[Federal Register Volume 80, Number 124 (Monday, June 29, 2015)]
[Notices]
[Pages 36991-36992]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15843]


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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 proposed 
information collections by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority. 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 Clearance 
Officer, Nuha Elmaghrabi, 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 of the extension for 
three years, without revision, of the following reports:
    1. Report title: Recordkeeping Requirements Associated with Changes 
in Foreign Investments (Made Pursuant to Regulation K).
    Agency form number: FR 2064.
    OMB Control number: 7100-0109.
    Frequency: On-occasion.
    Reporters: State member banks, Edge Act and agreement corporations, 
and bank holding companies.
    Estimated annual reporting hours: 160 hours.
    Estimated average hours per response: 2 hours.
    Number of respondents: 20.
    General description of report: The recordkeeping requirements of 
this information collection are mandatory under section 5(c) of the BHC 
Act (12 U.S.C. 1844(c)); sections 7 and 13(a) of the International 
Banking Act of 1978 (12 U.S.C. 3105 and 3108(a)); section 25 of the 
Federal Reserve Act (FRA) (12 U.S.C. 601-604a); section 25A of the FRA 
(12 U.S.C. 611-631); and Regulation K (12 CFR 211.8(c)-211.10(a)). 
Since the Federal Reserve does not collect any records, no issue of 
confidentiality under the Freedom of Information Act (FOIA) arises. 
FOIA will only be implicated if the Federal Reserve's examiners retain 
a copy of the records in their examination or supervision of the 
institution, and would be exempt from disclosure pursuant to FOIA (5 
U.S.C. 552(b)(4), (b)(6), and (b)(8)).
    Abstract: Internationally active U.S banking organizations are 
required to maintain adequate internal records that demonstrate 
compliance with the investment provisions contained in subpart A of 
International Banking Operations (Regulation K). For each investment 
made under subpart A of Regulation K, internal records should be 
maintained regarding the type of investment, for example, equity 
(voting shares, nonvoting shares, partnerships, interests conferring 
ownership rights, participating loans), binding commitments, capital 
contributions, and subordinated debt; the amount of the investment; the 
percentage ownership; activities conducted by the company and the legal 
authority for such activities; and whether the investment was made 
under general consent, prior notice, or specific consent authority. 
With respect to investments made under general consent authority, 
information also must be maintained that demonstrates compliance with 
the various limits set out in section 211.9 of Regulation K.
    2. Report title: Microeconomic Survey.
    Agency form number: FR 3051.
    OMB control number: 7100-0321.
    Frequency: Annually and monthly, as needed.

[[Page 36992]]

    Reporters: Individuals, households, and financial and non-financial 
businesses.
    Estimated annual reporting hours: Annual survey, 6,000 hours; 
Monthly survey, 18,000 hours.
    Estimated average hours per response: Annual survey, 60 minutes; 
Monthly survey, 30 minutes.
    Number of respondents: Annual survey, 6,000; Monthly survey, 3,000.
    General description of report: This information collection is 
voluntary and is authorized by sections 2A and 12A of the Federal 
Reserve Act (12 U.S.C. 225A and 263). If needed, the Federal Reserve 
can make this survey mandatory for Federal Reserve regulated 
institutions under section 9 of the Federal Reserve Act (12 U.S.C. 324) 
for state member banks; section 5(c) of the Bank Holding Company Act 
(12 U.S.C. 1844(c)) for bank holding companies and their subsidiaries; 
sections 25 and 25(A) of the Federal Reserve Act (12 U.S.C. 602 and 
625) for Edge and agreement corporations; and section 7(c)(2) of the 
International Banking Act of 1978 (12 U.S.C. 3105(c)(2)) for U.S. 
branches and agencies of foreign banks.
    If the FR 3051 survey information is collected with a pledge of 
confidentiality for exclusively statistical purposes under Confidential 
Information Protection and Statistical Efficiency Act (CIPSEA), the 
information may not be disclosed by the Federal Reserve (or its 
contractor) in identifiable form, except with the informed consent of 
the respondent (CIPSEA 512(b), codified in notes to 44 U.S.C. 3501). 
Such information is therefore protected from disclosure under exemption 
3 of the Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(3)). If a 
CIPSEA pledge is made, either by the Federal Reserve or by its 
contractor, the Federal Reserve must safeguard the information as 
required by CIPSEA and OMB guidance.
    If the FR 3051 survey information is not being collected under 
CIPSEA, the ability of the Federal Reserve to maintain the 
confidentiality of information provided by respondents will have to be 
determined on a case-by-case basis and depends on the type of 
information provided for a particular survey. In circumstances where 
identifying information is provided to the Federal Reserve, such 
information could possibly be protected from disclosure by FOIA 
exemptions 4 and 6.
    Abstract: The Federal Reserve implemented this event-driven survey 
in 2009 and uses it to obtain information specifically tailored to the 
Federal Reserve's supervisory, regulatory, operational, and other 
responsibilities. The Federal Reserve can conduct the FR 3051 up to 13 
times per year (annual survey and another survey on a monthly basis). 
The frequency and content of the questions depend on changing economic, 
regulatory, or legislative developments.
    3. Report title: Recordkeeping and Disclosure Provisions associated 
with Stress Testing Guidance.
    Agency form number: FR 4202.
    OMB control number: 7100-0348.
    Frequency: On-occasion.
    Reporters: State member banks, bank holding companies, and all 
other institutions for which the Federal Reserve is the primary federal 
supervisor.
    Estimated annual reporting hours: Recordkeeping, 18,000 hours; 
Disclosure, 8,000 hours.
    Estimated average hours per response: Recordkeeping, 180 hours; 
Disclosure, 80 hours.
    Number of respondents: Recordkeeping, 100; Disclosure, 100.
    General description of report: This information collection is 
voluntary and is authorized pursuant to sections 11(a), 11(i), 25, and 
25A of the Federal Reserve Act (12 U.S.C. 248(a), 248(i), 602, and 
611), section 5 of the Bank Holding Company Act (12 U.S.C. 1844), and 
section 7(c) of the International Banking Act (12 U.S.C. 3105(c)). To 
the extent the Federal Reserve collects information during an 
examination of a banking organization, confidential treatment may be 
afforded to the records under exemptions 4 and 8 of the Freedom of 
Information Act (FOIA) (5 U.S.C. 552(b)(4) and (8)).
    Abstract: The interagency guidance outlines high-level principles 
for stress testing practices, applicable to all Federal Reserve-
supervised, FDIC-supervised, and OCC-supervised banking organizations 
\1\ with more than $10 billion in total consolidated assets. In 
developing a stress testing framework and in carrying out stress tests, 
banking organizations \2\ should understand and clearly document all 
assumptions, uncertainties, and limitations, and provide that 
information to users of the stress testing results. To ensure proper 
governance over the stress testing framework, banking organizations 
should develop and maintain written policies and procedures.
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    \1\ The agencies that were party to the rulemaking were the 
Office of the Comptroller of the Currency (OCC); Board of Governors 
of the Federal Reserve System (Board); and Federal Deposit Insurance 
Corporation (FDIC).
    \2\ For purposes of this guidance, the term ``banking 
organization'' means national banks and Federal branches and 
agencies supervised by the OCC; state member banks, bank holding 
companies, and all other institutions for which the Federal Reserve 
is the primary federal supervisor; and state nonmember insured banks 
and other institutions supervised by the FDIC.

    Board of Governors of the Federal Reserve System, June 24, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-15843 Filed 6-26-15; 8:45 am]
 BILLING CODE 6210-01-P