[Federal Register Volume 73, Number 127 (Tuesday, July 1, 2008)]
[Notices]
[Pages 37455-37457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-14847]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY:
Background
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act (PRA),
as per 5 CFR 1320.16, to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board under conditions set forth in 5 CFR 1320
Appendix A.1. 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 instruments 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.
Request for Comment on Information Collection Proposals
The following information collections, which are being handled
under this delegated authority, have received initial Board approval
and are hereby published for comment. At the end of the comment period,
the proposed information collections, along with an analysis of
comments and recommendations received, will be submitted to the Board
for final approval under OMB delegated authority. Comments are invited
on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions, including
whether the information has practical utility;
b. The accuracy of the Federal Reserve's estimate of the burden of
the proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected; and
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology.
DATES: Comments must be submitted on or before September 2, 2008.
ADDRESSES: You may submit comments, identified by FR K-2; FR Y-3F; or
FR 2248, by any of the following methods:
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Agency Web Site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: [email protected]. Include docket
number in the subject line of the message.
Fax: 202/452-3819 or 202/452-3102.
Mail: Jennifer J. Johnson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue,
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical reasons. Accordingly, your
comments will not be edited to remove any identifying or contact
information. Public comments may also be viewed electronically or in
paper form in Room MP-500 of the Board's Martin Building (20th and C
Streets, NW.,) between 9 a.m. and 5 p.m. on weekdays.
Additionally, commenters should send a copy of their comments to
the OMB Desk Officer by mail to the Office of Information and
Regulatory Affairs, U.S. 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.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission
including, the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be
requested from the agency clearance officer, whose name appears below.
Michelle Shore, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, DC 20551. Telecommunications Device
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors
of the Federal Reserve System, Washington, DC 20551.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Reports
1. Report title: International Applications and Prior Notifications
Under Subpart B of Regulation K.
Agency form number: FR K-2.
OMB control number: 7100-0284.
Frequency: On occasion.
Reporters: Foreign banks.
Annual reporting hours: 630 hours.
Estimated average hours per response: 35 hours.
Number of respondents: 18.
General description of report: This information collection is
mandatory (12 U.S.C. 3105, 3107, and 3108). The applying or notifying
organization has the opportunity to request confidentiality for
information that it believes will qualify for a Freedom of Information
Act exemption.
Abstract: Foreign banks are required to obtain the prior approval
of the Federal Reserve to establish a branch, agency, or representative
office; to acquire ownership or control of a commercial lending company
in the United States; or to change the status of any existing office in
the United States. The Federal Reserve uses the information, in part,
to fulfill its statutory obligation to supervise foreign banking
organizations with offices in the United States.
Current actions: The Federal Reserve proposes to replace the
existing confidentiality paragraph in the General Instructions and
respondents would be required to make a certification regarding
information contained in the application. In addition, the Federal
Reserve proposes to revise wording in one of the questions related to
the proposed office in Attachments A and B. The change would reflect an
amendment to Regulation K that specifically requires U.S. branches,
agencies, and other offices (including representative offices) of
foreign banks to comply with the Bank Secrecy Act and related
regulations. Finally, the Federal Reserve proposes to request an e-mail
address on the cover page of FR K-2.
2. Report title: Application for a Foreign Organization to Acquire
a Bank Holding Company.
Agency form number: FR Y-3F.
OMB control number: 7100-0119.
Frequency: On occasion.
Reporters: Any company organized under the laws of a foreign
country seeking to acquire a U.S. subsidiary bank or bank holding
company.
Annual reporting hours: 580 hours.
Estimated average hours per response: Initial application, 90
hours; subsequent application, 70 hours.
Number of respondents: Initial application, 1; subsequent
application, 7.
General description of report: This information collection is
required to obtain or retain a benefit under sections 3(a), 3(c), and
5(a) through 5(c) of the Bank Holding Company Act (12 U.S.C. Sec. Sec.
1842(a) and (c) and 1844(a) through (c)). The information provided in
the application is not confidential unless the applicant specifically
requests confidentiality and the Federal Reserve approves the request.
Abstract: Under the Bank Holding Company Act (BHCA), submission of
this application is required for any company organized under the laws
of a foreign country seeking to acquire a U.S. subsidiary bank or bank
holding company. Applicants must provide financial and managerial
information, discuss the competitive effects of the proposed
transaction, and discuss how the proposed transaction would enhance the
convenience and needs of the community to be served. The Federal
Reserve uses the information, in part, to fulfill its supervisory
responsibilities with respect to foreign banking organizations in the
United States.
Current actions: The Federal Reserve proposes to replace the
existing confidentiality paragraph in the General Information and
Instructions. In addition, respondents would be required to make a
certification regarding information contained in the application.
Finally, the Federal Reserve proposes to request an e-mail address on
the cover page of FR Y-3F. There are certain additional proposed
changes that are intended to make initial filings more reflective of
the proposed transaction and thereby reduce the need for subsequent
information requests, which delay the Federal Reserve's consideration
of an application and create additional burden for applicants.
3. Report title: Domestic Finance Company Report of Consolidated
Assets and Liabilities
Agency form number: FR 2248.
OMB control number: 7100-0005.
Frequency: Monthly, quarterly, and semi-annually.
Reporters: Domestic finance companies and mortgage companies.
Annual reporting hours: 317 hours.
Estimated average hours per response: Monthly, 18 minutes;
quarterly, 27 minutes; semi-annually, 10 minutes.
Number of respondents: 70.
General description of report: This information collection is
voluntary (12
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U.S.C. 225(a)). Individual respondent data are confidential under
section (b)(4) of the Freedom of Information Act (5 U.S.C. 552).
Abstract: The monthly FR 2248 report collects balance sheet data on
major categories of consumer and business credit receivables, major
short-term liabilities, and securitized assets. For quarter-end months
(March, June, September, and December), additional asset and liability
items are collected to provide a full balance sheet. If the need
arises, a special addendum may be used, no more than semi-annually, for
timely information on questions of immediate concern to the Federal
Reserve.
Current actions: The Federal Reserve proposes to split current data
item 6, All other assets and accounts and notes receivable, into three
separate data items: Cash and cash equivalents (proposed data item
6.A), Securities held (proposed data item 6.B), and All other assets
(proposed data item 6.C). These three new data items would result in
improved cash and cash equivalents data. In addition, the Federal
Reserve proposes to reduce the current authorized panel size from 80
finance companies to 70. These changes would be effective October 31,
2008.
Board of Governors of the Federal Reserve System, June 26, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-14847 Filed 6-30-08; 8:45 am]
BILLING CODE 6210-01-P