[Federal Register Volume 64, Number 172 (Tuesday, September 7, 1999)]
[Notices]
[Pages 48641-48643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23119]


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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.

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, NW, 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, NW. 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. 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.
    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:

[[Page 48642]]

    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 November 8, 1999.
    Discontinuation of the following report:
    1. Report title: Commercial Bank Report of Consumer Credit.
    Agency form number: FR 2571.
    OMB control number: 7100-0080.
    Effective Date: Mid-year 2000.
    Frequency: Monthly.
    Reporters: Commercial Banks.
    Annual reporting hours: 2,475 hours.
    Estimated average hours per response: 33 minutes.
    Number of respondents: 375 commercial banks.
Small businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a)(2)) and is given confidential treatment (5 
U.S.C. 552(b)(4)).
    Abstract: The FR 2571 collects information on outstanding consumer 
credit, by type, as of the last business day of the month, from a 
sample of commercial banks. This survey, however, has become less 
reliable in recent years. Sales of loan portfolios between banks inside 
and outside of the FR 2571 sample cause the estimated amount of 
consumer credit held or securitized by commercial banks to fluctuate 
sharply relative to that held or securitized by the commercial bank 
universe. Extensive ad hoc adjustments are often needed to keep the 
consumer credit data in what is believed to be a reasonable range. The 
accuracy of these adjustments is unknown until staff benchmark total 
commercial bank consumer credit to the quarterly Consolidated Reports 
of Condition and Income (Call Report; FFIEC 031-034).
    Current Actions: The Federal Reserve proposes to discontinue the FR 
2571, subject to approval of the proposal to extend, with revision, the 
bank credit reports: the Weekly Report of Assets and Liabilities for 
Large Banks (FR 2416), the Weekly Report of Selected Assets (FR 2644), 
and the Weekly Report of Assets and Liabilities for Large U.S. Branches 
and Agencies of Foreign Banks (FR 2069). In particular, this proposal 
is dependent on the addition of questions on revolving consumer loans 
and securitized total and revolving consumer loans to the bank credit 
reports.
    Proposals to approve under OMB delegated authority the extension 
for three years, with revision the following reports:
    1. Report title: Weekly Report of Assets and Liabilities for Large 
Banks.
    Agency form number: FR 2416.
    OMB control number: 7100-0075.
    Effective Date: Mid-June 2000.
    Frequency: Weekly.
    Reporters: U.S.-chartered commercial banks.
    Annual reporting hours: 18,850.
    Estimated average hours per response: 7.25 hours.
    Number of respondents: 50.
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225(a) and 248(a)(2)) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    2. Report title: Weekly Report of Selected Assets.
    Agency form number: FR 2644.
    OMB control number: 7100-0075.
    Effective Date: Mid-June 2000.
    Frequency: Weekly.
    Reporters: U.S.-chartered commercial banks.
    Annual reporting hours: 66,924.
    Estimated average hours per response: 1.17 hours.
    Number of respondents: 1,100.
Small businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225(a) and 248(a)(2)) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    3. Report title: Weekly Report of Assets and Liabilities for Large 
U.S. Branches and Agencies of Foreign Banks.
    Agency form number: FR 2069.
    OMB control number: 7100-0030.
    Effective Date: Mid-June 2000.
    Frequency: Weekly.
    Reporters: U.S. branches and agencies of foreign (non-U.S.) banks.
    Annual reporting hours: 27,891.
    Estimated average hours per response: 5.83.
    Number of respondents: 92.
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 3105(b)(2)) and is given confidential treatment (5 
U.S.C. 552(b)(4)).
    Abstract: The FR 2416 is a detailed, 43-item balance sheet that 
covers domestic offices of large U.S.-chartered commercial banks. The 
FR 2644 collects 11 items covering investments and loans plus total 
assets and three memorandum items, two that disaggregate total 
borrowings between bank and nonbank sources and one for mortgage-backed 
securities. The FR 2069 is a detailed, 28-item balance sheet that 
covers large U.S. branches and agencies of foreign banks. These reports 
are collected as of each Wednesday.
    These three voluntary reports are mainstays of the Federal 
Reserve's reporting system from which data for analysis of current 
banking developments are derived. The FR 2416 is used on a stand-alone 
basis as the ``large domestic bank series.'' The other two reports are 
samples for estimating outstandings for the universe, using data for 
benchmarks from the quarterly commercial bank Consolidated Reports of 
Condition and Income (FFIEC 031-034; OMB No. 7100-0036) and the Report 
of Assets and Liabilities of U.S. Branches and Agencies of Foreign 
Banks (FFIEC 002; OMB No.7100-0032) (Call Reports). All three reports, 
together with data from other sources, are used for constructing weekly 
estimates of bank credit, of sources and uses of bank funds, and of a 
balance sheet for the banking system as a whole. These estimates are 
used in constructing the bank credit component of the domestic 
nonfinancial debt aggregate.
    The Federal Reserve publishes the data in aggregate form in a 
statistical release that is followed closely by other government 
agencies, the banking industry, the financial press, and other users. 
This weekly H.8 statistical release, ``Assets and Liabilities of 
Commercial Banks in the United States,'' provides a balance sheet for 
the banking industry as a whole and disaggregated by its large 
domestic, small domestic, and foreign related components.
    Current Actions: Owing to substantial consolidation in the domestic 
banking industry since the last report renewal, a considerable shift 
from FR 2416 to FR 2644 panels would be required to maintain 
traditional large bank coverage. The Federal Reserve proposes reducing 
the authorized size of the FR 2416 panel. Several reporters currently 
on the branch and agency (FR 2069) panel would be dropped because most 
of their assets have been shifted to other reporters.
    The Federal Reserve proposes a net addition of three items to the 
FR 2416 and the FR 2644; these three items are currently reported on 
the monthly

[[Page 48643]]

Commercial Bank Survey of Consumer Credit (FR 2571; OMB No. 7100-0080). 
The Federal Reserve proposes to discontinue the FR 2571, contingent 
upon the addition of these items to the weekly condition/bank credit 
reports. The Federal Reserve also proposes to add a memorandum item to 
the FR 2416 and the FR 2069 and to clarify the FR 2416 and the FR 2644 
instructions for reporting derivatives.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, the following report:
    1. Report title: The Recordkeeping and Disclosure Requirements 
Associated with Loans Secured by Real Estate Located in Flood Hazard 
Areas Pursuant to Section 208.25 of Regulation H.
    Agency form number: unnum Reg H-2.
    OMB control number: 7100-0280.
    Frequency: Event-generated.
    Reporters: State Member Banks.
    Annual reporting hours: 58,885.
    Estimated average hours per response: Notice of special flood 
hazards to borrowers and servicers, Notice to FEMA of servicer, and 
Notice to FEMA of change of servicer: 5 minutes each; Retention of 
standard FEMA form: 2.5 minutes.
    Number of respondents: 988.
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 CFR 208.25). Since the Federal Reserve does not collect 
any information, no issue of confidentiality would normally arise. 
Should any of these records come into the possession of the Federal 
Reserve System, such information would be given confidential treatment 
(5 U.S.C. 552(b)(4) and (b)(6)).
    Abstract: The regulation requires the state member banks (SMBs) to 
notify a borrower and servicer when loans secured by real estate are 
determined to be in a special flood hazard area. The SMB must then 
notify the borrower and servicer whether flood insurance is available. 
If a loan secured by real estate is in a special flood hazard area, the 
SMB must notify the Federal Emergency Management Agency (FEMA) of the 
identity of, and any change of, the servicer of the loan. Lastly, the 
SMB must retain a copy of the Standard Flood Hazard Determination Form 
used to determine whether the property securing a loan is in a special 
flood hazard area.

    Board of Governors of the Federal Reserve System, August 31, 
1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-23119 Filed 9-3-99; 8:45 am]
BILLING CODE 6210-01-F