[Federal Register Volume 65, Number 109 (Tuesday, June 6, 2000)]
[Notices]
[Pages 35934-35935]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14069]


=======================================================================
-----------------------------------------------------------------------

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 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 August 7, 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, 
Federal Reserve Board Clearance Officer (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 Report

    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, 
foreign banking organizations.
    Annual reporting hours: 169,661 hours.
    Estimated average hours per response: 7.2 hours.
    Number of respondents: 5,891.
    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 current FR Y-8 collects information on the movement 
of funds

[[Page 35935]]

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.
    Current actions: On May 19, 2000, a Federal Register notice (65 FR 
31912) was issued for public comment to completely revise the FR Y-8. 
The Federal Reserve proposed to delete the current information on the 
FR Y-8 and collect fourteen items of information on Section 23A covered 
transactions. The Federal Reserve is now amending this Federal Register 
notice, with regard to the FR Y-8 respondent panel, to include foreign 
banking organizations that directly own U.S. subsidiary banks. The 
comment period on the May 19, 2000, notice is extended to August 7, 
2000. The Federal Reserve proposes, at the same time, to discontinue 
the Report of Intercompany Transactions for Foreign Banking 
Organizations and Their U.S. Bank Subsidiaries (FR Y-8f; OMB. 7100-
0127). The majority of the FR Y-8f respondents (foreign banking 
organizations that own U.S. bank subsidiaries through a domestic bank 
holding company) are included in the FR Y-8 panel proposed in the May 
19 Federal Register notice; this amendment includes the remaining 22 
foreign banking organizations (that directly own U.S. banks) in the 
respondent panel.

Discontinuance of the Following Report Under OMB Delegated 
Authority

    Report title: Report of Intercompany Transactions for Foreign 
Banking Organizations and their U.S. Bank Subsidiaries.
    Agency form number: FR Y-8f.
    OMB control number: 7100-0127.
    Frequency: Semi-annually, and interim reporting required for 
certain large asset transfers.
    Reporters: Bank holding companies as defined by Section 2(a) of the 
Bank Holding Company Act with at least $300 million in total 
consolidated assets that are organized under the laws of a foreign 
country and principally engaged in banking outside the United States.
    Annual reporting hours: 360.
    Estimated average hours per response: 3.
    Number of respondents: 58. semiannual respondents; 4 interim 
respondents 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)(8)).
    Abstract: This report provides the Federal Reserve System with 
information on intercompany transactions between foreign banking 
organizations and their U.S. bank subsidiaries. It enables the Federal 
Reserve to monitor and supervise intercompany flows of funds to ensure 
that U.S. subsidiary banks are not engaging in any unsafe and unsound 
practices with their foreign owners. This report supplements the 
Board's global framework for the supervision of the U.S. operations of 
foreign banks. In addition, it aids in determining whether a foreign 
banking organization serves as a source of strength to its U.S. 
subsidiary.
    Current Actions: On May 19, 2000, a Federal Register notice (65 FR 
31912) was issued for public comment to completely revise The Bank 
Holding Company Report of Insured Depository Institutions' Section 23A 
Transactions with Affiliates (FR Y-8), which is filed by domestic top-
tier bank holding companies. The Federal Reserve now proposes to have 
foreign banking organizations that directly own U.S. subsidiary banks 
also file the revised FR Y-8. The comment period on the May 19, 2000, 
notice is extended to August 7, 2000. If this change to the reporting 
panel is adopted, the Federal Reserve will, at the same time, 
discontinue the FR Y-8f.

    Board of Governors of the Federal Reserve System, May 31, 2000.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 00-14069 Filed 6-5-00; 8:45 am]
BILLING CODE 6210-01-P