[Federal Register Volume 66, Number 126 (Friday, June 29, 2001)]
[Notices]
[Pages 34680-34682]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16377]


=======================================================================
-----------------------------------------------------------------------

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.

[[Page 34681]]

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 
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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Mary M. West--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860).

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

    1. Report title: Reports of Condition for Foreign Subsidiaries of 
U.S. Banking Organizations.
    Agency form number: FR 2314 a, b, and c.
    OMB control number: 7100-0073.
    Frequency: Quarterly and annually.
    Reporters: Foreign subsidiaries of U.S. state member banks, bank 
holding companies, and Edge or agreement corporations.
    Annual reporting hours: 8,222 hours.
    Estimated average hours per response: 1.5 to 10.5 hours.
    Number of respondents: 1,665.
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 324, 602, 625, and 1844(c)) and the 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 reports are mandatory and most are collected 
annually as of December 31 from foreign subsidiaries of U.S. state 
member banks, bank holding companies, and Edge or agreement 
corporations. For subsidiaries with significant asset size or volume of 
off-balance-sheet activity the FR 2314a is collected quarterly instead 
of annually. The information collected in these reports is essentially 
the equivalent to the information reported on the Consolidated Reports 
of Condition and Income that commercial banks file. The FR 2314 is a 
set of three graduated reports. The FR 2314a collects balance sheet 
information with accompanying memorandum items and twelve supporting 
schedules. The FR 2314b collects balance sheet information and only two 
supporting schedules. The FR 2314c is a one-page report that collects 
information on total assets, equity capital, net income, and off-
balance-sheet items.
    Current Actions: The Federal Reserve has approved the proposed 
changes to the FR 2314 as of June 30, 2001, consistent with the 
changes, eliminations, and reductions in detail to the Consolidated 
Reports of Condition and Income (Call Report) (FFIEC 031; OMB No. 7100-
0036) effective March 31, 2001, and June 30, 2001.
    2. Report title: The Consolidated Report of Condition and Income 
for Edge and Agreement Corporations.
    Agency form number: FR 2886b.
    OMB control number: 7100-0086.
    Frequency: Quarterly.
    Reporters: Banking Edge corporations and investment (nonbanking) 
Edge and agreement corporations.
    Annual reporting hours: 3,566 hours.
    Estimated average hours per response: 14.7 hours, banking 
corporations, 8.5 hours, investment corporations.
    Number of respondents: 30 banking corporations; 53 investment 
corporations.
    Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 602 and 625) and is given confidential treatment 
(5 U.S.C. 552(b)(4)).
    Abstract: This report is filed quarterly by banking Edge 
corporations and investment (nonbanking) Edge corporations. This report 
comprises a balance sheet, income statement, and ten supporting 
schedules, and it parallels the Consolidated Reports of Condition and 
Income that commercial banks file. Except for examination reports, it 
provides the only financial data available for these corporations. The 
Federal Reserve uses the data collected on the FR 2886b to supervise 
Edge corporations, identify present and potential problems, and monitor 
and develop a better understanding of activities within the industry. 
Most Edge corporations are wholly owned by U.S. banks and are 
consolidated into the financial statements of their parent 
organizations.
    Current Actions: The Federal Reserve has approved the proposed 
changes to the FR 2886b as of June 30, 2001, consistent with the 
changes, eliminations, and reductions in detail to the Consolidated 
Reports of Condition and Income (Call Report) (FFIEC 031; OMB No. 7100-
0036) effective March 31, 2001, and June 30, 2001.

Discontinuation of the Following Report

    Report title: Annual Survey of Eligible Bankers Acceptances.
    Agency form number: FR 2006.
    OMB control number: 7100-0055.
    Frequency: Annual.
    Reporters: U.S. commercial banks, U.S. branches and agencies of 
foreign banks, and Edge and agreement corporations with significant 
issuance of U.S dollar-denominated acceptances.
    Annual reporting hours: 27 hours.
    Estimated average hours per response: 0.65 hours.
    Number of respondents: 41.
    Small businesses are not affected.
    General description of report: The Board's Legal Division has 
previously determined that the FR 2006 is authorized by law (12 U.S.C. 
248(a), 625, and 3105(b)) and is voluntary. Individual respondent data 
are regarded as confidential under the Freedom of Information Act (5 
U.S.C. 522(b)(4)).
    Abstract: This voluntary survey provides detailed information on 
eligible U.S. dollar acceptances that are payable in the United States. 
The data have been used at the Board in constructing the monetary and 
credit aggregates, in constructing the domestic nonfinancial debt 
aggregate monitored by the Federal Open Market Committee (FOMC), and in 
calculating short- and intermediate-term business credit.
    Current actions: The Federal Reserve is discontinuing the FR 2006 
report. The usefulness of the report has declined in recent years due 
to three factors: (1) In December 1998 the Board stopped calculating L, 
the monetary aggregate that contained bankers acceptances (BAs); (2) 
Board staff has replaced the FR 2006 with the Consolidated Reports of 
Condition and Income as the source of BAs for calculating the debt 
aggregate; and (3) the relatively small size of the BA market at 
present has

[[Page 34682]]

called into question the need for this survey. As a result, Board staff 
feels that estimates of BAs derived from the Call Report can be used in 
calculating short- and intermediate-term business credit.

    Board of Governors of the Federal Reserve System, June 25, 2001.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 01-16377 Filed 6-28-01; 8:45 am]
BILLING CODE 6210-01-P