[Federal Register Volume 71, Number 88 (Monday, May 8, 2006)]
[Notices]
[Pages 26763-26765]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-6895]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve
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 part 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 proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, 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 July 7, 2006.

ADDRESSES: You may submit comments, identified by FR 2900, FR 2910a, FR 
2915, FR 2930, FR 2930a, 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.

[[Page 26764]]


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.

Proposals to approve under OMB delegated authority the extension for 
three years, with revision, of the following reports:

    1. Report title: Report of Transaction Accounts, Other Deposits and 
Vault Cash
    Agency form number: FR 2900
    OMB control number: 7100-0087
    Frequency: Weekly, quarterly
    Reporters: Depository institutions
    Annual reporting hours: 586,166 hours
    Estimated average hours per response: 3.50 hours
    Number of respondents: 2,752 weekly and 6,093 quarterly
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a), 461, 603, and 615) and is given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: Nonexempt institutions--defined as those with net 
transaction accounts greater than the exemption amount or with total 
deposits equal to or greater than the reduced reporting limit--file the 
fifteen-item FR 2900 weekly if their total deposits are equal to or 
greater than the nonexempt deposit cutoff and quarterly if their total 
deposits are less than the nonexempt deposit cutoff. U.S. branches and 
agencies of foreign banks and banking Edge and agreement corporations 
are required to submit FR 2900 data weekly regardless of their deposit 
size. These mandatory data are used by the Federal Reserve for 
administering Regulation D (Reserve Requirements of Depository 
Institutions) and for constructing, analyzing, and monitoring the 
monetary and reserve aggregates.
    Current Actions: The Federal Reserve proposes to (1) raise the 
nonexempt deposit cutoff to $229.1 million (compared with an indexed 
level of $181.1 million) and set the reduced reporting limit at its 
indexed value of $1.206 billion beginning in September 2006; (2) 
calculate the nonexempt deposit cutoff and the reduced reporting limit 
using the sum of total transaction accounts, savings deposits, and 
small time deposits, rather than total deposits, beginning with the 
September 2007 panel shift; and (3) index the nonexempt deposit cutoff 
and the reduced reporting limit annually to 80 percent of the June-to-
June growth in total transaction accounts, savings deposits, and small 
time deposits at all depository institutions. The actual values of the 
nonexempt deposit cutoff and the reduced reporting limit to be used in 
September 2007 will be announced under the usual schedule, in October 
2006.
    2. Report title: Annual Report of Total Deposits and Reservable 
Liabilities
    Agency form number: FR 2910a
    OMB control number: 7100-0175
    Frequency: Annually
    Reporters: Depository institutions
    Annual reporting hours: 5,317 hours
    Estimated average hours per response: 45 to 60 minutes, depending 
on entity type
    Number of respondents: 5,605
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a) and 461) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: Currently, the three-item FR 2910a is generally filed by 
exempt institutions whose net transaction accounts are greater than the 
exemption amount and whose total deposits (as shown on their December 
Call Report) are greater than the exemption amount but less than the 
reduced reporting limit. Respondents submit single-day data as of June 
30. These mandatory data are used by the Federal Reserve for 
administering Regulation D (Reserve Requirements of Depository 
Institutions) and for constructing, analyzing, and monitoring the 
monetary and reserve aggregates.
    Current Actions: The Federal Reserve proposes to make the following 
revisions to the FR 2910a reporting form, effective for the June 30, 
2007, report date (1) replace data item 1, ``Total Deposits,'' with 
``Total Transaction Accounts, Savings Deposits, and Small Time 
Deposits;'' (2) delete the parenthetical text from data item 1, ``(If 
the amount reported for this item is less than or equal to $7.0 
million, Items 2 and 2.a need not be completed);'' (3) change the 
reporting form title from, ``Annual Report of Total Deposits and 
Reservable Liabilities,'' to ``Annual Report of Deposits and Reservable 
Liabilities;'' and (4) require depository institutions to submit either 
a positive or negative value in data item 2.a, ``Net Transaction 
Accounts,'' rather than reporting negative values as zero, as is 
currently required.
    3. Report title: Allocation of Low Reserve Tranche and Reservable 
Liabilities Exemption
    Agency form number: FR 2930/2930a
    OMB control number: 7100-0088
    Frequency: Annually and on occasion
    Reporters: Depository institutions
    Annual reporting hours: 40 hours
    Estimated average hours per response: 15 minutes
    Number of respondents: 160
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a), 461, 603, and 615) and is given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2930 and FR 2930a collect data on the allocation 
of the low reserve tranche and reservable liabilities exemption amount 
for depository institutions having offices (or groups of offices) that 
file separate FR 2900 deposit reports. The FR 2930 is filed by U.S. 
branches and agencies of foreign banks and banking Edge and agreement 
corporations; the FR 2930a is filed by other types of depository 
institutions. Both reporting forms collect the same data. However, the 
instructions and explanatory information differ. These mandatory data 
are used to calculate the reserve requirement of an institution that 
submits separate FR 2900 data for two or more offices, that institution 
is required to allocate, using the FR 2930, the low reserve tranche and 
the exemption among those offices.
    Current Actions: The Federal Reserve proposes to combine the FR 
2930 and FR 2930a into one reporting form (FR 2930) that would be used 
by any entity type (both foreign-related and domestic institutions). 
The instructions for the FR 2930 reporting form would be modified to 
reflect this change. The effective date of this revision would be 
September 30, 2006.

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

    1. Report title: Report of Foreign (Non-U.S.) Currency Deposits
    Agency form number: FR 2915
    OMB control number: 7100-0237
    Frequency: Quarterly
    Reporters: Depository institutions
    Annual reporting hours: 214 hours
    Estimated average hours per response: 30 minutes
    Number of respondents: 107
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a)(2), and 347(d)) and is given confidential 
treatment (5 U.S.C. 552(b)(4)).

[[Page 26765]]

    Abstract: The FR 2915 collects seven-day averages of the amounts 
outstanding for foreign (non-U.S.) currency-denominated deposits held 
at U.S. offices of depository institutions, converted to U.S. dollars 
and included in the institution's FR 2900 data. Foreign currency 
deposits are subject to reserve requirements and, therefore, are 
included in the FR 2900 data submission. All weekly and quarterly FR 
2900 respondents offering foreign currency deposits file the six-item 
FR 2915 quarterly, on the same reporting schedule as quarterly FR 2900 
respondents. Data collected on the FR 2915 are mainly used in the 
construction of the monetary aggregates. These data are included in 
deposit data submitted on the FR 2900 for reserve requirement purposes, 
but they are not included in the monetary aggregates. The FR 2915 is 
the only source of data on such deposits.

    Board of Governors of the Federal Reserve System, May 2, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-6895 Filed 5-5-06; 8:45 am]
BILLING CODE 6210-01-S