[Federal Register Volume 60, Number 250 (Friday, December 29, 1995)]
[Notices]
[Pages 67356-67357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31463]
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THE FEDERAL RESERVE SYSTEM
Agency Forms Under Review
AGENCY: Board of Governors of the Federal Reserve System (Board)
ACTION: Notice and request for comment.
Proposed Agency Information Collection Activities; Comment
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BACKGROUND: In accordance with the requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C. chapter 35), the Board 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
Office of Management and Budget (OMB) control number. The following
currently approved collection of information has received approval from
the Federal Financial Institutions Examination Council (FFIEC), of
which the Board is a member, and is hereby published for comment. At
the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the
information collection may be modified prior to the Board's submission
to OMB for review and approval. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the federal banking agencies' functions,
including whether the information has practical utility;
(b) The accuracy of the Board's estimate of the burden of the
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 February 27, 1996.
ADDRESSES: Comments, which should refer to the OMB control number,
should be addressed to Mr. William W. Wiles, Secretary, Board of
Governors of the Federal Reserve System, 20th and C Streets, N.W.,
Washington, D.C. 20551, or delivered to the Board's mail room between
8:45 a.m. and 5:15 p.m., and to the security control room outside of
those hours. Both the mail room and the security control room are
accessible from the courtyard entrance on 20th Street between
Constitution Avenue and C Street, N.W. Comments received may be
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as
provided in section 261.8 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.8(a).
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Milo Sunderhauf, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, D.C. 20503.
[[Page 67357]]
FOR FURTHER INFORMATION CONTACT: A copy of the reporting form and
instructions, the Paperwork Reduction Act Submission (OMB 83-I),
supporting statement, and other documents that will be placed into
OMB's public docket files once approved may be requested from the
agency clearance officer, whose name appears below.
Mary M. McLaughlin, Board Clearance Officer, (202) 452-3829,
Division of Research and Statistics, Board of Governors of the Federal
Reserve System, 20th and C Streets, N.W., Washington, D.C. 20551.
Telecommunications Device for the Deaf (TDD) users may contact Dorothea
Thompson, (202) 452-3544, Board of Governors of the Federal Reserve
System, 20th and C Streets, N.W., Washington, D.C. 20551.
SUPPLEMENTARY INFORMATION: Proposal to extend, without revision, the
following currently approved collection of information:
Title: Report of Assets and Liabilities of a Non-U.S. Branch that is
Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-
U.S.) Bank
Form Number: FFIEC 002S
OMB Number: 7100-0273.
Frequency of Response: Quarterly.
Affected Public: U.S. branches and agencies of foreign banks.
Estimated Number of Respondents: 130
Estimated Time per Response: 6 burden hours.
Estimated Total Annual Burden: 3,120 burden hours.
General Description of Report: This information collection is
mandatory: 12 U.S.C. 3105(b)(2), 1817(a), and 3102(b) and is given
confidential treatment (5 U.S.C. 552(b)(8)).
Small businesses are not affected.
Abstract: On a quarterly basis, all U.S. branches and agencies of
foreign banks (U.S. branches) are required to file detailed schedules
of assets and liabilities in the form of a condition report and a
variety of supporting schedules (FFIEC 002). This report is a uniform
report established by the FFIEC, which the Federal Reserve collects and
processes on behalf of all three federal bank regulatory agencies, that
is, the Board, the Office of the Comptroller of the Currency, and the
Federal Deposit Insurance Corporation.
A separate supplement (FFIEC 002S) collects information on assets
and liabilities of any non-U.S. branch that is managed or controlled by
a U.S. office of the foreign bank. Managed or controlled means that the
majority of the responsibility for business decisions, including but
not limited to decisions with regard to lending or asset management or
funding or liability management, or the responsibility for
recordkeeping in respect of assets or liabilities for that foreign
branch resides at the U.S. branch or agency. A separate supplement must
be completed for each applicable foreign branch. The supplements must
be filed quarterly along with the U.S. branch's or agency's FFIEC 002.
Data collected on the FFIEC 002S are used
(1) To monitor deposit and credit transactions of U.S. residents;
(2) For monitoring the impact of policy changes;
(3) For analyzing structural issues concerning foreign bank
activity in U.S. markets;
(4) For understanding flows of banking funds and indebtedness of
developing countries in connection with data collected by the
International Monetary Fund (IMF) and the Bank for International
Settlements (BIS) that are used in economic analysis; and (5) to
provide information to assist in the supervision of U.S. offices of
foreign banks, which often are managed jointly with these branches.
CURRENT ACTIONS: The proposal to extend, without revision, the Report
of Assets and Liabilities of a Non-U.S. Branch That is Managed or
Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank
(FFIEC 002S) that is the subject of this notice has been approved by
the FFIEC. Clarifications or conforming changes would be made to
several instructions.
REQUEST FOR COMMENT: Comments submitted in response to this Notice will
be summarized or included in the Board's requests for OMB approval. All
comments will become a matter of public record. Written comments should
address the accuracy of the burden estimates and ways to minimize
burden including the use of automated collection techniques or the use
of other forms of information technology as well as other relevant
aspects of the information collection request.
Board of Governors of the Federal Reserve System, December 22,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-31463 Filed 12-28-95; 8:45am]
BILLING CODE 6210-01-F