[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]


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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)

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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