[Federal Register Volume 73, Number 247 (Tuesday, December 23, 2008)]
[Notices]
[Pages 78797-78799]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-30475]


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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;

[[Page 78798]]

    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 February 23, 2009.

ADDRESSES: You may submit comments, identified by FR 2502q, Reg K, or 
FR 3059 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, with revision, of the following report(s):
    1. Report title: Quarterly Report of Assets and Liabilities of 
Large Foreign Offices of U.S. Banks.
    Agency form number: FR 2502q.
    OMB control number: 7100-0079.
    Frequency: Quarterly.
    Reporters: Large foreign branches and banking subsidiaries of U.S. 
depository institutions.
    Annual reporting hours: 1,176 hours.
    Estimated average hours per response: 3.5 hours.
    Number of respondents: 84.
    General description of report: This information collection is 
required (12 U.S.C. Sec.  248(a)(2), 353 et seq., 461, 602, and 625) 
and is given confidential treatment (5 U.S.C. Sec.  552(b)(4)).
    Abstract: This reporting form collects data quarterly on the 
geographic distribution of the assets and liabilities of major foreign 
branches and subsidiaries of U.S. commercial banks and of Edge and 
agreement corporations. Data from this reporting form comprise a piece 
of the flow of funds data that are compiled by the Federal Reserve.
    Current Actions: The Federal Reserve proposes the following 
revisions to the FR 2502q reporting form: (1) Update the country list 
to conform more closely to the U.S. Department of State's official 
country list, (2) add regional subtotals for countries that are not 
listed on the reporting form, and (3) clarify the country list sub-
header to indicate that the areas listed may be countries or 
dependencies. The Federal Reserve proposes minor revisions to the FR 
2502q instructions to indicate that countries or dependencies not 
listed on the reporting form should be summed in each proposed regional 
subtotal, rather than current data item, ``UNALLOCATED''. In addition, 
the Federal Reserve proposes to make minor changes to the FR 2502q 
instructions to enhance clarity. The proposed changes would be 
effective as of March 31, 2009.
    2. Report title: Recordkeeping Requirements of Regulation H and 
Regulation K Associated with Bank Secrecy Act Compliance Programs.
    Agency form number: Reg K.
    OMB control number: 7100-0310.
    Frequency: Annually.
    Reporters: State member banks; Edge and agreement corporations; and 
U.S. branches, agencies, and other offices of foreign banks supervised 
by the Federal Reserve.
    Annual reporting hours: 3,592 hours.
    Estimated average hours per response: Establish compliance program, 
16 hours; and maintenance of compliance program, 4 hours.
    Number of respondents: Establish compliance program, 13; and 
maintenance of compliance program, 1,173.
    General description of report: This information collection is 
mandatory pursuant to the Bank Secrecy Act (BSA) (31 U.S.C. 513(h)). In 
addition, sections 11, 21, 25, and 25A of the Federal Reserve Act (12 
U.S.C. 248(a), 483, 602, and 611(a)) authorize the Federal Reserve to 
require the information collection and recordkeeping requirements set 
forth in Regulations K and H. Section 5 of the Bank Holding Company Act 
(12 U.S.C. 1844) and section 13(a) of the International Banking Act (12 
U.S.C. 3108(a)) provide further authority for sections 211.5(m) and 
211.24(j)(1) of Regulation K. Since the Federal Reserve does not 
collect any information, no issue of confidentiality normally arises. 
However, if a BSA compliance program becomes a Federal Reserve record 
during an examination, the information may be protected from disclosure 
under exemptions (b)(4) and (8) of the Freedom of Information Act (5 
U.S.C. 552(b)(4) and (b)(8)).
    Abstract: Sections 211.5(m)(1) and 211.24(j)(1) of Regulation K 
require Edge and agreement corporations and U.S. branches, agencies, 
and other offices of foreign banks supervised by the Federal Reserve to 
establish and maintain procedures reasonably designed to ensure and 
monitor compliance with the BSA and related regulations.
    Current Actions: The Federal Reserve proposes to revise this 
information collection by combining with it the recordkeeping 
requirements for state member banks associated with the Section 208.63 
of Regulation H. Although state member banks have been required to 
comply with Section 208.63 of Regulation H for some time, no formal 
information collection has been on the Federal Reserve's OMB inventory. 
At this time, the Federal Reserve is correcting this administrative 
oversight.

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    Proposal to conduct under OMB delegated authority the following 
survey:
    Report title: 2010 Survey of Consumer Finance (SCF).
    Agency form number: FR 3059.
    OMB control number: 7100-0287.
    Frequency: One-time survey.
    Reporters: U.S. families.
    Annual reporting hours: 9,322 hours.
    Estimated average hours per response: Business pretest, 15 minutes; 
and Main pretest, Main survey, Re-interview 1, and Re-interview 2, 75 
minutes each.
    Number of respondents: Business pretest, 30; Main pretest, 150; 
Main survey, 7,000; Re-interview 1, 150; and Re-interview 2, 150.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a and 263). The names and other characteristics 
that would directly identify respondents would be retained by the 
Federal Reserve's contractor and are exempt from disclosure pursuant to 
the Confidential Information Protection and Statistical Efficiency Act 
and section (b)(3) of the Freedom of Information Act [5 U.S.C. 552 
(b)(3)].
    Abstract: For many years, the Federal Reserve has sponsored 
consumer surveys to obtain information on the financial behavior of 
households. The 2010 SCF would be the latest in a triennial series, 
which began in 1983, that provides comprehensive data for U.S. families 
on the distribution of assets and debts, along with related information 
and other data items necessary for analyzing financial behavior. The 
SCF is the only survey conducted in the United States that provides 
such financial data for a representative sample of households.
    Current Actions: The Federal Reserve proposes to conduct (1) Up to 
30 interviews averaging about 15 minutes (business pretest) to evaluate 
a new set of questions on the finances of small businesses in 2009; (2) 
up to 150 interviews averaging about 75 minutes (main pretest) to be 
obtained in a series of tests of the survey procedures in 2009; (3) up 
to 7,000 interviews averaging about 75 minutes (main survey) between 
May 2010 and March 2011; (4) up to 150 re-interviews averaging about 75 
minutes (re-interview 1) in 2011 with participants from the main 
survey; and (5) up to 150 re-interviews averaging about 75 minutes (re-
interview 2) in 2012 with participants from the main survey. The 
surveys would be conducted by a survey research organization selected 
through a competitive process.

    Board of Governors of the Federal Reserve System, dated December 
18, 2008.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E8-30475 Filed 12-22-08; 8:45 am]
BILLING CODE 6210-01-P