[Federal Register Volume 69, Number 122 (Friday, June 25, 2004)]
[Notices]
[Pages 35626-35627]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-14417]
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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
SUMMARY: 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: Acting Federal Reserve Clearance
Officer - Michelle Long, Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
OMB Desk Officer - Mark Menchik, 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: Notice of Proposed Stock Redemption
Agency form number: FR 4008
OMB Control number: 7100-0131
Frequency: On occasion
Reporters: Bank holding companies
Annual reporting hours: 171 hours
Estimated average hours per response: 15.5 hours
Number of respondents: 11
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 1844(c)) and is generally not given
confidential treatment.
Abstract: The Federal Reserve requires certain bank holding
companies (BHCs), based on an amount of redemptions over a defined
period, to give written notice to the appropriate Reserve Bank before
purchasing or redeeming their equity securities. There is no formal
reporting form. The Federal Reserve uses the information to fulfill its
statutory obligation to supervise BHCs.
2. Report title: Filings Related to the Gramm-Leach-Bliley Act
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, including financial holding
companies foreign banking organizations, and state member banks
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. Sec.
1843(1)(l)(C)), section 8(a) of the International Banking Act (12
U.S.C. Sec. 3106(a)), and sections 225.82 and 225.91 of Regulation Y
(12 C.F.R. 225.82 and 225.91);
FR 4011: Section 4(k) of the BHC Act (12 U.S.C. Sec. 1843(k)) and
sections 225.88(b) and (e) and 225.89 of Regulation Y (12 C.F.R.
225.88(b) and (e) and 225.89);
FR 4012: Section 4(m) of the BHC Act (12 U.S.C. Sec. 1843(m)),
section 8(a) of the International Banking Act (12 U.S.C. Sec.
3106(a)), and sections 225.83 and 225.93 of Regulation Y (12 C.F.R.
225.83 and 225.93);
FR 4017: Section 9 of the Federal Reserve Act (12 U.S.C. Sec. 335)
and section 208.76 of Regulation H (12 C.F.R. 208.76);
FR 4019: Section 4(k)(7) of the BHC Act (12 U.S.C. Sec.
1843(k)(7)) and sections 225.171(e)(3), 225.172(b)(4), and
225.173(c)(2) of Regulation Y (12 C.F.R. 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
C.F.R. 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
[[Page 35627]]
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.
3. Report title: Notice Claiming Status as an Exempt Transfer Agent
Agency form number: FR 4013
OMB Control number: 7100-0137
Frequency: On occasion
Reporters: Banks, bank holding companies (BHCs), and certain trust
companies
Annual reporting hours: 6 hours
Estimated average hours per response: 2 hours
Number of respondents: 3
General description of report: This information collection is
voluntary (15 U.S.C. 78q-1(c)(1)) and the Federal Reserve is authorized
to collect this data (15 U.S.C. 78c (a)(34)(B)(ii)). The data collected
are not given confidential treatment.
Abstract: Banks, BHCs, and trust companies subject to the Federal
Reserve's supervision that are low-volume transfer agents voluntarily
file the notice on occasion with the Federal Reserve. Transfer agents
are institutions that provide securities transfer, registration,
monitoring, and other specified services on behalf of securities
issuers. The purpose of the notice, which is effective until the agent
withdraws it, is to claim exemption from certain rules and regulations
of the Securities and Exchange Commission (SEC). The Federal Reserve
uses the notices for supervisory purposes because the SEC has assigned
to the Federal Reserve responsibility for collecting the notices and
verifying their accuracy through examinations of the respondents. The
notice is made by letter; there is no reporting form.
4. Report title: Notice of Branch Closure
Agency form number: 4031
OMB control number: 7100-0264
Frequency: On occasion
Reporters: State member banks
Annual reporting hours: 783
Estimated average hours per response: 2 hours for reporting
requirements; 1 hour for disclosure requirements; 8 hours for
recordkeeping requirements
Number of respondents: 239
General description of report: This information collection is
mandatory (12 U.S.C. 1831r-l(a)(1)) and may be given confidential
treatment upon request (5 U.S.C. 552(b)(4)).
Abstract: The mandatory reporting, recordkeeping, and disclosure
requirements regarding the closing of any branch of an insured
depository institution are imposed by section 228 of the Federal
Deposit Insurance Corporation Improvement Act of 1991. There is no
reporting form associated with the reporting portion of this
information collection; state member banks notify the Federal Reserve
by letter prior to closing a branch. The Federal Reserve uses the
information to fulfill its statutory obligation to supervise state
member banks.
5. Report title: Reports Related to Securities of State Member
Banks as Required by Regulation H
Agency form number: Reg H-1
OMB Control number: 7100-0091
Frequency: Quarterly and on occasion
Reporters: State member banks
Annual reporting hours: 1,390 hours
Estimated average hours per response: 5.11 hours
Number of respondents: 16
General description of report: This information collection is
mandatory (15 U.S.C. 781(i)) and is not given confidential treatment.
Abstract: The Federal Reserve's Regulation H requires certain state
member banks to submit information relating to their securities to the
Federal Reserve on the same forms that bank holding companies and
nonbank entities use to submit similar information to the Securities
and Exchange Commission. The information is primarily used for public
disclosure and is available to the public upon request.
Final approval under OMB delegated authority of 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. Sec. Sec. 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. Sec. 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.
Sec. 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 has approved the proposed
changes to the FR 2886b. The proposed revisions included aligning FR
2886b schedule titles, identifiers, and ordering of line items with the
Call Report, effective with the September 30, 2004 report date. In
addition, the Federal Reserve proposed to 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, June 21, 2004.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. 04-14417 Filed 6-24-04; 8:45 am]
BILLING CODE 6210-01-S