[Federal Register Volume 75, Number 114 (Tuesday, June 15, 2010)]
[Notices]
[Pages 33807-33810]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-14312]
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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: Report of Selected Balance Sheet Items for
Discount Window Borrowers.
Agency form numbers: FR 2046.
OMB control number: 7100-0289.
Frequency: On occasion.
Reporters: Depository institutions.
Annual reporting hours: Primary and Secondary Credit, 1 hour;
Seasonal Credit, 386 hours.
Estimated average hours per response: Primary and Secondary Credit,
0.75 hour; Seasonal Credit, 0.25 hour.
Number of respondents: Primary and Secondary Credit, 1; Seasonal
Credit, 103.
General description of report: This information collection is
required to obtain a benefit pursuant to section 10B and 19(b)(7) of
the Federal Reserve Act (12 U.S.C. 347b and 461(b)(7)) and is given
confidential treatment (5 U.S.C. 552(b)(4)).
[[Page 33808]]
Abstract: The Federal Reserve's Regulation A, Extensions of Credit
by Federal Reserve Banks, requires that the Federal Reserve review
balance sheet data in determining whether to extend credit and to help
ascertain whether undue use is made of such credit. Borrowers report
certain balance sheet data for a period that encompasses the dates of
borrowing.
Current Actions: The Federal Reserve proposed to revise the FR 2046
consistent with the 2009 revisions to the Weekly 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). FR 2046 respondents that also file the FR 2644 need not report
data items that are common to both reports. The recent changes to the
FR 2644 included new reporting of total deposits and the elimination of
a separate data item for total loans. As a result, FR 2046 respondents
that also file the FR 2644 or the weekly Report of Transaction
Accounts, Other Deposits and Vault Cash (FR 2900; OMB No. 7100-0087)
need not provide data on total deposits, but must provide data on total
loans.
On March 31, 2010, the Federal Reserve published a notice in the
Federal Register (75 FR 16120) seeking public comment for 60 days on
the extension, with revision, of the Report of Selected Balance Sheet
Items for Discount Window Borrowers. The comment period for this notice
expired on June 1, 2010. The Federal Reserve did not receive any
comments. The revisions will be implemented as proposed.
2. Report title: Report of Terms of Credit Card Plans.
Agency form numbers: FR 2572.
OMB control number: 7100-0239.
Frequency: Semi-annual.
Reporters: Commercial banks, savings banks, industrial banks, and
savings and loans associations.
Annual reporting hours: 75 hours.
Estimated average hours per response: 0.25 hours.
Number of respondents: 150.
General description of report: This information collection is
authorized pursuant section 136(b) of the Truth in Lending Act, 15
U.S.C. 1646(b). Reporting the FR 2572 is required of the 25 largest
issuers; other financial institutions participate voluntarily. The data
are not considered confidential. Reporting the FR 2572S data is
mandatory and the identity of survey respondents is considered
confidential (5 U.S.C 552(b)(4)).
Abstract: The FR 2572 collects data on credit card pricing and
availability from a sample of at least 150 financial institutions that
offer credit cards to the general public. The information collected on
the FR 2572 is reported to Congress and made available to the public in
order to promote competition within the industry. The FR 2572S gathers
information on the number of creditors that have engaged in one or more
of the practices identified in Section 505 of the Credit Card Act.
Current Actions: The Federal Reserve proposed to discontinue
collection of the FR 2572S data. As directed by the Section 505 of the
Credit Card Act, the Federal Reserve Board conducted a one-time survey
regarding the extent to which credit card issuers adjust consumer
credit lines or interest rates based on certain factors. The Credit
Card Act required the Federal Reserve Board to complete the survey and
submit a report to Congress by May 22, 2010. For this reason, the
Federal Reserve discontinued the FR 2572S.
On March 31, 2010, the Federal Reserve published a notice in the
Federal Register (75 FR 16120) seeking public comment for 60 days on
the extension, with revision, of the Report of Terms of Credit Card
Plans. The comment period for this notice expired on June 1, 2010. The
Federal Reserve did not receive any comments. The revisions will be
implemented as proposed.
Final approval under OMB delegated authority of the extension for
three years, without revision, of the following reports:
1. Report title: Survey to Obtain Information on the Relevant
Market in Individual Merger Cases.
Agency form number: FR 2060.
OMB control number: 7100-0232.
Frequency: On occasion.
Reporters: Small businesses and consumers.
Annual reporting hours: 9 hours.
Estimated average hours per response: Small businesses, 10 minutes;
Consumers, 6 minutes.
Number of respondents: 25 small businesses and 50 consumers per
survey.
General description of report: This information collection is
voluntary pursuant to the Change in Bank Control Act (12 U.S.C.
1817(j)(7)(A) and (B)), the Bank Merger Act (12 U.S.C. 1828(c)(5)), and
section 3(c)(1) of the Bank Holding Company Act (BHC Act) (12 U.S.C.
1842(c)(1)). Individual responses are confidential pursuant to the
Freedom of Information Act (5 U.S.C. Sec. 552 (b)(4) and (b)(6)) for
small businesses and consumers, respectively.
Abstract: The Federal Reserve uses this information to define
relevant banking markets for specific merger and acquisition
applications and to evaluate changes in competition that would result
from proposed transactions.
Current Actions: On March 31, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 16120) seeking public comment for
60 days on the extension, without revision, of the Survey to Obtain
Information on the Relevant Market in Individual Merger Cases. The
comment period for this notice expired on June 1, 2010. The Federal
Reserve did not receive any comments.
2. Report title: Request for Extension of Time to Dispose of Assets
Acquired in Satisfaction of Debts Previously Contracted.
Agency form number: FR 4006.
OMB control number: 7100-0129.
Frequency: Annual.
Reporters: BHCs.
Annual reporting hours: 505 hours.
Estimated average hours per response: 5 hours.
Number of respondents: 101
General description of report: This information collection is
required to obtain a benefit pursuant to sections 4(a) and 4(c)(2) of
the BHC Act (12 U.S.C. 1843(a) and (c)(2)) and may be given
confidential treatment upon request. The Federal Reserve has
established a procedure for requesting an extension in its Regulation Y
(12 CFR 225.22(d)(1) and 225.140).
Abstract: BHC that acquired voting securities or assets through
foreclosure in the ordinary course of collecting a debt previously
contracted may not retain ownership of those shares or assets for more
than two years without prior Federal Reserve approval. There is no
formal reporting form and each request for extension must be filed at
the appropriate Reserve Bank of the BHC. The Federal Reserve uses the
information provided in the request to fulfill its statutory obligation
to supervise BHCs.
Current Actions: On March 31, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 16120) seeking public comment for
60 days on the extension, without revision, of the Request for
Extension of Time to Dispose of Assets Acquired in Satisfaction of
Debts Previously Contracted. The comment period for this notice expired
on June 1, 2010. The Federal Reserve did not receive any comments.
3. Report title: Stock Redemption Notification.
Agency form number: FR 4008.
OMB control number: 7100-0131.
Frequency: On occasion.
Reporters: BHCs.
[[Page 33809]]
Annual reporting hours: 155 hours.
Estimated average hours per response: 15.5 hours.
Number of respondents: 10
General description of report: This information collection is
mandatory pursuant to Sections 5(b) and (c) of the BHC Act (12 U.S.C.
1844(b) and (c)) and is generally not given confidential treatment.
However, a respondent may request that the information be kept
confidential on a case-by-case basis.
Abstract: The BHC Act and Regulation Y generally require a BHC to
seek prior Federal Reserve approval before purchasing or redeeming its
equity securities. Given that a BHC is exempt from this requirement if
it meets certain financial, managerial, and supervisory standards, only
a small portion of proposed stock redemptions actually require the
prior approval of the Federal Reserve. There is no formal reporting
form. The Federal Reserve uses the information provided in the
redemption notice to fulfill its statutory obligation to supervise
BHCs.
Current Actions: On March 31, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 16120) seeking public comment for
60 days on the extension, without revision, of the Stock Redemption
Notification. The comment period for this notice expired on June 1,
2010. The Federal Reserve did not receive any comments.
4. Report title: Information Collections Related to the Gramm-
Leach-Bliley (GLB) Act.
Agency form number: FR 4010, FR 4011, FR 4012, FR 4017, FR 4019,
and FR 4023.
OMB control number: 7100-0292.
Frequency: On occasion.
Reporters: BHCs, foreign banking organizations (FBOs), and state
member banks (SMBs).
Annual reporting hours: 3,485 hours.
Estimated average hours per response: FR 4010: BHC 3 hours, FBOs
3.5 hours; FR 4011: 10 hours; FR 4012: BHCs decertified as financial
holding companies (FHCs) 1 hour, FHCs back into compliance 10 hours; FR
4017: 4 hours; FR 4019: Regulatory relief requests 1 hour, Portfolio
company notification 1 hour; and FR 4023: 50 hours.
Number of respondents: FR 4010: BHC 35, FBOs 6; FR 4011: 6; FR
4012: BHCs decertified as FHCs 80, FHCs back into compliance 20; FR
4017: 3; FR 4019: Regulatory relief requests 5, Portfolio company
notification 2; FR 4023: 60.
General description of report: The FR 4010 is required to obtain a
benefit and is authorized under Section 4(l)(1)(C) of the BHC Act, 12
U.S.C. 1843(l)(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.
The FR 4011 is voluntary and is authorized under Sections 4(j) and
4(k) of the BHC Act, 12 U.S.C. 1843(j) through (k); and sections
225.88, and 225.89, of Regulation Y, 12 CFR 225.88, and 225.89.
The FR 4012 is mandatory and is authorized under Section 4(l)(1)
and 4(m) of the BHC Act, 12 U.S.C. 1843(l)(1) and (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.
The FR 4017 is required to obtain a benefit and is authorized under
Section 9 of the Federal Reserve Act, 12 U.S.C. 335; and section 208.76
of Regulation H, 12 CFR 208.76.
The FR 4019 is required to obtain a benefit and is authorized under
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).
The FR 4023 is mandatory and is authorized under Section 4(k)(7) of
the BHC Act, 12 U.S.C. 1843(k)(7); and sections 225.171(e)(4) and
225.175 of Regulation Y, 12 CFR 225.171(e)(4) and 225.175.
For the FR 4010, FR 4011, FR 4017, FR 4019, and information related
to a failure to meet capital requirements on the FR 4012, a company may
request confidential treatment of the information contained in these
information collections pursuant to section (b)(4) and (b)(6) of the
Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(4) and (b)(6)).
Information related to a failure to meet management requirements on the
FR 4012 is confidential and exempt from disclosure under section
(b)(4), because the release of this information would cause substantial
harm to the competitive position of the entity, and (b)(8) if the
information is related to examination, operating, or condition reports
prepared by, on behalf of, or for the use of an agency responsible for
the regulation or supervision of financial institutions. Since the
Federal Reserve does not collect the FR 4023, no issue of
confidentiality under the FOIA arises. FOIA will only be implicated if
the Board's examiners retained a copy of the records in their
examination or supervision of the institution, and would likely be
exempt from disclosure pursuant to FOIA (5 U.S.C. 552(b)(4), (b)(6),
and (b)(8)).
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 of the deficiency by filing the FR 4012 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. Any FHC seeking to extend the 10-year holding
period for a merchant banking investment must submit the FR 4019 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
as specified in the FR 4023 requirements.
There are no formal reporting forms for these collections of
information, which are event generated, though in each case the type of
information required to be filed is described in the Board's
regulations. These collections of information are required pursuant to
amendments made by the GLB Act to the BHC Act or the Federal Reserve
Act, or Board regulations issued to carry out the GLB Act.
Current Actions: On March 31, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 16120) seeking public comment for
60 days on the extension, without revision, of the Information
Collections Related to the GLB Act. The comment period for this notice
expired on June 1, 2010. The Federal Reserve did not receive any
comments.
5. Report title: Notice Claiming Status as an Exempt Transfer
Agent.
Agency form number: FR 4013.
OMB control number: 7100-0137.
Frequency: On occasion.
Reporters: BHCs and certain trust companies.
Annual reporting hours: 20 hours.
Estimated average hours per response: 2 hours.
Number of respondents: 10.
General description of report: This information collection is
mandatory pursuant to section 17A(c) of the Securities Exchange Act of
1934 (15
[[Page 33810]]
U.S.C. 78q-1(c)) as amended by the Securities Acts Amendments of 1975.
The Federal Reserve is authorized to collect these data from state
member banks or their subsidiaries, and BHCs or their subsidiaries
(except national banks and state nonmember banks that are insured by
the FDIC) by 15 U.S.C. 78c(a)(34)(B)(ii). The data collected are not
given confidential treatment.
Abstract: Banks, BHCs, and trust companies subject to the Federal
Reserve's supervision that are low-volume transfer agents voluntarily
file the notice on occasion with the Federal Reserve. Transfer agents
are institutions that provide securities transfer, registration,
monitoring, and other specified services on behalf of securities
issuers. The purpose of the notice, which is effective until the agent
withdraws it, is to claim exemption from certain rules and regulations
of the Securities and Exchange Commission (SEC). The Federal Reserve
uses the notices for supervisory purposes because the SEC has assigned
to the Federal Reserve responsibility for collecting the notices and
verifying their accuracy through examinations of the respondents. There
is no formal reporting form and each notice is filed as a letter.
Current Actions: On March 31, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 16120) seeking public comment for
60 days on the extension, without revision, of the Notice Claiming
Status as an Exempt Transfer Agent. The comment period for this notice
expired on June 1, 2010. The Federal Reserve did not receive any
comments.
6. Report title: Investment in Bank Premises Notification.
Agency form number: FR 4014.
OMB control number: 7100-0139.
Frequency: On occasion.
Reporters: SMBs.
Annual reporting hours: 7 hours.
Estimated average hours per response: 30 minutes.
Number of respondents: 13.
General description of report: This information collection is
required to obtain a benefit pursuant to Section 24A(a) of the Federal
Reserve Act (12 U.S.C. 371d(a)) and is not given confidential
treatment. However, a respondent may request confidential treatment for
all or part of a notification, which would be reviewed on a case-by-
case basis.
Abstract: The Federal Reserve Act requires an SMB to seek prior
Federal Reserve approval before making an investment in bank premises
that exceeds certain thresholds. There is no formal reporting form, and
each required request for prior approval must be filed as a
notification with the appropriate Reserve Bank of the SMB. The Federal
Reserve uses the information provided in the notice to fulfill its
statutory obligation to supervise SMBs.
Current Actions: On March 31, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 16120) seeking public comment for
60 days on the extension, without revision, of the Investment in Bank
Premises Notification. The comment period for this notice expired on
June 1, 2010. The Federal Reserve did not receive any comments.
Board of Governors of the Federal Reserve System, June 10, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-14312 Filed 6-14-10; 8:45 am]
BILLING CODE 6210-01-P