[Federal Register Volume 77, Number 4 (Friday, January 6, 2012)]
[Notices]
[Pages 794-795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-34]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; 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 (PRA),
pursuant to 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.
DATES: Comments must be submitted on or before March 6, 2012.
ADDRESSES: You may submit comments, identified by 7100-0310, 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: http://www.regulations.gov.
Follow the instructions for submitting comments.
[[Page 795]]
Email: [email protected]. Include OMB
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 may send a copy of their comments to the
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory
Affairs, 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.
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division
of Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202) 452-3829). Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869), Board of
Governors of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information Collection Proposal
The following information collection, which is being handled under
this delegated authority, has received initial Board approval and is
hereby published for comment. At the end of the comment period, the
proposed information collection, 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;
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; and
e. Estimates of capital or start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Report
1. Report title: Recordkeeping Requirements of Regulation H and
Regulation K Associated with Bank Secrecy Act Compliance Programs.
Agency form number: Reg K.
OMB control number: 7100-0310.
Frequency: Annually.
Reporters: State member banks; Edge and agreement corporations; and
U.S. branches, agencies, and other offices of foreign banks supervised
by the Federal Reserve.
Estimated annual reporting hours: Establish compliance program, 128
hours; and maintenance of compliance program, 4,476 hours.
Estimated average hours per response: Establish compliance program,
16 hours; and maintenance of compliance program, 4 hours.
Number of respondents: Establish compliance program, 8; and
maintenance of compliance program, 1,119.
General description of report: This information collection is
mandatory pursuant to the Bank Secrecy Act (BSA)(31 U.S.C. 513(h)). In
addition, sections 11, 21, 25, and 25A of the Federal Reserve Act (12
U.S.C. 248(a), 483, 602, and 611(a)) authorize the Federal Reserve to
require the information collection and recordkeeping requirements set
forth in Regulations K and H. Section 5 of the Bank Holding Company Act
(12 U.S.C. 1844) and section 13(a) of the International Banking Act (12
U.S.C. 3108(a)) provide further authority for sections 211.5(m) and
211.24(j)(1) of Regulation K. Since the Federal Reserve does not
collect any information, no issue of confidentiality normally arises.
However, if a BSA compliance program becomes a Federal Reserve record
during an examination, the information may be protected from disclosure
under exemptions (b)(4) and (8) of the Freedom of Information Act (5
U.S.C. 552(b)(4) and (b)(8)).
Abstract: Sections 211.5(m)(1) and 211.24(j)(1) of Regulation K
require Edge and agreement corporations and U.S. branches, agencies,
and other offices of foreign banks supervised by the Federal Reserve to
establish and maintain procedures reasonably designed to ensure and
monitor compliance with the Bank Secrecy Act (BSA) and related
regulations. Section 208.63 of Regulation H requires state member banks
to establish and maintain the same procedures. There are no required
reporting forms associated with this information collection.
Board of Governors of the Federal Reserve System, January 3,
2012.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2012-34 Filed 1-5-12; 8:45 am]
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