[Federal Register Volume 66, Number 234 (Wednesday, December 5, 2001)]
[Notices]
[Pages 63241-63243]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-30043]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

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

ACTION: 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, the Federal Deposit 
Insurance Corporation (FDIC), and the Office of the Comptroller of the 
Currency (OCC) (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 Office of Management and Budget 
(OMB) control number. The agencies, under the auspices of the Federal 
Financial Institutions Examination Council (FFIEC), propose to extend, 
without

[[Page 63242]]

revision, the following currently approved information collections: 
Report of Assets and Liabilities of U.S. Branches and Agencies of 
Foreign Banks (FFIEC 002) and Report of Assets and Liabilities of Non-
U.S. Branches that are Managed or Controlled by a U.S. Branch or Agency 
of a Foreign Bank (FFIEC 002s). The Board, which collects and processes 
these reports for the three agencies, is publishing this notice on 
behalf of the agencies. At the end of the comment period, the comments 
and recommendations received will be analyzed to determine whether the 
FFIEC should modify the reports. The Board will then submit the reports 
to OMB for review and approval.

DATES: Comments must be submitted on or before February 4, 2002.

ADDRESSES: Interested parties are invited to submit written comments to 
the agency listed below. All comments, which should refer to the OMB 
control number, will be shared among the agencies.Written comments 
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, submitted by electronic mail to 
regs.comments&federalreserve.gov, 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 Board: 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: A copy of the FFIEC 002 and FFIEC 002s 
reporting forms may be obtained at the FFIEC's web site 
(www.ffiec.gov). Additional information or a copy of the reporting 
forms may also be requested from 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 extend, without revision, the following currently 
approved collections of information:

1. Report Title: Report of Assets and Liabilities of U.S. Branches and 
Agencies of Foreign Banks.
Form Number: FFIEC 002.
OMB Number: 7100-0032.
Frequency of Response: Quarterly.
Affected Public: U.S. branches and agencies of foreign banks.
Estimated Number of Respondents: 354.
Estimated Total Annual Responses: 1,416.
Estimated Time per Response: 22.50 burden hours.
Estimated Total Annual Burden: 31,860 burden hours.
    General Description of Report
    This information collection is mandatory: 12 U.S.C. 3105(b)(2), 
1817(a)(1) and (3), and 3102(b). Except for select sensitive items, 
this information collection is not 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
    On a quarterly basis, all U.S. branches and agencies of foreign 
banks (U.S. branches) are required to file a detailed schedule on their 
assets and liabilities in the form of a condition report and a variety 
of supporting schedules. This information is used to fulfill the 
supervisory and regulatory requirements of the International Banking 
Act of 1978. The data are also used to augment the bank credit, loan, 
and deposit information needed for monetary policy and other public 
policy purposes. The Federal Reserve System collects and processes this 
report on behalf of all three agencies.
2. Report Title: Report of Assets and Liabilities of a Non-U.S. Branch 
that is Managed or Controlled by a U.S. Branch or Agency of a Foreign 
(Non-U.S.) Bank.
Form Number: FFIEC 002s.
OMB Number: 7100-0273.
Frequency of Response: Quarterly.
Affected Public: U.S. branches and agencies of foreign banks.
Estimated Number of Respondents: 114.
Estimated Total Annual Responses: 456.
Estimated Time per Response: 6 burden hours.
Estimated Total Annual Burden: 2,736 burden hours.
    General Description of Report
    This information collection is mandatory: 12 U.S.C. 3105(b)(2), 
1817(a)(1) and (3), and 3102(b) and 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
    On a quarterly basis, all U.S. branches and agencies of foreign 
banks are required to file detailed schedules on their assets and 
liabilities in the form FFIEC 002. The FFIEC 002s is a separate 
supplement to the FFIEC 002 that collects information on assets and 
liabilities of any non-U.S. branch that is ``managed or controlled'' by 
a U.S. branch or agency of the foreign bank. Managed or controlled 
means that a majority of the responsibility for business decisions, 
including but not limited to decisions with regard to lending or asset 
management or funding or liability management, or the responsibility 
for recordkeeping in respect of assets or liabilities for that foreign 
branch resides at the U.S. branch or agency. A separate FFIEC 002s must 
be completed for each managed or controlled non-U.S. branch. The FFIEC 
002s must be filed quarterly along with the U.S. branch's or agency's 
FFIEC 002.
    The data are used: (1) to monitor deposit and credit transactions 
of U.S. residents; (2) for monitoring the impact of policy changes; (3) 
for analyzing structural issues concerning foreign bank activity in 
U.S. markets; (4) for understanding flows of banking funds and 
indebtedness of developing countries in connection with data collected 
by the International Monetary Fund (IMF) and the Bank for International 
Settlements (BIS) that are used in economic analysis; and (5) to 
provide information to assist in the supervision of U.S. offices of 
foreign banks, which often are managed jointly with these branches.
Request for Comment
    Comments submitted in response to this Notice will be shared among 
the agencies and will be summarized or included in the Board's request 
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 as well as other relevant aspects of the 
information collection requests. Comments are invited on:
(a) Whether the proposed collection of information is necessary for the 
proper performance of the agencies' functions, including whether the 
information has practical utility;
(b) The accuracy of the agencies' estimate of the burden of the 
information collection, including the validity of the methodology and 
assumptions used;

[[Page 63243]]

(c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
(d) Ways to minimize the burden of the information collection 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.
    Board of Governors of the Federal Reserve System, November 29, 
2001.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 01-30043 Filed 12-4-01; 8:45 am]
BILLING CODE 3510-22-S