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[Federal Register Volume 89, Number 221 (Friday, November 15, 2024)]
[Notices]
[Pages 90288-90290]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26704]

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FEDERAL RESERVE SYSTEM

Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the 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).

DATES: Comments must be submitted on or before January 14, 2025.

ADDRESSES: You may submit comments, identified by FR 2644, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St. NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St. NW, Washington, DC 20551, between 9:00 a.m. and 
5:00 p.m. on weekdays, except for Federal holidays. For security 
reasons, the Board requires that visitors make an appointment to 
inspect comments. You may do so by calling (202) 452-3684. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and to submit to security screening in order to 
inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board,

[[Page 90289]]

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: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, [email protected], (202) 
452-3884.

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. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. On the page displayed at the link above, you can 
find the supporting information by referencing the collection 
identifier, FR 2644. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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;
    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
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Collection title: Report of Selected Assets and Liabilities of 
Domestically Chartered Commercial Banks and U.S. Branches and Agencies 
of Foreign Banks.
    Collection identifier: FR 2644.
    OMB control number: 7100-0075.
    General description of collection: The FR 2644 is a balance sheet 
report that is collected as of each Wednesday from an authorized 
stratified sample of 850 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 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. The H.8 release 
provides a balance sheet for the commercial banking industry as a whole 
as well as disaggregated data for three bank groups: large domestically 
chartered banks, small domestically chartered banks, and U.S. branches 
and agencies of foreign banks. The data are also used in constructing 
the commercial bank component of the Federal Reserve's G.19 release, 
Consumer Credit, and the Federal Reserve Bank of New York's Reserve 
Demand Elasticity.
    Proposed revisions: The Board proposes to simplify and reduce the 
overall reporting burden associated with the FR 2644 report. The Board 
is not proposing any changes to the items collected on the report at 
this time. The revision would affect the frequency and associated 
burden for a group of small banks.
    Currently, all respondents file balance sheet data weekly, with 
data as of close of business Wednesday. While weekly data are necessary 
from large and regional banks to meet the need by the Board for high 
frequency and accurate information on banking and credit conditions, 
smaller banks could report monthly without a significant loss of 
accuracy. Internal tests conducted on weekly sample data converted to a 
monthly basis for several size thresholds indicate that the $5 billion 
asset size cut off would be unlikely to significantly impact the 
aggregated data results. However, the reporting burden for these 
smaller banks would be substantially reduced:
    1. Twelve reportable data points versus 52 per year,
    2. Expected fewer number of revisions, since data would be monthly 
rather than weekly, and
    3. Marked reduction in failed tolerances and required edit remarks.
    The Federal Reserve has been striving to bolster the size of the 
sample of respondents. Nineteen small banks have left the panel since 
the last report renewal in April 2022 due to burden, leaving the 
current panel (as of spring 2024) short of the authorized sample of 850 
by about 90 banks. Community banks in particular have fewer resources 
at their disposal and less staff available for filing the report; the 
time burden is the most common reason given by these banks when they 
drop from the sample. The Federal Reserve hopes that, by giving the 
banks the option to file less frequently, it will be easier to recruit 
and retain smaller institutions on the panel. Though small in assets, 
these banks are outsized in their effects on commercial real estate 
loans, as community banks hold more than twice the outstandings of 
these loans relative to the large and regional banks.
    Thus, the Board proposes that all domestically chartered commercial

[[Page 90290]]

banks reporting under $5 billion in total assets on the latest June 30 
Call Report be given the option to report as of the first Wednesday of 
each month. Approximately 495 of the current 696 domestically chartered 
commercial banks would be eligible to report on a one week per month 
basis. This change in frequency of reporting follows the favorable 
treatment given smaller institutions on the FFIEC 051 Call Report. 
Monthly reporting would not be available for foreign-related 
institutions.
    Frequency: Weekly, monthly.
    Respondents: Domestically chartered commercial banks, U.S. branches 
and agencies of foreign banks.
    Total estimated number of respondents: 850.
    Estimated average hours per response: 2.45.
    Total estimated change in burden: (57,722).
    Total estimated annual burden hours: 50,568.

    Board of Governors of the Federal Reserve System, November 12, 
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-26704 Filed 11-14-24; 8:45 am]
BILLING CODE 6210-01-P
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