[Federal Register Volume 73, Number 127 (Tuesday, July 1, 2008)]
[Notices]
[Pages 37455-37457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-14847]


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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 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 September 2, 2008.

ADDRESSES: You may submit comments, identified by FR K-2; FR Y-3F; or 
FR 2248, by any of the following methods:

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     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, With Revision, of the Following Reports

    1. Report title: International Applications and Prior Notifications 
Under Subpart B of Regulation K.
    Agency form number: FR K-2.
    OMB control number: 7100-0284.
    Frequency: On occasion.
    Reporters: Foreign banks.
    Annual reporting hours: 630 hours.
    Estimated average hours per response: 35 hours.
    Number of respondents: 18.
    General description of report: This information collection is 
mandatory (12 U.S.C. 3105, 3107, and 3108). The applying or notifying 
organization has the opportunity to request confidentiality for 
information that it believes will qualify for a Freedom of Information 
Act exemption.
    Abstract: Foreign banks are required to obtain the prior approval 
of the Federal Reserve to establish a branch, agency, or representative 
office; to acquire ownership or control of a commercial lending company 
in the United States; or to change the status of any existing office in 
the United States. The Federal Reserve uses the information, in part, 
to fulfill its statutory obligation to supervise foreign banking 
organizations with offices in the United States.
    Current actions: The Federal Reserve proposes to replace the 
existing confidentiality paragraph in the General Instructions and 
respondents would be required to make a certification regarding 
information contained in the application. In addition, the Federal 
Reserve proposes to revise wording in one of the questions related to 
the proposed office in Attachments A and B. The change would reflect an 
amendment to Regulation K that specifically requires U.S. branches, 
agencies, and other offices (including representative offices) of 
foreign banks to comply with the Bank Secrecy Act and related 
regulations. Finally, the Federal Reserve proposes to request an e-mail 
address on the cover page of FR K-2.
    2. Report title: Application for a Foreign Organization to Acquire 
a Bank Holding Company.
    Agency form number: FR Y-3F.
    OMB control number: 7100-0119.
    Frequency: On occasion.
    Reporters: Any company organized under the laws of a foreign 
country seeking to acquire a U.S. subsidiary bank or bank holding 
company.
    Annual reporting hours: 580 hours.
    Estimated average hours per response: Initial application, 90 
hours; subsequent application, 70 hours.
    Number of respondents: Initial application, 1; subsequent 
application, 7.
    General description of report: This information collection is 
required to obtain or retain a benefit under sections 3(a), 3(c), and 
5(a) through 5(c) of the Bank Holding Company Act (12 U.S.C. Sec. Sec.  
1842(a) and (c) and 1844(a) through (c)). The information provided in 
the application is not confidential unless the applicant specifically 
requests confidentiality and the Federal Reserve approves the request.
    Abstract: Under the Bank Holding Company Act (BHCA), submission of 
this application is required for any company organized under the laws 
of a foreign country seeking to acquire a U.S. subsidiary bank or bank 
holding company. Applicants must provide financial and managerial 
information, discuss the competitive effects of the proposed 
transaction, and discuss how the proposed transaction would enhance the 
convenience and needs of the community to be served. The Federal 
Reserve uses the information, in part, to fulfill its supervisory 
responsibilities with respect to foreign banking organizations in the 
United States.
    Current actions: The Federal Reserve proposes to replace the 
existing confidentiality paragraph in the General Information and 
Instructions. In addition, respondents would be required to make a 
certification regarding information contained in the application. 
Finally, the Federal Reserve proposes to request an e-mail address on 
the cover page of FR Y-3F. There are certain additional proposed 
changes that are intended to make initial filings more reflective of 
the proposed transaction and thereby reduce the need for subsequent 
information requests, which delay the Federal Reserve's consideration 
of an application and create additional burden for applicants.
    3. Report title: Domestic Finance Company Report of Consolidated 
Assets and Liabilities
    Agency form number: FR 2248.
    OMB control number: 7100-0005.
    Frequency: Monthly, quarterly, and semi-annually.
    Reporters: Domestic finance companies and mortgage companies.
    Annual reporting hours: 317 hours.
    Estimated average hours per response: Monthly, 18 minutes; 
quarterly, 27 minutes; semi-annually, 10 minutes.
    Number of respondents: 70.
    General description of report: This information collection is 
voluntary (12

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U.S.C. 225(a)). Individual respondent data are confidential under 
section (b)(4) of the Freedom of Information Act (5 U.S.C. 552).
    Abstract: The monthly FR 2248 report collects balance sheet data on 
major categories of consumer and business credit receivables, major 
short-term liabilities, and securitized assets. For quarter-end months 
(March, June, September, and December), additional asset and liability 
items are collected to provide a full balance sheet. If the need 
arises, a special addendum may be used, no more than semi-annually, for 
timely information on questions of immediate concern to the Federal 
Reserve.
    Current actions: The Federal Reserve proposes to split current data 
item 6, All other assets and accounts and notes receivable, into three 
separate data items: Cash and cash equivalents (proposed data item 
6.A), Securities held (proposed data item 6.B), and All other assets 
(proposed data item 6.C). These three new data items would result in 
improved cash and cash equivalents data. In addition, the Federal 
Reserve proposes to reduce the current authorized panel size from 80 
finance companies to 70. These changes would be effective October 31, 
2008.

    Board of Governors of the Federal Reserve System, June 26, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-14847 Filed 6-30-08; 8:45 am]
BILLING CODE 6210-01-P