[Federal Register: April 7, 2004 (Volume 69, Number 67)]
[Notices]
[Page 18384-18385]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07ap04-56]
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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: 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-I's 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 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 June 7, 2004.
ADDRESSES: Comments should be mailed to Jennifer J. Johnson, Secretary,
Board of Governors of the Federal Reserve System, 20th Street and
Constitution Avenue, NW., Washington, DC 20551. Please consider
submitting your comments through the Board's Web site at
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm; by e-mail to
regs.comments@federalreserve.gov; or by fax to the Office of the
Secretary at 202/452-3819 or 202/452-3102. Rules proposed by the Board
and other federal agencies may also be viewed and commented on at
http://www.regulations.gov. All public comments are available from the Board's
web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, except as necessary 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 in Room MP-500 of the Board's Martin Building (C and 20th
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Joseph Lackey, 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.
[[Page 18385]]
Michelle Long, Acting Federal Reserve Board Clearance Officer (202-
452-3829), Division of Research and Statistics, Board of Governors of
the Federal Reserve, 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: Declaration to Become a Financial Holding Company
(FHC), Requests for Determinations and Interpretations Regarding
Activities Financial in Nature, Notices of Failure to Meet Capital or
Management Requirements, Notices by State Member Banks (SMBs) to Invest
in Financial Subsidiaries, Regulatory Relief Requests Associated with
Merchant Banking Activities, and Recordkeeping Requirements Associated
with Merchant Banking Activities.
Agency form number: FR 4010, FR 4011, FR 4012, FR 4017, FR 4019.
OMB control number: 7100-0292.
Frequency: On occasion.
Reporters: Bank holding companies (BHCs), including FHCs, foreign
banking organizations (FBOs), and SMBs.
Annual reporting hours: 3,142 hours.
Estimated average hours per response: FR 4010: BHC 3 hours, FBOs
3.5 hours; FR 4011: Activities financial in nature, or incidental or
complementary to financial activities 10 hours, Advisory opinions 10
hours; FR 4012: BHCs decertified as FHCs 1 hour, FHCs back into
compliance 10 hours; FR 4017: SMBs 4 hours; FR 4019: Regulatory relief
requests 1 hour, Portfolio company notification 1 hour; Recordkeeping:
50 hours.
Number of respondents: FR 4010: BHC 58, FBOs 5; FR 4011: Activities
financial in nature, or incidental or complementary to financial
activities 2, Advisory opinions 2; FR 4012: BHCs decertified as FHCs
13, FHCs back into compliance 27; FR 4017: SMBs 5; FR 4019: Regulatory
relief requests 5, Portfolio company notification 5; Recordkeeping: 52.
General description of report: These collections of information are
required to obtain a benefit and are authorized under:
FR 4010: Section 4(l)(1)(C) of the BHC Act (12 U.S.C.
1843(1)(l)(C)), section 8(a) of the International Banking Act (12
U.S.C. 3106(a)), and sections 225.82 and 225.91 of Regulation Y (12
CFR. 225.82 and 225.91);
FR 4011: Section 4(k) of the BHC Act (12 U.S.C. 1843(k)) and
sections 225.88(b) and (e) and 225.89 of Regulation Y (12 CFR 225.88(b)
and (e) and 225.89);
FR 4012: Section 4(m) of the BHC Act (12 U.S.C. 1843(m)), section
8(a) of the International Banking Act (12 U.S.C. 3106(a)), and sections
225.83 and 225.93 of Regulation Y (12 CFR 225.83 and 225.93);
FR 4017: Section 9 of the Federal Reserve Act (12 U.S.C. 335) and
section 208.76 of Regulation H (12 CFR 208.76);
FR 4019: Section 4(k)(7) of the BHC Act (12 U.S.C. 1843(k)(7)) and
sections 225.171(e)(3), 225.172(b)(4), and 225.173(c)(2) of Regulation
Y (12 CFR 225.171(e)(3), 225.172(b)(4), and 225.173(c)(2));
Recordkeeping: Section 4(k)(7) of the BHC Act (12 U.S.C. Sec.
1843(k)(7)) and sections 225.171(e)(4) and 225.175 of Regulation Y (12
CFR 225.171(e)(4) and 225.171).
A company may request confidentiality for the information contained
in these information collections pursuant to section (b)(4) and (b)(6)
of the Freedom of Information Act (5 U.S.C. 552 (b)(4) and (b)(6)).
Abstract: Each BHC or FBO seeking FHC status must file the FR 4010
declaration, which includes information needed to verify eligibility
for FHC status. By filing the FR 4011 a requestor may ask the Board to
determine that an activity is financial in nature, to issue an advisory
opinion that an activity is within the scope of an activity previously
determined to be financial in nature, or to approve engagement in an
activity complementary to a financial activity. Any FHC ceasing to meet
capital or managerial prerequisites for FHC status must notify the
Board, by filing the FR 4012 notice, of the deficiency, and often must
submit plans to the Board to cure the deficiency. Any SMB seeking to
establish a financial subsidiary must seek the Board's prior approval
by submitting the FR 4017 requirements. Any FHC seeking to extend the
10-year holding period for a merchant banking investment must submit
the FR 4019 requirements to apply for the Board's prior approval, and a
FHC also must notify the Board if it routinely manages or operates a
portfolio company for more than nine months. All FHCs engaging in
merchant banking activities must keep records of those activities, and
make them available to examiners. There are no formal reporting forms
for these event-generated filings.
Proposal to approve under OMB delegated authority the extension for
three years, with revision of the following report:
1. Report title: Consolidated Report of Condition and Income for
Edge and Agreement Corporations.
Agency form number: FR 2886b.
OMB control number: 7100-0086.
Frequency: Quarterly.
Reporters: Edge and agreement corporations.
Annual reporting hours: 3,173 hours.
Estimated average hours per response: 14.7 banking corporations,
8.5 investment corporations.
Number of respondents: 21 banking corporations, 57 investment
corporations.
General description of report: This information collection is
mandatory (12 U.S.C. 602 and 625). For Edge corporations engaged in
banking, information collected on schedules E and L are held
confidential pursuant to Section (b)(4) of the Freedom of Information
Act (5 U.S.C. 552(b)(4)). For investment Edge corporations only
information collected on Schedule E is given confidential treatment
pursuant to Section (b)(4) of the Freedom of Information Act (5
U.S.C.552(b)(4)).
Abstract: This report collects a balance sheet, income statement,
and ten supporting schedules, and it parallels the commercial bank
Reports of Condition and Income (Call Report) (FFIEC 031; OMB No. 7100-
0036). 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.
Current action: The Federal Reserve proposes to align FR 2886b
schedule titles, identifiers, and ordering of line items with the Call
Report. In addition, the Federal Reserve may modify the FR 2886b report
consistent with any applicable revisions to the Call Report, ultimately
adopted by the FFIEC for implementation in March 2005.
Board of Governors of the Federal Reserve System, April 1, 2004.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E4-770 Filed 4-6-04; 8:45 am]
BILLING CODE 6210-01-S