[Federal Register Volume 70, Number 29 (Monday, February 14, 2005)]
[Notices]
[Pages 7504-7506]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-2740]


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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-Is 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

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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 April 15, 2005.

ADDRESSES: You may submit comments, identified by FR 2226, FR 2225, FR 
Y-3, FR Y-3N, FR Y-4, or FR K-1, by any of the following methods:
     Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
N.W., Washington, DC 20551.
    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 (20th and C Streets, N.W.) 
between 9:00 a.m. and 5:00 p.m. on weekdays.

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.
    Michelle Long, 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.

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

    Report title: Report of Net Debit Cap
    Agency form number: FR 2226
    OMB control number: 7100-0217
    Frequency: Annual
    Reporters: Depository institutions, Edge and agreement 
corporations, U.S. branches and agencies of foreign banks
    Annual reporting hours: 1,780 hours
    Estimated average hours per response: 1.0 hour
    Number of respondents: 1,785
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(i), 248-l, and 464) and may be accorded 
confidential treatment under the Freedom of Information Act (5 U.S.C. 
552 (b)(4)).
    Abstract: Federal Reserve Banks collect these data annually to 
provide information that is essential for their administration of the 
Board's Payments System Risk policy. The Report of Net Debit Cap 
comprises three resolutions, which are filed by an institution's board 
of directors depending on the institution's needs. The first resolution 
is used to establish a de minimis net debit cap, and the second 
resolution is used to establish a self-assessed net debit cap. 
Institutions use these two resolutions to establish a capacity for 
daylight overdrafts that is greater than the capacity that is typically 
assigned by a Reserve Bank. Institutions use part one of the third 
resolution, a two-part resolution, to establish additional 
collateralized capacity. Institutions use part two of the third 
resolution if they have been approved to receive additional 
collateralized capacity and pledge securities in transit to support the 
additional capacity. Copies of the current model resolutions are 
located in Appendix B of the Guide to the Federal Reserve's Payments 
System Risk policy.

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

    1. Report title: Annual Daylight Overdraft Capital Report for U.S. 
Branches and Agencies of Foreign Banks
    Agency form number: FR 2225
    OMB control number: 7100-0216
    Frequency: Annual
    Reporters: Foreign banks with U.S. branches or agencies
    Annual reporting hours: 42 hours
    Estimated average hours per response: 1.0 hour
    Number of respondents: 42
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(i), 248-l, and 464) and is not given 
confidential treatment.
    Abstract: This report was implemented in March 1986 as part of the 
procedures used to administer the Federal Reserve Board's Payments 
System Risk (PSR) policy. A key component of the PSR policy is a limit, 
or a net debit cap, on an institution's negative intraday balance in 
its Federal Reserve account. The Federal Reserve calculates an 
institution's net debit cap by applying the multiple associated with 
the net debit cap category to the institution's capital. For foreign 
banking organizations (FBOs), a percentage of the FBO's capital 
measure, known as the U.S. capital equivalency, is used to calculate 
the FBO's net debit cap. Currently, an FBO with U.S. branches or 
agencies may voluntarily file the FR 2225 to provide the Federal 
Reserve with its capital measure. Because an FBO that files the FR 2225 
may be able to use its total capital in the net debit cap calculation, 
an FBO seeking to maximize its daylight overdraft capacity may find it 
advantageous to file the FR 2225. An FBO that does not file FR 2225 may 
use an alternative capital measure based on its nonrelated liabilities.
    Current Actions: The Federal Reserve proposes minor revisions to 
the FR 2225 reporting form and instructions to make the reporting of 
foreign currency translations consistent with the reporting 
requirements detailed in other Federal Reserve information collections, 
resulting in the deletion of an item from the form.
    2. Report titles: Application for Prior Approval to Become a Bank 
Holding Company, or for a Bank Holding Company to Acquire an Additional 
Bank or Bank Holding Company; Notice for Prior Approval to Become a 
Bank Holding Company, or for a Bank Holding Company to Acquire an 
Additional Bank or Bank Holding Company; and Notification for Prior 
Approval to Engage Directly or Indirectly in Certain Nonbanking 
Activities
    Agency form numbers: FR Y-3, FR Y-3N, and FR Y-4
    OMB control number: 7100-0121
    Frequency: Event-generated
    Reporters: Corporations seeking to become bank holding companies 
(BHCs), or BHCs and state chartered banks that are members of the 
Federal Reserve System
    Annual reporting hours: 19,100 hours
    Estimated average hours per response:
    FR Y-3, Section 3(a)(1): 49 hours;

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    FR Y-3, Section 3(a)(3) and 3(a)(5): 59.5 hours;
    FR Y-3N, Sections 3(a)(1), 3(a)(3), and 3(a)(5): 5 hours;
    FR Y-4, complete notification: 12 hours;
    FR Y-4, expedited notification: 5 hours; and
    FR Y-4, post-consummation: 0.5 hours.
    Number of respondents: 556
    General description of reports: This information collection is 
mandatory (12 U.S.C. 1842(a), 1844(b), and 1843(j)(1)(b)) and may be 
accorded confidential treatment under the Freedom of Information Act (5 
U.S.C. 552 (b)(4)).
    Abstract: The Federal Reserve requires the application and the 
notifications for regulatory and supervisory purposes and to allow the 
Federal Reserve to fulfill its statutory obligations under the Bank 
Holding Company Act of 1956. The forms collect information concerning 
proposed BHC formations, acquisitions, and mergers, and proposed 
nonbanking activities. The Federal Reserve must obtain this information 
to evaluate each individual transaction with respect to permissibility, 
competitive effects, adequacy of financial and managerial resources, 
net public benefits, and impact on the convenience and needs of 
affected communities.
    Current Actions: The proposed modifications are technical in 
nature, as no material change in the relevant statutes and regulation 
has occurred since 2001. The proposed changes improve consistency 
within the three reporting forms, clarify certain language, and provide 
additional practical guidance to filers to reduce or avoid processing 
delays in the applications process. The reporting forms also have been 
modified to reflect substantial applications guidance and related 
reference material that was added to the Federal Reserve Board's public 
website in May 2004. Each proposed change is intended to facilitate and 
clarify the overall filing process for a BHC.
    3. Report title: International Applications and Prior Notifications 
under Subparts A and C of Regulation K
    Agency form number: FR K-1
    OMB control number: 7100-0107
    Frequency: Event-generated
    Reporters: State member banks, national banks, bank holding 
companies, Edge and agreement corporations, and certain foreign banking 
organizations
    Annual reporting hours: 772 hours
    Estimated average hours per response: Attachments A and B, 11.5 
hours; Attachments C through G, 10 hours; Attachments H and I, 15.5 
hours; Attachment J, 10 hours; Attachment K, 20 hours
    Number of respondents: 43
    General description of report: This information collection is 
mandatory (12 U.S.C. 601-604(a), 611-631, 1843(c)(13), 1843(c)(14), and 
1844(c)) and is not given confidential treatment. The applying 
organization has the opportunity to request confidentiality for 
information that it believes will qualify for a Freedom of Information 
Act exemption.
    Abstract: The FR K-1 comprises a set of applications and 
notifications that govern the formation of Edge or agreement 
corporations and the international and foreign activities of U.S. 
banking organizations. This set of applications and notifications is in 
the form of eleven attachments (labeled attachment A through K) and 
they collect information on projected financial data, purpose, 
location, activities, and management. The Federal Reserve requires 
these applications for regulatory and supervisory purposes and to allow 
the Federal Reserve to fulfill its statutory obligations under the 
Federal Reserve Act and the Bank Holding Company Act of 1956.
    Current Actions: The Federal Reserve proposes minor revisions to 
the applications and notifications in order to improve clarity, more 
accurately reflect what information U.S. banking organizations should 
provide, and request information that is considered necessary in 
evaluating proposals. Attachment A, Item 11, and Attachment B, Item 5, 
would be slightly modified by removing the parenthetical statement 
regarding operations of the branch and adding the words ``assets and 
liabilities.'' Attachment C, Item 7.a would be modified to remove the 
existing parenthetical about Edge corporation capitalization, which is 
considered no longer necessary. Attachment C, Item 9, would be modified 
to remove the word ``banking'' from the first line to reflect the fact 
that the item should be submitted by all foreign institutions, not just 
foreign banking institutions. Attachments H and I would be revised by 
adding a new question related to the Federal Reserve's access to 
information. This new question requests the same information for 
foreign investments that is currently requested for foreign branches 
and is considered necessary in evaluating proposals. Attachments H and 
I would also be modified to add a footnote to clarify that the form 
should not be used for investments made by a bank holding company using 
financial holding company authority. The Regulation K section citations 
on Attachment H would be corrected to accurately reflect when the form 
should be used.

    Board of Governors of the Federal Reserve System, February 8, 
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-2740 Filed 2-11-05; 8:45 am]
BILLING CODE 6210-01-S