[Federal Register Volume 73, Number 107 (Tuesday, June 3, 2008)]
[Notices]
[Pages 31684-31687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-12295]


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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 
(PRA), 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

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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 August 4, 2008.

ADDRESSES: You may submit comments, identified by FR H-6; FR 2030, FR 
2030a, FR 2056, FR 2086a, FR 2087, and FR 2083; or FR Y-6, FR Y-7, and 
FR Y-10, 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 form 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

    Report title: Notifications Related to Community Development and 
Public Welfare Investments of State Member Banks.
    Agency form number: FR H-6.
    OMB control number: 7100-0278.
    Frequency: Event-generated.
    Reporters: State Member Banks.
    Annual reporting hours: 86.
    Estimated average hours per response: Investment notice, 2 hours; 
Application (Prior Approval) 5 hours; and Extension of divestiture 
period, 5 hours.
    Number of respondents: Investment notice, 38; Application (Prior 
Approval) 1; and Extension of divestiture period, 1.
    General description of report: This information collection is 
required to obtain a benefit (12 U.S.C. 338a, and 12 CFR 208.22). 
Individual respondent data generally are not regarded as confidential, 
but information that is proprietary or concerns examination ratings 
would be considered confidential.
    Abstract: Regulation H requires state member banks that want to 
make community development or public welfare investments to comply with 
the Regulation H notification requirements: (1) If the investment does 
not require prior Board approval, a written notice must be sent to the 
appropriate Federal Reserve Bank; (2) if certain criteria are not met, 
a request for approval must be sent to the appropriate Federal Reserve 
Bank; and, (3) if the Board orders divestiture but the bank cannot 
divest within the established time limit, a request or requests for 
extension of the divestiture period must be submitted to the 
appropriate Federal Reserve Bank.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Reports

    1. Report title: Report of Changes in Organizational Structure, 
Supplement to the Report of Changes in Organizational Structure, Annual 
Report of Bank Holding Companies, and Annual Report of Foreign Banking 
Organizations.
    Agency form numbers: FR Y-10, FR Y-10E, FR Y-6, and FR Y-7.
    OMB control number: 7100-0297.
    Frequency: Event-generated, annual.
    Reporters: Bank holding companies (BHCs), foreign banking 
organizations (FBOs), member banks, Edge and agreement corporations.
    Annual reporting hours: FR Y-10, 26,712 hours; FR Y-10E, 1,384 
hours; FR Y-6, 27,069 hours; FR Y-7, 900 hours.
    Estimated average hours per response: FR Y-10, 1.00 to 1.25 hours; 
FR Y-10E, 0.50 hours; FR Y-6, 5.25 hours; FR Y-7, 3.50 hours.
    Number of respondents: FR Y-10, 5,952; FR Y-10E, 2,768; FR Y-6, 
5,156; FR Y-7, 257.
    General description of report: These information collections are 
mandatory under the Federal Reserve Act, the BHC Act, and the 
International Banking Act (12 U.S.C. 248 (a)(1), 321, 601, 602, 611a, 
615, 625, 1843(k), 1844(c)(1)(A), 3106(a), and 3108(a)), and 
Regulations K and Y (12 CFR 211.13(c), 225.5(b), and 225.87). 
Individual respondent data are not considered confidential. However, 
respondents may request confidential treatment for any information that 
they believe is subject to an exemption from disclosure under the FOIA, 
5 U.S.C. 552(b).
    Abstract: The FR Y-10 is an event-generated information collection 
submitted by FBOs; top-tier BHCs; state member banks unaffiliated with 
a BHC; Edge and agreement corporations that are not controlled by a 
member bank, a domestic BHC, or an FBO; and nationally chartered banks 
that are not controlled by a BHC (with regard to their foreign 
investments only), to capture changes in their regulated investments 
and activities. The Federal Reserve uses the data to monitor structure 
information on subsidiaries and regulated investments of these entities 
engaged in banking and nonbanking activities. The FR Y-10E is a free-
form supplement that may be used to collect additional structural

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information deemed to be critical and needed in an expedited manner.
    The FR Y-6 is an annual information collection submitted by top-
tier BHCs and nonqualifying FBOs. It collects financial data, an 
organization chart, verification of domestic branch data, and 
information about shareholders. The Federal Reserve uses the data to 
monitor holding company operations and determine holding company 
compliance with the provisions of the Bank Holding Company Act (BHC 
Act) and Regulation Y (12 CFR 225).
    The FR Y-7 is an annual information collection submitted by 
qualifying FBOs to update their financial and organizational 
information with the Federal Reserve. The Federal Reserve uses 
information to assess an FBO's ability to be a continuing source of 
strength to its U.S. operations and to determine compliance with U.S. 
laws and regulations.
    Current Actions: The following revisions would be effective 
December 31, 2008.

Tax Identification Number (Tax ID) (FR Y-10)

    The Federal Reserve proposes to collect the Tax ID for all 
reportable banking and nonbanking entities located in the United 
States. The Federal Reserve would use the Tax ID to identify lenders 
for the Shared National Credit modernization project. Also, the Federal 
Reserve would use the Tax ID to link to entities' data stored on the 
Financial Crimes Enforcement Network (FinCEN)'s \1\ BSA Direct System 
(such as Suspicious Activity Reports \2\ and Currency Transaction 
Reports \3\) to monitor Bank Secrecy Act (BSA) and anti-money 
laundering compliance. Finally, the Federal Reserve would use the Tax 
ID to match market and regulatory data for market discipline research.
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    \1\ FinCEN is a part of the U.S. Treasury Department.
    \2\ Federal Reserve reporting form FR 2230; OMB No. 7100-0212.
    \3\ FinCEN reporting form 104; OMB No. 1506-0004.
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    Obtaining Tax ID data from a public source is ineffective since the 
quality of these data is low. There would be a one-time information 
collection to populate the Tax ID data, as of December 31, 2008. 
Respondents would submit this information no later than March 31, 2009, 
initially and then thirty days after a change going forward. The 
Federal Reserve would provide a means for institutions to provide their 
initial data in a format easier for respondents to submit than 
individual FR Y-10 reports.

Information Regarding Individuals (FR Y-6 and FR Y-7)

    The FR Y-6 and FR Y-7 reporting forms collect details on individual 
shareholders and insiders of reporters. Reporters occasionally submit 
more information than is required (for example, personal home 
addresses, social security numbers, and extraneous commercial and 
financial information), and some of the details provided can be highly 
sensitive. Reporters rarely request confidential treatment for this 
information, even where it appears that the information could and 
should be withheld from disclosure under the Freedom of Information Act 
(FOIA), 5 U.S.C. 552.
    Reporters ultimately should take appropriate measures to safeguard 
the confidentiality of information they provide to the Federal Reserve, 
including details regarding individuals. In this context, it is 
incumbent upon reporters to request confidential treatment for 
information that may be subject to withholding under one or more of the 
FOIA exemptions from disclosure, in accordance with the Board's Rules 
Regarding Availability of Information (the Board's Rules), 12 CFR Part 
261. The Federal Reserve expects reporters to ensure that they have the 
legal authority to provide information regarding individuals to the 
Federal Reserve and, on behalf of each individual, to consent or object 
to public release of the information. The method of obtaining an 
individual's consent and the adequacy of an individual's consent are 
legal issues to be resolved by the reporter. The Federal Reserve 
presumes legally adequate consent exists unless the reporter expressly 
represents otherwise.
    The Federal Reserve seeks to avoid releases of sensitive personally 
identifying information regarding individuals. The extraneous 
information provided by some reporters at times includes these types of 
information. Copies of the FR Y-6 and FR Y-7 filings are frequently 
requested by members of the public.
    The Federal Reserve proposes to modify the FR Y-6 and FR Y-7 
reporting forms to highlight for reporters issues surrounding the 
submission of information on individuals. Accordingly, the Federal 
Reserve proposes to add language to this effect to the reporting 
instructions and cover page of the FR Y-6 and FR Y-7. Under these 
modifications, the Federal Reserve will assume, in the absence of a 
request for confidential treatment submitted in accordance with the 
Board's Rules, that the reporter and individual consent to public 
release of all details in the report concerning that individual.
    2. Report title: Application for Membership in the Federal Reserve 
System.
    Agency form number: FR 2083, 2083A, 2083B, and 2083C.
    OMB control number: 7100-0046.
    Frequency: On occasion.
    Reporters: Newly organized banks that seek to become state member 
banks, or existing banks or savings institutions that seek to convert 
to state member bank status.
    Annual reporting hours: 260 hours.
    Estimated average hours per response: 4 hours.
    Number of respondents: 65.
    General description of report: This information collection is 
authorized by section 9 of the Federal Reserve Act (12 U.S.C. 321, 322, 
and 333) and is required to obtain or retain a benefit. Most individual 
respondent data are not considered confidential. Applicants may, 
however, request that parts of their membership applications be kept 
confidential, but in such cases the Applicant must justify its request 
by demonstrating how an exemption under the Freedom of Information Act 
(FOIA) is satisfied. The confidentiality status of the information 
submitted will be judged on a case-by-case basis.
    Abstract: The application for membership is a required one-time 
submission that collects the information necessary for the Federal 
Reserve to evaluate the statutory criteria for admission of a new or 
existing state bank into membership in the Federal Reserve System. The 
application collects managerial, financial, and structural data.
    Current Actions: The current cover page would be revised as 
follows:
     The reference to draft and final applications would be 
deleted as the Federal Reserve no longer accepts complete draft 
applications for review,
     Four check boxes would be added to facilitate treatment of 
the submitted filing under the FOIA,
     The personal information requested of the contact 
person(s) would be revised to require an available e-mail address, and
     Several other technical edits would be made to reflect 
current application and reporting form references and practices.
    The Federal Reserve proposes to replace the Confidentiality section 
in its entirety with language developed by the Board's Legal Division. 
The new section would state that an Applicant may rely upon more than 
two types of FOIA exemptions to prevent applications information from 
being disclosed to the

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public and more clearly explains how information related to an 
individual associated with a proposal should be presented to the 
Federal Reserve. As a complement to those changes, a new filing 
certification section would be added that requires an Applicant to 
confirm the nature of the information being submitted in the 
application and recognize how the submitted information may be treated 
under the FOIA. The Board's Legal Division believes that receiving the 
certification at the time of submission would facilitate the disclosure 
of relevant information to the public and reduce the processing delays 
that result from uncertainties about what information is eligible for 
disclosure under the FOIA. Two sections (Related Applications and 
Preliminary Charter Approval) would be deleted as the guidance in those 
sections has been incorporated into other sections of the 
instructions.\4\
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    \4\ In this regard, an Applicant no longer has to wait for 
preliminary charter approval before filing a membership application, 
but the timing of other related applications is less certain. The 
instructions now encourage an Applicant to contact the appropriate 
Reserve Bank to determine when all such related applications should 
be filed.
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    Section I (De Novo Bank) of the FR 2083 application form would be 
revised to state that the Federal Reserve need not receive a copy of 
the electronic version of the Interagency Charter and Federal Deposit 
Insurance Application (ICFDA) that is prepared for and submitted to 
other banking agencies. This proposed revision is made in recognition 
of the fact that the Federal Reserve expects in 2009 to be able to 
accept all applications electronically. Such membership applications 
would include the ICFDA materials.
    The Federal Reserve proposes to clarify certain information 
requests in Section II (Currently Operating Bank). The clarifications 
would assist an Applicant in better explaining the contemplated 
financial and managerial changes and structure that may result from the 
membership proposal. These clarifications include the following: In 
current question 7, the request for certain authority(ies) would help 
identify the need for other related applications earlier in the 
applications review process and therefore facilitate more timely review 
and action on the proposed transaction. The Federal Reserve proposes 
one minor clarification to Section III (Non-Operating Bank) to 
emphasize that an Applicant needs to disclose both financial and 
managerial changes resulting from a membership proposal.
    The FR 2083A would be revised to reflect the possible negative 
adjustment to a bank's total face amount of capital and surplus data 
that might be necessary to calculate the appropriate level of Federal 
Reserve Bank stock to be purchased. Footnote 1 would be expanded to 
explain the possible adjustment. Several technical edits would be made 
to the FR 2083B and the FR 2083C.\5\
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    \5\ The title of Cashier has been added to two signature lines 
in the FR 2083B for consistency with the other stock application 
forms and the reference to Regulation H in the FR 2083C has been 
changed to Regulation I for accuracy purposes.
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    3. Report title: Applications for Subscription to, Adjustment in 
the Holding of, and Cancellation of Federal Reserve Bank Stock.
    Agency form number: FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, 
FR 2087.
    OMB control number: 7100-0042.
    Frequency: On occasion.
    Reporters: National, state member, and nonmember banks.
    Annual reporting hours: FR 2030, 15 hours; FR 2030a, 26 hours; FR 
2056, 864 hours; FR 2086, 1 hour; FR 2086a, 18 hours; FR 2087, 2 hours.
    Estimated average hours per response: .5 hours.
    Number of respondents: FR 2030, 30; FR 2030a, 52; FR 2056, 1,728; 
FR 2086, 2; FR 2086a, 36; FR 2087, 4.
    General description of report: These information collections are 
mandatory.
     FR 2030 and FR 2030a: (12 U.S.C. 222, 282, 248(a) and 
321).
     FR 2056: (12 U.S.C. 287, 248(a) and (i)).
     FR 2086: (12 U.S.C. 287, 248(a) and (i)).
     FR 2086a: (12 U.S.C. 321, 287, 248(a)).
     FR 2087: (12 U.S.C. 288, 248(a) and (i)).
    Most individual respondent data are not considered confidential. 
Applicants may, however, request that parts of their membership 
applications be kept confidential, but in such cases the Applicant must 
justify its request by demonstrating how an exemption under the Freedom 
of Information Act (FOIA) is satisfied. The confidentiality status of 
the information submitted will be judged on a case-by-case basis.
    Abstract: These application forms are required by the Federal 
Reserve Act and Regulation I. These forms must be used by a new or 
existing member bank (including a national bank) to request the 
issuance, and adjustment in, or cancellation of Federal Reserve Bank 
stock. The forms must contain certain certifications by the applicants, 
as well as certain other financial and shareholder data that is needed 
by the Federal Reserve to process the request.
    Current actions: The Federal Reserve proposes no revisions to the 
FR 2086 and 2087. The revisions proposed to the remaining four 
application forms (the FR 2030, 2030a, 2056, and 2086a) are intended to 
facilitate the processing of each application form by the appropriate 
Reserve Bank and the calculation of the appropriate Federal Reserve 
Bank stock to be purchased or adjusted. Additional signature lines 
would be added to all four application forms to ensure that they are 
signed by at least one individual listed with the appropriate Reserve 
Bank (as having the authority to submit accounting- and other 
reporting-related materials on behalf of the bank) in the event that 
the senior officials required to authorize the purchase or adjustment, 
under the Federal Reserve Act, are not listed.
    On the FR 2056, the Federal Reserve proposes to clarify the 
appropriate components of capital and surplus used in the Federal 
Reserve Bank stock calculation and to more clearly explain the possible 
negative capital adjustment within those calculations. In addition, the 
references in the accompanying worksheet would fully correspond to the 
Consolidated Reports of Condition and Income (FFIEC 031 and 041; OMB 
No. 7100-0036) data items filed by commercial banks. The references to 
Sinking Fund preferred stocks would be deleted as these instruments are 
generally no longer issued and may no longer qualify as regulatory 
capital.

    Board of Governors of the Federal Reserve System, May 29, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-12295 Filed 6-2-08; 8:45 am]
BILLING CODE 6210-01-P