[Federal Register Volume 64, Number 15 (Monday, January 25, 1999)]
[Notices]
[Pages 3742-3743]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-1528]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

FEDERAL RESERVE SYSTEM

FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Joint Comment Request

AGENCIES: Office of the Comptroller of the Currency (OCC), Treasury; 
Board of Governors of the Federal Reserve System (Board); and Federal 
Deposit Insurance Corporation (FDIC).

ACTION: Submission for OMB review; joint comment request.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (44 U.S.C. 35), the OCC, Board, and FDIC hereby give notice 
that they plan to submit to the Office of Management and Budget (OMB) 
requests for review of an information collection titled the Report on 
Indebtedness of Executive Officers and Principal Shareholders and their 
Related Interests to Correspondent Banks (FFIEC 004). The OCC's title 
for this information collection is (MA)--Insider Transactions (12 CFR 
31).
    The OCC, the Board, and the FDIC (the agencies) 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.

DATES: Comments must be submitted on or before February 24, 1999.

ADDRESSES: Interested parties are invited to submit written comments to 
any or all of the agencies. All comments should refer to the OMB 
control number(s) and will be shared among the agencies.
    OCC: Written comments should be submitted to the Communications 
Division, Third Floor, Office of the Comptroller of the Currency, 250 E 
Street, S.W., Washington, D.C. 20219; Attention: Paperwork Docket No. 
1557-0070 (FAX number (202) 874-5274; Internet address: 
[email protected]). Comments will be available for inspection 
and photocopying at that address.
    Board: Written comments should be addressed to Ms. Jennifer J. 
Johnson, Secretary, Board of Governors of the Federal Reserve System, 
20th and C Streets, N.W., Washington, D.C. 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 261.12 of the Board's Rules 
Regarding Availability of Information, 12 CFR 261.12(a).
    FDIC: Written comments should be addressed to Robert E. Feldman, 
Executive Secretary, Attention: Comments/OES, Federal Deposit Insurance 
Corporation, 550 17th Street, N.W., Washington, D.C. 20429. Comments 
may be hand delivered to the guard station at the rear of the 550 17th 
Street Building (located on F Street), on business days between 7:00 
a.m. and 5:00 p.m. (Fax number: (202) 898-3838; Internet address: 
[email protected]). Comments may be inspected and photocopied in the 
FDIC Public Information Center, Room 100, 801 17th Street, N.W., 
Washington, D.C., between 9:00 a.m. and 4:30 p.m. on business days.
    A copy of the comments may also be submitted to the OMB desk 
officer for the agencies: Alexander Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, D.C. 20503.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
may be sent to:
    OCC: Jessie Gates, OCC Clearance Officer, or Camille Dixon, (202) 
874-5090, Legislative and Regulatory Activities Division, Office of the 
Comptroller of the Currency, 250 E Street, S.W., Washington, D.C. 
20219.
    Board: Mary M. McLaughlin, Chief, Financial Reports Section (202) 
452-3829, Division of Research and Statistics, Board of Governors of 
the Federal Reserve System, 20th and C Streets, N.W., Washington, D.C. 
20551. Telecommunications Device for the Deaf (TDD) users may contact 
Diane Jenkins, (202) 452-3544, Board of Governors of the Federal 
Reserve System, 20th and C Streets, N.W., Washington, D.C. 20551.
    FDIC: Steven F. Hanft, FDIC Clearance Officer, (202) 898-3907, 
Office of the Executive Secretary, Federal Deposit Insurance 
Corporation, 550 17th Street N.W., Washington, D.C. 20429.

SUPPLEMENTARY INFORMATION: Request for OMB approval to extend without 
revision, the following currently approved collection of information:
    Report Title: Board and FDIC: Report on Indebtedness of Executive 
Officers and Principal Shareholders and their Related Interests to 
Correspondent Banks. OCC: (MA)--Insider Transactions (12 CFR 31).
    Form Number: FFIEC 004.
    Frequency of Response: Annually (for executive officers and 
principal shareholders), and on occasion (for national, state member, 
and insured state nonmember banks).
    Affected Public: Individuals or households, business or other for-
profit.
    Type of Review: Extension of currently approved collection.

For OCC

    OMB Number: 1557-0070.
    Estimated Number of Respondents: 27,500 (25,000 executive officers 
and principal shareholders fulfilling recordkeeping burden, 2,500 
national banks fulfilling recordkeeping and disclosure burden).
    Estimated Time per Response: 2.95 hours.
    Estimated Total Annual Burden: 81,250 hours.

For Board

    OMB Number: 7100-0034.
    Estimated Number of Respondents: 4,955 (3,964 executive officers 
and principal shareholders fulfilling recordkeeping burden, 991 state 
member banks fulfilling recordkeeping and disclosure burden).

[[Page 3743]]

    Estimated Time per Response: 1.12 hours.
    Estimated Total Annual Burden: 5,551 hours.

For FDIC

    OMB Number: 3064-0023.
    Estimated Number of Respondents: 29,925 (23,940 executive officers 
and principal shareholders fulfilling recordkeeping burden, 5,985 
insured state nonmember banks fulfilling recordkeeping and disclosure 
burden).
    Estimated Time per Response: 1.8 hours.
    Estimated Total Annual Burden: 53,865 hours.
    Burden Note for all Agencies: The estimated time per response is an 
average which varies by agency because of differences in the sizes of 
banks under each agency's supervision, differences in the number of 
executive officers and principal shareholders subject to the 
recordkeeping requirements at banks of different sizes, and differences 
in the number of correspondent banks for banks of different sizes. 
Also, the time per response represents an average of (a) the 
recordkeeping requirements for executive officers and principal 
shareholders (which is estimated to range from 0.5 to 10 hours 
depending on individual circumstances); and (b) the recordkeeping and 
disclosure requirements for banks (which is estimated to range from 0.5 
to 25 hours depending on individual circumstances).
    General Description of Report: This information collection is 
mandatory: 12 U.S.C. 1972(2)(G) (all); 12 U.S.C. 93a, 12 U.S.C. 
1817(k), and 12 CFR part 31 (OCC); 12 U.S.C. 375(a)(6) and (10), 12 
U.S.C. 375(b)(10), and 12 CFR part 215 (Board); 12 CFR 304.5(e), 12 CFR 
349.3, and 12 CFR 349.4 (FDIC).
    Abstract: Executive officers and principal shareholders of insured 
banks must file with the bank the information contained in the FFIEC 
004 report on their indebtedness and that of their related interests to 
correspondent banks. Banks must retain these reports or reports 
containing similar information and fulfill other recordkeeping 
requirements, such as furnishing annually a list of their correspondent 
banks to their executive officers and principal shareholders. Banks 
also have certain disclosure requirements for this information 
collection. On July 1, 1998, the three agencies jointly published a 
notice in the Federal Register (63 FR 36034) inviting comment on the 
extension of this collection of information, with no proposed changes.
    Current Actions: The agencies received comments from four banking 
organizations on the extension of this collection of information. Most 
of the commenters suggested changes to the information that executive 
officers and principal shareholders must provide in the FFIEC 004 
report. However, several of these suggestions are inconsistent with 
certain requirements of the Board's Regulation O (12 CFR part 215), 
``Loans to Executive Officers, Directors, and Principal Shareholders of 
Member Banks,'' 12 CFR part 349 of the FDIC's regulations, or statutes. 
The agencies will review their regulations to determine whether any of 
the suggested changes are consistent with the statute and with safety 
and soundness and, therefore, should be proposed. If so, corresponding 
changes to the FFIEC 004 would be proposed. The agencies note that the 
information required by Regulation O and Part 349 may be submitted in 
any format and does not have to be completed on this particular form.
    One commenter suggested that the term ``Maximum Amount of 
Indebtedness Outstanding'' be clarified as it applies to lines of 
credit. For lines of credit, the ``Maximum Amount of Indebtedness 
Outstanding'' includes the full amount of the line of credit granted, 
not the amount actually borrowed against the line.
    Comments: Comments are invited on:
    (a) Whether the collections of information are necessary for the 
proper performance of the agencies' functions, including whether the 
information has practical utility;
    (b) The accuracy of the agencies' estimates of the burden of the 
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;
    (d) Ways to minimize the burden of the collections on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: January 12, 1999.
Mark J. Tenhundfeld,
Assistant Director, Legislative and Regulatory Activities Division, 
Office of the Comptroller of the Currency.

    Board of Governors of the Federal Reserve System, January 19, 
1998.
Jennifer J. Johnson,
Secretary of the Board.

    Dated at Washington, D.C., this 22 day of December, 1998.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 99-1528 Filed 1-22-99; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P and 6714-01-P