[Federal Register Volume 77, Number 4 (Friday, January 6, 2012)]
[Notices]
[Pages 794-795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-34]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: 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), 
pursuant to 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.

DATES: Comments must be submitted on or before March 6, 2012.

ADDRESSES: You may submit comments, identified by 7100-0310, 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.

[[Page 795]]

     Email: [email protected]. Include OMB 
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 may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, 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.
    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). Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869), Board of 
Governors of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, 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;
    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; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    1. 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. branches, agencies, and other offices of foreign banks supervised 
by the Federal Reserve.
    Estimated annual reporting hours: Establish compliance program, 128 
hours; and maintenance of compliance program, 4,476 hours.
    Estimated average hours per response: Establish compliance program, 
16 hours; and maintenance of compliance program, 4 hours.
    Number of respondents: Establish compliance program, 8; and 
maintenance of compliance program, 1,119.
    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 Bank Secrecy Act (BSA) and related 
regulations. Section 208.63 of Regulation H requires state member banks 
to establish and maintain the same procedures. There are no required 
reporting forms associated with this information collection.

    Board of Governors of the Federal Reserve System, January 3, 
2012.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2012-34 Filed 1-5-12; 8:45 am]
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