[Federal Register Volume 66, Number 77 (Friday, April 20, 2001)]
[Notices]
[Pages 20307-20309]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9799]


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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.

Request for Comment on Information Collection Proposal

    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,

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including through the use of automated collection techniques or other 
forms of information technology.

DATES: Comments must be submitted on or before June 19, 2001.

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 may 
be delivered to the Board's mailroom between 8:45 a.m. and 5:15 p.m., 
and to the security control room outside of those hours. Both the 
mailroom 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 a.m. and 5 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 Capria Mitchell (202) 872-4984, 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: The Condition Reports for Foreign Subsidiaries of 
U.S. Banking Organizations.
    Agency form number: FR 2314 a, b, and c.
    OMB control number: 7100-0073.
    Frequency: Quarterly and annually.
    Reporters: Foreign subsidiaries of U.S. state member banks, bank 
holding companies, and Edge or agreement corporations.
    Annual reporting hours: 8,222 hours.
    Estimated average hours per response: 1.5 to 10.5 hours.
    Number of respondents: 1,665.
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 324, 602, 625, and 1844(c)) data are exempt from 
disclosure pursuant to Sections (b)(4) and (b)(8) of the Freedom of 
Information Act (5 U.S.C. 552(b)(4) and (8)).
    Abstract: The FR 2314 reports are mandatory and most are collected 
annually as of December 31 from foreign subsidiaries of U.S. state 
member banks, bank holding companies, and Edge or agreement 
corporations. For subsidiaries with significant asset size or volume of 
off-balance-sheet activity the FR 2314a is collected quarterly instead 
of annually. The information collected in these reports is essentially 
the equivalent to the information reported on the Consolidated Reports 
of Condition and Income that commercial banks file. The FR 2314 is a 
set of three graduated reports. The FR 2314a collects balance sheet 
information with accompanying memorandum items and twelve supporting 
schedules. The FR 2314b collects balance sheet information and only two 
supporting schedules. The FR 2314c is a one-page report that collects 
information on total assets, equity capital, net income, and off-
balance-sheet items.
    Current Actions: The Federal Reserve proposes to make applicable 
revisions to the FR 2314 as of June 30, 2001, consistent to the 
changes, eliminations and reductions in detail to the Consolidated 
Reports of Condition and Income (Call Report) (new FFIEC 031; OMB No. 
7100-0036) effective March 31, 2001.
    2. Report title: The Consolidated Report of Condition and Income 
for Edge and Agreement Corporations.
    Agency form number: FR 2886b.
    OMB control number: 7100-0086.
    Frequency: Quarterly.
    Reporters: Banking Edge corporations and investment (nonbanking) 
Edge corporations.
    Annual reporting hours: 3,566 hours.
    Estimated average hours per response: 14.7 hours, banking 
corporations, 8.5 hours, investment corporations.
    Number of respondents: 30 banking corporations; 53 investment 
corporations.
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 602 and 625) and is given confidential treatment 
(5 U.S.C. 552(b)(4)).
    Abstract: This report is filed quarterly by banking Edge 
corporations and investment (nonbanking) Edge corporations. This report 
comprises a balance sheet, income statement, and ten supporting 
schedules, and it parallels the Consolidated Reports of Condition and 
Income that commercial banks file. Except for examination reports, it 
provides the only financial data available for these corporations. The 
Federal Reserve uses the data collected on the FR 2886b to supervise 
Edge corporations, identify present and potential problems, and monitor 
and develop a better understanding of activities within the industry. 
Most Edge corporations are wholly owned by U.S. banks and are 
consolidated into the financial statements of their parent 
organizations.
    Current Actions: The Federal Reserve proposes to make applicable 
revisions to the FR 2886b as of June 30, 2001, consistent to the 
changes, eliminations and reductions in detail to the Reports of 
Condition and Income (Call Report) (new FFIEC 031; OMB No. 7100-0036) 
effective March 31, 2001.
    Request for specific comment on the following: The Federal Reserve 
proposes to eliminate the confidential treatment for the following 
portions of this report: for respondents engaged in banking, Schedule 
G--Income and Expenses, Schedule H--Changes in Capital and Reserve 
Accounts, and items 1, 4 and memorandum item 1 of Schedule F--Past Due 
and Nonaccrual Loans, Leases, and Other Assets, for items past due 30 
to 89 days, total past due and nonaccrual, and restructured; for 
respondents not engaged in banking, Schedule RC--Balance Sheet, 
Schedule G--Income and Expenses, Schedule H--Changes in Capital and 
Reserve Accounts, items 1, 4 and memorandum item 1 of Schedule F--Past 
Due and Nonaccrual Loans, Leases, and Other Assets, for items past due 
30 to 89 days, total past due and nonaccrual, and restructured, and 
Schedule K--Off-Balance-Sheet Items, beginning with amounts reported as 
of June 30, 2001. Thus the Federal Reserve proposes that for banking 
Edge corporations, only information collected on Schedule E--Claims on 
and Liabilities to Related Organizations and Schedule L--Branch 
Schedule of Selected Items, Non-Consolidated, would continue to be 
regarded as confidential. For respondents not engaged in banking, only 
information collected on Schedule E would continue to be regarded as 
confidential.
    An important public policy issue for the Federal Reserve has been 
how to use market discipline to complement

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supervisory resources. Market discipline relies on market participants 
having information about the risks and financial condition of banking-
related organizations. Disclosure that increases transparency should 
lead to more accurate market assessments of risk and value. This, in 
turn, should result in more effective market discipline on respondents.
    The proposed disclosure of information previously held as 
confidential is consistent with the existing or proposed treatment 
afforded to similar information collected on the commercial bank Call 
Report. Retaining the confidentiality status for Schedule E and 
Schedule L is consistent to the existing treatment afforded to similar 
information collected on the Report of Assets and Liabilities of U.S. 
Branches and Agencies of Foreign Banks (FFIEC 002), and the Foreign 
Branch Report of Condition (FFIEC 030).

    Board of Governors of the Federal Reserve System, April 16, 
2001.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 01-9799 Filed 4-19-01; 8:45 am]
BILLING CODE 6210-01-P