[Federal Register Volume 71, Number 70 (Wednesday, April 12, 2006)]
[Notices]
[Pages 18761-18762]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-5351]



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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System
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 email to 
[email protected].

Final approval under OMB delegated authority of 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.

Discontinuation 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 submitted 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: This reporting form collected 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 were 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. On January 24, 2006, the 
Federal Reserve published a notice soliciting comments on the proposed 
discontinuance to the FR 2050 reporting form (71 FR 3844). The comment 
period ended on March 27, 2006. The Federal Reserve did not receive any 
comments on the discontinuance.
    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 submitted their final FR 2415 for 
the report week ending March 6, 2006. Quarterly reporters submitted 
their final data for the week containing the last calendar day of 
December 2005. Annual reporters submitted their final data for the week 
containing June 30, 2005.
    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 reporting form collected 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 submitted 
the FR 2415 weekly, quarterly or annually depending on the volume of 
their RPs. In general, the larger the respondent's level of RPs, the 
more frequent the submissions. The weekly panel submitted 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 
submitted daily data only for the week encompassing June 30 each year. 
The primary purpose of the data was 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

[[Page 18762]]

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. On January 24, 2006, the 
Federal Reserve published a notice soliciting comments on the proposed 
discontinuance to the FR 2415 reporting form (71 FR 3844). The comment 
period ended on March 27, 2006. The Federal Reserve did not receive any 
comments on the discontinuance.

    Board of Governors of the Federal Reserve System, April 7, 2006.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E6-5351 Filed 4-11-06; 8:45 am]
BILLING CODE 6210-01-S