the form. Abstract: The Bank Holding Company Report of Changes in Investments and Activities is an event-generated report filed by top-tier bank holding companies to report changes in regulated investments and activities made pursuant to the Bank Holding Company Act and Regulation Y. The report collects information relating to acquisitions, divestitures, changes in activities, and legal authority. The number of FR Y-6As submitted varies depending on the reportable activity engaged in by each bank holding company. The Federal Reserve proposes the following revisions to the FR Y- 6A: (1) [[Page 31476]] simplify the method in which investments are reported to provide only one legal code for the forty-six exempt nonbank activities permissible under Section 4(c)8 of the Bank Holding Company Act, eliminating 45 codes; (2) remove the regulatory provision field from the Investments/ Activities Schedule and add a new field to this schedule to capture the accounting method used (``Pooling of Interest'' or ``Purchase or Assumption'') for mergers when the survivor is a bank; (3) make minor formatting changes to the cover page and the Investments/Activities Schedule; and (4) clarify the instructions for reporting general partnerships, limited partnerships, and non-voting equity investments. Proposal to approve under OMB delegated authority the extension for three years, without revision, of the following reports: 1. Report title: Report of Foreign (Non-U.S.) Currency Deposits Agency form number: FR 2915 OMB control number: 7100-0237 Frequency: quarterly Reporters: depository institutions Annual reporting hours: 390 Estimated average hours per response: 0.5 Number of respondents: 195 Small businesses are affected. General description of report: This information collection is mandatory (12 U.S.C. 248(a)(2) and 3105(b)(2)) and is given confidential treatment (5 U.S.C. 552(b)(4)). Abstract: The FR 2915 collects weekly averages of the amounts outstanding for foreign (non-U.S.) currency deposits held at U.S. offices of depository institutions, converted to U.S. dollars and included in the FR 2900 (OMB No. 7100-0087), the principal deposits report that is used for the calculation of required reserves and for the construction of the monetary aggregates. Foreign currency deposits are subject to reserve requirements and, therefore, are included in the FR 2900. However, foreign currency deposits are not included in the monetary aggregates. The FR 2915 data are used to back foreign currency deposits out of the FR 2900 data for construction and interpretation of the monetary aggregates. The FR 2915 data also are used to monitor the volume of foreign currency deposits. 2. Report title: Written Security Program for State Member Banks Agency form number: FR 4004 OMB control number: 7100-0112 Frequency: on occasion Reporters: state member banks Annual reporting hours: 47 Estimated average hours per response: 0.5 Number of respondents: 94 Small businesses are affected. General description of report: This recordkeeping requirement is mandatory (12 U.S.C. 1882, 248(a)(1), and 325). Because written security programs are maintained at state member banks, no issue of confidentiality under the Freedom of Information Act arises. Abstract: The FR 4004 information collection is a recordkeeping requirement contained in the Board's Regulation P (12 CFR 216), which implements the Bank Protection Act of 1968. Each state member bank must develop and implement a written security program and maintain it in the bank's records. There is no formal reporting form and the information is not submitted to the Federal Reserve. 3. Report title: Annual Report on Status of Disposition of Assets Acquired in Satisfaction of Debts Previously Contracted Agency form number: FR 4006 OMB control number: 7100-0129 Frequency: annual Reporters: bank holding companies Annual reporting hours: 3,000 Estimated average hours per response: 5 Number of respondents: 600 Small businesses are affected. General description of report: This information collection is mandatory (12 U.S.C. 1842(a), 1843(c)(2), and 1844(c)) and may be given confidential treatment upon request (5 U.S.C. 552(b)(4)). Abstract: Bank holding companies that have acquired assets or shares through foreclosure in the ordinary course of collecting a debt previously contracted are required to submit the report for assets or shares that have been held beyond two years from the acquisition date. The report does not have a required format; bank holding companies submit the information in a letter. The letter contains information on the progress made to dispose of such assets or shares and allows the bank holding company to request an extension of time for holding such assets or shares. 4. Report title: Notice of Branch Closure Agency form number: FR 4031 OMB control number: 7100-0264 Frequency: on occasion Reporters: state member banks Annual reporting hours: 783 Estimated average hours per response: reporting: 2; disclosure: 1; recordkeeping: 8 Number of respondents: reporting and disclosure: 226; recordkeeping: 13 Small businesses are affected. General description of report: This information collection is mandatory (12 U.S.C. 1831r-1) and may be given confidential treatment upon request (5 U.S.C. 552(b)(4)). Abstract: These reporting, recordkeeping, and disclosure requirements regarding the closing of any branch of an insured depository institution are imposed by section 228 of the Federal Deposit Insurance Corporation Improvement Act of 1991. There is no reporting form associated with the reporting portion of this information collection; state member banks notify the Federal Reserve by letter prior to closing a branch. The Federal Reserve uses the information to fulfill its statutory obligation to supervise state member banks. 5. Report title: Survey to Obtain Information on the Relevant Market in Individual Merger Cases Agency form number: FR 2060 OMB control number: 7100-0232 Frequency: on occasion Reporters: small businesses and consumers Annual reporting hours: 55 hours Estimated average hours per response: 10 minutes for small businesses, 6 minutes for consumers Number of respondents: 25 small businesses and 50 consumers per survey Small businesses are affected. General description of report: This information collection is voluntary (12 U.S.C. 1817(j), 1828(c), and 1841 et seq.) and is given confidential treatment (5 U.S.C. 552(b)(4) and (b)(6)). Abstract: This telephone survey is designed to determine from what sources small businesses and consumers obtain financial services. The information is needed for specific merger and acquisition applications to determine relevant banking markets in the analysis of local market competition. Proposal to approve under OMB delegated authority the implementation of the following report: 1. Report title: Selected Balance Sheet Items for Discount Window Borrowers Agency form number: FR 2046 OMB control number: 7100-0289 Frequency: on occasion Reporters: depository institutions Annual reporting hours: 3,091 Estimated average hours per response: .75 hours for adjustment or extended credit borrowers; .25 hours for seasonal credit borrowers Number of respondents: 424 adjustment credit borrowers and 316 seasonal credit borrowers, based on 1996 borrowing. There was no extended credit borrowing during 1996, which was representative of most recent years. Small businesses are affected. General description of report: This information collection is mandatory (12 [[Page 31477]] U.S.C. Secs. 347b and 248(a)(2) and (i)) and is given confidential treatment (5 Sec. U.S.C. 552(b)(4)). Abstract: The Federal Reserve's Regulation A, ``Extensions of Credit by Federal Reserve Banks,'' (12 CFR 201) requires that Reserve Banks review balance sheet data in order to guard against inappropriate discount window borrowing situations. Currently, borrowers are requested to report certain balance sheet data for a period that encompasses the dates of borrowing. There is considerable variation across Districts in the specific data elements collected, in the time periods for which data are requested, and in the formats in which data are reported. The proposed FR 2046 would standardize these aspects of data collection across Reserve Banks. Board of Governors of the Federal Reserve System, June 3, 1998. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 98-15273 Filed 6-8-98; 8:45AM] Billing Code 6210-01-F