[Federal Register Volume 75, Number 61 (Wednesday, March 31, 2010)]
[Notices]
[Pages 16120-16123]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-7164]
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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 June 1, 2010.
ADDRESSES: You may submit comments, identified by FR 2046, FR 2060, FR
2572, FR 4006, FR 4008, FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, FR
4023, FR 4013, or FR 4014 by any of the following methods:
Agency Web Site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http:/www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: www.regulations.gov. Follow
the instructions for submitting comments.
E-mail: [email protected]. Include the OMB
control 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.
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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).
Proposal To Approve Under OMB Delegated Authority 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)).
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 proposes 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.
2. Report title: Report of Terms of Credit Card Plans and the
Report of Terms of Credit Card Plans Supplemental Survey.
Agency form numbers: FR 2572 and FR 2572S, respectively.
OMB control number: 7100-0239.
Frequency: FR 2572, Semi-annual; and FR 2572S, one-time.
Reporters: Commercial banks, savings banks, industrial banks, and
savings and loans associations.
Annual reporting hours: FR 2572, 75 hours; and FR 2572S, 263 hours.
Estimated average hours per response: FR 2572, 0.25 hours; and FR
2572S, 1.50 hours.
Number of respondents: FR 2572, 150; and FR 2572S, 175.
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 proposes 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 is proposing to discontinue the FR 2572S.
Proposal To Approve Under OMB Delegated Authority 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. 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.
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
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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.
3. Report title: Stock Redemption Notification.
Agency form number: FR 4008.
OMB control number: 7100-0131.
Frequency: On occasion.
Reporters: BHCs.
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.
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)(1)(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.
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.
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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 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.
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.
Board of Governors of the Federal Reserve System, March 26, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-7164 Filed 3-30-10; 8:45 am]
BILLING CODE 6210-01-P