[Federal Register Volume 65, Number 148 (Tuesday, August 1, 2000)]
[Notices]
[Pages 46920-46921]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-19312]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Board of Governors of the Federal Reserve System (Board).

ACTION: Notice of information collection to be submitted to OMB for 
review and approval under the Paperwork Reduction Act of 1995.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (44 U.S.C. chapter 35), the Board, the Federal Deposit 
Insurance Corporation (FDIC), and the Office of the Comptroller of the 
Currency (OCC) (collectively, the ``agencies''), hereby give notice 
that they plan to submit to the Office of Management and Budget (OMB) 
requests for review of the information collection system described 
below. The Agencies 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.
    On May 22, 2000, the agencies, under the auspices of the Federal 
Financial Institutions Examination Council (FFIEC), requested public 
comment for 60 days on the extension, without revision, of the 
currently approved information collection: the Country Exposure Report 
for U.S. Branches and Agencies of Foreign Banks (FFIEC 019). The 
agencies, however, are making a minor clarification to the FFIEC 019 
general instructions regarding the treatment of credit derivatives as 
guarantees, effective September 30, 2000.

DATES: Comments must be submitted on or before August 31, 2000.

ADDRESSES: Comments, which should refer to the OMB control number, 
should be addressed to the 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.
    Board: Written comments on the FFIEC 019 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).

FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act 
Submission (OMB 83-I), supporting statement, and other documents that 
have been submitted to OMB for review and approval may be requested 
from the agency clearance officer, whose name appears below.
    Board: 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.

SUPPLEMENTARY INFORMATION:

Proposal To Extend for Three Years With Minor Instructional 
Clarification the Following Currently Approved Collection of 
Information

    Report title: Country Exposure Report for U.S. Branches and 
Agencies of Foreign Banks
    Form number: FFIEC 019.
    OMB number: 7100-0213.
    Frequency of response: Quarterly.
    Affected Public: U.S. branches and agencies of foreign banks.
    Number of respondents: 230.
    Estimated average hours per response: 10 hours.
    Estimated Annual reporting hours: 9,200 hours.

General Description of Report

    This information collection is mandatory: 12 U.S.C. 3105 and 3108 
for the Board of Governors of the Federal Reserve System; sections 7 
and 10 of the Federal Deposit Insurance Act (12 U.S.C. 1817, 1820) for 
the Federal Deposit Insurance Corporation; and the National Bank Act 
(12 U.S.C. 161) for the Office of the Comptroller of the Currency). 
This information collection is given confidential treatment. (5 U.S.C. 
552(b)(8)). Small businesses (that is, small U.S. branches and agencies 
of foreign banks) are affected.

Abstract

    All individual U.S. branches and agencies of foreign banks that 
have more than $30 million in direct claims on residents of foreign 
countries must file the FFIEC 019 report quarterly. Currently, all 
respondents report adjusted exposure amounts to the five largest 
countries having at least $20 million in total adjusted exposure. The 
Agencies collect this data to monitor the extent to which such branches 
and agencies are pursuing prudent country risk diversification policies 
and limiting potential liquidity pressures. No changes are proposed to 
the FFIEC 019 reporting form, however, minor clarifications are 
proposed to the instructions.
    Current Actions: The agencies did not receive any comments in 
response to the notice published in the Federal Register on May 22, 
2000, (65 FR 32098) requesting public comment on the extension without 
revision of this information collection. The agencies, however, are 
making a minor clarification to the FFIEC 019 general instructions 
regarding the treatment of credit derivatives as guarantees, effective 
September 30, 2000.

Request for Comment

    Comments are invited on:

[[Page 46921]]

    a. Whether the information collections are necessary for the proper 
performance of the agencies' functions, including whether the 
information has practical utility;
    b. The accuracy of the agencies' estimates of the burden of the 
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;
    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; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.
    Comments submitted in response to this notice will be shared among 
the agencies and will be summarized or included in the agencies' 
requests for OMB approval. All comments will become a matter of public 
record. Written comments should address the accuracy of the burden 
estimates and ways to minimize burden including the use of automated 
collection techniques or the use of other forms of information 
technology as well as other relevant aspects of the information 
collection request.

    Board of Governors of the Federal Reserve System, July 26, 2000.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 00-19312 Filed 7-31-00; 8:45 am]
BILLING CODE 6210-01-P