[Federal Register Volume 74, Number 47 (Thursday, March 12, 2009)]
[Notices]
[Pages 10739-10741]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-5335]


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FEDERAL RESERVE SYSTEM


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

SUMMARY: 

Background

    Notice is hereby given of the final approval of proposed 
information collections by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority, as per 5 CFR 
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). 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 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.

FOR FURTHER INFORMATION CONTACT: 

Federal Reserve Board Clearance Officer--Michelle Shore--Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer-Shagufta Ahmed --Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, Washington, DC 20503.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Reports

    1. Report Title: Quarterly Report of Assets and Liabilities of 
Large Foreign Offices of U.S. Banks.
    Agency Form Number: FR 2502q.
    OMB Control Number: 7100-0079.
    Frequency: Quarterly.
    Reporters: Large foreign branches and banking subsidiaries of U.S. 
depository institutions.
    Annual Reporting Hours: 1,176 hours.
    Estimated Average Hours per Response: 3.5 hours.
    Number of Respondents: 84.
    General Description of Report: This information collection is 
required (12 U.S.C. 248(a) (2), 353 et seq., 461, 602, and 625) and is 
given confidential treatment (5 U.S.C. 552(b) (4)).
    Abstract: This reporting form collects data quarterly on the 
geographic distribution of the assets and liabilities of major foreign 
branches and subsidiaries of U.S. commercial banks and of Edge and 
agreement corporations. Data from this reporting form comprise a piece 
of the flow of funds data that are compiled by the Federal Reserve.
    Current Actions: On December 23, 2008, the Federal Reserve 
published a notice in the Federal Register (73 FR 78797) requesting 
public comment for 60 days on the proposal to extend, with revision, 
the FR 2502q. The comment period for this notice expired on February 
23, 2009. The Federal Reserve received one comment from a Federal 
agency describing its use of the data to prepare economic account 
information and estimates of international transactions. The revisions 
will be implemented as proposed.
    2. Report Title: Recordkeeping Requirements of Regulation H and 
Regulation K Associated with Bank Secrecy Act Compliance Programs.
    Agency Form Number: Reg K.
    OMB Control Number: 7100-0310.
    Frequency: Annually.
    Reporters: State member banks; Edge and agreement corporations; and 
U.S.

[[Page 10740]]

branches, agencies, and other offices of foreign banks supervised by 
the Federal Reserve.
    Annual Reporting Hours: 3,592 hours.
    Estimated Average Hours per Response: Establish compliance program, 
16 hours; and maintenance of compliance program, 4 hours.
    Number of Respondents: Establish compliance program, 13; and 
maintenance of compliance program, 1,173.
    General Description of Report: This information collection is 
mandatory pursuant to the Bank Secrecy Act (BSA) (31 U.S.C. 513(h)). In 
addition, sections 11, 21, 25, and 25A of the Federal Reserve Act (12 
U.S.C. 248(a), 483, 602, and 611(a)) authorize the Federal Reserve to 
require the information collection and recordkeeping requirements set 
forth in Regulations K and H. Section 5 of the Bank Holding Company Act 
(12 U.S.C. 1844) and section 13(a) of the International Banking Act (12 
U.S.C. 3108(a)) provide further authority for sections 211.5(m) and 
211.24(j)(1) of Regulation K. Since the Federal Reserve does not 
collect any information, no issue of confidentiality normally arises. 
However, if a BSA compliance program becomes a Federal Reserve record 
during an examination, the information may be protected from disclosure 
under exemptions (b)(4) and (8) of the Freedom of Information Act (5 
U.S.C. 552(b)(4) and (b)(8)).
    Abstract: Sections 211.5(m)(1) and 211.24(j)(1) of Regulation K 
require Edge and agreement corporations and U.S. branches, agencies, 
and other offices of foreign banks supervised by the Federal Reserve to 
establish and maintain procedures reasonably designed to ensure and 
monitor compliance with the BSA and related regulations.
    Current Actions: On December 23, 2008, the Federal Reserve 
published a notice in the Federal Register (73 FR 78797) requesting 
public comment for 60 days on the proposal to extend, with revision, 
the Recordkeeping Requirements of Regulation H and Regulation K 
Associated with Bank Secrecy Act Compliance Programs. The comment 
period for this notice expired on February 23, 2009. No comments were 
received. The revisions will be implemented as proposed.
    3. Report Title: Weekly Report of Selected Assets and Liabilities 
of Domestically Chartered Commercial Banks and U.S. Branches and 
Agencies of Foreign Banks.
    Agency Form Number: FR 2644.
    OMB Control Number: 7100-0075.
    Frequency: Weekly.
    Reporters: Domestically chartered commercial banks and U.S. 
branches and agencies of foreign banks.
    Annual Reporting Hours: 120,575 hours.
    Estimated Average Hours per Response: 2.65 hours.
    Number of Respondents: 875.
    General Description of Report: The FR 2644 is authorized by section 
2A and 11(a)(2) of the Federal Reserve Act (12 U.S.C. 225(a) and 
248(a)(2)) and by section 7(c)(2) of the International Banking Act (12 
U.S.C. 3105(c)(2)) and is voluntary. Individual respondent data are 
regarded as confidential under the Freedom of Information Act (5 U.S.C. 
552(b)(4)).
    Abstract: The Weekly Report of Assets and Liabilities for Large 
U.S. Branches and Agencies of Foreign Banks (FR 2069; OMB No. 7100-
0030), the Weekly Report of Assets and Liabilities for Large Banks (FR 
2416; OMB No. 7100-0075), and the Weekly Report of Selected Assets (FR 
2644; OMB No. 7100-0075) are referred to collectively as the bank 
credit reports. These three voluntary reports have been the primary 
source of high-frequency data used in the analysis of current banking 
developments. The FR 2416 data are used on a stand-alone basis to 
construct the large domestically chartered bank series. The other two 
reports collect sample data that are used to estimate universe levels 
using data from the quarterly commercial bank Consolidated Reports of 
Condition and Income (FFIEC 031 and 041; OMB No. 7100-0036) and the 
Report of Assets and Liabilities of U.S. Branches and Agencies of 
Foreign Banks (FFIEC 002; OMB No. 7100-0032) (Call Reports). Data from 
all three bank credit reports, together with data from other sources, 
are used to construct weekly estimates of bank credit, balance sheet 
data for the U.S. banking industry, sources and uses of banks' funds, 
and to analyze banking developments.
    The Federal Reserve 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, the financial press, and 
other users. This release provides a balance sheet for the banking 
industry as a whole and data disaggregated by its large domestically 
chartered, small domestically chartered, and foreign-related 
components.
    Current Actions: On December 15, 2008, the Federal Reserve 
published a notice in the Federal Register (73 FR 76027) requesting 
public comment for 60 days on the extension, with revision, of the FR 
2644. The comment period for this notice expired on February 13, 2009. 
The Federal Reserve received two comment letters, one from a U.S. 
Government agency and one from a commercial bank. One commenter 
supported the proposed changes and described its use of the data in 
constructing a component of personal outlays in the national income and 
product accounts. One commenter stated that investment and loan 
information would be difficult to obtain on a weekly basis. After 
considering these comments, the Federal Reserve has approved the 
revisions to the FR 2644 as originally proposed. The new FR 2644 
reporting form and instructions are available on the Federal Reserve's 
public Web site (http://www.federalreserve.gov/reportforms/review.cfm).
    Effective Date: The FR 2644 reporting form change is effective for 
data reported as of Wednesday, July 1, 2009. Respondents should 
continue to use their current reporting form and instructions through 
the preceding date, Wednesday, June 24, 2009.

Final Approval, Under OMB Delegated Authority, of the Discontinuance of 
the Following Reports

    Report Title: The Weekly Report of Assets and Liabilities for Large 
U.S. Branches and Agencies of Foreign Banks; the Weekly Report of 
Assets and Liabilities for Large Banks.
    Agency Form Number: FR 2069; FR 2416.
    OMB Control Number: 7100-0030; 7100-0075.
    Frequency: Weekly.
    Reporters: U.S. branches and agencies of foreign banks; 
Domestically chartered commercial banks.
    Annual Reporting Hours: FR 2069, 14,560 hours; FR 2416, 22,386 
hours.
    Estimated Average Hours per Response: FR 2069, 4.00 hours; FR 2416, 
8.61 hours.
    Number of Respondents: FR 2069, 70; FR 2416, 50.
    Current Actions: On December 15, 2008, the Federal Reserve 
published a notice in the Federal Register (73 FR 76027) requesting 
public comment for 60 days on the discontinuance of the FR 2069 and FR 
2416. The comment period for this notice expired on February 13, 2009. 
No comments were received. The reports will be discontinued as 
proposed. The new FR 2644 reporting form and instructions are available 
on the Federal Reserve's public Web site (http://www.federalreserve.gov/reportforms/review.cfm).
    Effective Date: The FR 2069 and FR 2416 reporting forms will be 
discontinued effective Wednesday, July

[[Page 10741]]

1, 2009. Respondents should continue to use their current reporting 
form and instructions through the preceding date, Wednesday, June 24, 
2009. Beginning July 1, 2009, all bank credit respondents should file 
the FR 2644 reporting form.

Final Approval Under OMB Delegated Authority To Conduct the Following 
Survey

    Report Title: 2010 Survey of Consumer Finances (SCF).
    Agency Form Number: FR 3059.
    OMB Control Number: 7100-0287.
    Frequency: One-time survey.
    Reporters: U.S. families.
    Annual Reporting Hours: 9,322 hours.
    Estimated Average Hours per Response: Business pretest, 15 minutes; 
and Main pretest, Main survey, Re-interview 1, and Re-interview 2, 75 
minutes each.
    Number of Respondents: Business pretest, 30; Main pretest, 150; 
Main survey, 7,000; Re-interview 1, 150; and Re-interview 2, 150.
    General Description of Report: This information collection is 
voluntary (12 U.S.C. 225a and 263). The names and other characteristics 
that would directly identify respondents would be retained by the 
Federal Reserve's contractor and are exempt from disclosure pursuant to 
the Confidential Information Protection and Statistical Efficiency Act 
and section (b)(3) of the Freedom of Information Act (5 U.S.C. 552 
(b)(3)).
    Abstract: For many years, the Federal Reserve has sponsored 
consumer surveys to obtain information on the financial behavior of 
households. The 2010 SCF would be the latest in a triennial series, 
which began in 1983, that provides comprehensive data for U.S. families 
on the distribution of assets and debts, along with related information 
and other data items necessary for analyzing financial behavior. The 
SCF is the only survey conducted in the United States that provides 
such financial data for a representative sample of households.
    Current Actions: On December 23, 2008, the Federal Reserve 
published a notice in the Federal Register (73 FR 78797) requesting 
public comment for 60 days on the proposal to conduct the Survey of 
Consumer Finances. The comment period for this notice expired on 
February 23, 2009. No comments were received. The survey will be 
conducted as proposed.

    Board of Governors of the Federal Reserve System, March 9, 2009.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E9-5335 Filed 3-11-09; 8:45 am]
BILLING CODE 6210-01-P