[Federal Register Volume 74, Number 47 (Thursday, March 12, 2009)]
[Notices]
[Pages 10739-10741]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-5335]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
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-Shagufta Ahmed --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, With Revision, of the Following Reports
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. 248(a) (2), 353 et seq., 461, 602, and 625) and is
given confidential treatment (5 U.S.C. 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: On December 23, 2008, the Federal Reserve
published a notice in the Federal Register (73 FR 78797) requesting
public comment for 60 days on the proposal to extend, with revision,
the FR 2502q. The comment period for this notice expired on February
23, 2009. The Federal Reserve received one comment from a Federal
agency describing its use of the data to prepare economic account
information and estimates of international transactions. The revisions
will be implemented as proposed.
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.
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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: On December 23, 2008, the Federal Reserve
published a notice in the Federal Register (73 FR 78797) requesting
public comment for 60 days on the proposal to extend, with revision,
the Recordkeeping Requirements of Regulation H and Regulation K
Associated with Bank Secrecy Act Compliance Programs. The comment
period for this notice expired on February 23, 2009. No comments were
received. The revisions will be implemented as proposed.
3. Report Title: Weekly Report of Selected Assets and Liabilities
of Domestically Chartered Commercial Banks and U.S. Branches and
Agencies of Foreign Banks.
Agency Form Number: FR 2644.
OMB Control Number: 7100-0075.
Frequency: Weekly.
Reporters: Domestically chartered commercial banks and U.S.
branches and agencies of foreign banks.
Annual Reporting Hours: 120,575 hours.
Estimated Average Hours per Response: 2.65 hours.
Number of Respondents: 875.
General Description of Report: The FR 2644 is authorized by section
2A and 11(a)(2) of the Federal Reserve Act (12 U.S.C. 225(a) and
248(a)(2)) and by section 7(c)(2) of the International Banking Act (12
U.S.C. 3105(c)(2)) and is voluntary. Individual respondent data are
regarded as confidential under the Freedom of Information Act (5 U.S.C.
552(b)(4)).
Abstract: The Weekly Report of Assets and Liabilities for Large
U.S. Branches and Agencies of Foreign Banks (FR 2069; OMB No. 7100-
0030), the Weekly Report of Assets and Liabilities for Large Banks (FR
2416; OMB No. 7100-0075), and the Weekly Report of Selected Assets (FR
2644; OMB No. 7100-0075) are referred to collectively as the bank
credit reports. These three voluntary reports have been the primary
source of high-frequency data used in the analysis of current banking
developments. The FR 2416 data are used on a stand-alone basis to
construct the large domestically chartered bank series. The other two
reports collect sample data that are used to estimate universe levels
using data from the quarterly commercial bank Consolidated Reports of
Condition and Income (FFIEC 031 and 041; OMB No. 7100-0036) and the
Report of Assets and Liabilities of U.S. Branches and Agencies of
Foreign Banks (FFIEC 002; OMB No. 7100-0032) (Call Reports). Data from
all three bank credit reports, together with data from other sources,
are used to construct weekly estimates of bank credit, balance sheet
data for the U.S. banking industry, sources and uses of banks' funds,
and to analyze banking developments.
The Federal Reserve publishes the data in aggregate form in the
weekly H.8 statistical release, Assets and Liabilities of Commercial
Banks in the United States, which is followed closely by other
government agencies, the banking industry, the financial press, and
other users. This release provides a balance sheet for the banking
industry as a whole and data disaggregated by its large domestically
chartered, small domestically chartered, and foreign-related
components.
Current Actions: On December 15, 2008, the Federal Reserve
published a notice in the Federal Register (73 FR 76027) requesting
public comment for 60 days on the extension, with revision, of the FR
2644. The comment period for this notice expired on February 13, 2009.
The Federal Reserve received two comment letters, one from a U.S.
Government agency and one from a commercial bank. One commenter
supported the proposed changes and described its use of the data in
constructing a component of personal outlays in the national income and
product accounts. One commenter stated that investment and loan
information would be difficult to obtain on a weekly basis. After
considering these comments, the Federal Reserve has approved the
revisions to the FR 2644 as originally proposed. The new FR 2644
reporting form and instructions are available on the Federal Reserve's
public Web site (http://www.federalreserve.gov/reportforms/review.cfm).
Effective Date: The FR 2644 reporting form change is effective for
data reported as of Wednesday, July 1, 2009. Respondents should
continue to use their current reporting form and instructions through
the preceding date, Wednesday, June 24, 2009.
Final Approval, Under OMB Delegated Authority, of the Discontinuance of
the Following Reports
Report Title: The Weekly Report of Assets and Liabilities for Large
U.S. Branches and Agencies of Foreign Banks; the Weekly Report of
Assets and Liabilities for Large Banks.
Agency Form Number: FR 2069; FR 2416.
OMB Control Number: 7100-0030; 7100-0075.
Frequency: Weekly.
Reporters: U.S. branches and agencies of foreign banks;
Domestically chartered commercial banks.
Annual Reporting Hours: FR 2069, 14,560 hours; FR 2416, 22,386
hours.
Estimated Average Hours per Response: FR 2069, 4.00 hours; FR 2416,
8.61 hours.
Number of Respondents: FR 2069, 70; FR 2416, 50.
Current Actions: On December 15, 2008, the Federal Reserve
published a notice in the Federal Register (73 FR 76027) requesting
public comment for 60 days on the discontinuance of the FR 2069 and FR
2416. The comment period for this notice expired on February 13, 2009.
No comments were received. The reports will be discontinued as
proposed. The new FR 2644 reporting form and instructions are available
on the Federal Reserve's public Web site (http://www.federalreserve.gov/reportforms/review.cfm).
Effective Date: The FR 2069 and FR 2416 reporting forms will be
discontinued effective Wednesday, July
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1, 2009. Respondents should continue to use their current reporting
form and instructions through the preceding date, Wednesday, June 24,
2009. Beginning July 1, 2009, all bank credit respondents should file
the FR 2644 reporting form.
Final Approval Under OMB Delegated Authority To Conduct the Following
Survey
Report Title: 2010 Survey of Consumer Finances (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: On December 23, 2008, the Federal Reserve
published a notice in the Federal Register (73 FR 78797) requesting
public comment for 60 days on the proposal to conduct the Survey of
Consumer Finances. The comment period for this notice expired on
February 23, 2009. No comments were received. The survey will be
conducted as proposed.
Board of Governors of the Federal Reserve System, March 9, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-5335 Filed 3-11-09; 8:45 am]
BILLING CODE 6210-01-P