[Federal Register Volume 72, Number 210 (Wednesday, October 31, 2007)]
[Notices]
[Pages 61646-61647]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-21385]


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FEDERAL RESERVE SYSTEM


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

SUMMARY: 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 Paperwork Reduction Act Submission, 
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 Shore--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829)
    OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

Final approval under OMB delegated authority of 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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    Current Action: On August 24, 2007, the Federal Reserve published a 
notice in the Federal Register (72 FR 48639) requesting public comment 
for 60 days on the Reg H-3 information collection. The comment period 
for this notice expired on October 23, 2007. No comments were received.
    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,

[[Page 61647]]

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.
    Current Action: On August 24, 2007, the Federal Reserve published a 
notice in the Federal Register (72 FR 48639) requesting public comment 
for 60 days on the HMDA information collection. The comment period for 
this notice expired on October 23, 2007. No comments were received.

    Board of Governors of the Federal Reserve System, October 26, 
2007.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E7-21385 Filed 10-30-07; 8:45 am]
BILLING CODE 6210-01-S