80 FR 27171 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 80, Issue 91 (May 12, 2015)

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), to approve of and assign OMB control numbers to collection of information requests and requirements 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 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.

[Federal Register Volume 80, Number 91 (Tuesday, May 12, 2015)]
[Notices]
[Pages 27171-27173]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-11443]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: 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), 
to approve of and assign OMB control numbers to collection of 
information requests and requirements 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 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.

DATES: Comments must be submitted on or before July 13, 2015.

ADDRESSES: You may submit comments, identified by FR 2900, FR 2910a, FR 
2915, or FR 2930, by any of the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, 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/apps/foia/proposedregs.aspx 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 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
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.

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/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Acting Clearance Officer, Mark Tokarski, 
Office of the Chief Data Officer, Board of Governors of the Federal 
Reserve System, Washington, DC 20551 (202) 452-3829. Telecommunications 
Device for the Deaf (TDD) users may contact (202) 263-4869, Board of 
Governors of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

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 collections 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 collections, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    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; and

[[Page 27172]]

    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.
    Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following report:
    1. Report title: Report of Transaction Accounts, Other Deposits, 
and Vault Cash.
    Agency form number: FR 2900.
    OMB number: 7100-0087.
    Frequency: Weekly and quarterly.
    Reporters: Depository institutions.
    Estimated annual reporting hours: 192,473.
    Estimated average hours per response: 1.25 hours for weekly filers 
and 3 hours for quarterly filers.
    Number of respondents: 2,053 weekly and 4,919 quarterly.
    General description of report: This information collection is 
mandatory by the Federal Reserve Act (12 U.S.C. 248(a), 461, 603, and 
615) and Regulation D (12 CFR 204). The data are given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: Institutions with net transaction accounts greater than 
the exemption amount are called nonexempt institutions. Institutions 
with total transaction accounts, savings deposits, and small time 
deposits greater than or equal to the reduced reporting limit, 
regardless of the level of their net transaction accounts, are also 
referred to as nonexempt institutions. Nonexempt institutions submit FR 
2900 data either weekly or quarterly. An institution is required to 
report weekly if its total transaction accounts, savings deposits, and 
small time deposits are greater than or equal to the nonexempt deposit 
cutoff. If the nonexempt institution's total transaction accounts, 
savings deposits, and small time deposits are less than the nonexempt 
deposit cutoff then the institution must report quarterly or may elect 
to report weekly. U.S. branches and agencies of foreign banks and 
banking Edge and agreement corporations submit the FR 2900 data weekly, 
regardless of their size. These mandatory data are used by the Federal 
Reserve for administering Regulation D (Reserve Requirements of 
Depository Institutions) and for constructing, analyzing, and 
monitoring the monetary and reserve aggregates.
    Current Actions: The Federal Reserve Board proposes adding a new 
annual checkbox to the FR 2900 asking whether reporting institutions 
offer deposits denominated in a foreign currency at their U.S. offices. 
The proposed checkbox would be collected annually in June, along with 
all other FR 2900 annual items. Depository institutions which offer 
foreign currency deposits at a U.S. office are required to submit the 
FR 2915 quarterly; however, no existing data series systematically 
collects information that can be used to ascertain whether depository 
institutions issue these types of deposits. Currently, Federal Reserve 
Banks rely on analysts personally inquiring with depository 
institutions about whether they issue foreign currency deposits to 
determine which depository institutions must file the FR 2915. This 
proposal would reduce the burden this questioning places on both 
depository institutions and the Federal Reserve Banks by adding a 
checkbox question to the FR 2900 report to systematically determine 
which depository institutions must file the FR 2915. Such a checkbox 
would ensure the FR 2915 panel is complete, provide the capability to 
verify reporting, and aid in the construction of the monetary 
aggregates. It is worth noting that this proposed checkbox does not 
change the responsibility of reporting institutions to know which 
reports they must file and to file the FR 2915 if they begin offering 
foreign currency deposits during the year.
    The Federal Reserve Board proposes that the nonexempt deposit 
cutoff be raised to $400 million instead of its indexed amount of 
$325.4 million. This proposed increase in the nonexempt deposit cutoff 
would reduce reporting burden on depository institutions while keeping 
any adverse consequences to the accurate measurement of money and 
reserves to what the Board believes are an acceptable level. Under the 
proposal to raise the nonexempt deposit cutoff to $400 million, the 
Board estimates that 350 nonexempt institutions would become newly 
eligible to elect to shift from weekly to quarterly FR 2900 reporting. 
Consistent with current policy, newly eligible institutions for 
quarterly reporting may opt to continue reporting weekly.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports:
    2. Report title: Annual Report of Deposits and Reservable 
Liabilities.
    Agency form number: FR 2910a.
    OMB number: 7100-0175.
    Frequency: Annually.
    Reporters: Depository institutions.
    Estimated annual reporting hours: 2,551.
    Estimated average hours per response: 0.75 hours.
    Number of respondents: 3,401.
    General description of report: This information collection is 
mandatory by the Federal Reserve Act (12 U.S.C. 248(a), 461, 603, and 
615) and Regulation D (12 CFR 204). The data are given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2910a is an annual report generally filed by 
depository institutions that are exempt from reserve requirements under 
the Garn-St Germain Depository Institutions Act of 1982 and whose total 
deposits, measured from depository institutions' December quarterly 
condition reports, are greater than the exemption amount but less than 
the reduced reporting limit. The report contains three data items that 
are to be submitted for a single day, June 30: (1) Total transaction 
accounts, savings deposits, and small time deposits; (2) reservable 
liabilities; and (3) net transaction accounts. The data collected on 
this report serves two purposes. First, the data are used to determine 
which depository institutions will remain exempt from reserve 
requirements and consequently eligible for reduced reporting for 
another year. Second, the data are used in the annual indexation of the 
low reserve tranche, the exemption amount, the nonexempt deposit 
cutoff, and the reduced reporting limit.
    3. Report title: Report of Foreign (Non-U.S.) Currency Deposits.
    Agency form number: FR 2915.
    OMB number: 7100-0237.
    Frequency: Quarterly.
    Reporters: Depository institutions.
    Estimated annual reporting hours: 288.
    Estimated average hours per response: 0.5 hours.
    Number of respondents: 144.
    General description of report: This information collection is 
mandatory by the Federal Reserve Act (12 U.S.C. 248(a), 461, 603, and 
615) and Regulation D (12 CFR 204). The data are given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: All FR 2900 respondents, both weekly and quarterly, that 
offer deposits denominated in foreign currencies at their U.S. offices 
file the FR 2915 quarterly on the same reporting schedule as quarterly 
FR 2900 respondents. Foreign currency deposits are subject to reserve 
requirements and, therefore, are included in the FR 2900 data. However, 
because foreign currency deposits are not included in the monetary 
aggregates, the FR 2915 data are used to net foreign currency-
denominated deposits from the FR 2900 data in order to exclude them 
from measures of the monetary aggregates. The FR 2915 is the only 
source of data on such deposits.

[[Page 27173]]

    4. Report title: Allocation of Low Reserve Tranche and Reservable 
Liabilities Exemption.
    Agency form number: FR 2930.
    OMB number: 7100-0088.
    Frequency: Annually and on occasion.
    Reporters: Depository institutions.
    Estimated annual reporting hours: 30.
    Estimated average hours per response: 0.25 hours.
    Number of respondents: 120.
    General description of report: This information collection is 
mandatory by the Federal Reserve Act (12 U.S.C. 248(a), 461, 603, and 
615) and Regulation D (12 CFR 204). The data are given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: Institutions with offices (or groups of offices) in more 
than one state or Federal Reserve District, or those operating under 
operational convenience, are required to file the FR 2930 at least 
annually. An institution's net transaction accounts up to the exemption 
amount ($14.5 million in 2015) are reserved at zero percent. Net 
transaction accounts up to the low reserve tranche ($103.6 million in 
2015) are reserved at 3 percent while amounts in excess of this amount 
are reserved at 10 percent. Only a single exemption amount and a single 
low reserve tranche are allowed per depository institution (including 
subsidiaries). Therefore, an institution that submits separate FR 2900 
reports covering different offices is required to file the FR 2930 at 
least annually to allocate its reservable liabilities exemption and low 
reserve tranche among its offices. The Federal Reserve Board does not 
propose any changes to this report.

    Board of Governors of the Federal Reserve System, May 7, 2015.
Michael Lewandowski,
Associate Secretary of the Board.
[FR Doc. 2015-11443 Filed 5-11-15; 8:45 am]
 BILLING CODE 6210-01-P