[Federal Register Volume 72, Number 164 (Friday, August 24, 2007)]
[Notices]
[Pages 48639-48640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-16767]


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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.
    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 Paperwork Reduction Act 
Submission, 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.

[[Page 48640]]


DATES: Comments must be submitted on or before October 23, 2007.

ADDRESSES: You may submit comments, identified by Reg H-3: 7100-0196; 
or FR HMDA-LAR: 7100-0247, 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 
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.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503 
or by fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission 
including, the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, 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, without revision, of the following reports:

    1. Report title: Recordkeeping and Disclosure Requirements 
Associated with Securities Transactions Pursuant to Regulation H
    Agency form number: Reg H-3
    OMB control number: 7100-0196
    Frequency: On occasion
    Reporters: State member banks and state member trust companies
    Annual reporting hours: 102,359 hours
    Estimated average hours per response: State member banks with trust 
departments and state member trust companies: recordkeeping, 2.00 
hours; disclosure, 16.00 hours. State member banks without trust 
departments: recordkeeping; 15 minutes; disclosure, 5.00 hours.
    Number of respondents: 232 state member banks with trust 
departments and state member trust companies, and 669 state member 
banks without trust departments
    General description of report: This information collection is 
mandatory (12 U.S.C. 325). If the records maintained by state member 
banks come into the possession of the Federal Reserve, they are given 
confidential treatment (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)).
    Abstract: State member banks and state member trust companies are 
required to maintain records for three years following a securities 
transaction. These requirements\1\ are necessary to protect the 
customer, to avoid or settle customer disputes, and to protect the 
institution against potential liability arising under the anti-fraud 
and insider trading provisions of the Securities Exchange Act of 1934.
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    \1\ In July of 2004, the Securities and Exchange Commission 
(SEC) amended Rule 17j-1 of the Investment Company Act of 1940 to 
extend the reporting time period to 30 calendar days after the end 
of the calendar quarter. In order to promote practical and uniform 
recordkeeping requirements that are consistent with the SEC and 
other federal banking regulators' rules, the Federal Reserve is in 
the process of revising the 10 calendar day reporting requirement 
for state member banks and state member trust companies to a 30 
calendar day reporting time period.
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    2. Report title: Home Mortgage Disclosure Act (HMDA) Loan/
Application Register (LAR)
    Agency form number: FR HMDA-LAR
    OMB control number: 7100-0247
    Frequency: Annual
    Reporters: State member banks, subsidiaries of state member banks, 
subsidiaries of bank holding companies, U.S. branches and agencies of 
foreign banks (other than federal branches, federal agencies, and 
insured state branches of foreign banks), commercial lending companies 
owned or controlled by foreign banks, and organizations operating under 
section 25 or 25A of the Federal Reserve Act.
    Annual reporting hours: 156,910 hours
    Estimated average hours per response: State member banks, 242 
hours; and mortgage subsidiaries, 192 hours.
    Number of respondents: 527 State member banks, and 153 mortgage 
subsidiaries.General description of report: This information collection 
is mandatory (12 U.S.C. 2803). The information is not given 
confidential treatment, however, information that might identify 
individual borrowers or applicants is given confidential treatment 
under exemption 6 of the Freedom of Information Act (5 U.S.C. 
552(b)(6)) and section 304 (j)(2)(B) of HMDA (12 U.S.C. 2803).
    Abstract: The information reported and disclosed pursuant to this 
collection is used to further the purposes of HMDA. These include: (1) 
To help determine whether financial institutions are serving the 
housing needs of their communities; (2) to assist public officials in 
distributing public-sector investments so as to attract private 
investment to areas where it is needed; and (3) to assist in 
identifying possible discriminatory lending patterns and enforcing 
anti-discrimination statutes.

    Board of Governors of the Federal Reserve System, August 21, 
2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-16767 Filed 8-23-07; 8:45 am]
BILLING CODE 6210-01-S