[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:
Agency Web site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at
[[Page 63182]]
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal:http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: [email protected]. Include docket
number in the subject line of the message.
FAX: 202/452-3819 or 202/452-3102.
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