[Federal Register Volume 75, Number 122 (Friday, June 25, 2010)]
[Notices]
[Pages 36393-36395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-15492]


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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 August 24, 2010.

ADDRESSES: You may submit comments, identified by FR 1373, FR 2070, FR 
2081, or FR 4025, 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].

[[Page 36394]]

Include the OMB control 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).
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports:
    1. Report title: Surveys of Board Publications.
    Agency form number: FR 1373a, b.
    OMB control number: 7100-0301.
    Frequency: FR 1373a, survey: One or two times per year; discussion 
groups: Two times a year. FR 1373b, small-panel survey: Two times a 
year; large-panel survey, one time per year.
    Reporters: FR 1373a: Community-based educators, key stakeholders, 
and other educators who have previously requested consumer education 
materials from the Federal Reserve. FR 1373b: Current subscribers of 
the publications being surveyed.
    Estimated annual reporting hours: FR 1373a: Survey, 375 hours; 
discussion groups, 60 hours. FR 1373b: small-panel, 6 hours; large-
panel 32 hours.
    Estimated average hours per response: FR 1373a: Survey, 30 minutes; 
discussion groups, 90 minutes. FR 1373b: Small-panel, 10 minutes; 
large-panel 10 minutes.
    Number of respondents: FR 1373a: Survey, 500; panel discussion, 20. 
FR 1373b: Small-panel, 20; large-panel, 200.
    General description of report: This information collection is 
voluntary. The FR 1373a study is authorized pursuant to section 18(f) 
of the Federal Trade Commission Improvement Act (15 U.S.C. 57a(f)). The 
FR 1373b study is authorized pursuant to the Federal Reserve Act (12 
U.S.C. 248(i)). The specific information collected is not considered 
confidential.
    Abstract: The Federal Reserve uses the FR 1373a to: (1) Conduct 
periodic reviews and evaluations of the consumer education materials 
and (2) develop and evaluate consumer education materials under 
consideration for distribution. The FR 1373b data help the Federal 
Reserve determine if it should continue to issue certain publications 
and, if so, whether the public would like to see changes in the method 
of information delivery, frequency, content, format, or appearance.
    2. Report title: Interagency Bank Merger Act Application.
    Agency form number: FR 2070.
    OMB control number: 7100-0171.
    Frequency: On occasion.
    Reporters: State member banks.
    Estimated annual reporting hours: Nonaffiliate Transactions: 1,470 
hours; Affiliate Transactions: 216 hours.
    Estimated average hours per response: Nonaffiliate Transactions: 30 
hours; Affiliate Transactions: 18 hours.
    Number of respondents: Nonaffiliate Transactions: 49; Affiliate 
Transactions: 12.
    General description of report: This information collection is 
mandatory. The FR 2070 is pursuant to section 18(c) of the Federal 
Deposit Insurance Act (12 U.S.C. 1828(c)) and is not given confidential 
treatment. However, applicants may request that parts of a submitted 
application be kept confidential. In such cases, the burden is on the 
applicant to justify the exemption by demonstrating that disclosure 
would cause substantial competitive harm or result in an unwarranted 
invasion of personal privacy or would otherwise qualify for an 
exemption under the Freedom of Information Act (5 U.S.C. 552(b)(4) and 
(b)(6)). The confidentiality status of the information submitted will 
be judged on a case-by-case basis.
    Abstract: The Federal Reserve, the Office of the Comptroller of the 
Currency, the Federal Deposit Insurance Corporation, and the Office of 
Thrift Supervision each use this application form to collect 
information for bank merger proposals that require prior approval under 
the Bank Merger Act. Prior approval is required for every merger 
transaction involving affiliated or nonaffiliated institutions and must 
be sought from the regulatory agency of the depository institution that 
would survive the proposed transaction. A merger transaction may 
include a merger, consolidation, assumption of deposit liabilities, or 
certain asset-transfers between or among two or more institutions. The 
Federal Reserve collects this information so that it may meet its 
statutory obligation to evaluate the competitive, financial, 
managerial, future prospects, and convenience and needs aspects of each 
state member bank merger proposal.
    3. Report title: Interagency Notice of Change in Control, 
Interagency Notice of Change in Director or Senior Executive Officer, 
and Interagency Biographical and Financial Report.
    Agency form number: FR 2081a, FR 2081b, and FR 2081c.
    OMB control number: 7100-0134.
    Frequency: On occasion.
    Reporters: Financial institutions and certain of their officers and 
shareholders.
    Annual reporting hours: FR 2081a: 3,570 hours; FR 2081b: 272 hours; 
FR 2081c: 3,572 hours.
    Estimated average hours per response: FR 2081a: 30 hours; FR 2081b: 
2 hours; FR 2081c: 4 hours.
    Number of respondents: FR 2081a: 119; FR 2081b: 136; FR 2081c: 893.
    General description of report: This information collection is 
mandatory pursuant to section 7(j) of the Federal Deposit Insurance Act 
(12 U.S.C. 1817(j)) and section 914 of the Financial Institutions 
Reform, Recovery, and Enforcement Act (12 U.S.C. 1831(i)) and is not 
given confidential treatment. However, applicants may request that 
parts of a submitted application be kept confidential. In such cases, 
the burden is on the applicant to justify the exemption by 
demonstrating that disclosure would cause substantial competitive harm 
or result in an unwarranted invasion of personal privacy or would 
otherwise qualify for

[[Page 36395]]

an exemption under the Freedom of Information Act (5 U.S.C. 552(b)(4) 
and (b)(6)). The confidentiality status of the information submitted 
will be judged on a case-by-case basis.
    Abstract: The information collected assists the Federal Reserve, 
the Office of the Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, and the Office of Thrift Supervision in 
fulfilling their statutory responsibilities as supervisors. Each of 
these forms is used to collect information in connection with 
applications and notices filed prior to proposed changes in the 
ownership or management of banking organizations. The agencies use the 
information to evaluate the controlling owners, senior officers, and 
directors of the insured depository institutions subject to their 
oversight.
    4. Report title: Recordkeeping and Disclosure Requirements 
Associated with Regulation R.
    Agency form number: FR 4025.
    OMB control number: 7100-0316.
    Frequency: On occasion.
    Reporters: Commercial banks and savings associations.
    Estimated annual reporting hours: Section 701, disclosures to 
customers--12,500 hours; Section 701, disclosures to brokers--375 
hours; Section 723, recordkeeping--188 hours; Section 741, disclosures 
to customers--62,500 hours.
    Estimated average hours per response: Section 701, disclosures to 
customers--5 minutes; Section 701, disclosures to brokers--15 minutes; 
Section 723, recordkeeping--15 minutes; Section 741, disclosures to 
customers--5 minutes.
    Number of respondents: Section 701, disclosures to customers--
1,500; Section 701, disclosures to brokers--1,500; Section 723, 
recordkeeping--75; Section 741, disclosures to customers--750.
    General description of report: This information collection is 
required to obtain a benefit pursuant to section 3(a)(4)(F) of the 
Securities Exchange Act (15 U.S.C. 78c(a)(4)(F)) and may be given 
confidential treatment under the authority of the Freedom of 
Information Act (5 U.S.C. 552(b)(4) and (b)(8)).
    Abstract: Regulation R implements certain exceptions for banks from 
the definition of broker under Section 3(a)(4) of the Securities 
Exchange Act of 1934, as amended by the Gramm-Leach-Bliley Act. 
Sections 701, 723, and 741 of Regulation R contain information 
collection requirements. Section 701 requires banks that wish to 
utilize the exemption in that section to make certain disclosures to 
the high net worth customer or institutional customer. In addition, 
section 701 requires banks that wish to utilize the exemption in that 
section to provide a notice to its broker-dealer partner regarding 
names and other identifying information about bank employees. Section 
723 requires a bank that chooses to rely on the exemption in that 
section to exclude certain trust or fiduciary accounts in determining 
its compliance with the chiefly compensated test in section 721 to 
maintain certain records relating to the excluded accounts. Section 741 
requires a bank relying on the exemption provided by that section to 
provide customers with a prospectus for the money market fund 
securities, not later than the time the customer authorizes the bank to 
effect the transaction in such securities, if the class of series of 
securities are not no-load.

    Board of Governors of the Federal Reserve System, June 22, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-15492 Filed 6-24-10; 8:45 am]
BILLING CODE 6210-01-P