[Federal Register Volume 63, Number 245 (Tuesday, December 22, 1998)]
[Notices]
[Pages 70773-70774]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-33846]


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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 collections 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 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 [insert date 60 days 
from publication in the Federal Register].
    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, without revision, of the following report:
1. Report title: Report of Net Debit Cap
    Agency form number: FR 2226
    OMB control number: 7100-0217
    Frequency: annual
    Reporters: depository institutions, Edge and agreement 
corporations, U.S. branches and agencies of foreign banks
    Annual reporting hours: 2,160
    Estimated average hours per response: 1.0
    Number of respondents: 2,160
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(i), 248-l, and 464) and is

[[Page 70774]]

given confidential treatment (5 U.S.C. 552 (b)(4)).
    Abstract: The Federal Reserve's payment system risk reduction 
policy relies in part on the efforts of individual institutions to 
identify, control, and reduce their exposure. Institutions that incur 
daylight overdrafts in their Federal Reserve accounts and wish to 
establish a capacity for overdrafts greater than that afforded by an 
exempt cap, or that use interaffiliate transfer arrangements, submit 
the FR 2226 resolutions.
    Proposal to approve under OMB delegated authority the extension for 
three years, with minor revision, of the following reports:
1. Report title: Annual Daylight Overdraft Capital Report for U.S. 
Branches and Agencies of Foreign Banks
    Agency form number: FR 2225
    OMB control number: 7100-0216
    Frequency: annual
    Reporters: foreign banks with U.S. branches or agencies
    Annual reporting hours: 50
    Estimated average hours per response: 1.0
    Number of respondents: 50
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(i), 248-l, and 464) and is not given 
confidential treatment.
    Abstract: This report was implemented in March 1986 as part of the 
procedures used to administer the Federal Reserve's Payments System 
Risk Policy. Foreign banks with U.S. branches or agencies have the 
option of filing the FR 2225 to provide the Federal Reserve with their 
parent bank's worldwide capital figure. A percentage of this figure is 
used in place of publicly available data to calculate the bank's 
daylight overdraft limit. Because the FR 2225 data are based on the 
capital of the worldwide bank, not just its United States offices, 
foreign banks seeking to maximize their daylight overdraft limit may 
find it advantageous to file the FR 2225.
    Currently the FR 2225 data are treated as confidential. Because 
much of the data reported by respondents is publicly available, 
however, the Federal Reserve has determined upon review that it does 
not have the authority to treat all reports filed as confidential. The 
Federal Reserve proposes to change the confidentiality statement on the 
form to a question to provide respondents an opportunity to request 
confidentiality treatment for any portion of the report.
    2. Report titles: Registration Statement for Persons Who Extend 
Credit Secured by Margin Stock (Other than Banks, Brokers, or Dealers);
    Deregistration Statement for Persons Registered Pursuant to 
Regulation U;
    Statement of Purpose for an Extension of Credit Secured by Margin 
Stock by a Person Subject to Registration Under Regulation U;
    Annual Report;
    Statement of Purpose for an Extension of Credit by a Creditor;
    Statement of Purpose for an Extension of Credit Secured by Margin 
Stock
    Agency form numbers: FR G-1, FR G-2, FR G-3, FR G-4, FR T-4, FR U-1
    OMB control numbers:
    7100-0011: FR G-1, FR G-2, FR G-4
    7100-0018: FR G-3
    7100-0019: FR T-4
    7100-0115: FR U-1
    Frequency:
     FR G-1, FR G-2, FR G-3, FR T-4, FR U-1: on occasion
    FR G-4: annual
    Reporters: individuals and businesses
    Annual reporting hours: 1,688 reporting; 254,032 recordkeeping
    Estimated average hours per response:
    FR G-1: 2.5
    FR G-2: 15 minutes
    FR G-3: 10 minutes
    FR G-4: 2.0
    FR T-4: 10 minutes
    FR U-1: 10 minutes
    Number of respondents:
    FR G-1: 96
    FR G-2: 71
    FR G-3: 810
    FR G-4: 715
    FR T-4: 125
    FR U-1: 6,971
Small businesses are affected.
    General description of reports: This information collection is 
mandatory (FR G-1, FR G-3, FR G-4, FR T-4, FR U-1) or required to 
obtain a benefit (FR G-2) (15 U.S.C. 78g and 78w). The information in 
the FR G-1 and FR G-4 is given confidential treatment (5 U.S.C. 552 
(b)(4)). The FR G-2 does not contain confidential information. The FR 
G-3, FR T-4, and FR U-1 are not submitted to the Federal Reserve and, 
as such, no issue of confidentiality arises.
    Abstract: The Securities Exchange Act of 1934 authorizes the 
Federal Reserve to regulate securities credit issued by banks, brokers 
and dealers, and other lenders. The purpose statements, FR U-1, FR T-4, 
and FR G-3, are recordkeeping requirements for banks, brokers and 
dealers, and other lenders, respectively, to document the purpose of 
their loans secured by margin stock. Other lenders also must register 
and deregister with the Federal Reserve using the FR G-1 and FR G-2, 
respectively, and must file an annual report (FR G-4). The Federal 
Reserve uses the data to identify lenders subject to Regulation U 
(which now incorporates Regulation G), to verify compliance with 
Regulations T, U, and X, and to monitor margin credit.
    The proposed revisions would update the reports for recent 
modifications in the applicable regulations. The Federal Reserve 
amended Regulations G, T, U, and X effective April 1, 1998, to reflect 
changes in the Federal Reserve's statutory authority made by the 
National Securities Markets Improvement Act of 1996. None of the 
modifications result in substantive changes in the information 
collections.
    Board of Governors of the Federal Reserve System, December 16, 
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-33846 Filed 12-21-98; 8:45AM]
Billing Code 6210-01-F