[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Notices]
[Page 23971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09460]


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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, without revision, the 
Quarterly Report of Assets and Liabilities of Large Foreign Offices of 
U.S. Banks (FR 2502q; OMB No. 7100-0079).

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.

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. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Quarterly Report of Assets and Liabilities of Large 
Foreign Offices of U.S. Banks.
    Agency form number: FR 2502q.
    OMB control number: 7100-0079.
    Frequency: Quarterly.
    Respondents: U.S. commercial banks, bank holding companies 
(including financial holding companies), and Edge Act and agreement 
corporations.
    Estimated number of respondents: 23.
    Estimated average hours per response: 1.
    Estimated annual burden hours: 92.
    General description of report: U.S. commercial banks, bank holding 
companies, and Edge Act and agreement corporations are required to file 
the FR 2502q reporting form, on a quarterly basis, for their large 
branches (those that have assets of $2 billion or more) and banking 
subsidiaries (those that have assets of $2 billion or more and deposits 
of $10 million or more) that are located in the United Kingdom or the 
Caribbean. The Board has an interest in knowing the amounts of the 
claims and liabilities of U.S.-chartered banks with respect to 
residents of individual countries.
    Legal authorization and confidentiality: The Board is authorized to 
collect the information in FR 2502q from (1) bank holding companies 
pursuant to section 5 of the Bank Holding Company Act,\1\ which 
authorizes the Board to require a bank holding company and any 
subsidiary to submit reports; (2) Edge Act and agreement corporations 
pursuant to sections 25(4) 25A(17) of the Federal Reserve Act (FRA),\2\ 
which authorize the Board to require Edge and agreement corporations to 
make reports to the Board; and (3) depository institutions pursuant to 
sections 11(a)(1) and (2) of the FRA,\3\ which authorize the Board to 
require reports from each member bank as it may deem necessary and to 
require 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.
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    \1\ 12 U.S.C. 1844(c).
    \2\ 12 U.S.C. 602 and 12 U.S.C. 625.
    \3\ 12 U.S.C. 248(a)(1) and (2).
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    The FR 2502q report is mandatory. To the extent that the 
information from this collection obtained by the Board constitutes 
nonpublic commercial or financial information, which is both 
customarily and actually treated as private by the financial 
institution, the financial institution may request confidential 
treatment pursuant to exemption 4 of the Freedom of Information Act.\4\
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    \4\ 5 U.S.C. 552(b)(4).
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    Current actions: On February 3, 2021, the Board published a notice 
in the Federal Register (86 FR 8014) requesting public comment for 60 
days on the extension, without revision, of the Quarterly Report of 
Assets and Liabilities of Large Foreign Offices of U.S. Banks. The 
comment period for this notice expired on April 5, 2021. The Board 
received one comment.

Detailed Discussion of Public Comments

    The U.S. Department of Commerce Bureau of Economic Analysis 
provided comment that it was in strong support of the continued 
collection of the FR 2502q data.

    Board of Governors of the Federal Reserve System, April 29, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-09460 Filed 5-4-21; 8:45 am]
BILLING CODE 6210-01-P