[Federal Register Volume 68, Number 124 (Friday, June 27, 2003)]
[Notices]
[Pages 38336-38340]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-16270]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement Of Board 
Approval Under Delegated Authority And Submission To OMB

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-Is 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 Clearance Officer--
Cindy Ayouch--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.

Final Approval Under OMB Delegated Authority Of 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

[[Page 38337]]

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 will: (1) change the 
definition of ``nonexempt institutions,'' effective with the September 
2003 panel shift; (2) institute a new ``reduced reporting limit'' B any 
institution with total deposits at or above a $1 billion reduced 
reporting limit will report the FR 2900 weekly, effective with the 
September 2003 panel review; (3) reduce the reporting frequency for the 
two nonpersonal time deposit items on the FR 2900 to one day each year, 
effective September 2003; (4) raise 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) 
add 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 hours
    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 will add the item ``net 
transaction accounts'' to the FR 2910a, effective June 2003; and change 
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 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 will: (1) raise the thresholds 
for re-screening existing FR 2415 respondents on all three reporting 
panels; (2) reduce the cutoff for screening U.S. banks that do not file 
the FR 2415; and (3) add 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; and FR 2009b: 
Cogenerators
    Annual reporting hours: FR 2009a/c: 1,920 hours; and FR 2009b: 900 
hours
    Estimated average hours per response: FR 2009a/c: 1 hour; and FR 
2009b: 30 minutes
    Number of respondents: FR 2009a/c: 160; and 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 proposes to reduce the authorized panel size 
to 160 utilities and 150 cogenerators to more accurately reflect the 
target population.
    5. 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

[[Page 38338]]

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.
    6. Report title: Bank Holding Company Report of Insured Depository 
Institutions' Section 23A Transactions with Affiliates
    Agency form numbers: FR Y-8
    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: On April 1, 2003, the Federal Reserve published a 
notice soliciting comments for 60 days on proposed revisions to the 
Bank Holding Company Report of Insured Depository Institutions' Section 
23A Transactions with Affiliates (68 FR 15728). The Federal Reserve 
received comment letters from one bank holding company (BHC) trade 
association and from a small BHC.
    The Federal Reserve proposed to add one new item to enhance the 
ability to monitor compliance with section 23A and three new items on 
derivative transactions between insured depository institutions and 
their affiliates to assist in monitoring derivative transactions and 
establishing policy for regulating such transactions. In addition, the 
Federal Reserve also proposed to revise the instructions to reflect 
interpretations and definitions included in Regulation W, the rule that 
comprehensively implements sections 23A and 23B of the Federal Reserve 
Act. The new rule was effective April 1, 2003.
    One commenter suggested that the Federal Reserve should consider 
alternate methods to collect the information on derivative transactions 
between the insured depository institution and their affiliates and 
questioned the appropriateness of collecting these items on the FR Y-8. 
The commenter suggested that the Federal Reserve should continue to 
rely on on-site examinations or survey a specified group of banking 
organizations on an annual or semi-annual basis to meet the Federal 
Reserve's need for the information on derivative transactions and to 
minimize the burden on respondents. Should the Federal Reserve decide 
to implement the collection of derivative information as proposed, the 
commenter requested that the Federal Reserve consider delaying the 
collection of the derivative transaction information until December 
2003 to provide respondents with additional time to implement the 
proposed changes.
    The Federal Reserve believes that the collection of information 
concerning derivative transactions between insured depository 
institutions and their affiliates on the FR Y-8 is appropriate and 
necessary to ensure that banks are monitoring the exposure to 
affiliates from derivative transactions in accordance with Regulation 
W. Quarterly collection of information on derivative transactions would 
enable the Federal Reserve to better monitor trends in intercompany 
derivative transactions between on-site examinations and enable the 
Federal Reserve to conduct risk-focused examinations. The collection of 
information on the FR Y-8 report facilitates pre-analysis work and 
conserves on-site examination resources for verification of compliance 
and a review of pertinent issues, minimizing examination burden on 
respondents.
    As indicated in the initial proposal, the Federal Reserve believes 
that the information necessary to report the proposed derivative items 
should be readily available from the insured depository institutions' 
internal risk management reports. However, after reviewing the comment 
received concerning the collection of the new derivative information, 
the Federal Reserve will postpone the collection of the three new 
derivative items until December 31, 2003. All other proposed revisions 
to the FR Y-8, including the new memorandum item to collect maximum 
aggregate amount of covered transactions, would be effective with the 
June 30, 2003 report date.
    Another commenter suggested that bank holding companies with a 
single covered transaction be permitted to file the FR Y-8 report on a 
one-time basis or annually. Quarterly reporting enhances the Federal 
Reserve's ability to monitor ongoing compliance with section 23A and to 
monitor trends on an aggregate basis. The reporting frequency will 
remain the same for all insured depository institutions.

Final Approval 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

[[Page 38339]]

    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.
    3. 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 hours
    Number of respondents: 84
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248 (a), 324, 335, 3101, 3102, and 3105) and is 
given confidential treatment (5 U.S.C. 552 (b)(4)).
    Abstract: The FR 2018 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.
    4. Report title: Senior Financial Officer Survey
    Agency form number: FR 2023
    OMB Control number: 7100-0223
    Frequency: Up to four times a 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. 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. 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 
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.

Final Approval 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 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 will discontinue 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).

Final Approval Under OMB Delegated Authority To Conduct The Following 
Survey:

    1. Report title: Survey of Small Business Finances
    Agency form number: FR 3044
    OMB control number: 7100-0262
    Frequency: One-time
    Reporters: Small businesses
    Annual reporting hours: 5,100 hours
    Estimated average hours per response: 1 hour
    Number of respondents: 5,100
    Small businesses are affected.
    General description of report: This information collection would be 
voluntary and authorized by law (12 U.S.C. 252(a)(1), 1817(j), and 1841 
et seq.). Individual respondent data would be provided in a public-use 
file. However, any information that could identify respondent firms, or 
the financial institutions that they use, would be excluded from the 
public dataset pursuant to the Freedom of Information Act (5 U.S.C. 
552(b)(4)).
    Abstract: This voluntary survey would be similar to the 1987, 1993, 
and 1998 Surveys of Small Business

[[Page 38340]]

Finances (SSBF). In part, this survey would be conducted to collect 
information needed to satisfy the requirements of Section 2227 of the 
Economic Growth and Regulatory Paperwork Reduction Act of 1996. This 
law requires the Board to conduct a study and submit a report to the 
Congress every five years ``...detailing the extent of small business 
lending by all creditors....''
    The 2003 SSBF would gather data from small businesses on their 
financial relationships, credit experiences, lending terms and 
conditions, income and balance sheet information, the location and 
types of financial institutions used, and other firm characteristics. 
The survey would be conducted by a private survey firm, which would be 
chosen in a competitive bidding process. In conjunction with the 
Federal Reserve, the survey firm would update and finalize the 
questionnaire for the new survey. The survey firm would then conduct 
two pretests with a minimum of fifty small business firms in each pre-
test. Following pre-test revisions to the questionnaire, the survey 
would be conducted by means of computer-assisted telephone interviews. 
Interviewing would likely commence in early 2004.

    Board of Governors of the Federal Reserve System, June 23, 2003.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. 03-16270 Filed 6-26-03; 8:45 am]
BILLING CODE 6210-01-S