[Federal Register Volume 75, Number 198 (Thursday, October 14, 2010)]
[Notices]
[Pages 63181-63183]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-25867]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; 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 
(PRA), 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 
Part 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 Paperwork Reduction Act 
Submission, 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 Proposals

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, 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 December 13, 2010.

ADDRESSES: You may submit comments, identified by FR 2226, FR G-1, FR 
G-2, FR G-3, FR G-4, FR T-4, or FR U-1, by any of the following 
methods:
    <bullet> Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at

[[Page 63182]]

http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
    <bullet> Federal eRulemaking Portal:http://www.regulations.gov. 
Follow the instructions for submitting comments.
    <bullet> E-mail: <a href="/cdn-cgi/l/email-protection#a1d3c4c6d28fc2ceccccc4cfd5d2e1c7c4c5c4d3c0cdd3c4d2c4d3d7c48fc6ced7"><span class="__cf_email__" data-cfemail="d8aabdbfabf6bbb7b5b5bdb6acab98bebdbcbdaab9b4aabdabbdaaaebdf6bfb7ae">[email protected]</span></a>. Include docket 
number in the subject line of the message.
    <bullet> FAX: 202/452-3819 or 202/452-3102.
    <bullet> Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper form in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW) between 9 a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. 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: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, Federal Reserve Board Clearance Officer (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 (202-263-4869), 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: The Report of Net Debit Cap.
    Agency form number: FR 2226.
    OMB control number: 7100-0217.
    Frequency: Annual.
    Reporters: Depository institutions, Edge and agreement 
corporations, U.S. branches and agencies of foreign banks.
    Estimated annual reporting hours: 1,298 hours.
    Estimated average hours per response: 1.0 hour.
    Number of respondents: 1,298.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(i), 248-1, and 464). The information submitted 
by respondents for the payments system risk reduction program is exempt 
from disclosure under exemption (b)(4) of the Freedom of Information 
Act (FOIA), which exempts from disclosure ``trade secrets and 
commercial or financial information obtained from a person and 
privileged or confidential.'' (5 U.S.C. 552 (b)(4)). In addition, 
information reported in connection with the second and third 
resolutions may be protected under Section (b)(8) of FOIA, to the 
extent that such information is based on the institution's CAMELS 
rating, and thus is related to examination reports prepared by, on 
behalf of, or for the use of an agency responsible for the regulation 
or supervision of financial institutions (5 U.S.C. 552(b)(8)).
    Abstract: Federal Reserve Banks collect these data annually to 
provide information that is essential for their administration of the 
Federal Reserve's Payments System Risk (PSR) policy. The reporting 
panel includes all financially healthy depository institutions with 
access to the discount window. The Report of Net Debit Cap comprises 
three resolutions, which are filed by a depository institution's board 
of directors depending on its needs. The first resolution is used to 
establish a de minimis net debit cap and the second resolution is used 
to establish a self-assessed net debit cap. The third resolution is 
used to establish simultaneously a self-assessed net debit cap and 
maximum daylight overdraft capacity. Copies of the model resolutions 
are located in Appendix B, of the PSR policy, that can be found at 
http://www.federalreserve.gov/paymentsystems/psr_relpolicies.htm.
    2. Report title: Statement of Purpose for an Extension of Credit by 
a Creditor.
    Agency form number: FR T-4.
    OMB control number: 7100-0019.
    Frequency: On occasion.
    Reporters: Brokers and dealers.
    Estimated annual reporting hours: 459 hours.
    Estimated average hours per response: 10 minutes.
    Number of respondents: 135.
    General description of report: This information collection is 
mandatory and authorized by section 7 of the '34 Act (15 U.S.C. 78g). 
In addition, the FR T-4 is required by Section 220.6 of Regulation T 
(12 CFR 220.6). The FR T-4 data are not submitted to the Federal 
Reserve System and, as such, no issue of confidentiality arises.
    Abstract: The Securities Exchange Act of 1934 authorizes the 
Federal Reserve to regulate securities credit extended by brokers and 
dealers, banks, and other lenders. The FR T-4 is a purpose statement 
for brokers and dealers. The purpose statement is a recordkeeping 
requirement for brokers and dealers to document the purpose of their 
loans secured by margin stock. Margin stock is defined as (1) stocks 
that are registered on a national securities exchange or any over-the-
counter security designated for trading in the National Market System, 
(2) debt securities (bonds) that are convertible into margin stock, and 
(3) shares of most mutual funds.
    Proposal to approve under OMB delegated authority the extension for 
three years, with clarification, of the following reports:
    Report titles: Registration Statement for Persons Who Extend Credit 
Secured by Margin Stock (Other Than Banks, Brokers, or Dealers), 
Deregistration Statement for Persons Registered Pursuant to Regulation 
U, Statement of Purpose for an Extension of Credit Secured by Margin 
Stock by a Person Subject to Registration Under Regulation U; Annual 
Report, and Statement of Purpose for an Extension of Credit Secured by 
Margin Stock.
    Agency form numbers: FR G-1, FR G-2, FR G-3, FR G-4, and FR U-1.
    OMB control numbers: 7100-0011: FR G-1, FR G-2, and FR G-4; 7100-
0018: FR G-3; and 7100-0115: FR U-1.
    Frequency: FR G-1, FR G-2, FR G-3, and FR U-1 on occasion; and FR 
G-4: annual.
    Reporters: Individuals and business.
    Annual reporting hours: 1,207 reporting hours; 1,604 recordkeeping 
hours.
    Estimated average hours per response: FR G-1, 2.5 hours; FR G-2, 15 
minutes; FR G-3, 10 minutes; FR G-4, 2.0 hours; and FR U-1, 10 minutes.
    Number of respondents: FR G-1, 25; FR G-2, 40; FR G-3, 284; FR G-4, 
567; and FR U-1, 50.
    General description of report: These mandatory information 
collections are authorized by section 7 of the '34 Act (15 U.S.C. 78g). 
In addition, the FR U-1 is required by Sections 221.3(c)(1)(i) and 
(2)(i) of Regulation U (12 C.F.R. 221.3(c)(1)(i) and (2)(i)), and the 
FR G-1, G-2, G-3, and G-4 are required by Sections 221.3(b)(1), (2), 
and (3), and

[[Page 63183]]

(c)(1)(ii) and (2)(ii) of Regulation U (12 C.F.R. 221.3(b)(1), (2), and 
(3), and (c)(1)(ii) and (2)(ii)). The information collected in the FR 
G-1 and the FR G-4 is given confidential treatment under the Freedom of 
Information Act (5 U.S.C. 552 (b)(4) and (6)). Confidentiality 
determinations would have to be made on a case by case basis. The FR G-
2 does not collect confidential information. The FR U-1 and FR G-3 data 
are not submitted to the Federal Reserve System and, as such, no issue 
of confidentiality arises.
    Abstract: The Securities Exchange Act of 1934 authorizes the 
Federal Reserve to regulate securities credit extended by brokers and 
dealers, banks, and other lenders. The purpose statements, FR U-1 and 
FR G-3, are recordkeeping requirements for brokers and dealers, banks, 
and other lenders, respectively, to document the purpose of their loans 
secured by margin stock. Margin stock is defined as (1) stocks that are 
registered on a national securities exchange or any over-the-counter 
security designated for trading in the National Market System, (2) debt 
securities (bonds) that are convertible into margin stock, and (3) 
shares of most mutual funds. Lenders other than brokers and dealers and 
banks must register and deregister with the Federal Reserve using the 
FR G-1 and FR G-2, respectively, and they must file the FR G-4 annual 
report while registered. The Federal Reserve uses the data to identify 
lenders subject to Regulation U, to verify their compliance with the 
regulation, and to monitor margin credit.
    Current Actions: The Federal Reserve proposes minor clarifications 
to the FR G-1, FR G-3, and FR U-1 for consistency purposes. First, the 
definition of margin stock included in the instructions would be 
standardized. This would eliminate the confusion as to what securities 
could be defined as margin stock. Second, the lender's attestation in 
Part III of the FR G-3 would be modified to more closely parallel the 
FR U-1 attestation.

    Board of Governors of the Federal Reserve System, October 8, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-25867 Filed 10-13-10; 8:45 am]
BILLING CODE 6210-01-P


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