[Federal Register Volume 67, Number 190 (Tuesday, October 1, 2002)]
[Notices]
[Pages 61626-61629]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-24680]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System

ACTION: Notice.

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SUMMARY: Background: Notice is hereby given of the final approval of 
proposed information collections by the Board of Governors of the 
Federal Reserve System (Board) under OMB delegated authority, as per 5 
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the OMB 83-I's and supporting statements and 
approved collection of information instrument(s) 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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Mary M. West--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Joseph Lackey--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

SUPPLEMENTARY INFORMATION:

Final approval under OMB delegated authority of the extension for three 
years, without revision, of the following reports:

    1. Report title: Consumer Satisfaction Questionnaire
    Agency form number: FR 1379
    OMB Control number: 7100-0135
    Frequency: Event-generated
    Reporters: Consumers
    Annual reporting hours: 195 hours
    Estimated average hours per response: 20 minutes
    Number of respondents: 592
    Small businesses are affected.
    General description of report: This information collection is 
voluntary (15 U.S.C. Sec. 57(a)(f)(1)). This information collection is 
not usually given confidential treatment under the Freedom of 
Information Act (FOIA). However, if a respondent provides information 
not specifically solicited on the form, that information may be exempt 
from disclosure under FOIA (5 U.S.C. Sec. Sec. (b)(4), (b)(6), or 
(b)(7)) upon specific request from the respondent.
    Abstract: The questionnaire is sent to consumers who have filed 
complaints against state member banks. It is used to determine whether 
complainants are satisfied with the way the Federal Reserve System 
handled their complaints and to solicit suggestions for improving the 
complaint investigation process.
2. Report title: The Disclosure Requirements in Connection with 
Regulation CC to Implement the Expedited Funds Availability Act
    Agency form number: Reg CC
    OMB Control number: 7100-0235
    Frequency: Event-generated
    Reporters: State member banks and uninsured state branches and 
agencies of foreign banks
    Annual reporting hours: 331,630 hours
    Estimated average hours per response: Initial notice or upon 
request, 1 minute; Case-by-case hold notice, 3 minutes; Notice of 
exceptions, 3 minutes; Notice posted where customers make deposits, 15 
minutes; Annual notice of new ATMs, 5 hours; Notice of changes in 
policy, 20 hours; and Notice of nonpayment to depositary bank, 1 
minute.
    Number of respondents: 1,271
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 4008). Because the Federal Reserve does not 
collect any information, no issue of confidentiality arises.
    Abstract: Regulation CC requires depository institutions to make 
funds

[[Page 61627]]

deposited in transaction accounts available within specified time 
periods, disclose their availability policies to customers, and begin 
accruing interest on such deposits promptly. The disclosures are 
intended to alert customers that their ability to use deposited funds 
may be delayed, prevent unintentional (and costly) overdrafts, and 
allow customers to compare the policies of different institutions 
before deciding at which institution to deposit funds. The regulation 
also requires notice to the depositary bank and to a customer of 
nonpayment of a check.

Final approval under OMB delegated authority of the extension for three 
years, with revision, of the following reports:

    1. Report title: Applications for Membership in the Federal Reserve 
System
    Agency form number: FR 2083, FR 2083A, FR 2083B, and FR 2083C
    OMB Control number: 7100-0046
    Frequency: On Occasion
    Reporters: Commercial banks and certain mutual savings banks
    Annual reporting hours: 280 hours
    Estimated average hours per response: 4 hours
    Number of respondents: 70
    Small businesses are affected.
    General description of report: This information collection is 
required to obtain or retain a benefit (12 U.S.C. Sec. Sec.  321, 322, 
and 333). The information in the application is not confidential; 
however, parts may be given confidential treatment at the applicant's 
request (5 U.S.C. Sec.  552(b)(4)).
    Abstract: The application for membership is a required one-time 
submission, pursuant to Section 9 of the Federal Reserve Act, which 
collects the information necessary for the Federal Reserve to evaluate 
the statutory criteria for admission of a new or existing bank to 
membership in the Federal Reserve System. This application provides 
managerial, financial, and structural data.
    Current Actions: The Federal Reserve proposes to revise the 
application by replacing a majority of Section I of the application, 
which applies to de novo banks, with a reference to the new Interagency 
Charter and Federal Deposit Insurance application form (ICDIA form), 
recently developed by the Office of the Comptroller of the Currency 
(OCC), Federal Deposit Insurance Corporation (FDIC), and the Office of 
Thrift Supervision (OTS). Two existing items and a footnote in this 
section would be retained and slightly clarified. One item in Section 
II of the membership application would be revised slightly, and Section 
III would remain unchanged. The proposed revisions should improve 
consistency and make filing of the application more expeditious and 
less burdensome.
    2. Report title: Domestic Finance Company Report of Consolidated 
Assets and Liabilities
    Agency form number: FR 2248
    OMB Control number: 7100-0005
    Frequency: Monthly, Quarterly, and Semiannually
    Reporters: Domestic finance companies
    Annual reporting hours: 352 hours
    Estimated average hours per response: Monthly, 18 minutes; 
Quarterly, 25 minutes; and Semiannually, 10 minutes.
    Number of respondents: 80
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec.  225(a)). Individual respondent data are 
confidential under section (b)(4) of the Freedom of Information Act (5 
U.S.C. Sec.  552).
    Abstract: Each monthly report collects balance sheet data on major 
categories of consumer and business credit receivables and on major 
short-term liabilities. For quarter-end months (March, June, September, 
and December), additional asset and liability items are collected to 
provide a full balance sheet. The supplemental section collects data on 
asset-backed securities. These data are used to construct universe 
estimates of finance company holdings, which are published in the 
monthly statistical releases Finance Companies (G.20) and Consumer 
Credit (G.19), in the quarterly statistical release Flow of Funds 
Accounts of the United States (Z.1), and in the Federal Reserve 
Bulletin (Tables 1.51, 1.52, and 1.55).
    Current Actions: The agency staff proposes three changes to the 
report. First, because the number of finance companies participating in 
the monthly survey has declined, the staff proposes to reduce the 
authorized panel size from 100 finance companies to 80 finance 
companies. Second, the staff proposes to add four questions about the 
breakdown of 1-4 family real estate loans. These questions would be 
answered only for quarter-end months. Third, the staff proposes to add 
a special addendum section to the report, which would on occasion 
include additional questions pertaining to financial topics of 
interest. These addendum questions would be asked up to twice a year. 
To help ease the reporting burden, these addendum questions would be 
sent in advance to the respondents.
    3. Report title: Notifications Related to Community Development and 
Public Welfare Investments of State Member Banks
    Agency form number: FR H-6
    OMB Control number: 7100-0278
    Frequency: Event-generated
    Reporters: State member banks
    Annual reporting hours: 80 hours
    Estimated average hours per response: Investment notice, 2 hours; 
Application, 5 hours; and Extension of divestiture period, 5 hours.
    Number of respondents: Investment notice, 25; Application, 5; and 
Extension of divestiture period, 1.
    Small businesses are not affected.
    General description of report: This information collection is 
required to obtain a benefit (12 USC 338a, and 12 CFR 208.22). 
Individual respondent data generally are not regarded as confidential, 
but information that is proprietary or concerns examination ratings 
would be considered confidential.
    Abstract: Regulation H requires state member banks that want to 
make community development or public welfare investments to comply with 
the Regulation H notification requirements: (1) if the investment does 
not require prior Board approval, a written notice must be sent to the 
appropriate Federal Reserve Bank; (2) if certain criteria are not met, 
a request for approval must be sent to the appropriate Federal Reserve 
Bank; and, (3) if the Board orders divestiture but the bank cannot 
divest within the established time limit, a request or requests for 
extension of the divestiture period must be submitted to the 
appropriate Federal Reserve Bank.
    Current Actions: The proposed revision would create a form and 
checklist that banks could use, at their option, to report the 
information required by Regulation H for investments that do not 
require prior Board approval. To the extent that this voluntary form 
were used by banks, it would potentially ease their reporting burden by 
allowing the banks to fill in the form rather than typing a letter 
containing the required information. The form will also potentially 
help the Board staff to collect uniform and thorough information about 
community development and public welfare investments. The checklist 
would help banks determine whether they must submit a request for prior 
approval.
    4. Report title: International Applications and Prior Notifications 
Under Subpart B of Regulation K
    Agency form number: FR K-2
    OMB Control number: 7100-0284
    Frequency: Event-generated
    Reporters: Foreign banks
    Annual reporting hours: 700 hours
    Estimated average hours per response: 35 hours

[[Page 61628]]

    Number of respondents: 20
    Small businesses are not affected.
    General description of report:This information collection is 
required to obtain or retain a benefit (12 U.S.C. 3105 and 3107). The 
applying organization has the opportunity to request confidentiality 
for information that it believes will qualify for a Freedom of 
Information Act exemption (5 U.S.C. 552).
    Abstract: Foreign banks are required to obtain the prior approval 
of the Federal Reserve to establish a branch, agency, or representative 
office, or to acquire ownership or control of a commercial lending 
company in the United States or to change the status of any existing 
office in the United States. The Federal Reserve uses the information, 
in part, to fulfill its statutory obligation to supervise foreign 
banking organizations with offices in the United States.
    Current Actions: The application requirements currently are 
contained in Supervision and Regulation Letter dated March 5, 1992 (SR 
92-6). A copy of this letter is available on the Board's public website 
at http://www.federalreserve.gov/boarddocs/srletters/. The proposed FR 
K-2 would consist of a reporting form with filing instructions in 
addition to the informational requirements currently contained in SR 
92- 6. The proposed modified and enhanced form FR K-2 would clarify and 
streamline the information required in international applications and 
prior notifications and reduce the need for repeated requests for 
additional information after the application or notification has been 
filed.
    The current FR K-2 was developed in 1992 shortly after the passage 
of the Foreign Bank Supervision Enhancement Act. Since that time, the 
Federal Reserve has gained significant experience in processing these 
types of applications and has over time expanded and modified the list 
of standard information that should be required in these types of 
applications and notifications. This expanded list would include 
information regarding the home country laws and regulations designed to 
deter and prevent money laundering, terrorist financing and other 
illicit activities, as well as the policies and procedures in place at 
the foreign bank to detect and prevent money laundering, terrorist 
financing, and other illicit activities.
    Also, Regulation K has been modified to allow for more proposals to 
be processed under the prior notification procedures. SR 92-6 currently 
contains two attachments: one attachment related to information 
collected in applications to establish a branch, agency, or commercial 
lending company, and one attachment related to information collected in 
applications to establish a representative office. The form does not 
currently contain separate attachments outlining informational 
requirements for prior notifications. In order to add clarity, the 
proposed FR K-2 would have separate attachments as follows indicating 
the required information depending on the type of application or 
notification.
    Attachment A - Information Requested in Connection with 
Applications by Foreign Banks to Establish Branches, Agencies, or 
Commercial Lending Companies in the United States (section 211.24(a)(1) 
of Regulation K).
    Attachment B - Information Requested in Connection with 
Applications by Foreign Banks to Establish Representative Offices in 
the United States (section 211.24(a)(1) of Regulation K);
    Attachment C - Information Requested in Connection with 
Notifications by Foreign Banks to Establish Branches, Agencies, or 
Commercial Lending Companies in the United States (section 
211.24(a)(2)(i)(A) of Regulation K);
    Attachment D - Information Requested in Connection with 
Notifications by Foreign Banks to Establish Representative Offices in 
the United States (section 211.24(a)(2)(i)(B)(1) - (3) of Regulation 
K);
    Attachment E - Commitments Required in Connection with Applications 
and Notifications by Foreign Banks to Establish Branches, Agencies, 
Commercial Lending Companies, or Representative Offices in the United 
States.
    5. Report title: Application for a Foreign Organization to Become a 
Bank Holding Company
    Agency form number: FR Y-1f
    OMB Control number: 7100-0119
    Frequency: Event-generated
    Reporters: Foreign banking organizations
    Annual reporting hours: 360 hours
    Estimated average hours per response: 90 hours
    Number of respondents: 4
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec. Sec.  1842(a) and (c) and 1844(a) through 
(c)) and by the USA PATRIOT Act, Sec.  327). The applying organization 
has the opportunity to request confidentiality for information that it 
believes will qualify for a Freedom of Information Act exemption (5 
U.S.C. 552).
    Abstract: Under the Bank Holding Company Act (BHCA), submission of 
this application is mandatory for any company organized under the laws 
of a foreign country seeking initial entry into the United States 
through the establishment or acquisition of a U.S. subsidiary bank. 
Applicants must provide financial and managerial information, discuss 
the competitive effects of the proposed transaction, and discuss how 
the proposed transaction would enhance the convenience and needs of the 
community to be served.
    Current Actions: Several changes would be made to the FR Y-1f, 
including: (1) clarifying the application to improve consistency with 
the FR Y-3 (OMB No. 7100-0121), where applicable; (2) adding language 
to the instructions for an organization seeking to become a financial 
holding company (FHC) in accordance with the Gramm-Leach-Bliley Act; 
(3) adding an item to collect information on the anti-money laundering 
measures taken by the Applicant and its home country to comply with the 
requirements of the USA PATRIOT Act; and (4) adding items to collect 
information regarding the manner in which a foreign bank applicant is 
supervised by its home country authority(ies) and whether it is able to 
provide adequate assurances of access to information on its operations 
and activities, as required by the Foreign Bank Supervision Enhancement 
Act (FBSEA).

Final approval under OMB delegated authority of the extension for three 
years, with minor clarifications to the following reports:

    1. Report title: Applications for Subscription to, Adjustment in 
Holding of, and Cancellation of Federal Reserve Bank Stock
    Agency form number: FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, 
and FR 2087
    OMB Control number: 7100-0042
    Frequency: On occasion
    Reporters: National, State member, and Nonmember banks
    Annual reporting hours: 881 hours
    Estimated average hours per response: 0.5 hours
    Number of respondents: 1,758
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec. Sec.  222, 248, 282, 287, 288, and 321). Upon 
request from an applicant, certain information may be given 
confidential treatment pursuant to the Freedom of Information Act (5 
U.S.C. 552).

[[Page 61629]]

    Abstract: These applications are required by the Federal Reserve 
Act and Regulation I and must be submitted to Federal Reserve Banks by 
organizing and existing member commercial banks requesting the 
issuance, adjustment, or cancellation of Federal Reserve Bank stock. 
The applications are necessary in order to obtain account data on a 
bank's capital and surplus and to document its request to increase or 
decrease its holdings of Federal Reserve Bank stock.

Final approval under OMB delegated authority of the implementation of 
the following report:

    1. Report title: The Quantitative Impact Study
    Agency form number: FR 3045
    OMB Control number: 7100-0303
    Frequency: One-time
    Reporters: Large domestic bank holding companies
    Annual reporting hours: 8,000 hours
    Estimated average hours per response: 400 hours
    Number of respondents: 20
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 1844) and is given confidential treatment (5 
U.S.C. 552(b)(4)).
    Abstract: The Federal Reserve, in conjunction with the Office of 
the Comptroller of the Currency (OCC), plan to survey twenty large bank 
holding companies (BHCs) as part of a worldwide effort by the Basel 
Committee on Banking Supervision (the Committee). The Committee plans 
to survey leading financial institutions from the thirteen countries 
participating on the Committee as well as many other countries in order 
to gauge the likely effects of proposed new capital standards for 
internationally active banking organizations.
    On a best-efforts basis, BHCs will be asked to provide information 
about their exposures (e.g., loans and loan commitments) for each major 
loan portfolio (corporate, interbank, sovereign, and retail) and to 
identify for each portfolio the estimated effect of potential new 
regulatory capital requirements. Such information and corresponding pro 
forma capital requirements will be requested using current capital 
standards and also under each of several alternative approaches: a so-
called ``standardized'' approach, which is similar to current rules, 
and both ``foundation'' and ``advanced'' internal risk-based measures. 
The survey will be completed using formatted Excel spreadsheets that 
will calculate each respondent's capital requirements based on the 
information it provides.

    Board of Governors of the Federal Reserve System, September 24, 
2002.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 02-24680 Filed 9-30-02; 8:45 am]
BILLING CODE 6210-01-S