[Federal Register Volume 66, Number 100 (Wednesday, May 23, 2001)]
[Notices]
[Pages 28493-28494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-12971]


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

DATES: Comments must be submitted on or before July 23, 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, Without Revision, of the Following Reports

    1. Report title: Report of Selected Balance Sheet Items for 
Discount Window Borrowers.
    Agency form number: FR 2046.
    OMB control number: 7100-0289.
    Frequency: On occasion.
    Reporters: Depository institutions.
    Annual reporting hours: 2,654 hours.
    Estimated average hours per response: 0.75 hours for adjustment or 
extended credit borrower; 0.25 hours for seasonal credit borrowers.
    Number of respondents: 684.
    Small businesses are affected.
    General description of report: This information collection is 
required by sections 10B, 11(a)(2), and 11(i) of the Federal Reserve 
Act (12 U.S.C. 347b and 248(a)(2) and (i)) and individual respondent 
data are regarded as confidential (5 U.S.C. 552(b)(4)).
    Abstract: The Federal Reserve's Regulation A, ``Extensions of 
Credit by Federal Reserve Banks,'' requires that Reserve Banks review 
balance sheet data in order to guard against inappropriate discount 
window borrowing situations. Borrowers report certain balance sheet 
data for a period that encompasses the dates of borrowing.
    2. Report title: Report of Terms of Credit Card Plans.
    Agency form number: FR 2572.
    OMB control number: 7100-0239.
    Frequency: Semiannual.
    Reporters: Commercial banks, savings and loans, savings banks, and 
finance companies.
    Annual reporting hours: 75 hours.
    Estimated average hours per response: 0.25 hours.
    Number of respondents: 150.
    Small businesses are not affected.
    General description of report: The Board is authorized to collect 
this voluntary information collection (15 U.S.C. 1646(b)). The data are 
not considered confidential.
    Abstract: This report was collected for the last time as of January 
31, 2000; it was discontinued prior to the July 2000 reporting date 
pursuant to the Federal Reports Elimination and Sunset Act of 1995 
(Sunset Act) (Pub. L. 104-66). In December 2000, the Congress approved 
the American Homeownership and Economic Opportunity Act of 2000 (Act) 
that restored the reporting of this information collection, along with 
forty others. Title XI of the Act states that Section 3003(a)(1) of the 
Sunset Act ``shall not apply to any report required to be submitted 
under any of the following provisions of law: * * *

[[Page 28494]]

Section 8 of the Fair Credit and Charge Card Disclosure Act of 1998 (15 
U.S.C. 1637 note); * * *''. Upon reinstatement, this report will 
collect data on credit card pricing and availability from a sample of 
at least 150 financial institutions that offer credit cards. The 
information will be reported to the Congress and made available to the 
public in order to promote competition within the industry.
    3. Report title: Annual Report on Status of Disposition of Assets 
Acquired in Satisfaction of Debts Previously Contracted.
    Agency form number: FR 4006.
    OMB control number: 7100-0129.
    Frequency: Annual.
    Reporters: Banking holding companies.
    Annual reporting hours: 3,000 hours.
    Estimated average hours per response: 5 hours.
    Number of respondents: 600.
    Small businesses are affected.
    General description of report: This information collection is 
required (12 U.S.C. 1842(a) and 1843(c)(2)) and may be given 
confidential treatment upon request (5 U.S.C. 552(b)(4)).
    Abstract: Bank holding companies that have acquired assets or 
shares through foreclosure in the ordinary course of collecting a debt 
previously contracted (DPC) are required to submit the report annually 
for assets or shares that have been held beyond two years from the 
acquisition date. The report does not have a required format; bank 
holding companies submit the information in a letter. The letter 
contains information on the progress made to dispose of such assets or 
shares and also requests permission for a one-year extension to hold 
them, as applicable. The Federal Reserve may grant requests for up to 
three one-year extensions. This report is required pursuant to the 
Board's authority under the Bank Holding Company Act and Regulation Y. 
The Federal Reserve uses the information to fulfill its statutory 
obligation to supervise bank holding companies.
    4. Report title: Notice of Branch Closure.
    Agency form number: FR 4031.
    OMB control number: 7100-0264.
    Frequency: on occasion.
    Reporters: state member banks.
    Annual reporting hours: 783 hours.
    Estimated average hours per response: 2 hours for reporting 
requirements; 1 hour for disclosure requirements; 8 hours for 
recordkeeping requirements.
    Number of respondents: 226.
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1831r-1(a)(1)) and may be given confidential 
treatment upon request (5 U.S.C. 552(b)(4)).
    Abstract: These reporting, recordkeeping, and disclosure 
requirements regarding the closing of any branch of an insured 
depository institution are imposed by section 228 of the Federal 
Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). There 
is no reporting form associated with the reporting portion of this 
information collection; state member banks notify the Federal Reserve 
by letter prior to closing a branch. The Federal Reserve uses the 
information to fulfill its statutory obligation to supervise state 
member banks.

    Board of Governors of the Federal Reserve System, May 17, 2001.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 01-12971 Filed 5-22-01; 8:45 am]
BILLING CODE 6210-01-P