[Federal Register Volume 68, Number 73 (Wednesday, April 16, 2003)]
[Notices]
[Pages 18650-18653]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-9262]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
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

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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 16, 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, NW. 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.

SUPPLEMENTARY INFORMATION:

Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following reports:

    1. Report title: Report of Transaction Accounts, Other Deposits, 
and Vault Cash
    Agency form number: FR 2900
    OMB control number: 7100-0087
    Frequency: Weekly, quarterly
    Reporters: Depository institutions
    Annual reporting hours: 779,506 hours
    Estimated average hours per response: 3.50 hours
    Number of respondents: 3,888 weekly and 5,135 quarterly
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a), 461, 603, and 615) and is given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: Nonexempt institutions B currently defined as those with 
reservable liabilities greater than the exemption amount B file the FR 
2900 weekly if their total deposits are greater than or equal to the 
nonexempt deposit cutoff and quarterly if their total deposits are less 
than the nonexempt deposit cutoff. U.S. branches and agencies of 
foreign banks and Edge and agreement corporations are required to 
report the FR 2900 weekly regardless of their deposit size. These 
mandatory reports are used by the Federal Reserve for administering 
Regulation D (Reserve Requirements of Depository Institutions) and for 
constructing, analyzing, and controlling the monetary and reserve 
aggregates.
    Current actions: The Federal Reserve proposes the following 
revisions: (1) changing the definition of ``nonexempt institutions'' to 
be any depository institution with net transaction accounts greater 
than the exemption amount, effective with the September 2003 panel 
shift; (2) instituting a new ``reduced reporting limit'' B any 
institution with total deposits at or above a $1 billion reduced 
reporting limit would report the FR 2900 weekly, effective with the 
September 2003 panel review; (3) reducing the reporting frequency for 
the two nonpersonal time deposit items on the FR 2900 to one day each 
year, effective September 2003; (4) raising the nonexempt deposit 
cutoff to $150.0 million, an upward adjustment from the 2003 indexed 
level of $112.3 million, effective for the September 2003 panel review; 
and (5) adding the item ``net Eurocurrency liabilities'' to the FR 
2900, to be reported one day each year beginning June 2004.
    2. Report title: Annual Report of Total Deposits and Reservable 
Liabilities
    Agency form number: FR 2910a
    OMB control number: 7100-0175
    Frequency: Annually
    Reporters: Depository institutions
    Annual reporting hours: 3,052
    Estimated average hours per response: 30 minutes
    Number of respondents: 6,103
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a) and 461) and is given confidential 
treatment (5 U.S.C. 552 (b)(4)).
    Abstract: Currently, the FR 2910a is filed by (non-FR 2900) 
institutions whose total deposits are greater than or equal to the 
exemption amount and by all other institutions whose total deposits 
cannot be verified as being below the exemption amount. This mandatory 
report is used by the Federal Reserve for administering Regulation D 
(Reserve Requirements of Depository Institutions) and for constructing, 
analyzing, and controlling the monetary and reserve aggregates.
    Current actions: The Federal Reserve proposes adding the item ``net 
transaction accounts'' to the FR 2910a, effective June 2003; and 
changing the reporting date for the FR 2910a to June 30th, effective 
June 2003.
    3. Report title: Report of Repurchase Agreements (RPs) on U.S. 
Government

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and Federal Agency Securities with Specified Holders
    Agency form number: FR 2415
    OMB control number: 7100-0074
    Frequency: Weekly, quarterly, or annually
    Reporters: U.S chartered commercial banks, U.S branches and 
agencies of foreign banks, thrift institutions, and credit unions
    Annual reporting hours: 2,615 hours
    Estimated average hours per response: 30 minutes
    Number of respondents: 84 weekly, 128 quarterly, and 350 annually
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a)(2) and 3105(b)) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: This voluntary report collects one data item, repurchase 
agreements (RPs), in denominations of $100,000 or more, in immediately-
available funds, on U.S. government and federal agency securities, 
transacted with specified holders. Depository institutions file the FR 
2415 report either weekly, quarterly or annually depending on the 
volume of their RPs. In general, the larger the respondent's level of 
RPs, the more frequent its reporting. The weekly panel reports daily 
data once each week; the quarterly panel files daily data for the four 
one-week reporting periods that contain quarter-end dates; the annual 
panel reports daily data only for the week encompassing June 30 each 
year. The primary purpose of the data is for construction of the RP 
component of the M3 monetary aggregate and for analysis of depository 
institutions' funding practices.
    Current actions: The Federal Reserve proposes the following 
revisions: (1) raising the thresholds for re-screening existing FR 2415 
respondents on all three reporting panels; (2) reducing the cutoff for 
screening U.S. banks that do not file the FR 2415; and (3) adding 
credit unions to the existing reporting panels.
    4. Report title: Monthly Survey of Industrial Electricity Use
    Agency form number: FR 2009a,b,c
    OMB control number: 7100-0057
    Frequency: Monthly
    Reporters: FR 2009a/c: Electric utility companies; FR 2009b: 
Cogenerators
    Annual reporting hours: FR 2009a/c: 1,920 hours; FR 2009b: 900 
hours
    Estimated average hours per response: FR 2009a/c: 1 hour; FR 2009b: 
30 minutes
    Number of respondents: FR 2009a/c: 160; FR 2009b: 150
    Small businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, 353 et seq, and 461) and is given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The survey collects information on the volume of electric 
power delivered during the month to classes of industrial customers. 
There are three versions of the survey: the FR 2009a and FR 2009c 
collect information from 137 electric utilities, the FR 2009a in 
Standard Industrial Codes (SIC) codes and the FR 2009c in North 
American Industry Classification System (NAICS) codes. The FR 2009b 
collects information from 124 manufacturing and mining facilities that 
generate electric power for their own use (cogenerators). The electric 
power data are used in deriving the Federal Reserve's monthly index of 
industrial production (IP) as well as for calculating the monthly 
estimates of electric power used by industry. The IP index is widely 
used by the Federal Reserve, other government agencies, businesses, and 
academia for economic analysis, policy review, and research.
    Current actions: The Federal Reserve proposes to continue using the 
FR 2009a report form. This report form was approved for discontinuance 
in 2000 owing to the industrial output index being revised to reflect 
the new North American Industry Classification System (NAICS) from the 
Standard Industrial Classification (SIC) codes. However, many 
respondents continue to prefer reporting in SIC codes. The FR 2009c is 
in the same format as the FR 2009a but uses NAICS instead of SIC codes. 
The Federal Reserve also propose to reduce the authorized panel size to 
160 utilities and 150 cogenerators to more accurately reflect the 
target population.

Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports:

    1. Report title: Allocation of Low Reserve Tranche and Reservable 
Liabilities Exemption
    Agency form number: FR 2930/2930a
    OMB control number: 7100-0088
    Frequency: Annually and on occasion
    Reporters: Depository institutions
    Annual reporting hours: 47 hours
    Estimated average hours per response: 15 minutes
    Number of respondents: 186
    Small businesses are affected.
    General description of report: This information collection is 
mandatory: FR 2930 (12 U.S.C. 248(a), 461, 603, and 615) and FR 2930a: 
(12 U.S.C. 248(a) and 461) and is given confidential treatment (5 
U.S.C. 552(b)(4)).
    Abstract: The FR 2930 and FR 2930a provide information on the 
allocation of the low reserve tranche and reservable liabilities 
exemption for depository institutions having offices (or groups of 
offices) that file separate FR 2900 deposit reports. The data collected 
on these reports are needed for the calculation of required reserves.
    2. Report title: Report of Foreign (Non-U.S.) Currency Deposits
    Agency form number: FR 2915
    OMB control number: 7100-0237
    Frequency: Quarterly
    Reporters: Depository institutions
    Annual reporting hours: 306 hours
    Estimated average hours per response: 30 minutes
    Number of respondents: 153
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a)(2) and 347(d)) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2915 collects weekly averages of the amounts 
outstanding for foreign (non-U.S.) currency deposits held at U.S. 
offices of depository institutions, converted to U.S. dollars and 
included in the FR 2900. Foreign currency deposits are subject to 
reserve requirements and, therefore, are included in the FR 2900. 
However, because foreign currency deposits are not included in the 
monetary aggregates, the FR 2915 data are used to remove foreign 
currency deposits from FR 2900 data in calculating the monetary 
aggregates. FR 2915 data also are used to monitor the volume of foreign 
currency deposits.

Proposal to approve under OMB delegated authority the discontinuation 
of the following report:

    1. Report title: Report of Certain Eurocurrency Transactions
    Agency form number: FR 2950/2951
    OMB control number: 7100-0087
    Frequency: Weekly, quarterly
    Reporters: Depository institutions
    Annual reporting hours: 20,248 hours
    Estimated average hours per response: 1 hour
    Number of respondents: 389 weekly and 5 quarterly
    Small businesses are affected.
    General description of report: This information collection is 
mandatory [FR 2950: (12 U.S.C. 248(a), 461, 603, and 615)] and [FR 
2951: (12 U.S.C. 248(a), 461, and 347(d))] and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2950/2951 collects information on Eurocurrency 
liabilities

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from depository institutions that obtain funds from foreign (non-U.S.) 
sources or that have foreign branches. This report is filed with the 
same frequency as the FR 2900. These mandatory reports are used by the 
Federal Reserve for administering Regulation D (Reserve Requirements of 
Depository Institutions) and for constructing, analyzing, and 
controlling the monetary and reserve aggregates.
    Current actions: The Federal Reserve proposes discontinuing the FR 
2950/2951 in May 2004, contingent upon some report items being added to 
the bank credit family of reports. (The Weekly Report of Assets and 
Liabilities for Large Banks: FR 2416; OMB No. 7100-0075; the Weekly 
Report of Selected Assets: FR 2644; OMB No. 7100-0075; and the Weekly 
Report of Assets and Liabilities for Large U.S Branches and Agencies of 
Foreign Banks: FR 2069; OMB No. 7100-0030)
    Board of Governors of the Federal Reserve System, April 10, 2003.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 03-9262 Filed 4-15-03; 8:45 am]
BILLING CODE 6210-01-S