[Federal Register Volume 67, Number 40 (Thursday, February 28, 2002)]
[Notices]
[Pages 9276-9277]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-4840]


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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) (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 Board 
hereby gives notice that it plans to submit to the Office of Management 
and Budget (OMB) on behalf of the agencies a request for review of the 
information collections described below.
    On December 5, 2001, 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 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 comment period expired February 4, 2002. No comments 
were received.

DATES: Comments must be submitted on or before April 1, 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, NW., Washington, DC 20551, submitted by electronic mail to 
[email protected], 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, NW. Comments received may be 
inspected in room M-P-500 between 9 a.m. and 5 p.m., except as provided 
in section 261.12 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, DC 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

[[Page 9277]]

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, NW., Washington, DC 20551. Users of Telecommunications 
Device for the Deaf (TDD) may contact (202) 263-4869.

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) to monitor the impact of policy changes; (3) to 
analyze structural issues concerning foreign bank activity in U.S. 
markets; (4) to understand 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. 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;
    (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, February 25, 
2002.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 02-4840 Filed 2-27-02; 8:45 am]
BILLING CODE 6210-01-P