[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Notices]
[Pages 23970-23971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09466]


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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 
Senior Financial Officer Surveys (FR 2023; OMB No. 7100-0223).

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: Senior Financial Officer Surveys.
    Agency form number: FR 2023.
    OMB control number: 7100-0223.
    Frequency: Up to four times a year.
    Respondents: Domestically chartered large depository institutions 
and foreign banking organizations.
    Estimated number of respondents: 80.
    Estimated average hours per response: 3.
    Estimated annual burden hours: 960.
    General description of report: The Board uses the surveys in this 
collection to gather qualitative and limited quantitative information 
about liability management, the provision of financial services, and 
the functioning of key financial markets. Responses are obtained from a 
senior officer at each participating institution, usually through an 
electronic submission. Although a survey may not be collected in a 
given year, the Board may conduct up to four surveys per year when 
informational needs arise and cannot be met from existing data sources. 
The survey does not have a fixed set of questions; each survey consists 
of a limited number of questions directed at topics of timely interest.
    Legal authorization and confidentiality: The FR 2023 is authorized 
by sections 2A, 12A, and 11 of the Federal Reserve Act (``FRA'').\1\ 
Section 2A of the FRA requires that the Board 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.\2\ Section 12A of the FRA further requires the FOMC 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 their bearing upon the general credit 
situation of the country.\3\ Section 11 of the FRA 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.\4\ The Board and FOMC use the information obtained through 
the FR 2023 to discharge these responsibilities. Survey submissions 
under the FR 2023 are voluntary.
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    \1\ 31 U.S.C. 5364(a).
    \2\ 12 U.S.C. 225a.
    \3\ 12 U.S.C. 263.
    \4\ 12 U.S.C. 248(a).
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    The questions asked on each survey will vary. The Board's ability 
to keep confidential responses to the FR 2023 must therefore be 
determined on a case-by-case basis. Much of the information collected 
is likely to constitute nonpublic commercial or financial information, 
which is both customarily and actually treated as private by the 
respondent, and may be kept

[[Page 23971]]

confidential by the Board pursuant to exemption 4 of the Freedom of 
Information Act (``FOIA'').\5\ Some survey responses may also contain 
information contained in or related to an examination of a financial 
institution, which may be kept confidential under exemption 8 of 
FOIA.\6\ Responses to the FR 2023 are tabulated and summarized at the 
Board and the Federal Reserve Bank of New York. This aggregate 
information is not considered confidential, and a report containing 
summary data is published on the Board's public website.\7\
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    \5\ 5 U.S.C. 552(b)(4).
    \6\ 5 U.S.C. 552(b)(8).
    \7\ Survey reports are available at www.federalreserve.gov/data/sfos/sfos.htm.
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    Current actions: On February 3, 2021, the Board published a notice 
in the Federal Register (86 FR 8015) requesting public comment for 60 
days on the extension, without revision, of the Senior Financial 
Officer Surveys. The comment period for this notice expired on April 5, 
2021. The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, April 29, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.

[FR Doc. 2021-09466 Filed 5-4-21; 8:45 am]
BILLING CODE 6210-01-P