[Federal Register Volume 79, Number 117 (Wednesday, June 18, 2014)]
[Notices]
[Pages 34751-34753]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-14208]


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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 August 18, 2014.

ADDRESSES: You may submit comments, identified by FR 3075, by any of 
the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, 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/apps/foia/proposedregs.aspx 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 
9:00 a.m. and 5:00 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

[[Page 34752]]

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/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Cynthia Ayouch--Office of 
the Chief Data Officer, 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 Implementation of 
the Following Report

    Report title: Policy Impact Survey.
    Agency form number: FR 3075.
    OMB control number: 7100-to be assigned.
    Frequency: On occasion.
    Reporters: Bank holding companies (BHCs) (and their subsidiaries), 
savings and loan holding companies (SLHCs), non-BHC/SLHC systemically 
important financial institutions (SIFIs), the combined domestic 
operations of certain foreign banking organizations (FBOs), state 
member banks (SMBs), Edge and agreement corporations, and U.S. branches 
and agencies for foreign banks authorized under specific statutes noted 
below.
    Estimated annual reporting hours: 58,500 hours.
    Estimated average hours per response: 60 hours.
    Estimated number of respondents: 65.
    General description of report: This information collection is 
generally authorized under sections 2A and 12A of the Federal Reserve 
Act. Section 2A requires that the Board of Governors of the Federal 
Reserve System and the Federal Open Market Committee (FOMC) maintain 
long run growth of the monetary and credit aggregates commensurate with 
the economy's long run potential to increase production, so as to 
promote effectively the goals of maximum employment, stable prices, and 
moderate long-term interest rates. 12 U.S.C. 225a. In addition, under 
section 12A of the Federal Reserve Act, the FOMC is required to 
implement regulations relating to the open market operations conducted 
by Federal Reserve Banks with a view to accommodating commerce and 
business and with regard to the regulations' bearing upon the general 
credit situation of the country. 12 U.S.C. 263. The authority of the 
Federal Reserve to collect economic data to carry out the requirements 
of these provisions is implicit. Accordingly, the Federal Reserve is 
authorized to use the FR 3075 by sections 2A and 12A of the Federal 
Reserve Act.
    Additionally, depending upon the survey respondent, the information 
collection may be authorized under a more specific statute. 
Specifically, the Board is authorized to collect information from: BHCs 
(and their subsidiaries) under section 5(c) of the Bank Holding Company 
Act (12 U.S.C. 1844(c)); SLHCs under section 10(b)(2) of the Home 
Owners Loan Act (12 U.S.C. 1467a(b)(2)); non-BHC/SLHC SIFIs under 
section 161(a) of the Dodd-Frank Act (12 U.S.C. 5361(a)); the combined 
domestic operations of certain FBOs under section 8(a) of the 
International Banking Act of 1978 (12 U.S.C. 3106(a)) and section 5(c) 
of the Bank Holding Company Act (12 U.S.C. 1844(c)); SMBs under section 
9 of the Federal Reserve Act (12 U.S.C. 324); Edge and agreement 
corporations under sections 25 and 25A of the Federal Reserve Act (12 
U.S.C. 602 and 625) and U.S. branches and agencies of foreign banks 
under section 7(c)(2) of the International Banking Act of 1978 (12 
U.S.C. 3105(c)(2) and under section 7(a) of the Federal Deposit 
Insurance Act (12 U.S.C. 1817(a)).
    The Federal Reserve expects the majority of surveys to be conducted 
on a voluntary basis. However, with respect to collections of 
information from BHCs (and their subsidiaries), SLHCs, non-BHC/SLHC 
SIFIs, the combined domestic operations of certain foreign banking 
organizations, state member banks, Edge and agreement corporations, and 
U.S. branches and agencies for foreign banks authorized under the 
specific statutes noted above, the Federal Reserve could make the 
obligation to respond mandatory.
    The ability of the Federal Reserve to maintain the confidentiality 
of information provided by respondents to the FR 3075 surveys will have 
to 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 may be warranted under exemptions 4, 
6, and 8 of the Freedom of Information Act (FOIA). Exemption 4 protects 
from disclosure trade secrets and commercial or financial information, 
while exemption 6 protects information ``the disclosure of which would 
constitute a clearly unwarranted invasion of personal privacy.'' See 5 
U.S.C. 552(b)(4) and (b)(6). If the survey is mandatory and is 
undertaken as part of the supervisory process, information could be 
protected under FOIA exemption 8, which protects information relating 
to examination reports. 5 U.S.C. 552(b)(8).
    Abstract: The Federal Reserve proposes to implement FR 3075, which 
would collect information from select institutions regulated by the 
Federal Reserve in order to assess the effects of proposed, pending, or 
recently-adopted policy changes at the domestic and international 
levels. For example, the survey would collect information used for 
certain qualitative impact studies (QISs) sponsored by bodies such as 
the Basel Committee on Banking Supervision and the Financial Stability 
Board. Recent QISs have included the Basel III monitoring exercise, 
which monitors the global impact of the Basel

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III framework,\1\ and the global systemically important bank exercise, 
which assesses a firm's systemic risk profile.\2\ Since the collected 
data may change from survey to survey, there would be no fixed 
reporting form. The data submission timeline for each survey would be 
determined prior to the distribution of the survey materials. In 
soliciting participation, the Federal Reserve would explain to 
respondents the purpose of the survey and how the data would be used. 
While the number of respondents may fluctuate between surveys, the 
survey would be conducted up to 15 times per year.
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    \1\ For more information on the Basel III monitoring exercise, 
see www.bis.org/bcbs/qis/.
    \2\ For more information on the G-SIB exercise, see www.bis.org/bcbs/gsib/.

    Board of Governors of the Federal Reserve System, June 12, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-14208 Filed 6-17-14; 8:45 am]
BILLING CODE 6210-01-P