[Federal Register Volume 71, Number 15 (Tuesday, January 24, 2006)]
[Notices]
[Pages 3844-3846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-804]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: Background.

[[Page 3845]]

    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 March 27, 2006.

ADDRESSES: You may submit comments, identified by FR 2502q, FR Y-8, FR 
2886b, FR 2050, or FR 2415 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 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: Quarterly Report of Assets and Liabilities of 
Large Foreign Offices of U.S. Banks
    Agency form number: FR 2502q
    OMB control number: 7100-0079
    Frequency: Quarterly
    Reporters: Large foreign branches and banking subsidiaries of U.S. 
depository institutions
    Annual reporting hours: 826 hours
    Estimated average hours per response: 3.5 hours
    Number of respondents: 59
    General description of report: This information collection is 
required (12 U.S.C. Sec. Sec.  248(a) (2), 353 et seq., 461, 602, and 
625) and is given confidential treatment (5 U.S.C. Sec.  552(b) (4)).
    Abstract: This reporting form collects data quarterly on the 
geographic distribution of the assets and liabilities of major foreign 
branches and subsidiaries of U.S. commercial banks and of Edge and 
agreement corporations. Data from this reporting form comprise a piece 
of the flow of funds data that are compiled by the Federal Reserve.
    Current action: The Federal Reserve proposes the following 
revisions: (1) Discontinuing Schedule A as a result of the elimination 
of M3; (2) discontinuing Memorandum item 3a; (3) revising the 
instructions for data to be submitted for the unallocated data items; 
(4) reducing the reporting panel to require offices located only in the 
Caribbean and the United Kingdom to file the FR 2502q; and (5) 
conforming the names of several countries and one region to the country 
list compiled by the U.S. Treasury.
    2. 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: 3,055
    Estimated average hours per response: 14.7 banking corporations, 
8.5 investment corporations
    Number of respondents: 19 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 collection on schedules RC-M and RC-V 
are held confidential pursuant to section (b)(4) of the Freedom of 
Information Act (5 U.S.C. 552(b)(4)). For investment Edge corporations, 
only information collected on schedule RC-M are given confidential 
treatement pursuant to section (b)(4) of the Freedom of Information Act 
(5 U.S.C. 552(b)(4)).
    Abstract: This reporting form comprises a balance sheet, income 
statement, two schedules reconciling changes in capital and reserve 
accounts, and ten supporting schedules, and it parallels the commercial 
bank Consolidated 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.

[[Page 3846]]

    Current action: The Federal Reserve proposes to delete three items 
related to bankers acceptances, consistent with proposed changes to the 
Call Report and to make minor clarifications to the reporting form and 
instructions.

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

    1. Report title: Bank Holding Company Report of Insured Depository 
Institutions' Section 23A Transactions with Affiliates
    Agency form number: FR Y-8
    OMB control number: 7100-0126
    Frequency: Quarterly
    Reporters: All top-tier bank holding companies (BHCs), including 
financial holding companies (FHCs), and foreign banking organizations 
(FBOs) that directly own U.S. subsidiary banks.
    Annual reporting hours: 53,419 hours
    Estimated average hours per response: Institutions with covered 
transactions, 7.8 hours; institutions without covered transactions, 1 
hour
    Number of respondents: 6,310
    General description of report: This information collection is 
mandatory (section 5(c)) of the Bank Holding Company Act (12 U.S.C. 
1844(c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is 
given confidential treatment (5 U.S.C 552(b)(4) and (8)).
    Abstract: This reporting form collects information on transactions 
between an insured depository institution and its affiliates that are 
subject to section 23A of the Federal Reserve Act. The primary purpose 
of the data is to enhance the Federal Reserve's ability to monitor bank 
exposures to affiliates and to ensure banks' compliance with section 
23A of the Federal Reserve Act. Section 23A of the Federal Reserve Act 
is one of the most important statutes on limiting exposures to 
individual institutions and protecting against the expansion of the 
federal safety net.

Proposal to approve under OMB delegated authority the discontinuance of 
the following reports:

    1. Report title: Weekly Report of Eurodollar Liabilities Held by 
Selected U.S. Addressees at Foreign Offices of U.S. Banks
    Agency form number: FR 2050
    OMB Control number: 7100-0068
    Effective Date: Respondents will submit their final data for the 
reporting week ending March 6, 2006.
    Frequency: Weekly
    Reporters: Foreign branches and banking subsidiaries of U.S. 
depository institutions.
    Annual reporting hours: 1,872 hours
    Estimated average hours per response: 1.0 hour
    Number of respondents: 36
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec. Sec.  248(a)(2), 353 et seq., 461, 602, and 
625). Individual respondent's data are confidential under section 
(b)(4) of the Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Abstract: The report collects data on Eurodollar deposits payable 
to nonbank U.S. addressees from foreign branches and subsidiaries of 
U.S. commercial banks and Edge and agreement corporations. The data are 
used for the construction of the Eurodollar component of the monetary 
aggregates and for analysis of banks' liability management practices.
    Current Actions: The Board of Governors of the Federal Reserve 
System announced on November 10, 2005, that it would cease publication 
of the M3 monetary aggregate on March 23, 2006. M3 does not appear to 
contain any additional information about economic activity that is not 
already embodied in M2. Moreover, the role of M3 in the monetary policy 
process has greatly diminished over time. The costs to the Federal 
Reserve and the private sector of collecting data and publishing M3 now 
outweigh the benefits. The discontinuation of this report will reduce 
private sector burden by 1,872 hours per year.
    2. Report title: Report of Repurchase Agreements (RPs) on U.S. 
Government and Federal Agency Securities with Specified Holders
    Agency form number: FR 2415
    OMB Control number: 7100-0074
    Effective Date: Weekly reporters will submit their final FR 2415 
for the report week ending March 6, 2006. Quarterly reporters will 
submit their final data for the week containing the last calendar day 
of December 2005. Since annual reporters submit data for the week 
containing June 30, they will no longer file the FR 2415.
    Frequency: Weekly, quarterly, or annually
    Reporters: U.S chartered commercial banks, U.S branches and 
agencies of foreign banks, thrift institutions, and credit unions
    Annual reporting hours: 2,615 hours
    Estimated average hours per response: 30 minutes
    Number of respondents: 84 weekly, 128 quarterly, and 350 annually 
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a)(2) and 3105(b)) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: This voluntary report collects one data item, repurchase 
agreements (RPs), in denominations of $100,000 or more, in immediately-
available funds, on U.S. government and federal agency securities, 
transacted with specified holders. Depository institutions file the FR 
2415 report weekly, quarterly or annually depending on the volume of 
their RPs. In general, the larger the respondent's level of RPs, the 
more frequent is its reporting. The weekly panel reports daily data 
once each week; the quarterly panel files daily data for the four one-
week reporting periods that contain quarter-end dates; the annual panel 
reports daily data only for the week encompassing June 30 each year. 
The primary purpose of the data is for construction of the RP component 
of the M3 monetary aggregate and for analysis of depository 
institutions' funding practices.
    Current Actions: The Board of Governors of the Federal Reserve 
System announced on November 10, 2005, that it would cease publication 
of the M3 monetary aggregate on March 23, 2006. M3 does not appear to 
contain any additional information about economic activity that is not 
already embodied in M2. Moreover, the role of M3 in the monetary policy 
process has greatly diminished over time. The costs to the Federal 
Reserve and the private sector of collecting data and publishing M3 now 
outweigh the benefits. The discontinuation of this report will reduce 
private sector burden by 2,615 hours per year.

    Board of Governors of the Federal Reserve System, January 19, 
2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-804 Filed 1-23-06; 8:45 am]
BILLING CODE 6210-01-S