[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)]
[Notices]
[Pages 22489-22490]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10264]
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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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Reports of Deposits (FR 2900; OMB No. 7100-0087). The revisions are
applicable as of September 2018.
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
or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. 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.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years With Revision, of the Following Reports
Report title: Report of Transaction Accounts, Other Deposits, and
Vault Cash (FR 2900); Annual Report of Deposits and Reservable
Liabilities (FR 2910a); Report of Foreign (Non-U.S.) Currency Deposits
(FR 2915); and Allocation of Low Reserve Tranche and Reservable
Liabilities Exemption (FR 2930).
Agency form number: FR 2900; FR 2910a; FR 2915; and FR 2930.
OMB control number: 7100-0087.
Effective Date: June 14, 2018.
Frequency: Weekly, quarterly, annually, and on occasion.
Respondents: Depository institutions.
Estimated number of respondents: FR 2900 (Weekly), 2,007; FR 2900
(Quarterly), 4,395; FR 2910a, 2,941; FR 2915, 122; and FR 2930, 93.
Estimated average hours per response: FR 2900 (Weekly), 1.25; FR
2900 (Quarterly), 3; FR 2910a, 0.75; FR 2915, 0.5; and FR 2930, 0.25.
Estimated annual burden hours: FR 2900 (Weekly), 130,455; FR 2900
(Quarterly), 52,740; FR 2910a, 2,206; FR 2915, 244; FR 2930, 23.
General description of reports: Data from these mandatory reports
are used by the Board for administering Regulation D (Reserve
Requirements of Depository Institutions) and for constructing,
analyzing, and monitoring the monetary and reserve aggregates. The FR
2900 is the primary source of data used for the calculation of required
reserves and applied vault cash, and for the construction and analysis
of the monetary aggregates. Data are also used for (1) indexing the
exemption amount and low reserve tranche amount each year, as required
by statute, and (2) indexing the nonexempt deposit cutoff and reduced
reporting limit each year, as determined by the Board. The amounts of
the deposit cutoff and reporting limit determine whether depository
institutions file the FR 2900 either weekly or quarterly. The FR 2910a
is generally submitted by exempt institutions whose total deposits (as
shown on their December Call Report) \1\ are greater than the exemption
amount. All FR 2900 respondents, both weekly and quarterly, that offer
deposits denominated in foreign currencies at their U.S. offices file
the FR 2915 quarterly on the same reporting schedule as quarterly FR
2900 respondents. Foreign currency deposits are subject to reserve
requirements and, therefore, are included in the FR 2900 data. However,
because foreign currency deposits are not included in the monetary
aggregates, the FR 2915 data are used to net foreign currency-
denominated deposits from the FR 2900 data to exclude them from
measures of the monetary aggregates. The FR 2930 data are collected
when the low reserve tranche and reservable liabilities exemption
thresholds are adjusted toward the end of each calendar year or upon
the establishment of an office outside the home state or Federal
Reserve District.
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\1\ In this document, the term Call Report refers to the
Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041,
and FFIEC 051; OMB No. 7100-0036) filed by commercial banks, Report
of Assets and Liabilities of U.S. Branches and Agencies of Foreign
Banks (FFIEC 002; OMB No. 7100-0032), Statement of Financial
Condition (NCUA 5300; OMB No. 3133-0004) filed by credit unions, and
Consolidated Report of Condition and Income for Edge and Agreement
Corporations (FR 2886b; OMB No. 7100-0086).
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Legal authorization and confidentiality: The information collected
on these reports is authorized under sections 11, 25(7), and 25A(17) of
the Federal Reserve Act (FRA), and section 7 of the International
Banking Act (IBA). Section 11 of the FRA (12 U.S.C. 248(a)) authorizes
the Board to require reports from each member bank as it may deem
necessary and authorizes the Board to prescribe reports of liabilities
and assets from insured depository institutions to enable the Board to
discharge its responsibility to monitor and control monetary and credit
aggregates. Sections 25(7) and 25A(17) of the FRA (12 U.S.C. 604a and
625) authorize the Board to require Edge and agreement corporations to
make reports to the Board. Section 7 of the IBA (12 U.S.C. 3105(c)(2))
authorizes the Board to require reports from U.S. branches and agencies
of foreign banks. The FR 2900, FR 2910a, FR 2915, and FR 2930 are all
mandatory. The release of data collected on these forms would likely
cause substantial harm to the competitive position of the respondent if
made publicly available. The data collected on these forms, therefore,
may
[[Page 22490]]
be kept confidential under exemption 4 of the Freedom of Information
Act, which protects from disclosure trade secrets and commercial or
financial information (5 U.S.C. 552(b)(4)).
Current actions: On February 21, 2018, the Federal Reserve
published a notice in the Federal Register (83 FR 7474) requesting
public comment for 60 days on the extension, with revision, of the
Reports of Deposits (FR 2900; OMB No. 7100-0087). The Board proposes
raising the nonexempt deposit cutoff to $1 billion, substantially
increasing the cutoff from its indexed amount of $457.5 million that is
set to take effect in September 2018. This proposed increase in the
nonexempt deposit cutoff would reduce reporting burden on depository
institutions while maintaining accurate measurements of the money and
reserves aggregates. With this increase, the Board estimates that
approximately 1,000 depository institutions would become newly eligible
to elect to shift from weekly to quarterly FR 2900 reporting. However,
consistent with current policy, newly eligible institutions for
quarterly reporting may elect to continue reporting weekly. There are
no changes proposed for the FR 2910a, FR 2915, or FR 2930. The comment
period for this notice expired on April 23, 2018. The Federal Reserve
did not receive any comments. The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve System, May 9, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-10264 Filed 5-14-18; 8:45 am]
BILLING CODE 6210-01-P