[Federal Register Volume 70, Number 142 (Tuesday, July 26, 2005)]
[Notices]
[Pages 43146-43148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-14717]



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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: 

Background

    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 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 September 26, 2005.

ADDRESSES: You may submit comments, identified by FR 2248, FR 3033, FR 
2030, FR 2056, FR 2086, FR 2087, FR 2083, 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, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, unless modified 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, NW.) between 9 a.m. and 5 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, with revision of the following reports:
    1. Report title: Domestic Finance Company Report of Consolidated 
Assets and Liabilities.
    Agency form number: FR 2248.
    OMB control number: 7100-0005.
    Frequency: Monthly, Quarterly, and Semi-annually.
    Reporters: Domestic finance companies and mortgage companies.
    Annual reporting hours: 352 hours.
    Estimated average hours per response: Monthly, 18 minutes; 
Quarterly, 25 minutes; Semi-annually, 10 minutes.
    Number of respondents: 80.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225(a)). Individual respondent data are 
confidential under section (b)(4) of the Freedom of Information Act (5 
U.S.C. 552).
    Abstract: The monthly FR 2248 report collects balance sheet data on 
major categories of consumer and business credit receivables, major 
short-term liabilities, and securitized assets. For quarter-end months 
(March, June, September, and December), additional asset and liability 
items are collected to provide a full balance sheet. If the need 
arises, a special addendum may be used, no more than semi-annually, for 
timely information on questions of immediate concern to the Federal 
Reserve.
    The data are used to construct universe estimates of finance 
company holdings, which are published in the monthly statistical 
releases Finance Companies (G.20) and Consumer Credit (G.19), in the 
quarterly statistical release Flow of Funds Accounts of the United 
States (Z.1), and in the Federal Reserve Bulletin (Tables 1.51, 1.52, 
and 1.55).
    Current Actions: The Federal Reserve proposes to change the 
respondent panel definition to include mortgage companies. In addition, 
the Federal Reserve proposes to instruct finance companies to include 
the assets and liabilities of their mortgage company subsidiaries. In 
addition, the Federal Reserve is concurrently proposing similar 
revisions on the FR 3033.
    The inclusion of mortgage companies would improve estimates of 
financial flows, particularly household mortgage debt growth, as 
measured by the Federal Reserve Board's Flow of Funds accounts. Since 
Housing and Urban Development discontinued its Survey of Mortgage 
Lending Activity in the late 1990s, the Federal Reserve has been 
without a regular data source on the activities of mortgage companies. 
During this time, these firms may have accumulated inventories of loans 
that the estimates are not measuring. Also, as the front end of the 
mortgage ``pipeline,'' mortgage companies may at times temporarily hold 
significant balances of mortgages awaiting securitization or sale. 
Thus, expanding the scope of the FR 2248 to include mortgage companies 
would improve the estimate of the overall stock of mortgage

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debt, and also mitigate likely measurement error in the quarterly flow 
measures of household debt growth from our failure to observe 
transitory mortgage holdings of these firms.
    2. Report title: Quinquennial Finance Company Questionnaire and 
Survey.
    Agency form number: FR 3033.
    OMB control number: 7100-0277.
    Frequency: One-time.
    Reporters: Domestic finance companies and mortgage companies.
    Annual reporting hours: Questionnaire, 1,000; Survey, 315 hours.
    Estimated average hours per response: Questionnaire, 0.25 hours; 
Survey, 0.42 hours.
    Number of respondents: Questionnaire, 4,000; Survey, 750. Small 
businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, and 353-359). Individual respondent 
data are confidential under section (b)(4) of the Freedom of 
Information Act (5 U.S.C. 552).
    Abstract: Since June 1955, the Federal Reserve System has surveyed 
the assets and liabilities of finance companies at five-year intervals. 
The first stage is a questionnaire (FR 3033p), which is sent to all 
domestic finance companies. The questionnaire asks for information on 
each company's total net assets, areas of specialization, and other 
characteristics. From the universe of FR 3033p questionnaire 
respondents, the Federal Reserve would draw a stratified random sample 
of finance companies for the second stage, the survey itself (FR 
3033s). The survey would request detailed information, as of December 
31, 2005, from both sides of the respondents' balance sheets.
    Current Actions: The Federal Reserve proposes two major revisions: 
(1) To change the respondent panel definition to include mortgage 
companies and (2) to instruct finance companies to include the assets 
and liabilities of their mortgage company subsidiaries. In addition, 
the Federal Reserve is concurrently proposing similar revisions on the 
FR 2248.
    The inclusion of mortgage companies would improve estimates of 
financial flows, particularly household mortgage debt growth, as 
measured by the Federal Reserve Board's Flow of Funds accounts. Since 
Housing and Urban Development discontinued its Survey of Mortgage 
Lending Activity in the late 1990s, the Federal Reserve has been 
without a regular data source on the activities of mortgage companies. 
During this time, these firms may have accumulated inventories of loans 
that the estimates are not measuring. Also, as the front end of the 
mortgage ``pipeline,'' mortgage companies may at times temporarily hold 
significant balances of mortgages awaiting securitization or sale. 
Thus, expanding the scope of the FR 3033 to include mortgage companies 
would improve the estimate of the overall stock of mortgage debt, and 
also mitigate likely measurement error in the quarterly flow measures 
of household debt growth from our failure to observe transitory 
mortgage holdings of these firms.
    3. Report title: Application for Membership in the Federal Reserve 
System.
    Agency form number: FR 2083, 2083A, 2083B, and 2083C.
    OMB control number: 7100-0046.
    Frequency: On occasion.
    Reporters: Newly organized banks that seek to become state member 
banks, or existing banks or savings institutions that seek to convert 
to state member bank status.
    Annual reporting hours: 320 hours.
    Estimated average hours per response: 4 hours.
    Number of respondents: 80.
    General description of report: This information collection is 
authorized by Section 9 of the Federal Reserve Act (12 U.S.C. 321, 322, 
and 333) and is required to obtain or retain a benefit. Most individual 
respondent data are not considered confidential. Applicants may, 
however, request that parts of their membership applications be kept 
confidential, but in such cases the applicant must justify its request 
by demonstrating that disclosure would cause ``substantial competitive 
harm'' or result in ``an unwarranted invasion of personal privacy.'' 
Because the confidentiality status of the information submitted will be 
judged on a case-by-case basis, the forms themselves raise no issues 
under the Freedom of Information Act, (5 U.S.C. 552).
    Abstract: The application for membership is a required one-time 
submission that collects the information necessary for the Federal 
Reserve to evaluate the statutory criteria for admission of a new or 
existing state bank into membership in the Federal Reserve System. This 
application provides managerial, financial, and structural data.
    Current actions: Section I of the FR 2083 form would be modified to 
reflect the Federal Reserve's fingerprint requirement, which differs 
from that of the other banking agencies. Section II would be modified 
to clarify certain information that needs to be submitted with a 
membership proposal. Information about recent or contemplated changes 
in the management, ownership, or the business plan of an existing bank 
must be known before action can be taken on a related membership 
application. The proposed new questions in Section II about new 
principal ownership, anticipated changes in management of applicant (or 
applicant's parent company), and management plans for the bank do not 
represent new information requirements, but rather information that has 
always been gathered as part of the overall review of a membership 
proposal.
    The FR 2083A and 2083B would be modified so that they request the 
same capital and surplus data (as of the bank's most recent 
Consolidated Reports of Condition and Income (Report of Condition) 
(FFIEC 031 and 041; OMB No. 7100-0036) or a contemplated merger or 
consolidation date) as requested in the Application for Federal Reserve 
Bank Stock (FR 2030; OMB No. 7100-0042). The FR 2083B also would be 
modified to eliminate a reference to the most recent examination of the 
applying bank by the Reserve Bank; it would now refer only to the most 
recent Report of Condition for deposit information. The FR 2083C would 
be modified to include more signature lines as the current four lines 
are often not sufficient.
    Three sections of the General Information and Instructions of the 
FR 2083 would be modified to recognize new sources of available 
information, provide other practical advice to an applicant, and ensure 
further consistency with other applications. The Preparation of 
Application section has been modified to reflect that the Federal 
Reserve's public website now contains substantial filing information, 
including relevant regulations, which an applicant may find helpful 
when preparing a membership filing. As in other application filing 
instructions, the applicant is encouraged to consult with the 
appropriate Reserve Bank about the informational needs of a specific 
membership proposal. The section also recognizes a new requirement 
adopted by the Federal Reserve in May 2003 that an individual 
associated with a banking proposal may need to submit fingerprint cards 
as part of the name check process. Also, to ensure proper handling of a 
filing, applicants are encouraged to clearly identify when expedited 
processing is being sought. All of the proposed revisions to the 
Confidentiality and Compliance sections are to ensure consistency with 
the bank holding company application and notifications forms. (The 
Application for Prior Approval to

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Become a Bank Holding Company or for a Bank Holding Company to Acquire 
an Additional Bank or Bank Holding Company (FR Y-3), the Notification 
for Prior Approval to Become a Bank Holding Company or for a Bank 
Holding Company to Acquire an Additional Bank or Bank Holding Company 
(FR Y-3N), and the Notification for Prior Approval to Engage Directly 
or Indirectly in Certain Nonbanking Activities (FR Y-4) (OMB No. 7100-
0121).
    4. Report title: Applications for Subscription to, Adjustment in 
the Holding of, and Cancellation of Federal Reserve Bank Stock.
    Agency form number: FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, 
FR 2087.
    OMB control number: 7100-0042.
    Frequency: On occasion.
    Reporters: National, State Member, and Nonmember banks.
    Annual reporting hours: FR 2030: 27 hours; FR 2030a: 13 hours; FR 
2056: 775 hours; FR 2086: 4 hours; FR 2086a: 19 hours; FR 2087: 2 
hours.
    Estimated average hours per response: .5 hours.
    Number of respondents: FR 2030: 54; FR 2030a: 25; FR 2056: 1,550; 
FR 2086: 7; FR 2086a: 37; FR 2087: 4.
    General description of report: These information collections are 
required to obtain or retain a benefit.
     FR 2030 and FR 2030a: (12 U.S.C. 222, 282, 248(a) and 321)
     FR 2056: (12 U.S.C. 287, 248(a) and (i))
     FR 2086: (12 U.S.C. 287, 248(a) and (i))
     FR 2086a: (12 U.S.C. 321, 287, and 248(a))
     FR 2087: (12 U.S.C. 288, 248(a) and (i))
    Most individual respondent data are not considered confidential. 
Applicants may, however, request that parts of their membership 
applications be kept confidential, but in such cases the applicant must 
justify its request by demonstrating that disclosure would cause 
``substantial competitive harm'' or result in ``an unwarranted invasion 
of personal privacy.'' Because the confidentiality status of the 
information submitted will be judged on a case-by-case basis, the forms 
themselves raise no issues under the Freedom of Information Act, (5 
U.S.C. 552).
    Abstract: These application forms are required by the Federal 
Reserve Act and Regulation I. These forms must be used by a new or 
existing member bank (including a national bank) to request the 
issuance, and adjustment in, or cancellation of Federal Reserve Bank 
stock. The forms must contain certain certifications by the applicants, 
as well as certain other financial and shareholder data that is needed 
by the Federal Reserve to process the request.
    Current actions: No changes are contemplated to four of the six 
application forms (the FR 2030, 2030a, 2086, and 2087). The changes 
proposed for the other two forms (the 2056, and 2086a) are generally 
technical in nature. The FR 2056 and its attachment would be modified 
to allow for their usage by a mutual savings bank (which currently has 
no adjustment form) and to ensure that the correct capital and surplus 
data is provided when the requested adjustment relates to a proposed 
merger or consolidation. The modifications would allow this form to be 
used by a member bank that survives the merger or consolidation of two 
member banks, an adjustment not clearly addressed by the current stock 
forms. The FR 2086a also would be slightly modified to reflect that it 
could be used by a member bank that is eliminated during the merger or 
consolidation of two member banks for the cancellation of its Federal 
Reserve Bank stock.

    Board of Governors of the Federal Reserve System, July 20, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-14717 Filed 7-25-05; 8:45 am]
BILLING CODE 6210-01-P