[Federal Register Volume 61, Number 74 (Tuesday, April 16, 1996)]
[Pages 16637-16638]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-9314]



Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice of information collection to be submitted to OMB for 
review and approval under the Paperwork Reduction Act of 1995.


SUMMARY: In accordance with requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. Chapter 35), the Board of Governors of the Federal 
Reserve System (Board) hereby gives notice that it plans to submit to 
the Office of Management and Budget (OMB) a request for review of the 
information collection system described below. 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 May 16, 1996.

ADDRESSES: Comments, which should refer to the OMB control number, 
should be addressed 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, DC 20503. Comments should also be addressed to William W. 
Wiles, Secretary, Board of Governors of the Federal Reserve System, 
20th and C Streets, N.W., Washington, DC 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).

FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act 
Submission (OMB 83-I), supporting statement, and other documents that 
have been submitted to OMB for review and approval may be requested 
from the agency clearance officer, whose name appears below.
    Mary M. McLaughlin, 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 Dorothea Thompson (202-452-
3544), Board of Governors of the Federal Reserve System, Washington, DC 
    Proposal to request approval from OMB of the extension, without 
revision, of the following report:
Title: Report of Assets and Liabilities of a Non-U.S. Branch that is 
Managed or

[[Page 16638]]

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 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 their 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 a 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 
    Current Actions:
    On December 29, 1995, the Board, on behalf of the federal banking 
agencies, published a notice in the FR (60 FR 67357) inviting comment 
on the proposal to extend, without revision, this collection of 
information. No comments were received by the agencies in response to 
that notice. This notice provides the public with the opportunity to 
obtain, review, and comment on, the Board's supporting statement.

    Board of Governors of the Federal Reserve System, April 10, 
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-9314 Filed 4-15-96; 8:45 am]