[Federal Register Volume 70, Number 80 (Wednesday, April 27, 2005)]
[Notices]
[Pages 21789-21790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-8392]


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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 Board 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, or e-mail to 
[email protected].
    Final approval under OMB delegated authority of 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.
    Final approval under OMB delegated authority of 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

[[Page 21790]]

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: On February 14, 2005, the Federal Reserve issued 
for public comment proposed revisions to the FR 2225 (70 FR 7504). The 
revisions included making 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 reporting form. The Federal Reserve did 
not receive any comments. The changes will be implemented as proposed.
    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; 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: On February 14, 2005, the Federal Reserve issued 
for public comment proposed revisions to the FR Y-3, FR Y-3N, and FR Y-
4 (70 FR 7504). 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 Web site 
in May 2004. Each proposed change is intended to facilitate and clarify 
the overall filing process for a BHC. The Federal Reserve did not 
receive any comments. The changes will be implemented as proposed.
    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: On February 14, 2005, the Federal Reserve issued 
for public comment proposed revisions to the FR K-1 (70 FR 7504). The 
Federal Reserve revised 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, was slightly modified by removing the 
parenthetical statement regarding operations of the branch and adding 
the words ``assets and liabilities.'' Attachment C, Item 7.a was 
modified to remove the existing parenthetical about Edge corporation 
capitalization, which is considered no longer necessary. Attachment C, 
Item 9, was 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 were 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 were also 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 were corrected to accurately reflect 
when the form should be used. The Federal Reserve did not receive any 
comments. The changes will be implemented as proposed.

    Board of Governors of the Federal Reserve System, April 21, 
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-8392 Filed 4-26-05; 8:45 am]
BILLING CODE 6210-01-P