[Federal Register Volume 64, Number 130 (Thursday, July 8, 1999)]
[Notices]
[Pages 36873-36874]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17267]


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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 proposal.
    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 collections on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.
    Effective Date: Comments must be submitted on or before September 
7, 1999.
FOR FURTHER INFORMATION CONTACT: 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.
    A copy of the proposed forms and instructions, the Paperwork 
Reduction Act Submission (OMB 83-I), supporting statements, 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. West, 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 revisions, of the following reports:
    1. Report title: Applications for Subscription to, Adjustment in 
Holding of, and Cancellation of Federal Reserve Bank Stock.
    Agency form numbers: FR 2030, 2030a, 2056, 2086, 2086a, 2086b, and 
2087.
    OMB control number: 7100-0042.
    Frequency: On occasion.
    Reporters: National, State Member, and Nonmember Banks.
    Annual reporting hours: 952 (FR 2030: 47; FR 2030a: 13; FR 2056: 
860; FR 2086: 1; FR 2086a: 30; FR 2087: 1).
    Estimated average hours per response: 0.5 (for each form).
    Number of respondents: 1,901 (FR 2030: 93; FR 2030a: 26; FR 2056: 
1,719; FR 2086: 2; FR 2086a: 60; FR 2087: 1).
Small businesses are affected.
    General description of report: This information collection is 
mandatory [12 U.S.C. Secs.  222, 248, 282, 287, 288, and 321 and 12 
C.F.R. Secs.  209.1, 209.3, 209.5(b), 209.7, and 209.8]. Upon request 
from an applicant, certain information may be given confidential 
treatment pursuant to the Freedom of Information Act (5 U.S.C. Secs.  
552(b)(4) and (6)).
    Abstract: These applications must be submitted to Federal Reserve 
Banks by organizing and existing member commercial banks requesting the 
issuance, adjustment, or cancellation of Federal Reserve Bank stock. 
National banks, chartered by the Comptroller of the Currency, are 
required to become members of the Federal Reserve System. State-
chartered commercial banks may elect to become members if they meet the 
requirements established by the Board of Governors of the Federal 
Reserve System. When a bank receives approval for membership in the 
Federal Reserve System, the bank agrees to certain conditions of 
membership which are contained in an approval letter sent to the bank 
by the Federal Reserve Bank in the District where the bank is located. 
In addition to the conditions of membership, the bank also is advised 
by

[[Page 36874]]

the Reserve Bank that it must subscribe to the capital stock of the 
Federal Reserve Bank of its District in an amount equal to 6 percent of 
the bank's paid-up capital and surplus, including reserve for dividends 
payable in common stock, pursuant to Section 5 of the Federal Reserve 
Act and Regulation I. However, the bank is required to make payment for 
only 50 percent of the subscription, which is recorded as paid-in 
capital on the Reserve Bank's balance sheet. The remaining 50 percent 
is subject to call by the Board of Governors of the Federal Reserve 
System. On December 31, 1998, there were 3,401 Federal Reserve member 
banks, and their consolidated paid-in capital at the twelve Federal 
Reserve Banks was $5.6 billion.
    These applications are necessary in order to obtain account data on 
the bank's capital and surplus and to document its request to increase 
or decrease its holdings of Federal Reserve Bank stock. Another purpose 
of the applications is to verify that a request has been duly 
authorized and to prevent unauthorized requests for issuance or 
cancellation of Federal Reserve Bank stock.
    Current Actions: The most significant changes would be (1) revising 
the items included in the capital stock and surplus section on the FR 
2056, (2) combining the FR 2086a and FR 2086b, and (3) adding an 
optional field to each of the applications for the institution's ABA 
number. On the FR 2056, the capital and surplus would be reported as 
shown on the institution's most recent Report of Condition (instead of 
on the date of the application). Also, the capital stock section would 
include common stock, preferred stock (including sinking fund preferred 
stock), and paid-in surplus less the aggregate of retained earnings, 
gains(losses) on securities available-for-sale, and foreign currency 
translation gains or losses, if such aggregate is a deficit. Finally, 
information on ``reserve for dividends payable in common stock'' would 
be deleted.
    The FR 2086a would be used for all member banks converting or 
merging into nonmember banks. This application would now include 
national banks converting into nonmember banks and therefore the FR 
2086b application would be eliminated.
    The Certificate of Issuance of Federal Reserve Bank Stock would be 
eliminated from the FR 2030, FR 2030a, and FR 2056 applications and the 
Certificate of Cancellation of Federal Reserve Bank stock would be 
eliminated from the FR 2056, FR 2086, FR 2086a, and FR 2087 
applications. Also, minor clarifications would be made to all of the 
applications to improve consistency and make filing of the applications 
more expeditious and user-friendly.
    2. Report title: Applications for Membership in the Federal Reserve 
System.
    Agency form numbers: FR 2083, 2083A-2083E.
    OMB control number: 7100-0046.
    Frequency: On occasion.
    Reporters: Commercial banks and certain mutual savings banks.
    Annual reporting hours: 2,805 burden hours.
    Estimated average hours per response: 35.5 hours.
    Number of respondents: 79.
Small businesses are affected.
    General description of report: This information collection is 
required [12 U.S.C. Secs.  321, 322 and 333]. The information in the 
application is not confidential; however, parts may be given 
confidential treatment at the applicant's request [5 U.S.C. Sec.  
552(b)(4)].
    Abstract: The application for membership is a required one-time 
submission, pursuant to Section 9 of the Federal Reserve Act, that 
collects the information necessary for the Federal Reserve Board to 
evaluate the statutory criteria for admission of a new or existing bank 
to membership in the Federal Reserve System. This application provides 
managerial, financial, and structural data.
    Current Actions: The Federal Reserve proposes to (1) revise the 
application to conform with changes to Regulation H, (2) combine the FR 
2083B, C, and D, which are filed by mutual savings banks, into one 
application and (3) replace Section IV of the application with a 
reference to the Interagency Biographical and Financial Report (FR 
2081c; OMB No. 7100-0134).
    With respect to the Regulation H changes, the instructions would be 
revised as follows: the ``Preparation of Application'' section would be 
updated regarding examination and Reserve Bank consultation and would 
define those institutions that qualify for expedited treatment and the 
``Public Notification'' section would be eliminated. On the FR 2083E, 
which would be renamed the FR 2083C, references to capital stock would 
be revised to capital stock and surplus. Capital stock and surplus 
includes Tier 1 and Tier 2 capital, as calculated under the risk-based 
capital guidelines, plus any allowance for loan and lease losses not 
already included in Tier 2 capital.
    The FR 2083B, C, and D would be combined in an effort to streamline 
the applications and Section IV would be replaced with FR 2081c for 
consistency purposed. Also, the Federal Reserve would incorporate 
several formatting changes to all of the applications to improve 
consistency and clarify the information to be reported.

    Board of Governors of the Federal Reserve System, July 1, 1999.
 Jennifer J. Johnson,
 Secretary of the Board.
[FR Doc. 99-17267 Filed 7-7-99; 8:45am]
Billing Code 6210-01-F