[Federal Register Volume 85, Number 224 (Thursday, November 19, 2020)]
[Notices]
[Pages 73706-73707]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25583]


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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 
Annual Daylight Overdraft Capital Report for U.S. Branches and Agencies 
of Foreign Banks (FR 2225; OMB No. 7100-0216). The revisions are 
applicable as of October 1, 2020.

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.
    Office of Management and Budget (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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be placed into OMB's public docket files. 
These documents also are available on the Federal Reserve Board's 
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, 
whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information 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 PRA Submission, supporting statements, and approved collection 
of information instrument(s) are placed into OMB's public docket files.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Annual Daylight Overdraft Capital Report for U.S. 
Branches and Agencies of Foreign Banks.
    Agency form number: FR 2225.
    OMB control number: 7100-0216.
    Effective date: October 1, 2020.
    Frequency: Annually.
    Respondents: Foreign banking organizations (FBOs).
    Estimated number of respondents: 51.
    Estimated average hours per response: 1.

[[Page 73707]]

    Estimated annual burden hours: 51.
    General description of report: The FR 2225 is required for FBOs 
that wish to and are eligible to establish a non-zero net debit cap for 
their U.S. branches and agencies under the Federal Reserve Policy on 
Payment System Risk (PSR policy). The FR 2225 reporting form collects 
information needed to identify the respondent and its fiscal year-end, 
and collects four items to determine its year-end capital and assets 
for purposes of daylight overdraft monitoring. The four items, 
converted into U.S. dollars collected for the capital and assets 
determination, are: Worldwide capital for the reporting FBO (item 1); 
an adjustment to avoid double counting of capital used by any direct or 
indirect subsidiary of the FBO that also has access to Fedwire and has 
its own net debit cap (item 2); the FBO's total daylight overdraft 
capital base for the U.S. branch and agency family (item 3), which is 
used to calculate the net debit cap; and the reporting FBO's total 
worldwide assets (item 4). The Reserve Banks use items 1 and 2 as 
supplemental information to clarify the data reported in item 3. 
Federal Reserve staff use the assets data reported in item 4 for 
analytical purposes.
    Legal authorization and confidentiality: This information 
collection is authorized pursuant to section 7(a) of the International 
Banking Act, 12 U.S.C. 3105(a), which establishes reserve requirements 
for U.S. branches and agencies of foreign banks, and pursuant to 
section 13(14) of the Federal Reserve Act (FRA), 12 U.S.C. 347d, which 
provides that ``each Federal Reserve bank may receive deposits from, 
discount paper endorsed by, and make advances to any branch or agency 
of a foreign bank in the same manner and to the same extent that it may 
exercise such powers with respect to a member bank if such branch or 
agency is maintaining reserves with such Reserve bank pursuant to 
section 7 of the International Banking Act of 1978.'' In addition, 
sections 11(i), 16, and 19(f) of the FRA, 12 U.S.C. 248(i), 248-1, and 
464, continue to provide authority for the collection of the FR 2225. 
The obligation to respond is required to obtain a benefit (i.e., this 
information is required in order for an FBO to establish a non-zero net 
debit cap so that its U.S. branches or agencies may be eligible for 
intraday credit).
    The Board does not consider the information collected on the FR 
2225 report to be confidential, and the completed version of this 
report generally is made available to the public upon request. However, 
in certain instances, specific information collected on an individual 
FBO's FR 2225 report may be exempt from disclosure pursuant to 
exemption 4 of the Freedom of Information Act (FOIA), which protects 
from public disclosure ``trade secrets and commercial or financial 
information obtained from a person and privileged or confidential'' (5 
U.S.C. 552(b)(4)). A request for confidential treatment must be 
submitted by the FBO in writing concurrently with the submission of the 
FR 2225 report. This written request must identify the specific data 
for which confidential treatment is sought and must provide the legal 
justification for the confidentiality request, as provided in the 
Board's Rules Regarding Availability of Information (12 CFR part 261). 
The Federal Reserve will review each confidential treatment request on 
a case-by-case basis to determine if confidential treatment is 
appropriate. Under the Board's current rules, the Federal Reserve may 
subsequently release information for which confidential treatment was 
requested, if (1) disclosure of such information is required by law 
(other than 5 U.S.C. 552); (2) the request for confidential treatment 
(``request'') was made by the FBO pursuant to 5 U.S.C. 552(b)(4) and 
more than 10 years have passed since the request; or (3) less than 10 
years have passed since the request, but the Board believes that the 
information cannot be withheld from disclosure under 5 U.S.C. 
552(b)(4), and the FBO is provided with written notice of the Board's 
views and with an opportunity to object to the Board's disclosure.
    Current actions: On June 29, 2020, the Board published a notice in 
the Federal Register (85 FR 38896) requesting public comment for 60 
days on the extension, with revision, of the Annual Daylight Overdraft 
Capital Report for U.S. Branches and Agencies of Foreign Banks. The 
Board revised the instructions to remove references to an FBO's 
strength of support assessment (SOSA) ranking and its status as a 
financial holding company (FHC). These changes are related to the 
revisions to the PSR policy, which the Board implemented on April 1, 
2019, and which will take effect on October 1, 2020. The SOSA ranking 
and FHC status are no longer used for determining an FBO's eligibility 
for a positive net debit cap, the size of its net debit cap, and its 
eligibility to request a streamlined procedure to obtain maximum 
daylight overdraft capacity. The comment period for this notice expired 
on August 28, 2020. The Board did not receive any comments. The 
revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, November 16, 
2020.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2020-25583 Filed 11-18-20; 8:45 am]
BILLING CODE 6210-01-P