[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Pages 53426-53427]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-21397]



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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Notice is hereby given of the final approval of a proposed 
information collection 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:

Federal Reserve Board Acting Clearance Officer--John Schmidt--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.
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.

    Final approval under OMB delegated authority the implementation of 
the following report:
    Report title: Policy Impact Survey.
    Agency form number: FR 3075.
    OMB control number: 7100-0362.
    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 FR 3075 collects 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 collects information 
used for certain quantitative 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 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 is no fixed reporting 
form. The data submission timeline for each survey will be determined 
prior to the distribution of the survey materials. In soliciting 
participation, the Federal Reserve will explain to respondents the 
purpose of the survey and how the data will be used. While the number 
of respondents may fluctuate between

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surveys, the survey may 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/.
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    Current Actions: On June 18, 2014, the Federal Reserve published a 
notice in the Federal Register (79 FR 34751) requesting public comment 
for 60 days on the proposal to implement the Policy Impact Survey. The 
comment period for this notice expired on August 18, 2014. The Federal 
Reserve did not receive any comments. The FR 3075 survey will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, September 4, 
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-21397 Filed 9-8-14; 8:45 am]
BILLING CODE 6210-01-P