[Federal Register Volume 65, Number 98 (Friday, May 19, 2000)]
[Notices]
[Pages 31912-31916]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-12589]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System.

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 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 July 18, 2000.

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 mailed electronically to 
[email protected]. Comments addressed to Ms. Johnson 
also may be 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.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Reports

    1. Report title: Monthly Survey of Industrial Electricity Use.
    Agency form number: FR 2009.
    OMB control number: 7100-0057.
    Frequency: Monthly.
    Reporters: FR 2009a/c: Electric utility companies; FR 2009b: 
Cogenerators.
    Annual reporting hours: FR 2009a/c: 2,196 hours; FR 2009c: 1,188 
hours.
    Estimated average hours per response: FR 2009a/c: 1 hour; FR 2009b: 
30 minutes.
    Number of respondents: FR 2009a/c: 183; FR 2009b: 198. Small 
businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, 353 et seq., and 461) and individual 
respondent data are given confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The survey collects information on the volume of electric 
power delivered during the month to classes of industrial customers. 
Currently, there are two versions of the survey: the FR 2009a, collects 
information from electric utilities, the FR 2009b collects information 
from manufacturing and mining facilities that generate electric power 
for their own use.
    Current Actions: During the next two years the industrial output 
index will be revised to reflect the new North American Industry 
Classification System (NAICS). The published series will be categorized 
under the NAICS codes instead of the current Standard Industrial 
Classification (SIC) codes. To facilitate this transition process, the 
Federal Reserve will ask utilities to reclassify their customers using 
the new codes. The FR 2009c has been created in the NAICS format for 
use by respondents that have made the

[[Page 31913]]

transition from SIC to NAICS codes. The FR 2009a would be completed by 
only the respondents that choose to report SIC codes. This approach 
would not impose any added burden on the respondents. The Federal 
Reserve also proposes to eliminate the FR 2009a after the two-year 
transition period.
    2. Report title: The Bank Holding Company Report of Insured 
Depository Institutions' Section 23A Transactions with Affiliates.
    Agency form number: FR Y-8.
    OMB control number: 7100-0126.
    Frequency: Quarterly.
    Reporters: Bank holding companies, financial holding companies.
    Annual reporting hours: 169,027 hours.
    Estimated average hours per response: 7.2 hours.
    Number of respondents: 5,869.
    Small businesses are not affected.
    General description of report: This information collection is 
authorized by section 5(c) of the Bank Holding Company Act (12 U.S.C. 
1844(c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is 
given confidential treatment pursuant to the Freedom of Information Act 
(5 U.S.C. 552(b)(4) and (8)).
    Abstract: The FR Y-8 collects information on the movement of funds 
between a domestic bank holding company and its subsidiaries in order 
to identify broad categories of intercompany transactions and balances 
that may affect the financial condition of the subsidiary bank. The 
report also collects information on income recognized by subsidiary 
banks from other bank holding company members as well as information on 
credit extended by subsidiary banks to other bank holding company 
members. Domestic top-tier bank holding companies with assets of $300 
million or more are required to file the FR Y-8 on a semiannual basis 
(June and December). Also, interim reporting is currently required 
within ten calendar days of certain large asset transfers. The Federal 
Reserve proposes to delete the current information on the FR Y-8 and 
collect fourteen items of information on Section 23A covered 
transactions.
    Current actions: On September 21, 1999, a Federal Register notice 
(64 FR 51121) was issued for public comment to completely revise the FR 
Y-8 to enhance the Federal Reserve's ability to monitor bank exposures 
to affiliates and to ensure compliance with section 23A of the Federal 
Reserve Act. Specifically, the initial proposal would have required 
bank holding companies to report quarterly, for each of their 
subsidiary banks, four items of information on covered transactions 
under section 23A. Domestic financial top-tier bank holding companies 
would be required to provide information on an individual-bank-basis 
for each of their insured depository institutions. The interim report 
would be eliminated. After this proposal was issued, the enactment of 
the Gramm-Leach-Bliley Act (GLBA) of 1999 increased the importance of 
section 23A of the Federal Reserve Act and revised the requirements of 
section 23A. These changes required revisions to the initial proposal.
    The GLBA expands the coverage of section 23A to include a new 
entity, the financial subsidiary, as an affiliate of the insured 
depository institution. In addition, GLBA applied additional section 
23A limits to certain transactions between insured depository 
institutions, their affiliates, and their financial subsidiaries that 
engage in the new banking powers. The revised FR Y-8 report will retain 
the four items initially proposed. However, the Federal Reserve also 
proposes to collect additional items that would be completed only by 
bank holding companies that have insured depository institutions that 
own financial subsidiaries. These additional items are necessary to 
adequately assess the different section 23A limits that apply to 
institutions with and without financial subsidiaries.
    Based on the revisions to section 23A, the Federal Reserve proposes 
that all bank holding companies, including financial holding companies, 
report for their insured depository institutions the following four 
items, which were part of the original proposal: For all covered 
transactions subject to section 23A's collateral requirements, holding 
companies would report for each of their insured depository 
institutions (a) the outstanding amount of such transactions as of the 
report date and (b) the maximum amount of such transactions during the 
calendar quarter ending with the report date. For covered transactions 
not subject to the collateral requirements, holding companies would 
likewise report for each of their insured depository institutions (a) 
the outstanding amount of such transactions as of the report date and 
(b) the maximum amount of such transactions during the calendar quarter 
ending with the report date. All transactions between insured 
depository institutions and financial subsidiaries would be excluded 
from these four items.
    In addition, holding companies engaged in new powers through 
financial subsidiaries would report ten additional items on covered 
transactions between the insured depository institution and financial 
subsidiaries and between the affiliates of the insured depository 
institution and the financial subsidiaries. For all covered 
transactions subject to section 23A's collateral requirements between 
the insured depository institution and financial subsidiaries, holding 
companies would report for each of their insured depository 
institutions (a) the outstanding amount of such transactions as of the 
report date and (b) the maximum amount of such transactions during the 
calendar quarter ending with the report date. For all covered 
transactions not subject to section 23A's collateral requirements 
between the insured depository institution and financial subsidiaries, 
holding companies would report for each of their insured depository 
institutions (a) the outstanding amount of such transactions as of the 
report date and (b) the maximum amount of such transactions during the 
calendar quarter ending with the report date. For purchase of, or 
investment in, securities issued by the financial subsidiaries of the 
insured depository institution by the insured depository institution, 
the holding company would report the outstanding amount of (a) equity 
securities as of the report date and (b) debt securities as of the 
report date. For purchase of, or investment in, securities issued by 
the financial subsidiaries of the insured depository institution by the 
affiliates of the insured depository institution, the financial holding 
company would report the outstanding amount of (a) equity securities as 
of the report date and (b) debt securities as of the report date. For 
loans and other extensions of credit by affiliates of the insured 
depository institution to the financial subsidiaries of the insured 
depository institution, the holding company would report (a) the 
outstanding amount of such transactions as of the report date and (b) 
the maximum amount of such transactions during the calendar quarter 
ending with the report date.
    In order to monitor the amount of covered transactions that an 
insured depository institution has with financial subsidiaries, the 
Federal Reserve believes that it is necessary to distinguish those 
covered transactions from covered transactions the insured depository 
institution has with other affiliates of the holding company. The 
additional items on investments in and extensions of credit to 
financial subsidiaries will provide the information needed to determine 
whether the insured depository institution is evading the limits on

[[Page 31914]]

transactions with their financial subsidiaries.
    The comment period ended on November 22, 1999, and the Federal 
Reserve received public comments from twelve bank holding companies on 
the initially proposed revisions to the FR Y-8. Respondents suggested 
the following four alternatives for reducing burden: Collect the 
proposed items on the commercial bank or bank holding company quarterly 
financial statements or through the examination process, eliminate the 
reporting of the maximum aggregate amounts outstanding during the 
quarter, exempt institutions from reporting based upon an asset size, 
and exempt institutions with no affiliates or covered transactions from 
reporting.
    In response to public comments received in 1999 on the initially 
proposed revisions, the Federal Reserve also proposes to add a 
declaration page and two check boxes to the reporting form to reduce 
reporting burden. The proposed declaration page and check boxes will 
alleviate reporting burden by exempting certain insured depository 
institutions from completing all of the proposed report items.
    Section 23A of the Federal Reserve Act is one of the most important 
statutes protecting the federal safety net by limiting exposures of the 
insured depository institutions to affiliates. GLBA has elevated the 
importance of Section 23A and the need to collect information to 
monitor bank exposures to affiliates. The Federal Reserve strongly 
believes that a separate report collected on an individual insured 
depository institution basis for all insured depository institutions 
that are owned by the bank holding company is necessary to monitor 
compliance with section 23A. The information requested at the end of 
each reporting period as well as the maximum amount during the period 
should be available and not significantly burdensome to report because 
insured depository institutions already should, on an ongoing basis, be 
continuously monitoring their section 23A covered transaction exposures 
to ensure compliance with the statute.
    The proposed revised report would become effective with the 
September 30, 2000, reporting date.
    3. Report title: Daily Advance Report of Deposits.
    Agency form number: FR 2000.
    OMB control number: 7100-0087.
    Frequency: Weekly.
    Reporters: Depository institutions.
    Annual reporting hours: 24,960 hours.
    Estimated average hours per response: 36 minutes.
    Number of respondents: 160. Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a) and 461) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: This advance report is commonly referred to as the 
Markstat D. The Markstat D report collects selected deposit and vault 
cash data for the most recent reporting week from a sample of large 
commercial banks and thrifts before such data become available for the 
universe of all FR 2900 weekly reporters. At present, ten data items (a 
subset of those on the FR 2900) are collected on the report. The 
advance report is used in the construction of preliminary estimates of 
the monetary aggregates for the week just ending.
    Current actions: The Federal Reserve proposes dropping three items 
from the FR 2000 and reducing the authorized panel size from 186 to 160 
institutions. The elimination of the three reporting items and the 
reduction of the authorized panel size would reduce reporting burden by 
15,662 hours.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Reports

    1. Report titles: Quarterly Report of Interest Rates on Selected 
Direct Consumer Installment Loans; Quarterly Report of Credit Card 
Plans.
    Agency form numbers: FR 2835; FR 2835a.
    OMB control number: 7100-0085.
    Frequency: Quarterly.
    Reporters: Commercial banks.
    Annual reporting hours: FR 2835: 90 hours; FR 2835a: 200 hours.
    Estimated average hours per response: FR 2835: 9 minutes; FR 2835a: 
30 minutes.
    Number of respondents: FR 2835: 150; FR 2835a: 100. Small 
businesses are not affected.
    General description of report: These information collections are 
voluntary (12 U.S.C. 248(a)(2)). The FR 2835a individual respondent 
data are given confidential treatment (5 U.S.C. 552 (b)(4)), the FR 
2835 data however, is not given confidential treatment.
    Abstract: The FR 2835 collects the most common interest rate 
charged at a sample of 150 commercial banks on two types of consumer 
loans made in a given week each quarter: new auto loans and other loans 
for consumer goods and personal expenditures. The data are reported for 
the calendar week beginning on the first Monday of each survey month 
(February, May, August, and November).
    The FR 2835a collects information on two measures of credit card 
interest rates from a sample of 100 commercial banks (authorized panel 
size), selected to include banks with $1 billion or more in credit card 
receivables, and a representative group of smaller issuers. The data 
are representative of interest rates paid by consumers on bank credit 
cards because the panel includes virtually all large issuers and an 
appropriate sample of other issuers.
    2. Report title: Report of Changes in Foreign Investments (Made 
Pursuant to Regulation K).
    Agency form number: FR 2064.
    OMB control number: 7100-0109.
    Frequency: Event generated.
    Reporters: Member banks, Edge and agreement corporations, and bank 
holding companies.
    Annual reporting hours: 750 hours.
    Estimated average hours per response: 30 minutes.
    Number of respondents: 50. Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 602, 625 and 1844) and is given confidential 
treatment (5 U.S.C. 552(b) (4)).
    Abstract: Member banks, Edge and agreement corporations, and bank 
holding companies are required to file the FR 2064 to record changes in 
their international investments. The FR 2064 report is event generated 
and is filed no later than the last day of the month following the 
month in which the change occurred. The Federal Reserve uses the 
information to monitor investments in the international operations of 
U.S. banking organizations and to fulfill its supervisory 
responsibility under Regulation K.
    3. Report title: Report of Transaction Accounts, Other Deposits, 
and Vault Cash; Report of Certain Eurocurrency Transactions.
    Agency form number: FR 2900; FR 2950/2951.
    OMB control number: 7100-0087.
    Frequency: Weekly, quarterly.
    Reporters: Depository institutions.
    Annual reporting hours: 984,138 hours.
    Estimated average hours per response: FR 2900: 3.50; FR 2950/2951: 
1.00.
    Number of respondents: FR 2900: 4,813 weekly, and 5,880 quarterly; 
FR 2950/2951: 497 weekly, and 2 quarterly. Small businesses are 
affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a), 461, 603, and 615, and 3105(b)(2)) and is 
given confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2900 report collects information on deposits and 
related items from depository institutions that have transaction 
accounts or

[[Page 31915]]

nonpersonal time deposits and that are not fully exempt from reserve 
requirements (``nonexempt institutions''). The FR 2950/2951 collects 
information on Eurocurrency transactions from depository institutions 
that obtain funds from foreign (non-U.S.) sources or that maintain 
foreign branches. The Federal Reserve proposes to raise the deposit 
cutoff used to determine weekly versus quarterly FR 2900 reporting (the 
``nonexempt cutoff'') above its indexed level of $84.5 million to $95 
million. These mandatory reports are used by the Federal Reserve for 
administering Regulation D (Reserve Requirements of Depository 
Institutions) and for constructing, analyzing, and controlling the 
monetary and reserve aggregates.
    4. Report title: Annual Report of Total Deposits and Reservable 
Liabilities.
    Agency form number: FR 2910a.
    OMB control number: 7100-0175.
    Frequency: Annual.
    Reporters: Depository institutions.
    Annual reporting hours: 2,734 hours.
    Estimated average hours per response: 30 minutes.
    Number of respondents: 5,468. Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a) and 461) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: This report collects information from depository 
institutions (other than U.S. branches and agencies of foreign banks 
and Edge and agreement corporations) that are fully exempt from reserve 
requirements under the Garn-St Germaine Depository Institutions Act of 
1982. This mandatory report is used by the Federal Reserve for 
administering Regulation D (Reserve Requirements of Depository 
Institutions) and for constructing, analyzing, and controlling the 
monetary and reserve aggregates.
    5. Report title: Allocation of Low Reserve Tranche and Reservable 
Liabilities Exemption.
    Agency form number: FR 2930/2930a.
    OMB control number: 7100-0088.
    Frequency: Annually, and on occasion.
    Reporters: Depository institutions.
    Annual reporting hours: 64 hours.
    Estimated average hours per response: 15 minutes.
    Number of respondents: 255. Small businesses are affected.
    General description of report: This information collection is 
mandatory: FR 2930 (12 U.S.C. 248(a), 461, 603, and 615) and FR 2930a 
(12 U.S.C. 248(a) and 461). It is also given confidential treatment (5 
U.S.C. 552(b)(4)).
    Abstract: The FR 2930 and the FR 2930a provide information on the 
allocation of the low reserve tranche and reservable liabilities 
exemption for depository institutions having offices (or groups of 
offices) that submit separate FR 2900 deposits reports. The data 
collected on these reports are needed for the calculation of required 
reserves.
    6. Report title: Report of Foreign (Non-U.S.) Currency Deposits.
    Agency form number: FR 2915.
    OMB control number: 7100-0237.
    Frequency: Quarterly.
    Reporters: Depository institutions.
    Annual reporting hours: 366 hours.
    Estimated average hours per response: 30 minutes.
    Number of respondents: 183. Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a)(2), and 3105(b)(2)) and is given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2915 collects weekly averages of the amounts 
outstanding for foreign (non-U.S.) currency deposits held at U.S. 
offices of depository institutions, converted to U.S. dollars and 
included on the FR 2900 (OMB No. 7100-0087), the principal deposits 
report that is used for the calculation of required reserves and for 
the construction of the monetary aggregates. Foreign currency deposits 
are subject to reserve requirements and, therefore, are included in the 
FR 2900. However, foreign currency deposits are not included in the 
monetary aggregates. The FR 2915 data are used to back foreign currency 
deposits out of the FR 2900 data for construction and interpretation of 
the monetary aggregates. The FR 2915 data are also used to monitor the 
volume of foreign currency deposits.

Proposal To Approve Under OMB Delegated Authority the 
Discontinuation of the Following Reports

    1. Report title: Quarterly Gasoline Company Report.
    Agency form number: FR 2580.
    OMB control number: 7100-0009.
    Frequency: Quarterly.
    Reporters: Gasoline companies.
    Annual reporting hours: 4 hours.
    Estimated average hours per response: 9 minutes.
    Number of respondents: 7. Small businesses are not affected.
    Abstract: The FR 2580 collects outstanding balances on retail 
credit card accounts at gasoline companies. The number of FR 2580 
reporters has declined over time as the industry structure has changed. 
Initially, the data were collected from the universe of approximately 
thirty gasoline companies; subsequently, some smaller companies 
withdrew from the sample or were merged into other companies. In recent 
years some major companies have entered into ``co-branding'' 
arrangements with banks and have significantly reduced, or eliminated, 
their own credit card portfolios. The Federal Reserve recommends 
discontinuing the FR 2580 primarily because the number of respondents 
has dwindled. The decrease in reporting is due in part to the purchase 
of some of the gasoline companies' receivables by depository 
institutions in recent years. Because of the difficulty in maintaining 
a meaningful sample and because of the small fraction of consumer 
credit that these receivables represent, the Federal Reserve does not 
believe it is useful to continue the report.
    2. Report title: Quarterly Report of Selected Deposits, Vault Cash, 
and Reserve Liabilities.
    Agency form number: FR 2910q.
    OMB control number: 7100-0175.
    Frequency: Quarterly.
    Reporters: Depository institutions.
    Annual reporting hours: 3,936 hours.
    Estimated average hours per response: 2 hours.
    Number of respondents: 492. Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a) and 461) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: This report collects information from depository 
institutions (other than U.S. branches and agencies of foreign banks 
and Edge and agreement corporations) that are fully exempt from reserve 
requirements under the Garn-St Germaine Depository Institutions Act of 
1982. This report is used by the Federal Reserve for administering 
Regulation D (Reserve Requirements of Depository Institutions) and for 
constructing, analyzing, and controlling the monetary and reserve 
aggregates. The Federal Reserve proposes eliminating the exempt deposit 
cutoff and discontinuing this report associated with that cutoff. The 
Federal Reserve believes that, for exempt institutions, the quarterly 
reports of condition are adequate for quarterly benchmarking of the 
monetary aggregates. The Federal Reserve also believes that by shifting 
the current FR 2910q reporters to the annual, two-item FR 2910a, the 
Board will be able to adequately monitor compliance with Regulation D. 
The shift in reporting frequency of the almost 500 FR 2910q

[[Page 31916]]

respondents to the FR 2910a would reduce reporting burden by 3,690 
hours.

    Board of Governors of the Federal Reserve System, May 15, 2000.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 00-12589 Filed 5-18-00; 8:45 am]
BILLING CODE 6210-01-P