83 FR 40770 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 159 (August 16, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Report of Selected Money Market Rates (FR 2420; OMB No. 7100-0357). The revisions are applicable as of October 1, 2018.

[Federal Register Volume 83, Number 159 (Thursday, August 16, 2018)]
[Notices]
[Pages 40770-40771]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-17670]


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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, with revision, the 
Report of Selected Money Market Rates (FR 2420; OMB No. 7100-0357). The 
revisions are applicable as of October 1, 2018.

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. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    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, the Office of Management 
and Budget (OMB) delegated to the Board 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 Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Board 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.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following report:
    Report title: Report of Selected Money Market Rates.
    Agency form number: FR 2420.
    OMB control number: 7100-0357.
    Effective Date: October 1, 2018.
    Frequency: Daily.
    Respondents: Commercial banks, savings associations, U.S. branches 
and agencies of foreign banks, International Banking Facilities, and 
significant banking organizations representing entities actively 
participating in the federal funds and/or other money markets.
    Estimated number of respondents: 99 commercial banks and savings 
associations, 84 U.S. branches and agencies of foreign banks, 82 
International Banking Facilities, and 1 significant banking 
organization.
    Estimated average hours per response: 1.8 commercial banks and 
savings associations, 1.8 U.S. branches and agencies of foreign banks, 
1.0 International Banking Facilities, and 1.8 significant banking 
organization.
    Estimated annual burden hours: 44,550 commercial banks and savings 
associations, 37,800 U.S. branches and agencies of foreign banks, 
20,500 International Banking Facilities, and 450 significant banking 
organization.
    General description of report: The FR 2420 is a transaction-based 
report that collects daily liability data on federal funds purchased, 
selected borrowings from non-exempt entities, Eurodollar transactions, 
and time deposits and certificates of deposits (CDs) from (1) 
domestically chartered commercial banks and savings associations that 
have $18 billion or more in total assets as well as those that have 
total assets above $5 billion but less than $18 billion and meet the 
activity threshold, (2) U.S. branches and agencies of foreign banks 
with total third-party assets of $2.5 billion or more, and (3) 
significant banking organizations that are active participants in money 
markets.\1\ The FR 2420 also collects daily data on Eurodollar 
transactions from International Banking Facilities (IBFs) of the above-
referenced institutions. The FR 2420 data are used in the publication 
of the effective federal funds rate (EFFR) and overnight bank funding 
rate (OBFR) and in analysis of current money market conditions.
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    \1\ A selected borrowing from a non-exempt entity is an 
unsecured borrowing (an unsecured primary obligation undertaken by 
the reporting institution as a means of obtaining funds) in U.S. 
dollars from a counterparty that is a non-exempt entity as derived 
from Regulation D, Section 204.2(a)(vii).
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    Legal authorization and confidentiality: The FR 2420 is authorized 
by section 11(a)(2) of the Federal Reserve Act, which authorizes the 
Board to require depository institutions to make such reports of their 
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)). The FR 2420 is also authorized pursuant to section 7(c)(2) 
of the International Banking Act (IBA), which provides that Federal 
branches and agencies of foreign banks are subject to section 11(a) of 
the Federal Reserve Act as if they were a state member bank (12 U.S.C. 
3105(c)(2)). Section 7(c)(2) of the IBA also provides that state-
licensed branches and agencies of foreign banks are subject to the 
requirement in section 9 of the Federal Reserve Act that they file 
reports of condition with the appropriate Federal Reserve Bank (12 
U.S.C. 324). The obligation to comply with the reporting requirements 
of FR 2420 is mandatory.
    The individual financial institution information provided by each 
respondent would not be otherwise available to the public. The proposed 
revisions, as well as information currently collected, would be 
accorded confidential treatment under the

[[Page 40771]]

authority of exemption 4 of the Freedom of Information Act (5 U.S.C. 
552(b)(4)). Exemption 4 protects from disclosure trade secrets and 
privileged or confidential commercial or financial information.
    Current actions: On May 18, 2018, the Board published a notice in 
the Federal Register (83 FR 23276) requesting public comment for 60 
days on the extension, with revision, of the FR 2420. The Board 
proposes to revise the FR 2420 by adding Selected Deposits (Part D) and 
removing Selected Borrowings from Non-Exempt Entities (Part AA). Other 
minor edits in the reporting instructions are proposed to improve 
clarity. The first report for the proposed revisions to FR 2420 would 
be as of October 1, 2018. The comment period for this notice expired on 
July 17, 2018. The Board received one comment from a government entity 
supporting the continued collection of data on the FR 2420. The 
revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, August 13, 
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-17670 Filed 8-15-18; 8:45 am]
 BILLING CODE 6210-01-P