[Federal Register Volume 66, Number 198 (Friday, October 12, 2001)]
[Notices]
[Pages 52186-52187]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-25641]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities: Comment 
Request

AGENCIES: Office of Thrift Supervision (OTS), Treasury; and Board of 
Governors of the Federal Reserve System (Board).

ACTION: Joint notice and request for comment.

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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 and the OTS 
(collectively, the ``agencies''), may not conduct or sponsor, and the 
respondent is not required to respond to, an information collection 
unless it displays a currently valid OMB control number. The agencies, 
under the auspices of the Federal Financial Institutions Examination 
Council (FFIEC), propose the discontinuance of two information 
collections, the Annual Report of Trust Assets (FFIEC 001) and the 
Annual Report of International Fiduciary Activities (FFIEC 006), 
effective with the December 31, 2001, report date. At the end of the 
comment period, the comments and recommendations received will be 
analyzed to determine whether the FFIEC and the agencies should proceed 
with their plan to discontinue the information collections. The 
agencies will then submit this action to OMB for review and approval.

DATES: Comments must be submitted on or before December 11, 2001.

ADDRESSES: Interested parties are invited to submit written comments to 
any or all of the agencies. All comments should refer to the OMB 
control number(s) and will be shared among the agencies.
    OTS: Submit any written comments concerning this notice to 
Information Collection Comments, Chief Counsel's Office, Office of 
Thrift Supervision, 1700 G Street, N.W., Washington, D.C. 20552, 
Attention: 1550-0026, fax number (202) 906-6518, or e-mail to 
[email protected]. OTS will post any comments and 
the related index on the OTS Internet Site at www.ots.treas.gov.
    Board: Written comments on the FFIEC 001 and 006 should be 
addressed to Jennifer J. Johnson, Secretary, Board of Governors of the 
Federal Reserve System, 20th and C Streets, N.W., Washington, D.C. 
20551, or 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, N.W. 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 261.12 of the 
Board's Rules Regarding Availability of Information, 12 CFR 261.12(a).
    A copy of the comments may also be submitted to the OMB desk 
officer for the agencies: Alexander T. Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, D.C. 20503.

FOR FURTHER INFORMATION CONTACT: Additional information or a copy of 
the collections may be requested from:
    OTS: Sally W. Watts, OTS Clearance Officer, (202) 906-7380, e-mail 
address [email protected]. Office of Thrift Supervision, 1700 G 
Street, N.W., Washington, D.C. 20552.
    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, 20th and C Streets, N.W., Washington, D.C. 
20551. Telecommunications Device for the Deaf (TDD) users may contact 
Capria Mitchell (202) 872-4984, Board of Governors of the Federal 
Reserve System, 20th and C Streets, N.W., Washington, D.C. 20551.

SUPPLEMENTARY INFORMATION:

Proposal to discontinue the following currently approved 
collections of information:

Report Titles: Annual Report of Trust Assets and Annual Report of 
International Fiduciary Activities.
Form Numbers: FFIEC 001 and FFIEC 006.
Frequency of Response: Annual.
Affected Public: Business or other for profit.
For OTS:
    OMB Number: 1550-0026
    Number of Respondents: 101 (FFIEC 001)
    Estimated Average Time per Response: 4.08 burden hours (FFIEC 001)
    Estimated Total Annual Burden: 412 burden hours
For Board:
    OMB Number: 7100-0031
    Number of Respondents: 22 (FFIEC 001)
                          0 (FFIEC 006)
    Estimated Average Time per Response: 3.82 burden hours (FFIEC 001)
                      4.0 burden hours (FFIEC 006)
    Estimated Total Annual Burden: 84 burden hours
    General Description of Reports:This information collection (FFIEC 
001 and FFIEC 006) is mandatory: 12 U.S.C. 1464 (for thrift 
institutions), and 12 U.S.C. 248(a)(1) and (2) and 1844(c) (for state 
member banks and bank holding companies). The data on the FFIEC 001 are 
publicly available with the exception of Schedule E - Fiduciary Income 
Statement. The FFIEC 006, collected by the Board, is given

[[Page 52187]]

confidential treatment [5 U.S.C. 552(b)(8)]. Small businesses (i.e., 
small banks) are affected.
    Abstract: These interagency reports collect information on 
fiduciary asset totals and activities. They are used to monitor changes 
in the volume and character of discretionary trust activity and the 
volume of nondiscretionary trust activity and to determine resource 
needs for supervisory purposes.
    Current Actions: Financial institutions that exercise fiduciary 
powers and have fiduciary assets or accounts have reported information 
on their trust activities each December 31 in the Annual Report of 
Trust Assets (FFIEC 001). Institutions with trust operations in foreign 
offices also complete the Annual Report of International Fiduciary 
Activities (FFIEC 006). The agencies propose to discontinue the FFIEC 
001 and the FFIEC 006 trust activities reports.
    This proposed discontinuance is prompted by the introduction of 
Schedule RC-T, ``Fiduciary and Related Services,'' on the quarterly 
bank Consolidated Reports of Condition and Income (Call Report) (FFIEC 
031 and 041, OMB No. 7100-0036),\1\ and Schedule T, ``Fiduciary and 
Related Services'' on the quarterly Report of Assets and Liabilities of 
U.S. Branches and Agencies of Foreign Banks (FFIEC 002, OMB No. 7100-
0032).\2\ Schedules RC-T and T take effect as of December 31, 2001. The 
OTS is adding Schedule FS - Fiduciary and Related Services to the 
Thrift Financial Report (OMB No. 1550-0023) effective March 31, 2002. 
This new trust schedule significantly reduces the amount of detail that 
institutions must report on their trust activities compared to the 
amount in the current forms. However, the new schedule continues to 
collect information on the number of accounts and market value of trust 
assets for specified categories of fiduciary activities, fiduciary and 
related services income (except for Schedule T), corporate trust 
activities, collective investment funds and common trust funds, 
fiduciary settlements and other losses, and types of managed assets 
held in personal trust and agency accounts. Institutions (including all 
nondeposit trust companies that file Call Reports) with total fiduciary 
assets greater than $250 million or with fiduciary income greater than 
10 percent of their net interest income plus noninterest income are 
required to report some of the trust information quarterly and the rest 
annually on the new schedule. Other institutions with trust activities 
report only annually, but only those with total fiduciary assets 
greater than $100 million are required to report fiduciary income and 
loss information on the Call Reports.
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    \1\ Federal Register, March 5, 2001 (66 FR 13369).
    \2\ Federal Register, May 4, 2001 (66 FR 22556).
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    The new trust schedule will replace the Annual Report of Trust 
Assets (FFIEC 001) in December 2001 for institutions that file Call 
Reports and the FFIEC 002 and in March 2002 for institutions that file 
Thrift Financial Reports. For national and state member banks, two 
items in the new schedule will replace the Annual Report of 
International Fiduciary Activities (FFIEC 006). However, federally 
supervised state-chartered nondeposit trust companies that are 
subsidiaries of holding companies do not file Call Reports or Thrift 
Financial Reports, but are currently required to complete the FFIEC 
001. The agencies have determined that the information of supervisory 
interest on trust activities that these trust companies have reported 
on the FFIEC 001 can be monitored by other means.
    At the beginning of 2001, the agencies carried 2,828 hours of 
respondent burden for these two reports for 728 respondents. After 
Schedule RC-T was added to the Call Reports and Schedule T to the FFIEC 
002, the Board reduced their FFIEC 001 and FFIEC 006 burden estimates 
by 2,332 hours to avoid double counting. After OTS adds Schedule FS to 
the TFR with the first quarter 2002, and these reports have been 
discontinued, the remaining 496 burden hours for the agencies 
associated with the FFIEC 001 will fall to zero.

Request for Comment

    Comments are invited on:
    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.

    September 25, 2001.
Deborah Dakin,
Deputy Chief Counsel, Regulations & Legislation DivisionOffice of 
Thrift Supervision.
    Board of Governors of the Federal Reserve System, October 5, 
2001.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 01-25641 Filed 10-11-01; 8:45 am]
BILLING CODES 6720-01-P \1/2\; 6210-01-P \1/2\