[Federal Register Volume 61, Number 22 (Thursday, February 1, 1996)] [Notices] [Pages 3712-3713] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-2077] ======================================================================= ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Agency Forms Under Review Background Notice is hereby given of the final approval of proposed information collections by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 C.F.R. 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). 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. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer--Mary M. McLaughlin--Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202-452-3829) OMB Desk Officer--Milo Sunderhauf--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 3208, Washington, DC 20503 (202-395-7340) Final approval under OMB delegated authority of the extension, without revision, of the following report: 1. Report title: Notification of Foreign Branch Status Agency form number: FR 2058 OMB Control number: 7100-0069 Effective date: February 5, 1996 Frequency: On occasion Reporters: State member banks, Edge and agreement corporations, and bank holding companies Annual reporting hours: 20 Estimated average hours per response: 0.25 Number of respondents: 80 Small businesses are not affected. General description of report: This information collection is required to obtain or retain a benefit (12 U.S.C. Secs. 321, 601, 602, 615, and 1844(c)) and is not given confidential treatment. Abstract: Member banks, bank holding companies, and Edge and agreement corporations are required to notify the Federal Reserve System of the opening, closing, or relocation of an approved foreign branch. The notice requests information on the location and extent of service provided by the branch, and is filed within thirty days of the change in status. The Federal Reserve needs the information to fulfill its statutory obligation to supervise foreign branches of U.S. banking organizations. Minor clarifying changes have been made to the form and instructions. Regulation K, ``International Banking Operations,'' sets forth the conditions under which a foreign branch may be established. For their initial establishment of foreign branches, organizations must request prior Board approval as directed in Attachment A of the FR K-1, ``International Applications and Prior Notifications Under Subparts A and C of Regulation K'' (OMB No. 7100-0107). For subsequent branch establishments into additional foreign countries, organizations must give the Federal Reserve System forty-five days prior written notice using Attachment B of FR K-1. Organizations use the FR 2058 notification to notify the Federal Reserve when any of these branches has been opened, closed, or relocated. The changes in the FR 2058 instructions clarify the scope of the branch status changes that require notification to the Federal Reserve. Information on changes in status of additional branches within the same country in which such a subsidiary is incorporated is not required. Also, the instructions have been clarified to reflect that a notice should be filed for foreign branches of subsidiaries acquired or divested by the institution. The FR 2058 notification form also has been better formatted to elicit the effective date of the branch status change and whether the branch is a shell or a full service branch. Regulatory Flexibility Act Analysis: The Board certifies that the above reporting requirements are not expected to have a significant economic impact on small entities within the meaning of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). 2. Information collection title: Disclosure Requirements in Connection with Regulation CC to implement the Expedited Funds Availability Act Agency form number: None OMB Control number: 7100-0235 Frequency: Event-generated Respondents: State member banks Annual reporting hours: 171,900 Estimated average hours per response: Notice of exceptions, Case by case hold notice, or Notice to potential customers upon request: 3 minutes; Notice posted where consumers make deposits: 15 minutes; Notice of changes in policy: 20 hours; and Annual notice of new ATMs: 5 hours. Number of respondents: 975 Small businesses are affected. General description of information collection: This information collection is mandatory (12 U.S.C. Sec. 4008). No issue of confidentiality under the Freedom of Information Act normally arises. Abstract: The third party disclosure requirements are intended to alert consumers about their financial institutions' check-hold policies and to help prevent unintentional (and costly) overdrafts. Most disclosures must be made within one banking day of the triggering event. Disclosures resulting from a policy change must be made thirty days before action is taken, or within thirty days if the action makes funds available more quickly. Model forms, clauses, and notices are appended to the regulation to provide guidance. The Board's Regulation CC applies to all depository institutions, not just state member banks. However, under Paperwork Reduction Act regulations, the Federal Reserve accounts for the burden of the paperwork associated with the regulation only for state member banks. Other agencies account for the Regulation CC paperwork burden on their respective constituencies. Regulatory Flexibility Act Analysis: The Board certifies that the extension of the above disclosure requirements are not expected to have a significant economic impact on a substantial number of small entities within the meaning of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). 3. Information collection title: Recordkeeping Requirements Associated with the Real Estate Lending Standards Regulation (12 CFR 208.51) Agency form number: None OMB Control number: 7100-0261 Frequency: Annual Respondents: State member banks Annual reporting hours: 39,000 Estimated average hours per response: 40 Number of respondents: 975 Small businesses are affected. General description of report: This information collection is mandatory (12 U.S.C. Sec. 1828(o)). No issue of confidentiality under the Freedom of Information Act normally arises. Abstract: This information collection is a recordkeeping requirement contained in the Board's Regulation H (12 CFR 208.51) that implements section 304 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). The requirement is to adopt and maintain a written real estate [[Page 3713]] lending policy that is consistent with safe and sound lending practices. There is no formal reporting form and the information is not submitted to the Federal Reserve. Regulatory Flexibility Act Analysis: The Board certifies that the extension of the above recordkeeping requirements are not expected to have a significant economic impact on a substantial number of small entities within the meaning of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). Board of Governors of the Federal Reserve System, January 26, 1996. William W. Wiles, Secretary of the Board. [FR Doc. 96-2077 Filed 1-31-96; 8:45AM] BILLING CODE 6210-01-F