Agency Information Collection Activities: Proposed Collection; Comment Request

[Federal Register Volume 64, Number 112 (Friday, June 11, 1999)]
[Notices]
[Pages 31584-31586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-14826]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
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, as per 5 CFR 1320.16, to approve of and assign OMB control numbers 
to

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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 OMB 83-Is and 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 proposal.

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, 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 August 10. 1999.
    ADDRESSES: Comments, which should refer to the OMB control number 
or agency form number, should be addressed to Jennifer J. Johnson, 
Secretary, Board of Governors of the Federal Reserve System, 20th and C 
Streets, N.W., Washington, DC 20551, or delivered to the Board's mail 
room between 8:45 a.m. and 5:15 p.m., and to the security control room 
outside of those hours. Both the mail room and the security control 
room are accessible from the courtyard entrance on 20th Street between 
Constitution Avenue and C Street, N.W. Comments received may be 
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as 
provided in section 261.14 of the Board's Rules Regarding Availability 
of Information, 12 CFR 261.14(a).
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Alexander T. Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Mary M. West, Chief, Financial Reports Section (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 Diane Jenkins (202-452-3544), Board of 
Governors of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    1. Report title: Report of Condition for Foreign Subsidiaries of 
U.S. Banking Organizations and Financial Information for Foreign 
Subsidiaries of U.S. Banking Organizations.
    1Agency form number: FR 2314a, b and c
    OMB control number: 7100-0073
    Frequency: Quarterly and annually.
    Reporters: Foreign subsidiaries of U.S. banks, bank holding 
companies, and Edge and agreement corporations.
    Annual reporting hours: 6,825 burden hours.
    Estimated average hours per response: 1.5 to 10.5
    Number of respondents: 1,362
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 324, 602, 625, and 1844(c)) data are exempt from 
disclosure pursuant to Sections (b)(4) and (b)(8) of the Freedom of 
Information Act (5 U.S.C. 552(b)(4) and (8)).
    Abstract: The FR 2314 is the only source of comprehensive and 
systematic data on the assets, liabilities, and earnings of the foreign 
bank and nonbank subsidiaries of U.S. banking organizations and is used 
to monitor the growth, profitability, and activities of these foreign 
companies. The FR 2314a collects information on assets and liabilities 
and includes several memoranda items on contingent liabilities and 
twelve supporting schedules. The supporting schedules provide detail on 
cash and balances due from depository institutions, securities, loans 
and lease financing receivables, other assets, claims on related 
organizations, deposits, other liabilities, liabilities to related 
organizations, changes in capital and reserve accounts, income and 
expenses, assets held in trading accounts, and past due and nonaccrual 
loans and leases. The FR 2314b collects somewhat less information on 
assets and liabilities, off-balance-sheet items, income and expenses, 
and securities. The FR 2314c is a brief one-page report that collects 
information on total assets, equity capital, net income, and off-
balance-sheet items.
    Proposal to approve under OMB delegated authority the extension for 
three years, with revisions, of the following reports:
    1. Report title: Domestic Finance Company Report of Assets and 
Liabilities.
    Agency form number: FR 2248
    OMB control number: 7100-0005
    Frequency: Monthly.
    Reporters: Domestic finance companies.
    Annual reporting hours: 800 burden hours.
    Estimated average hours per response: 40 minutes.
    Number of respondents: 100
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225(a)). Individual respondents data are 
confidential under section (b)(4) of the Freedom of Information Act (5 
U.S.C. 552(b)(4)).
    Abstract: The FR 2248 collects balance sheet data on major 
categories of consumer and business credit receivables and on major 
short-term liabilities. For quarter-end months (March, June, September, 
and December), the report collects information on other assets and 
liabilities outstanding as well as information on capital accounts in 
order to provide a full balance sheet. The Federal Reserve proposes to 
reduce the authorized size of the FR 2248 reporting panel from 120 
finance companies to 100 finance companies.
    2. Report title: Financial Statements for a Bank Holding Company 
Subsidiary Engaged in Bank-Ineligible Securities Underwriting and 
Dealing.
    Agency form number: FR Y-20
    OMB control number: 7100-0248
    Frequency: Quarterly.
    Reporters: Bank holding companies.

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    Annual reporting hours: 2,568 burden hours.
    Estimated average hours per response: 12.35 hours.
    Number of respondents: 52
Small businesses are not affected.
    General description of report: This information collection is 
mandatory [12 U.S.C. 1844(b) and (c)]. Individual respondents data are 
confidential under section (b)(4) of the Freedom of Information Act [5 
U.S.C. 552(b)(4)].
    Abstract: The FR Y-20 report is filed by bank holding companies 
that have received the Board's approval by Order to engage in limited 
underwriting and dealing in securities, including all types of debt and 
equity securities that a bank may not underwrite or deal in directly. 
The FR Y-20 report contains a balance sheet (Schedule SUD), a 
supporting schedule of securities owned, including money market 
obligations (Schedule SUD-A), a statement of income (Schedule SUD-I), 
and a statement of changes in stockholders' equity (Schedule SUD-SE). 
Several of these schedules also include various memoranda items, such 
as intercompany liabilities, off-balance sheet items, and year-to-date 
income and expenses.
    Current Actions: The Federal Reserve proposes several limited 
changes to the FR Y-20. The first is amending the cover page of the 
report to include a structure indicator box to denote if the report is 
prepared on a consolidated or unconsolidated basis of accounting. The 
Federal Reserve further proposes two changes to the report's balance 
sheet: 1) the inclusion of a line item for Loans and leases held for 
trading (line item 11), and 2) the inclusion of a contra-asset line 
item, Allowance for losses from loans and leases held for trading (line 
item 11.a). The Federal Reserve also proposes two changes to the 
statement of income: 1) adding a structure indicator box on the first 
page to denote whether a consolidated, unconsolidated or parent-only 
statement of income is being submitted and 2) amending expense line 
item 16 to include exchange fees. The proposed changes to the FR Y-20 
instructions also include organizational reporting structure guidance, 
revisions due to changes in Board Orders and Board Legal Division 
opinions, changes in accounting standards, and guidance promulgated by 
the Financial Accounting Standards Board and the American Institute of 
Certified Public Accounts. The instructions also include other 
clarifications and minor editorial changes.
    Discontinuation of the following report:
    1. Report title: Report of Broker Carrying Margin Accounts.
    Agency form number: FR 2240
    OMB control number: 7100-0001
    Effective Date: Wednesday, June 30, 1999.
    Frequency: Annual.
    Reporters: Member firms of the New York or American Stock Exchange 
that carry customer margin accounts as of the end of June.
    Annual reporting hours: 246 burden hours.
    Estimated average hours per response: 2.7 hours.
    Number of respondents: 91.
Small businesses are affected.
    General description of report: The Board's Legal Division 
previously has determined that this report is authorized by law (15 
U.S.C. 78q(g)). Individual respondent data are regarded as confidential 
under the Freedom of Information Act (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2240 collects certain balance sheet information 
from securities brokers and dealers carrying margin accounts in order 
to regulate margin credit.
    Current Actions: The Division of Research and Statistics proposes 
to discontinue the FR 2240. The report has become unnecessary because 
the vast majority of reporters already submits margin credit data to 
the New York Stock Exchange, which makes the data available on an 
aggregate basis to the Board of Governors and the general public.

    Board of Governors of the Federal Reserve System, June 7, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-14826 Filed 6-10-99; 8:45a.m.]
Billing Code 6210-01-F