[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Notices]
[Pages 81607-81610]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32606]


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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 part 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

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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 February 28, 2011.

ADDRESSES: You may submit comments, identified by FR 1379; FR 2225; FR 
3054; FR Y-3, FR Y-3N, FR Y-4; FR Y-3F; FR K-1; or FR K-2 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.
    Cynthia Ayouch, Acting 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: Payment Systems Surveys: Ad Hoc Payments Systems 
Survey, Currency Quality Sampling Survey, Currency Quality Survey, and 
Currency Functionality Survey.
    Agency form number: FR 3054a, FR 3054b, FR 3054c, and FR 3054d.
    OMB control number: 7100-- to be assigned.
    Frequency: Annual, semi-annual, and on occasion.
    Reporters: Financial and nonfinancial businesses (banknote 
equipment manufacturers, or global wholesale bank note dealers).
    Estimated annual reporting hours: FR 3054a: 15,000 hours; FR 3054b: 
90 hours;
    FR 3054c: 1,500 hours; and FR 3054d: 960 hours.
    Estimated average hours per response: FR 3054a: 15 hours; FR 3054b: 
0.5 hours;
    FR 3054c: 30 hours; and FR 3054d: 48 hours.
    Number of respondents: FR 3054a: 100; FR 3054b: 180; FR 3054c; 25; 
and FR 3054d: 20.
    General description of report: These information collections are 
authorized pursuant to Section 11(d) of the Federal Reserve Act (12 
U.S.C. 248(d)) and are voluntary. The ability of the Federal Reserve to 
maintain the confidentiality of information provided by respondents to 
the Payment Systems surveys would be determined on a case-by-case basis 
depending on the type of information provided for a particular survey. 
Depending upon the survey questions, confidential treatment could be 
warranted under section (b)(4) of the Freedom of Information Act (5 
U.S.C. 552(b)(4)).
    Abstract: The FR 3054a would be an event-driven survey used to 
obtain information specifically tailored to the Federal Reserve's 
operational and fiscal agency responsibilities. The FR 3054a could be 
conducted independently by the Federal Reserve, jointly with another 
government agency, or a Federal Reserve Bank. The FR 3054b would be an 
annual survey to assess the quality of currency in circulation and 
would be conducted jointly with the Federal Reserve Bank of San 
Francisco's Cash Product Office (CPO), the Federal Reserve Bank of 
Richmond's Currency Technology Office (CTO), and each Federal Reserve 
Bank's cash department. The FR 3054c would be a semi-annual survey to 
determine depository institutions' and Banknote Equipment 
Manufacturers' (BEMs) opinions of currency quality and would be 
conducted jointly with the CPO and CTO. The FR 3054d would be an annual 
survey to assess the functionality of Federal Reserve notes in banknote 
handling equipment. The FR 3054d data collected from BEMs would be used 
as input for future designs of Federal Reserve notes. The FR 3054d 
would be conducted jointly with the U.S. Treasury's Bureau of Engraving 
and Printing and the CTO. The FR 3054a, FR 3054b, FR 3054c, and FR 
3054d would be sent to financial and nonfinancial businesses.
    The Federal Reserve would use the data collected from these surveys 
to determine: (1) Demand for currency and coin, (2) market preferences 
regarding currency quality, (3) quality of currency in circulation, (4) 
features used by bank note authentication equipment to denominate and 
authenticate bank notes, and (5) whether changes to Federal Reserve 
Bank sorting algorithms are necessary to ensure that currency in 
circulation remains fit for commerce.
    Proposal to approve under OMB delegated authority the extension for 
three years, with revision, the following reports:
    1. Report title: Consumer Satisfaction Questionnaire, Federal 
Reserve Consumer Help--Consumer Survey, and Consumer Online Complaint 
Form.
    Agency form number: FR 1379a, FR 1379b, and FR 1379c.
    OMB control number: 7100-0135.
    Frequency: Event generated.
    Reporters: Consumers.

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    Estimated annual reporting hours: FR 1379a: 116 hours; FR 1379b: 
167 hours; FR 1379c: 1,351 hours.
    Estimated average hours per response: FR 1379a: 5 minutes; FR 
1379b: 5 minutes; FR 1379c: 10 minutes.
    Number of respondents: FR 1379a: 1,391; FR 1379b: 2,001; FR 1379c: 
8,107.
    General description of report: This information collection is 
voluntary and is authorized by law pursuant the Federal Trade 
Commission Improvement Act (15 U.S.C. 57(a)(f)). The FR 1379a is not 
considered confidential. The FR 1379b collects the respondent's name 
and the respondent may provide other personal information and 
information regarding his or her complaint in response to question 
five. The FR 1379c collects the respondent's third-party representative 
if the respondent has such a representative. Thus, some of the 
information collected on the FR 1379b and c is considered confidential 
under the Freedom of Information Act (5 U.S.C. 552(b)(4), (b)(6), 
(b)(7)).
    Abstract: The FR 1379a questionnaire is sent to consumers who have 
filed complaints with the Federal Reserve against State member banks. 
The information is used to assess their satisfaction with the Federal 
Reserve's handling and written response to their complaint at the 
conclusion of an investigation. The FR 1379b questionnaire is sent as 
needed to consumers who contact the Federal Reserve Consumer Help 
(FRCH) to file a complaint or inquiry. The information is used to 
determine whether consumers are satisfied with the way the FRCH handled 
their complaint. Consumers use the FR 1379c to electronically submit a 
complaint against a financial institution to the FRCH.
    Current Actions: The Federal Reserve proposes to revise the FR 
1379c online complaint form by (1) expanding the contact section for 
complaints submitted on behalf of a consumer by a third-party 
representative, (2) adding a field to provide the financial 
institution's routing number, and (3) deleting the question on how the 
consumer learned about the FRCH. The Federal Reserve proposes to extend 
the FR 1379a and FR 1379b without revision.
    2. Report title: Application for Prior Approval to Become a Bank 
Holding Company or for a Bank Holding Company to Acquire an Additional 
Bank or Bank Holding Company, Notification for Prior Approval to Become 
a Bank Holding Company or for a Bank Holding Company to Acquire an 
Additional Bank or Bank Holding Company; and Notification for Prior 
Approval to Engage Directly or Indirectly in Certain Nonbanking 
Activities.
    Agency form number: FR Y-3, FR Y-3N, and FR Y-4.
    OMB control number: 7100-0121.
    Frequency: Event generated.
    Reporters: Corporations seeking to become bank holding companies 
(BHCs), or existing BHCs and State chartered banks that are members of 
the Federal Reserve System.
    Estimated annual reporting hours: FR Y-3 Section 3(a)(1): 5,565 
hours; FR Y-3 Section 3(a)(3) and 3(a)(5): 9,081 hours; FR Y-3N Section 
3(a)(1), 3(a)(3), and 3(a)(5): 225 hours; FR Y-4 Complete notification: 
936 hours; FR Y-4 Expedited notification: 90 hours; and FR Y-4 Post-
consummation: 8 hours.
    Estimated average hours per response: FR Y-3 Section 3(a)(1): 53 
hours; FR Y-3 Section 3(a)(3) and 3(a)(5): 63.5 hours; FR Y-3N Section 
3(a)(1), 3(a)(3), and 3(a)(5): 5 hours; FR Y-4 Complete notification: 
12 hours; FR Y-4 Expedited notification: 5 hours; and FR Y-4 Post-
consummation: 30 minutes.
    Number of respondents: FR Y-3 Section 3(a)(1): 105; FR Y-3 Section 
3(a)(3) and 3(a)(5): 143; FR Y-3N Section 3(a)(1), 3(a)(3), and 
3(a)(5): 45; FR Y-4 Complete notification: 78; FR Y-4 Expedited 
notification: 18; and FR Y-4 Post-consummation: 16.
    General description of report: These information collections are 
mandatory (12 U.S.C. 1842(a), 1844(b), 1843(j)). The information 
submitted in the FR Y-3, FR Y-3N, and FR Y-4 is considered to be public 
unless an institution requests confidential treatment for portions of 
the particular application or notification. Applicants may rely on any 
Freedom of Information Act (FOIA) exemption, but such requests for 
confidentiality must contain detailed justifications corresponding to 
the claimed FOIA exemption. Requests for confidentiality must be 
evaluated on a case-by-case basis.
    Abstract: The Federal Reserve requires the submission of these 
filings for regulatory and supervisory purposes and to allow the 
Federal Reserve to fulfill its statutory obligations under the Bank 
Holding Company (BHC) Act of 1956. These filings collect information on 
proposals by bank holding companies involving formations, acquisitions, 
mergers, and nonbanking activities. The Federal Reserve must obtain 
this information to evaluate each individual transaction with respect 
to financial and managerial factors, permissibility, competitive 
effects, net public benefits, and the impact on the convenience and 
needs of affected communities.
    Current Actions: The Federal Reserve proposes to revise the FR Y-3 
instructions by requesting additional information in Section 7. Any 
principal that would own 10 percent or more of the equity of the 
Applicant would be asked to provide an Interagency Biographical and 
Financial Report (FR 2081c; OMB No. 7100-0134) (IBFR). If the principal 
is a corporation or partnership, it would be asked to provide financial 
statements (balance sheets and income statements) for the two most 
recent fiscal years and the most recent quarter end. Applicants would 
be asked to discuss any negative trends in the financial statements.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, the following reports:
    1. Report title: Annual Daylight Overdraft Capital Report for U.S. 
Branches and Agencies of Foreign Banks.
    Agency form number: FR 2225.
    OMB control number: 7100-0216.
    Frequency: Annual.
    Reporters: Foreign banks with U.S. branches or agencies.
    Estimated annual reporting hours: 45 hours.
    Estimated average hours per response: 1 hour.
    Number of respondents: 45.
    General description of report: This information collection is 
authorized pursuant to sections 11(i), 16, and 19(f) of the Federal 
Reserve Act (12 U.S.C. 248(i), 248-1, and 464). A foreign banking 
organization (FBO) is required to respond in order to obtain or retain 
a benefit, i.e., in order for the U.S. branch or agency of an FBO to 
establish and maintain a non-zero net debit cap. The information 
submitted by respondents is not confidential; however, respondents may 
request confidential treatment for portions of the report. Data may be 
considered confidential and exempt from disclosure under section (b)(4) 
of the Freedom of Information Act if it constitutes commercial or 
financial information and it would customarily not be released to the 
public by the person from whom it was obtained (5 U.S.C. 552(b)(4)).
    Abstract: This report was implemented in March 1986 as part of the 
procedures used to administer the Federal Reserve's Payments System 
Risk (PSR) policy. A key component of the PSR policy is a limit, or a 
net debit cap, on an institution's negative intraday balance in its 
Reserve Bank account. The Federal Reserve calculates an institution's 
net debit cap by applying the multiple associated with the net debit 
cap category to the institution's

[[Page 81610]]

capital. For FBOs, a percentage of the FBO's capital measure, known as 
the U.S. capital equivalency, is used to calculate the FBO's net debit 
cap.
    Currently, an FBO with U.S. branches or agencies may voluntarily 
file the FR 2225 to provide the Federal Reserve with its capital 
measure. Because an FBO that files the FR 2225 may be able to use its 
total capital in determining its U.S. capital equivalency measure, 
which is then used to calculate its net debit cap, an FBO seeking to 
maximize its daylight overdraft capacity may find it advantageous to 
file the FR 2225. An FBO that does not file FR 2225 may use an 
alternative capital measure based on its nonrelated liabilities.
    2. Report title: International Applications and Prior Notifications 
under Subparts A and C of Regulation K.
    Agency form number: FR K-1.
    OMB control number: 7100-0107.
    Frequency: Event generated.
    Reporters: State member banks, Edge and agreement corporations, 
bank holding companies, and certain FBOs.
    Estimated annual reporting hours: Attachments A and B, 161 hours; 
Attachments C through G, 120 hours; Attachments H and I, 558 hours; 
Attachment J, 30 hours; Attachment K, 20 hours.
    Estimated average hours per response: Attachments A and B, 11.5 
hours; Attachments C through G, 10 hours; Attachments H and I, 15.5 
hours; Attachment J, 10 hours; Attachment K, 20 hours.
    Number of respondents: Attachments A and B, 7; Attachments C 
through G, 6; Attachments H and I, 12; Attachment J, 3; Attachment K, 
1.
    General description of report: This information collection is 
mandatory pursuant to sections 25 and 25A of the Federal Reserve Act 
(12 U.S.C. 601-604(a), 611-631) and sections 4(c)(13), 4(c)(14), and 
5(c) of the BHC Act (12 U.S.C. 1843(c)(13), 1843(c)(14), 1844(c)). The 
information submitted in the FR K-1 is considered to be public unless 
an institution requests confidential treatment for portions of the 
particular application or notification. Applicants may rely on any FOIA 
exemption, but such requests for confidentiality must contain detailed 
justifications corresponding to the claimed FOIA exemption. Requests 
for confidentiality must be evaluated on a case-by-case basis.
    Abstract: Subpart A of Regulation K governs the foreign investments 
and activities of member banks, Edge and agreement corporations, bank 
holding companies, and certain investments by foreign organizations. 
Subpart C of Regulation K governs investments in export trading 
companies. The FR K-1 information collection contains eleven 
attachments for the application and notification requirements embodied 
in Subparts A and C of Regulation K. The Federal Reserve requires these 
applications for regulatory and supervisory purposes and to allow the 
Federal Reserve to fulfill its statutory obligations under the Federal 
Reserve Act and the BHC Act of 1956.
    3. Report title: International Applications and Prior Notifications 
Under Subpart B of Regulation K.
    Agency form number: FR K-2.
    OMB control number: 7100-284.
    Frequency: Event generated.
    Reporters: Foreign banks.
    Estimated annual reporting hours: 630 hours.
    Estimated average hours per response: 35 hours.
    Number of respondents: 18.
    General description of report: This information collection is 
mandatory pursuant to sections 7, 10, and 13 of the International 
Banking Act (12 U.S.C. 3105, 3107, 3108). The applying or notifying 
organization may request that portions of the information contained in 
the FR K-2 be afforded confidential treatment. To do so, applicants 
must demonstrate how the information for which confidentiality is 
requested would fall within the scope of one or more of the exemptions 
contained in the Freedom of Information Act. Any such request would 
have to be evaluated on a case-by-case basis.
    Abstract: Foreign banks are required to obtain the prior approval 
of the Federal Reserve to establish a branch, agency, or representative 
office; to acquire ownership or control of a commercial lending company 
in the United States; or to change the status of any existing office in 
the United States. The Federal Reserve uses the information, in part, 
to fulfill its statutory obligation to supervise FBOs with offices in 
the United States.
    4. Report title: Application for a Foreign Organization to Acquire 
a U.S. Bank or Bank Holding Company.
    Agency form number: FR Y-3F.
    OMB control number: 7100-0119.
    Frequency: Event generated.
    Reporters: Any company organized under the laws of a foreign 
country seeking to acquire a U.S. subsidiary bank or BHC.
    Estimated annual reporting hours: Initial application, 90 hours; 
subsequent application, 490 hours.
    Estimated average hours per response: Initial application, 90 
hours; subsequent application, 70 hours.
    Number of respondents: Initial application, 1; subsequent 
application, 7.
    General description of report: This information collection is 
required to obtain or retain a benefit under sections 3(a), 3(c), and 
5(a) through 5(c) of the BHC Act (12 U.S.C. 1842(a), (c), 1844(a)-(c). 
The information provided in the application is not confidential unless 
the applicant specifically requests confidentiality and the Federal 
Reserve approves the request.
    Abstract: Under the BHC Act, submission of this application is 
required for any company organized under the laws of a foreign country 
seeking to acquire a U.S. subsidiary bank or BHC. Applicants must 
provide financial and managerial information, discuss the competitive 
effects of the proposed transaction, and discuss how the proposed 
transaction would enhance the convenience and needs of the community to 
be served. The Federal Reserve uses the information, in part, to 
fulfill its supervisory responsibilities with respect to FBOs in the 
United States.


    Board of Governors of the Federal Reserve System, December 22, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-32606 Filed 12-27-10; 8:45 am]
BILLING CODE 6210-01-P