[Federal Register Volume 68, Number 62 (Tuesday, April 1, 2003)]
[Notices]
[Pages 15728-15729]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7729]



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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System

ACTION: Notice

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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-I's 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 Proposals.

    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 June 2, 2003.

ADDRESSES: Comments may be mailed to Ms. Jennifer J. Johnson, 
Secretary, Board of Governors of the Federal Reserve System, 20th 
Street and Constitution Avenue, N.W., Washington, DC 20551. However, 
because paper mail in the Washington area and at the Board of Governors 
is subject to delay, please consider submitting your comments by e-mail 
to [email protected], or faxing them to the Office of 
the Secretary at 202-452-3819 or 202-452-3102. Comments addressed to 
Ms. Johnson may also be delivered to the Board's mail facility in the 
West Courtyard between 8:45 a.m. and 5:15 p.m., located on 21st Street 
between Constitution Avenue and C Street, N.W. Members of the public 
may inspect comments in Room MP-500 between 9:00 a.m. and 5:00 p.m. on 
weekdays pursuant to 261.12, except as provided in 261.14, of the 
Board's Rules Regarding Availability of Information, 12 CFR 261.12 and 
261.14.
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Joseph Lackey, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 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.
    Cindy Ayouch, 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 (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

Proposals to Approve Under OMB Delegated Authority The Extension For 
Three Years, Without Revision, of the Following Reports:

    1. Report title: The Senior Loan Officer Opinion Survey on Bank 
Lending Practices
    Agency form number: FR 2018
    OMB control number: 7100-0058
    Frequency: Up to six times a year
    Reporters: Large U.S. commercial banks and large U.S. branches and 
agencies of foreign banks
    Annual reporting hours: 1,008 hours
    Estimated average hours per response: 2 hour
    Number of respondents: 84
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec. Sec. 248 (a), 324, 335, 3101, 3102, and 3105) 
and is given confidential treatment (5 U.S.C. Sec.  552 (b)(4)).
    Abstract: The FR2018 is conducted with a senior loan officer at 
each respondent bank up to six times a year. The purpose of the survey 
is to provide qualitative information with respect to bank credit 
developments on current price and flow developments and evolving 
techniques and practices in the U.S. banking sector. Consequently, a 
significant portion of the questions in each survey consists of unique 
questions on topics of timely interest. There is the option to survey 
other types of respondents (such as other depository institutions, bank 
holding companies, or corporations) should the need arise. The FR 2018 
survey provides crucial information for monitoring and understanding 
the evolution of lending practices at banks and developments in credit 
markets.
    2. Report title: Senior Financial Officer Survey
    Agency form number: FR 2023
    OMB control number: 7100-0223
    Frequency: Up to four times per year
    Reporters: Large commercial banks
    Annual reporting hours: 240 hours
    Estimated average hours per response: 1 hour
    Number of respondents: 60
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec. Sec.  225a, 248(a), and 263). It has been 
anticipated that most, if not all, of the information to be collected 
on the FR 2023 would be exempt from disclosure under subsection (b)(4) 
of the Freedom of Information Act (5 U.S.C. Sec.  552 (b)(4)). However, 
it also is possible that some information that might be collected on 
this survey may not be exempt, depending on the specific questions to 
be asked. Thus, the confidentiality status of the survey would be 
determined on a case-by-case basis.
    Abstract: The FR 2023 collects qualitative and limited quantitative 
information about liability management, the provision of financial 
services, and the functioning of key financial markets from a selection 
of sixty large commercial banks (or, if appropriate, from other 
depository institutions or major financial market participants). 
Although the primary panel of respondents has been, and will likely

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continue to be, appropriate for most survey topics, panels based on 
alternative criteria may be more appropriate and efficient for some 
situations. Consequently, the option would continue to be available to 
survey other depository institutions or major participants in financial 
markets. This option greatly enhances the potential scope and utility 
of the survey. Responses are obtained from a senior officer at each 
participating institution through a telephone interview. The survey is 
conducted when major informational needs arise and cannot be met from 
existing data sources. The survey does not have a fixed set of 
questions; each survey consists of a limited number of questions 
directed at topics of timely interest. The survey helps pinpoint 
developing trends in bank funding practices, enabling the Federal 
Reserve to distinguish these trends from transitory phenomena.

Proposal to Approve Under OMB Delegated Authority The Extend, With 
Revision, the Following Reports:

    1. Report titles: Quarterly Report of Interest Rates on Selected 
Direct Consumer Installment Loans and Quarterly Report of Credit Card 
Plans
    Agency form numbers: FR 2835, and FR 2835a
    OMB control number: 7100-0085
    Frequency: Quarterly
    Reporters: Commercial banks
    Annual reporting hours: FR 2835: 90 hours; and FR 2835a: 160 hours
    Estimated average hours per response: FR 2835: 9 minutes; and FR 
2835a: 30 minutes
    Number of respondents: FR 2835: 150; and FR 2835a: 80
    Small businesses are not affected.
    General description of report: These information collections are 
voluntary (12 U.S.C. 248(a)(2)). The FR 2835a individual respondent 
data are given confidential treatment (5 U.S.C. 552 (b)(4)), the FR 
2835 data however, is not given confidential treatment.
    Abstract: The FR 2835 collects the most common interest rate 
charged at a sample of 150 commercial banks on two types of consumer 
loans made in a given week each quarter: new auto loans and other loans 
for consumer goods and personal expenditures.
    The FR 2835a collects information on two measures of credit card 
interest rates from a sample of 100 commercial banks (authorized panel 
size), selected to include banks with $1 billion or more in credit card 
receivables, and a representative group of smaller issuers. The data 
are representative of interest rates paid by consumers on bank credit 
cards because the panel includes virtually all large issuers and an 
appropriate sample of other issuers.
    Current Actions: The Federal Reserve proposes to decrease the 
authorized sample size for the FR 2835a from 100 commercial banks to 80 
commercial banks; 24 banks currently report. The proposed decrease in 
panel size would lower the total estimated annual burden from 304 hours 
to 264 hours.
    2. Report title: Bank Holding Company Report of Insured Depository 
Institutions' Section 23A Transactions with Affiliates
    Agency form numbers: FR-Y8
    OMB control number: 7100-0126
    Frequency: Quarterly
    Reporters: Bank holding companies (BHC), financial holding 
companies, and foreign banking organizations (FBO)
    Annual reporting hours: 159,619 hours
    Estimated average hours per response: 7.8 hours
    Number of respondents: 5,116
    Small businesses are affected.
    General description of report: This information collection is 
authorized by section 5(c) of the BHC Act (12 U.S.C. 1844 (c)) and 
section 225.5 (b) of Regulation Y (12 CFR 225.5 (b)) and is given 
confidential treatment pursuant to the Freedom of Information Act (5 
U.S.C. 552 (b)(4) and (8)).
    Abstract: This report collects information on transactions between 
an insured depository institution and its affiliates that are subject 
to section 23A of the Federal Reserve Act. The information is used to 
enhance the Federal Reserve's ability to monitor bank exposures to 
affiliates and to ensure compliance with section 23A of the Federal 
Reserve Act. Section 23A of the Federal Reserve Act is one of the most 
important statutes on limiting exposures to individual institutions and 
protecting against the expansion of the federal safety net.
    Current actions: The Federal Reserve proposes the following changes 
to the data items collected on the FR Y-8, effective with the June 30, 
2003, report date.
    (1) Add a memoranda item to collect the maximum aggregate amount 
for all covered transactions for any single day during the calendar 
quarter. The collection of a single number representing the largest 
total end of day amount of all covered transactions in the quarter 
would enhance the Federal Reserve's ability to monitor and ensure 
ongoing compliance with section 23A.
    (2) Add three items on derivative transactions between insured 
depository institutions and their affiliates: (1) Positive fair value 
of derivative contracts between the insured depository institution and 
its affiliates; (2) amount of collateral pledged to the insured 
depository institution to secure contracts between the insured 
depository institution and its affiliates; and (3) notional amount of 
derivative contracts between the insured depository institution and its 
affiliates. Only insured depository institutions that engage in 
derivative transactions with their affiliates would complete the three 
items. The collection of these three items would assist the Federal 
Reserve in monitoring derivative transactions and establishing policy 
regulating such transactions.
    (3) Modify the FR Y-8 cover page to allow the respondent to provide 
the email address of the person to whom questions about this report 
should be directed.

Instructions

    The current reporting instructions and glossary would be revised 
and clarified to reflect interpretations and definitions in Regulation 
W, the rule that comprehensively implements sections 23A and 23B of the 
Federal Reserve Act. Interpretations and definitions included in 
Regulation W would modify the information reported in current line 
items and in some cases covered transactions would be reported in 
different line items of the report. The instructions for the FR Y-8 
declaration page would be revised to (1) clarify that an insured 
depository institution is not required to complete page 2 or page 3 of 
the report if it only engaged in covered transactions that are exempt 
pursuant to sections 223.41 and 223.42 of Regulation W and (2) indicate 
that BHCs with derivative transactions between insured depository 
institutions and their affiliates must complete the report form.
    Regulation W also applies section 23A to transactions between U.S. 
branches and agencies of foreign bank and affiliates of the foreign 
bank engaged in the United States in new Gramm-Leach-Bliley Act 
activities. However, over 95 percent of the U.S. branches and agencies 
are uninsured and would not fall within the scope of this report. 
Consistent with current reporting requirements, foreign banks would not 
be required to submit a FR Y-8 for their insured U.S. branches and 
agencies.


    Board of Governors of the Federal Reserve System, March 26, 
2003.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 03-7729 Filed 3-31-03; 8:45 am]
BILLING CODE 6210-01-S