[Federal Register Volume 75, Number 187 (Tuesday, September 28, 2010)]
[Notices]
[Pages 59717-59718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24265]


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

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 collection 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.

[[Page 59718]]


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 implementation 
of the following report:
    Report title: Recordkeeping Requirements Associated with 
Limitations on Interbank Liabilities.
    Agency form number: Regulation F.
    OMB control number: 7100-NEW.
    Frequency: On occasion.
    Reporters: State member banks and insured domestic branches of 
foreign banks.
    Estimated annual reporting hours: 6,808 hours.
    Estimated average hours per response: 8 hours.
    Number of respondents: 851.
    General description of report: This information collection is 
mandatory pursuant to section 23 of the Federal Reserve Act, as added 
by section 308 of the Federal Deposit Insurance Corporation Improvement 
Act of 1991 (FDICIA) (12 U.S.C. 371b-2). Because the Federal Reserve 
does not collect any information, no issue of confidentiality normally 
arises. However, if a compliance program becomes a Board record during 
an examination, the information may be protected from disclosure under 
exemptions (b)(4) and (b)(8) of the Freedom of Information Act (5 
U.S.C. 552(b)(4) and (b)(8)).
    Abstract: Pursuant to FDICIA, the Federal Reserve is required to 
prescribe standards to limit the risks posed by exposure of insured 
depository institutions to the depository institutions with which they 
do business (correspondents). Regulation F generally requires banks to 
develop and implement internal prudential policies and procedures to 
evaluate and control exposure to correspondents. Section 206.3 of 
Regulation F stipulates that a bank shall establish and maintain 
written policies and procedures to prevent excessive exposure to any 
individual correspondent in relation to the condition of the 
correspondent. In these policies and procedures, a bank should take 
into account credit and liquidity risks, including operational risks, 
in selecting correspondents and terminating those relationships. The 
policies and procedures should be reviewed and approved by the bank's 
board of directors at least annually.
    Current Actions: On July 20, 2010, the Federal Reserve published a 
notice in the Federal Register (75 FR 42089) requesting public comment 
for 60 days on the implementation of the Recordkeeping Requirements 
Associated with Limitations on Interbank Liabilities. The comment 
period for this notice expired on September 20, 2010. The Federal 
Reserve did not receive any comments. The recordkeeping requirements 
will be implemented as proposed.

    Board of Governors of the Federal Reserve System, September 23, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-24265 Filed 9-27-10; 8:45 am]
BILLING CODE 6210-01-P