[Federal Register Volume 69, Number 67 (Wednesday, April 7, 2004)]
[Notices]
[Pages 18384-18385]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-770]


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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: 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 7, 2004.

ADDRESSES: Comments should be mailed to Jennifer J. Johnson, Secretary, 
Board of Governors of the Federal Reserve System, 20th Street and 
Constitution Avenue, NW., Washington, DC 20551. Please consider 
submitting your comments through the Board's Web site at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm; by e-mail to 
[email protected]; or by fax to the Office of the 
Secretary at 202/452-3819 or 202/452-3102. Rules proposed by the Board 
and other federal agencies may also be viewed and commented on at 
www.regulations.gov. All public comments are available from the Board's 
web site at www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, except as necessary for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper in Room MP-500 of the Board's Martin Building (C and 20th 
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
    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 3208, 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.

[[Page 18385]]

    Michelle Long, Acting Federal Reserve Board Clearance Officer (202-
452-3829), Division of Research and Statistics, Board of Governors of 
the Federal Reserve, 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.

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

    1. Report title: Declaration to Become a Financial Holding Company 
(FHC), Requests for Determinations and Interpretations Regarding 
Activities Financial in Nature, Notices of Failure to Meet Capital or 
Management Requirements, Notices by State Member Banks (SMBs) to Invest 
in Financial Subsidiaries, Regulatory Relief Requests Associated with 
Merchant Banking Activities, and Recordkeeping Requirements Associated 
with Merchant Banking Activities.
    Agency form number: FR 4010, FR 4011, FR 4012, FR 4017, FR 4019.
    OMB control number: 7100-0292.
    Frequency: On occasion.
    Reporters: Bank holding companies (BHCs), including FHCs, foreign 
banking organizations (FBOs), and SMBs.
    Annual reporting hours: 3,142 hours.
    Estimated average hours per response: FR 4010: BHC 3 hours, FBOs 
3.5 hours; FR 4011: Activities financial in nature, or incidental or 
complementary to financial activities 10 hours, Advisory opinions 10 
hours; FR 4012: BHCs decertified as FHCs 1 hour, FHCs back into 
compliance 10 hours; FR 4017: SMBs 4 hours; FR 4019: Regulatory relief 
requests 1 hour, Portfolio company notification 1 hour; Recordkeeping: 
50 hours.
    Number of respondents: FR 4010: BHC 58, FBOs 5; FR 4011: Activities 
financial in nature, or incidental or complementary to financial 
activities 2, Advisory opinions 2; FR 4012: BHCs decertified as FHCs 
13, FHCs back into compliance 27; FR 4017: SMBs 5; FR 4019: Regulatory 
relief requests 5, Portfolio company notification 5; Recordkeeping: 52.
    General description of report: These collections of information are 
required to obtain a benefit and are authorized under:
    FR 4010: Section 4(l)(1)(C) of the BHC Act (12 U.S.C. 
1843(1)(l)(C)), section 8(a) of the International Banking Act (12 
U.S.C. 3106(a)), and sections 225.82 and 225.91 of Regulation Y (12 
CFR. 225.82 and 225.91);
    FR 4011: Section 4(k) of the BHC Act (12 U.S.C. 1843(k)) and 
sections 225.88(b) and (e) and 225.89 of Regulation Y (12 CFR 225.88(b) 
and (e) and 225.89);
    FR 4012: Section 4(m) of the BHC Act (12 U.S.C. 1843(m)), section 
8(a) of the International Banking Act (12 U.S.C. 3106(a)), and sections 
225.83 and 225.93 of Regulation Y (12 CFR 225.83 and 225.93);
    FR 4017: Section 9 of the Federal Reserve Act (12 U.S.C. 335) and 
section 208.76 of Regulation H (12 CFR 208.76);
    FR 4019: Section 4(k)(7) of the BHC Act (12 U.S.C. 1843(k)(7)) and 
sections 225.171(e)(3), 225.172(b)(4), and 225.173(c)(2) of Regulation 
Y (12 CFR 225.171(e)(3), 225.172(b)(4), and 225.173(c)(2));
    Recordkeeping: Section 4(k)(7) of the BHC Act (12 U.S.C. Sec.  
1843(k)(7)) and sections 225.171(e)(4) and 225.175 of Regulation Y (12 
CFR 225.171(e)(4) and 225.171).
    A company may request confidentiality for the information contained 
in these information collections pursuant to section (b)(4) and (b)(6) 
of the Freedom of Information Act (5 U.S.C. 552 (b)(4) and (b)(6)).
    Abstract: Each BHC or FBO seeking FHC status must file the FR 4010 
declaration, which includes information needed to verify eligibility 
for FHC status. By filing the FR 4011 a requestor may ask the Board to 
determine that an activity is financial in nature, to issue an advisory 
opinion that an activity is within the scope of an activity previously 
determined to be financial in nature, or to approve engagement in an 
activity complementary to a financial activity. Any FHC ceasing to meet 
capital or managerial prerequisites for FHC status must notify the 
Board, by filing the FR 4012 notice, of the deficiency, and often must 
submit plans to the Board to cure the deficiency. Any SMB seeking to 
establish a financial subsidiary must seek the Board's prior approval 
by submitting the FR 4017 requirements. Any FHC seeking to extend the 
10-year holding period for a merchant banking investment must submit 
the FR 4019 requirements to apply for the Board's prior approval, and a 
FHC also must notify the Board if it routinely manages or operates a 
portfolio company for more than nine months. All FHCs engaging in 
merchant banking activities must keep records of those activities, and 
make them available to examiners. There are no formal reporting forms 
for these event-generated filings.

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

    1. Report title: Consolidated Report of Condition and Income for 
Edge and Agreement Corporations.
    Agency form number: FR 2886b.
    OMB control number: 7100-0086.
    Frequency: Quarterly.
    Reporters: Edge and agreement corporations.
    Annual reporting hours: 3,173 hours.
    Estimated average hours per response: 14.7 banking corporations, 
8.5 investment corporations.
    Number of respondents: 21 banking corporations, 57 investment 
corporations.
    General description of report: This information collection is 
mandatory (12 U.S.C. 602 and 625). For Edge corporations engaged in 
banking, information collected on schedules E and L are held 
confidential pursuant to Section (b)(4) of the Freedom of Information 
Act (5 U.S.C. 552(b)(4)). For investment Edge corporations only 
information collected on Schedule E is given confidential treatment 
pursuant to Section (b)(4) of the Freedom of Information Act (5 
U.S.C.552(b)(4)).
    Abstract: This report collects a balance sheet, income statement, 
and ten supporting schedules, and it parallels the commercial bank 
Reports of Condition and Income (Call Report) (FFIEC 031; OMB No. 7100-
0036). The Federal Reserve uses the data collected on the FR 2886b to 
supervise Edge corporations, identify present and potential problems, 
and monitor and develop a better understanding of activities within the 
industry.
    Current action: The Federal Reserve proposes to align FR 2886b 
schedule titles, identifiers, and ordering of line items with the Call 
Report. In addition, the Federal Reserve may modify the FR 2886b report 
consistent with any applicable revisions to the Call Report, ultimately 
adopted by the FFIEC for implementation in March 2005.

    Board of Governors of the Federal Reserve System, April 1, 2004.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E4-770 Filed 4-6-04; 8:45 am]
BILLING CODE 6210-01-S