[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Pages 4238-4239]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01659]


-----------------------------------------------------------------------

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 
Weekly Report of Selected Assets and Liabilities of Domestically 
Chartered Commercial Banks and U.S. Branches and Agencies of Foreign 
Banks (FR 2644; OMB No. 7100-0075).

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 for the Federal 
Reserve Board, 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 Paperwork Reduction Act (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.

[[Page 4239]]

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

    Report title: Weekly Report of Selected Assets and Liabilities of 
Domestically Chartered Commercial Banks and U.S. Branches and Agencies 
of Foreign Banks.
    Agency form number: FR 2644.
    OMB control number: 7100-0075.
    Effective date: April 6, 2022.
    Frequency: Weekly.
    Respondents: Domestically chartered commercial banks and U.S. 
branches and agencies of foreign banks.
    Estimated number of respondents: 850.
    Estimated average hours per response: 2.19.
    Estimated annual burden hours: 96,798.
    General description of report: The FR 2644 is a balance sheet 
report that is collected as of each Wednesday from an authorized 
stratified sample of 875 domestically chartered commercial banks and 
U.S. branches and agencies of foreign banks. The FR 2644 is the only 
source of high-frequency data used in the analysis of current banking 
developments. The FR 2644 collects sample data that are used to 
estimate universe levels for the entire commercial banking sector in 
conjunction with data from the quarterly commercial bank Consolidated 
Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051; 
OMB No. 7100-0036) and the Report of Assets and Liabilities of U.S. 
Branches and Agencies of Foreign Banks (FFIEC 002; OMB No. 7100-0032) 
(Call Reports). Data from the FR 2644 and the Call Reports are utilized 
in construction of weekly estimates of U.S. bank credit, balance sheet 
data for the U.S. commercial banking sector, and sources and uses of 
banks' funds, and to analyze current banking developments, including 
the monitoring of broad credit and funding conditions. The Board 
publishes the data in aggregate form in the weekly H.8 statistical 
release, Assets and Liabilities of Commercial Banks in the United 
States, which is followed closely by other government agencies, the 
banking industry, financial press, and other users.\1\ The H.8 release 
provides a balance sheet for the commercial banking industry as a whole 
as well as data disaggregated by its large domestic, small domestic and 
foreign-related bank components.
---------------------------------------------------------------------------

    \1\ The H.8 release is available on the Board's website, http://www.federalreserve.gov/releases/h8/current/default.htm.
---------------------------------------------------------------------------

    Legal authorization and confidentiality: The FR 2644 is authorized 
by section 2A of the Federal Reserve Act (FRA), which states that the 
Board ``shall 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'' (12 
U.S.C. 225a.) and by section 11(a)(2) of the FRA, which authorizes the 
Board to require a depository institution to provide ``reports of its 
liabilities and assets as the Board may determine to be necessary or 
desirable to enable the Board to discharge its responsibility to 
monitor and control monetary and credit aggregates'' (12 U.S.C. 
248(a)(2)). Section 7(c)(2) of the International Banking Act of 1978 
makes U.S. branches and agencies of foreign banks subject to the 
reporting requirements of section 11(a)(2) of the FRA (12 U.S.C. 
3105(c)(2)). The FR 2644 is voluntary, although the Board would have 
the authority to require depository institutions to file these reports.
    Although the Board releases aggregate data derived from the FR 2644 
in the weekly H.8 Statistical Release, individual bank information 
provided by each respondent is treated as confidential because that 
information constitutes nonpublic commercial or financial information, 
which is both customarily and actually treated as private by the 
respondent, and thus may be kept confidential by the Board pursuant to 
exemption 4 of the Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Current actions: On October 5, 2021, the Board published a notice 
in the Federal Register (86 FR 54975) requesting public comment for 60 
days on the extension, with revision, of the Weekly Report of Selected 
Assets and Liabilities of Domestically Chartered Commercial Banks and 
U.S. Branches and Agencies of Foreign Banks. The Board proposed 
revisions that would simplify and reduce the overall reporting 
requirements associated with the FR 2644 collection, including: (1) 
Eliminating the data items on net unrealized gains (losses) on 
available-for-sale securities (Memoranda items 1 and 1.a); (2) Revising 
the reporting instructions for foreign-related institutions pertaining 
to consumer loans and the allowance for loan and lease losses to bring 
them in line with these institutions' Call Report; (3) Changing the 
reporting instructions for small domestically chartered commercial 
banks for loans to, and acceptances of, commercial banks in the U.S. 
(item 4.b); and (4) Reducing the authorized sample of domestically 
chartered commercial banks and U.S. agencies and branches of foreign 
banks from the current 875 respondents to 850. In addition to the 
initial proposed revisions, the Board will make a clarifying change to 
item 4g of the form to align with the instructions. The comment period 
for this notice expired on December 6, 2021. The Board did not receive 
any comments. The revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, January 24, 
2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-01659 Filed 1-26-22; 8:45 am]
BILLING CODE 6210-01-P