[Federal Register Volume 70, Number 184 (Friday, September 23, 2005)]
[Notices]
[Pages 55856-55858]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-19029]


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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: Notifications Related to Community Development and 
Public Welfare Investments of State Member Banks.
    Agency form number: FR H-6.
    OMB Control number: 7100-0278.
    Frequency: Event-generated.
    Reporters: State member banks.
    Annual reporting hours: 125 hours.
    Estimated average hours per response: Investment notice, 2 hours; 
Application (Prior Approval) 5 hours; and Extension of divestiture 
period, 5 hours.
    Number of respondents: Investment notice, 10; Application (Prior 
Approval) 20; and Extension of divestiture period, 1.
    General description of report: This information collection is 
required to obtain a benefit (12 U.S.C. 338a, and 12 CFR 208.22). 
Individual respondent data generally are not regarded as confidential, 
but information that is proprietary or concerns examination ratings 
would be considered confidential.
    Abstract: Regulation H requires state member banks that want to 
make community development or public welfare investments to comply with 
the Regulation H notification requirements: (1) If the investment does 
not require prior Board approval, a written notice must be sent to the 
appropriate Federal Reserve Bank; (2) if certain criteria are not met, 
a request for approval must be sent to the appropriate Federal Reserve 
Bank; and, (3) if the Board orders divestiture but the bank cannot 
divest within the established time limit, a request or requests for 
extension of the divestiture period must be submitted to the 
appropriate Federal Reserve Bank.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following reports:
    1. Report title: Application for a Foreign Organization to Acquire 
a U.S. Bank or a Bank Holding Company.
    Agency form number: FR Y-3F (Formerly FR Y-1F).
    OMB control number: 7100-0119.
    Frequency: On occasion.
    Reporters: Any company organized under the laws of a foreign 
country seeking to acquire a U.S. subsidiary bank or bank holding 
company (BHC).
    Annual reporting hours: 710 hours.
    Estimated average hours per response: Initial application, 90 
hours; and subsequent application, 70 hours.
    Number of respondents: Initial application, 4; and subsequent 
application, 5
    General description of report: This information collection is 
required to obtain or retain a benefit under the Bank Holding Company 
Act (BHCA) (12 U.S.C. 1842(a) and (c) and 1844(a) through (c) and is 
not given confidential treatment unless the applicant specifically 
requests confidentiality and the Federal Reserve approves the request.
    Abstract: Under the BHCA, submission of this application is 
required for any company organized under the laws of a foreign country 
seeking to acquire a U.S. subsidiary bank or BHC. Applicants must 
provide financial and managerial information, discuss the competitive 
effects of the proposed transaction, and discuss how the proposed 
transaction would enhance the convenience and needs of the community to 
be served. The Federal Reserve uses the information, in part, to 
fulfill its supervisory responsibilities with respect to foreign 
banking organizations in the United States.
    Current Actions: On July 12, 2005, the Federal Reserve issued for 
public comment proposed revisions to the FR Y-1F report (70 FR 40025). 
The comment period ended on September 12, 2005. The Federal Reserve did 
not receive any comments. The changes will be implemented as proposed. 
Foreign organizations seeking initial entry are currently required to 
file the FR Y-1F. However, the filing requirements are ambiguous for 
foreign organizations that are already subject to the BHCA and seek to 
acquire a U.S. bank or BHC. In order to clarify and streamline the 
application process for foreign organizations, the Federal Reserve will 
explicitly state that these organizations should file the FR Y-1F. 
Thus, the FR Y-1F will be retitled, renumbered, and modified to achieve 
consistency with the FR Y-3, the Application for Prior Approval to 
Become a Bank Holding Company or for a Bank Holding

[[Page 55857]]

Company to Acquire an Additional Bank or Bank Holding Company (OMB No. 
7100-0121), the form used by domestic holding companies. Also, the 
Federal Reserve proposed technical clarifications to the instructions 
that will remove page number references to the Interagency Biographical 
or Financial Report (FR 2081c; OMB No. 7100-0134) and insert a sentence 
into the standard commitment language in order to make the commitments 
more enforceable.
    2. Report title: International Applications and Prior Notifications 
Under Subpart B of Regulation K.
    Agency form number: FR K-2.
    OMB control number: 7100-0284.
    Frequency: On occasion.
    Reporters: Foreign banks.
    Annual reporting hours: 420 hours.
    Estimated average hours per response: 35 hours.
    Number of respondents: 12.
    General description of report: This information collection is 
required to obtain or retain a benefit under sections 7 and 10 of the 
International Banking Act (12 USC 3105 and 3107) and Regulation K (12 
C.F.R. 211.24(a)) and is not given confidential treatment unless the 
applicant specifically requests confidentiality and the Federal Reserve 
approves the request.
    Abstract: Foreign banks are required to obtain the prior approval 
of the Federal Reserve to establish a branch, agency, or representative 
office; to acquire ownership or control of a commercial lending company 
in the United States; or to change the status of any existing office in 
the United States. The Federal Reserve uses the information, in part, 
to fulfill its statutory obligation to supervise foreign banking 
organizations with offices in the United States.
    Current Actions: On July 12, 2005, the Federal Reserve issued for 
public comment proposed revisions to the FR K-2 report (70 FR 40025). 
The comment period ended on September 12, 2005. The Federal Reserve did 
not receive any comments. The changes will be implemented as proposed. 
The Federal Reserve proposed technical clarifications to the 
instructions that will remove page number references to the Interagency 
Biographical or Financial Report (FR 2081c; OMB No. 7100-0134), correct 
language pertaining to representative offices, and insert a sentence 
into the standard commitment language in order to make the commitments 
more enforceable.
    Final approval under OMB delegated authority of the revision, 
without extension, of the following report:
    Report title: Financial Statements for Bank Holding Companies.
    Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9CS, and FR 
Y-9ES.
    OMB control number: 7100-0128.
    Frequency: Quarterly, semiannually, and annually.
    Reporters: BHCs.
    Annual reporting hours: 400,536 hours.
    Estimated average hours per response:
    FR Y-9C: 35.55 hours.
    FR Y-9LP: 4.75 hours.
    FR Y-9SP: 4.85 hours.
    FR Y-9ES: 30 minutes.
    FR Y-9CS: 30 minutes.
    Number of respondents:
    FR Y-9C: 2,240.
    FR Y-9LP: 2,590.
    FR Y-9SP: 3,253.
    FR Y-9ES: 87.
    FR Y-9CS: 600.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1844(c)). Confidential treatment is not routinely 
given to the data in these reports. However, confidential treatment for 
the reporting information, in whole or in part, can be requested in 
accordance with the instructions to the form, pursuant to sections 
(b)(4), (b)(6)and (b)(8) of the Freedom of Information Act (5 U.S.C. 
522(b)(4), (b)(6) and (b)(8)).
    Abstract: The FR Y-9C collects basic financial data from a domestic 
BHC on a consolidated basis in the form of a balance sheet, an income 
statement, and detailed supporting schedules, including a schedule of 
off-balance-sheet items, similar to the Federal Financial Institutions 
Examination Council (FFIEC) Consolidated Reports of Condition and 
Income (Call Reports) (FFIEC 031 & 041; OMB No. 7100-0036). The FR Y-9C 
collects data from the BHC as of the end of March, June, September, and 
December. The FR Y-9C is filed by top-tier BHCs with total consolidated 
assets of $150 million or more and lower-tier BHCs that have total 
consolidated assets of $1 billion or more. In addition, multibank 
holding companies with total consolidated assets of less than $150 
million with debt outstanding to the general public or engaged in 
certain nonbank activities must file the FR Y-9C.
    The FR Y-9LP collects basic financial data from domestic BHCs on an 
unconsolidated, parent-only basis in the form of a balance sheet, an 
income statement, and supporting schedules relating to investments, 
cash flow, and certain memoranda items. This report is filed as of the 
end of March, June, September, and December on a parent company only 
basis by each BHC that files the FR Y-9C. In addition, for tiered BHCs, 
a separate FR Y-9LP must be filed for each lower-tier BHC.
    The FR Y-9SP is a parent company only financial statement filed by 
smaller BHCs as of the end of June and December. Respondents include 
one-bank holding companies with total consolidated assets of less than 
$150 million and multibank holding companies with total consolidated 
assets of less than $150 million that meet certain other criteria. This 
form is a simplified or abbreviated version of the more extensive 
parent company only financial statement for large BHCs (FR Y-9LP). This 
report collects basic balance sheet and income information for the 
parent company, information on intangible assets, and information on 
intercompany transactions.
    The FR Y-9CS is a free form supplement that may be utilized to 
collect any additional information deemed to be critical and needed in 
an expedited manner. It is intended to supplement the FR Y-9C and FR Y-
9SP reports.
    The FR Y-9ES collects financial information from employee stock 
ownership plans that are also BHCs on their benefit plan activities as 
of December 31. It consists of four schedules: Statement of Changes in 
Net Assets Available for Benefits, Statement of Net Assets Available 
for Benefits, Memoranda, and Notes to the Financial Statements.
    Current Actions: On July 12, 2005, the Federal Reserve issued for 
public comment proposed revisions to the BHC reports (70 FR 40025). The 
comment period ended on September 12, 2005. The Federal Reserve did not 
receive any comments. The changes will be implemented as proposed 
effective with the September 30, 2005, report date.
    The Federal Reserve will revise the FR Y-9C to collect information 
on purchased impaired loans in response to Statement of Position 03-3, 
Accounting for Certain Loans or Debt Securities Acquired in a Transfer 
issued by the American Institute of Certified Public Accountants, and 
to collect information related to the Government National Mortgage 
Association (GNMA) mortgage loan optional repurchase program (rebooked 
loans backing GNMA securities). The revisions are consistent with the 
changes to the FFIEC 031 Call Report, effective for the June 2005 
report date. In addition to modifying instructions to incorporate the 
reporting changes, instructions will be revised and clarified in an 
attempt to achieve greater consistency in reporting by respondents.


[[Page 55858]]


    Board of Governors of the Federal Reserve System, September 19, 
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-19029 Filed 9-22-05; 8:45 am]
BILLING CODE 6210-01-P