[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Notices]
[Pages 81606-81607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32590]


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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: Acting Federal Reserve Board Clearance 
Officer -- Cynthia Ayouch--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, without revision, of the following reports:
    1. Report title: The Report of Net Debit Cap.
    Agency form number: FR 2226.
    OMB control number: 7100-0217.
    Frequency: Annual.
    Reporters: Depository institutions, Edge and agreement 
corporations, U.S. branches and agencies of foreign banks.
    Estimated annual reporting hours: 1,298 hours.
    Estimated average hours per response: 1.0 hour.
    Number of respondents: 1,298.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(i), 248-1, and 464). The information submitted 
by respondents for the payments system risk reduction program is exempt 
from disclosure under exemption (b)(4) of the Freedom of Information 
Act (FOIA), which exempts from disclosure ``trade secrets and 
commercial or financial information obtained from a person and 
privileged or confidential.'' (5 U.S.C. 552(b)(4)). In addition, 
information reported in connection with the second and third 
resolutions may be protected under Section (b)(8) of FOIA, to the 
extent that such information is based on the institution's CAMELS 
rating, and thus is related to examination reports prepared by, on 
behalf of, or for the use of an agency responsible for the regulation 
or supervision of financial institutions (5 U.S.C. 552(b)(8)).
    Abstract: Federal Reserve Banks collect these data annually to 
provide information that is essential for their administration of the 
Federal Reserve's Payments System Risk (PSR) policy. The reporting 
panel includes all financially healthy depository institutions with 
access to the discount window. The Report of Net Debit Cap comprises 
three resolutions, which are filed by a depository institution's board 
of directors depending on its needs. The first resolution is used to 
establish a de minimis net debit cap and the second resolution is used 
to establish a self-assessed net debit cap. The third resolution is 
used to establish simultaneously a self-assessed net debit cap and 
maximum daylight overdraft capacity. Copies of the model resolutions 
are located in Appendix B, of the PSR policy, that can be found at 
http://www.federalreserve.gov/paymentsystems/psr_relpolicies.htm.
    Current Actions: On October 14, 2010, the Federal Reserve published 
a notice in the Federal Register (75 FR 63181) requesting public 
comment for 60 days on the extension, without revision, of

[[Page 81607]]

this information collection. The comment period for this notice expired 
on December 13, 2010. The Federal Reserve did not receive any comments.
    2. Report title: Statement of Purpose for an Extension of Credit by 
a Creditor.
    Agency form number: FR T-4.
    OMB control number: 7100-0019.
    Frequency: On occasion.
    Reporters: Brokers and dealers.
    Estimated annual reporting hours: 459 hours.
    Estimated average hours per response: 10 minutes.
    Number of respondents: 135.
    General description of report: This information collection is 
mandatory and authorized by section 7 of the '34 Act (15 U.S.C. 78g). 
In addition, the FR T-4 is required by Section 220.6 of Regulation T 
(12 CFR 220.6). The FR T-4 data are not submitted to the Federal 
Reserve System and, as such, no issue of confidentiality arises.
    Abstract: The Securities Exchange Act of 1934 authorizes the 
Federal Reserve to regulate securities credit extended by brokers and 
dealers, banks, and other lenders. The FR T-4 is a purpose statement 
for brokers and dealers. The purpose statement is a recordkeeping 
requirement for brokers and dealers to document the purpose of their 
loans secured by margin stock. Margin stock is defined as (1) stocks 
that are registered on a national securities exchange or any over-the-
counter security designated for trading in the National Market System, 
(2) debt securities (bonds) that are convertible into margin stock, and 
(3) shares of most mutual funds.
    Current Actions: On October 14, 2010, the Federal Reserve published 
a notice in the Federal Register (75 FR 63181) requesting public 
comment for 60 days on the extension, without revision, of three 
reports that collect information on certain extensions of credit 
secured by margin stock. The comment period for this notice expired on 
December 13, 2010. The Federal Reserve did not receive any comments.
    Final approval under OMB delegated authority of the extension for 
three years, with clarification, of the following reports:
    Report titles: Registration Statement for Persons Who Extend Credit 
Secured by Margin Stock (Other Than Banks, Brokers, or Dealers), 
Deregistration Statement for Persons Registered Pursuant to Regulation 
U, Statement of Purpose for an Extension of Credit Secured by Margin 
Stock by a Person Subject to Registration Under Regulation U; Annual 
Report, and Statement of Purpose for an Extension of Credit Secured by 
Margin Stock.
    Agency form numbers: FR G-1, FR G-2, FR G-3, FR G-4, and FR U-1.
    OMB control numbers: 7100-0011: FR G-1, FR G-2, and FR G-4; 7100-
0018: FR G-3; and 7100-0115: FR U-1.
    Frequency: On occasion and annual.
    Reporters: Individuals and business.
    Annual reporting hours: 1,207 reporting hours; 1,604 recordkeeping 
hours.
    Estimated average hours per response: FR G-1, 2.5 hours; FR G-2, 15 
minutes; FR G-3, 10 minutes; FR G-4, 2.0 hours; and FR U-1, 10 minutes.
    Number of respondents: FR G-1, 25; FR G-2, 40; FR G-3, 284; FR G-4, 
567; and FR U-1, 50.
    General description of report: These mandatory information 
collections are authorized by section 7 of the '34 Act (15 U.S.C. 78g). 
In addition, the FR U-1 is required by Sections 221.3(c)(1)(i) and 
(2)(i) of Regulation U (12 CFR 221.3(c)(1)(i) and (2)(i)), and the FR 
G-1, G-2, G-3, and G-4 are required by Sections 221.3(b)(1), (2), and 
(3), and (c)(1)(ii) and (2)(ii) of Regulation U (12 CFR 221.3(b)(1), 
(2), and (3), and (c)(1)(ii) and (2)(ii)).
    The information collected in the FR G-1 and the FR G-4 is given 
confidential treatment under the Freedom of Information Act (5 U.S.C. 
552 (b)(4) and (6)). Confidentiality determinations would have to be 
made on a case by case basis. The FR G-2 does not collect confidential 
information. The FR U-1 and FR G-3 data are not submitted to the 
Federal Reserve System and, as such, no issue of confidentiality 
arises.
    Abstract: The Securities Exchange Act of 1934 authorizes the 
Federal Reserve to regulate securities credit extended by brokers and 
dealers, banks, and other lenders. The purpose statements, FR U-1 and 
FR G-3, are recordkeeping requirements for brokers and dealers, banks, 
and other lenders, respectively, to document the purpose of their loans 
secured by margin stock. Margin stock is defined as (1) stocks that are 
registered on a national securities exchange or any over-the-counter 
security designated for trading in the National Market System, (2) debt 
securities (bonds) that are convertible into margin stock, and (3) 
shares of most mutual funds. Lenders other than brokers and dealers and 
banks must register and deregister with the Federal Reserve using the 
FR G-1 and FR G-2, respectively, and they must file the FR G-4 annual 
report while registered. The Federal Reserve uses the data to identify 
lenders subject to Regulation U, to verify their compliance with the 
regulation, and to monitor margin credit.
    Current Actions: On October 14, 2010, the Federal Reserve published 
a notice in the Federal Register (75 FR 63181) requesting public 
comment for 60 days on the extension, with clarification, of three of 
the six mandatory reports that collect information on certain 
extensions of credit secured by margin stock. The comment period for 
this notice expired on December 13, 2010. The Federal Reserve did not 
receive any comments. The clarifications will be implemented as 
proposed.

    Board of Governors of the Federal Reserve System, December 22, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-32590 Filed 12-27-10; 8:45 am]
BILLING CODE 6210-01-P