[Federal Register Volume 64, Number 223 (Friday, November 19, 1999)]
[Notices]
[Pages 63319-63320]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-30182]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY:
    Background. Notice is hereby given of the final approval of 
proposed information collection(s) by the Board of Governors of the 
Federal Reserve System (Board) under OMB delegated authority, as per 5 
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). 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.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. West--Division of Research 
and Statistics, Board of Governors of the Federal Reserve System, 
Washington, DC 20551 (202-452-3829); OMB Desk Officer--Alexander T. 
Hunt--Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 3208, 
Washington, DC 20503 (202-395-7860).
    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 will discontinue the FR 2571as 
of mid-year 2000. Questions on revolving consumer loans and securitized 
total and revolving consumer loans were added to 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).
    Final approval under OMB delegated authority of the extension for 
three years, with revision of 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.Secs.  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.Secs.  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

[[Page 63320]]

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: Effective mid-June 2000, the Federal Reserve will 
reduce the authorized size of the FR 2416 panel. Several reporters 
currently on the branch and agency (FR 2069) panel will be dropped 
because most of their assets have been shifted to other reporters.
    The Federal Reserve will have a net addition of three items to the 
FR 2416 and the FR 2644; these three items were reported on the monthly 
Commercial Bank Survey of Consumer Credit (FR 2571; OMB No. 7100-0080). 
The Federal Reserve is discontinuing the FR 2571, which was contingent 
upon the addition of these items to the weekly condition/bank credit 
reports. The Federal Reserve also will add a memorandum item to the FR 
2416 and the FR 2069 and clarify the FR 2416 and the FR 2644 
instructions for reporting derivatives.
    Final approval under OMB delegated authority of the extension for 
three years, without revision of the following reports:
    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, November 15, 
1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-30182 Filed 11-18-99; 8:45am]
Billing Code 6210-01-F