[Federal Register Volume 75, Number 19 (Friday, January 29, 2010)]
[Notices]
[Pages 4819-4821]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-1774]


=======================================================================
-----------------------------------------------------------------------

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 March 30, 2010.

ADDRESSES: You may submit comments, identified by FR 3033, FR 2436 FR 
4031, or FR H-1, 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.

[[Page 4820]]

     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 
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 
implementation of the following report:
    Report title: Census of Finance Companies.
    Agency form number: FR 3033p.
    OMB control number: 7100-0277.
    Frequency: One-time.
    Reporters: Domestic finance companies and mortgage companies.
    Estimated annual reporting hours: 6,000 hours.
    Estimated average hours per response: 0.33 hours.
    Number of respondents: 18,000.
    General description of report: This information collection is 
authorized by law (12 U.S.C. 225a, 263, and 353-359) and is voluntary. 
Individual responses are exempt from disclosure pursuant to section 
(b)(4) of the Freedom of Information Act (5 U.S.C. 552).
    Abstract: The FR 3033 information collection includes the Census of 
Finance Companies (FR 3033p) and the Quinquennial Finance Company 
Survey (FR 3033s). The survey will be reviewed in a separate proposal 
in 2010.
    Since June 1955, the Federal Reserve System has surveyed the assets 
and liabilities of finance companies at five-year intervals. The census 
would ask a set of questions designed to identify the universe of 
finance companies eligible for potential inclusion in the survey and to 
enable the stratification of the sample for more statistically 
efficient estimation. The census would gather limited information 
including total assets, areas of specialization, and information on the 
corporate structure of the companies.
    For purposes of this information collection, finance companies were 
defined as domestic companies (excluding commercial banks, cooperative 
banks, investment banks, savings banks, savings and loan institutions 
and industrial loan corporations or their subsidiaries) whose largest 
portion of assets is made up of consumer or business loans or leases.
    Current actions: The Federal Reserve proposes to revise the census 
to improve the response rate and help staff identify respondents for 
the upcoming survey, once approved. The Federal Reserve proposes the 
following revisions to the census: (1) Change the title of the census 
from Finance Company Questionnaire to Census of Finance Companies. 
Board staff believes using the term `census' in the title would stress 
that every response is important. (2) Modify and combine the Purpose of 
Report and the Scope of the Report sections. The modifications would 
make the survey easier to understand. (3) Change several questions to 
allow the Federal Reserve to gather information needed to determine 
whether a company is a finance company rather than asking whether it 
meets the definition. The Federal Reserve believes these changes would 
improve the accuracy of identifying finance companies. and (4) Increase 
the respondent panel size from 3,000 to 30,000. The Federal Reserve 
estimates that it would receive responses from 18,000 finance companies 
(60 percent response rate).
    Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following report:
    Report title: Semiannual Report of Derivatives Activity.
    Agency form number: FR 2436.
    OMB control number: 7100-0286.
    Frequency: Semiannually.
    Reporters: U.S. dealers of over-the-counter derivatives.
    Annual reporting hours: 2,100 hours.
    Estimated average hours per response: 210 hours.
    Number of respondents: 5.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 248(a), 348(a), 263, and 353-359) and is 
given confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: This voluntary report collects derivatives market 
statistics from the five largest U.S. dealers of over-the-counter (OTC) 
derivatives. Data are collected on the notional amounts and gross 
market values of the volumes outstanding of broad categories of foreign 
exchange, interest rate, and equity- and commodity-linked OTC 
derivatives contracts across a range of underlying currencies, interest 
rates, and equity markets. This collection of information complements 
the ongoing triennial Survey of Foreign Exchange and Derivatives Market 
Activity (FR 3036; OMB No. 7100-0285). The FR 2436 collects similar 
data on the outstanding volume of derivatives, but not on derivatives 
turnover. The Federal Reserve conducts both surveys in coordination 
with other central banks and forwards the aggregated data furnished by 
U.S. reporters to the Bank for International Settlements (BIS), which 
publishes global market statistics that are aggregations of national 
data.
    Current Actions: The Federal Reserve proposes to revise the FR 2436 
by collecting additional data on credit default swaps (CDSs). The large 
size of the credit derivatives market and the important role that 
credit derivatives play for financial institutions in managing their 
credit risk have increased the need for more detailed comprehensive 
data on CDS activity. As a result, the central banks of the Group of 
Ten Countries (G-10) would like to collect additional data on CDSs from 
their important derivatives dealers and report the aggregate data to 
the BIS (so that more detailed global statistics can be assembled). The 
proposed revisions would be implemented in two phases in order to 
balance the need for additional information quickly against the burden

[[Page 4821]]

associated with implementing changes relatively rapidly. Phase 1 would 
be effective with the June 30, 2010, report date and Phase 2 would be 
effective with the June 30, 2011, report date.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports:
    1. Report title: Notice of Branch Closure.
    Agency form number: FR 4031.
    OMB control number: 7100-0264.
    Frequency: On occasion.
    Reporters: State member banks.
    Estimated annual reporting hours: 291 hours.
    Estimated average hours per response: Reporting requirements, 2 
hours; Disclosure requirements, customer mailing, 0.75 hours and posted 
notice, 0.25 hours; and Recordkeeping requirements, 8 hours.
    Number of respondents: Reporting requirements, 70; Disclosure 
requirements, customer mailing, 70 and posted notice, 70; and 
Recordkeeping requirements, 10.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1831r-l(a)(1)) and may be given confidential 
treatment upon request (5 U.S.C.552(b)(4)).
    Abstract: The mandatory reporting, recordkeeping, and disclosure 
requirements regarding the closing of any branch of an insured 
depository institution are imposed by section 228 of the Federal 
Deposit Insurance Corporation Improvement Act of 1991. There is no 
reporting form associated with the reporting portion of this 
information collection; state member banks notify the Federal Reserve 
by letter prior to closing a branch. The Federal Reserve uses the 
information to fulfill its statutory obligation to supervise state 
member banks.
    2. Report title: Reports Related to Securities Issued by State 
Member Banks as Required by Regulation H.
    Agency form number: FR H-1.
    OMB control number: 7100-0091.
    Frequency: Quarterly and on occasion.
    Reporters: State member banks.
    Estimated annual reporting hours: 1,230 hours.
    Estimated average hours per response: 5.17 hours.
    Number of respondents: 14.
    General description of report: This information collection is 
mandatory (15 U.S.C. 781(i) and 78w (a)(1)) and is not given 
confidential treatment.
    Abstract: The Federal Reserve's Regulation H requires certain state 
member banks to submit information relating to their securities to the 
Federal Reserve on the same forms that bank holding companies and 
nonbank entities use to submit similar information to the Securities 
and Exchange Commission. The information is primarily used for public 
disclosure and is available to the public upon request.

    Board of Governors of the Federal Reserve System, January 25, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-1774 Filed 1-28-10; 8:45 am]
BILLING CODE 6210-01-P