[Federal Register: April 27, 2005 (Volume 70, Number 80)]
[Notices]
[Page 21789-21790]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27ap05-94]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
SUMMARY:
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 CFR
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). Board-approved collections of information are incorporated
into the official OMB inventory of currently approved collections of
information. Copies of the OMB 83-Is and supporting statements and
approved collection of information instrument(s) 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.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Michelle Long--Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Mark Menchik--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503, or e-mail to
mmenchik@omb.eop.gov.
Final approval under OMB delegated authority of the extension for
three years, without revision, of the following report:
Report title: Report of Net Debit Cap.
Agency form number: FR 2226.
OMB control number: 7100-0217.
Frequency: Annual.
Reporters: Depository institutions, Edge and agreement
corporations, U.S. branches and agencies of foreign banks.
Annual reporting hours: 1,780 hours.
Estimated average hours per response: 1.0 hour.
Number of respondents: 1,785.
General description of report: This information collection is
mandatory (12 U.S.C. 248(i), 248-l, and 464) and may be accorded
confidential treatment under the Freedom of Information Act (5 U.S.C.
552 (b)(4)).
Abstract: Federal Reserve Banks collect these data annually to
provide information that is essential for their administration of the
Board's Payments System Risk policy. The Report of Net Debit Cap
comprises three resolutions, which are filed by an institution's board
of directors depending on the institution's needs. The first resolution
is used to establish a de minimis net debit cap, and the second
resolution is used to establish a self-assessed net debit cap.
Institutions use these two resolutions to establish a capacity for
daylight overdrafts that is greater than the capacity that is typically
assigned by a Reserve Bank. Institutions use part one of the third
resolution, a two-part resolution, to establish additional
collateralized capacity. Institutions use part two of the third
resolution if they have been approved to receive additional
collateralized capacity and pledge securities in transit to support the
additional capacity. Copies of the current model resolutions are
located in Appendix B of the Guide to the Federal Reserve's Payments
System Risk policy.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following reports:
1. Report title: Annual Daylight Overdraft Capital Report for U.S.
Branches and Agencies of Foreign Banks.
Agency form number: FR 2225.
OMB control number: 7100-0216.
Frequency: Annual.
Reporters: Foreign banks with U.S. branches or agencies.
Annual reporting hours: 42 hours.
Estimated average hours per response: 1.0 hour.
Number of respondents: 42.
General description of report: This information collection is
voluntary (12 U.S.C. 248(i), 248-l, and 464) and is not given
confidential treatment.
Abstract: This report was implemented in March 1986 as part of the
procedures used to administer the Federal Reserve Board's Payments
System Risk (PSR) policy. A key component of the PSR policy is a limit,
or a net debit cap, on an institution's negative intraday balance in
its Federal Reserve account. The Federal Reserve calculates an
institution's net debit cap by applying the multiple associated with
the net debit cap category to the institution's capital. For foreign
banking organizations (FBOs), a percentage of the FBO's capital
measure, known as the U.S. capital equivalency, is used to calculate
the FBO's net debit cap. Currently, an FBO with U.S. branches or
agencies may voluntarily file the FR 2225 to provide the Federal
Reserve with its capital measure. Because an FBO that files the FR 2225
may be able to use its total capital in the net debit
[[Page 21790]]
cap calculation, an FBO seeking to maximize its daylight overdraft
capacity may find it advantageous to file the FR 2225. An FBO that does
not file FR 2225 may use an alternative capital measure based on its
nonrelated liabilities.
Current actions: On February 14, 2005, the Federal Reserve issued
for public comment proposed revisions to the FR 2225 (70 FR 7504). The
revisions included making the reporting of foreign currency
translations consistent with the reporting requirements detailed in
other Federal Reserve information collections, resulting in the
deletion of an item from the reporting form. The Federal Reserve did
not receive any comments. The changes will be implemented as proposed.
2. Report titles: Application for Prior Approval to Become a Bank
Holding Company, or for a Bank Holding Company to Acquire an Additional
Bank or Bank Holding Company; Notice for Prior Approval to Become a
Bank Holding Company, or for a Bank Holding Company to Acquire an
Additional Bank or Bank Holding Company; and Notification for Prior
Approval to Engage Directly or Indirectly in Certain Nonbanking
Activities.
Agency form numbers: FR Y-3, FR Y-3N, and FR Y-4.
OMB control number: 7100-0121.
Frequency: Event-generated.
Reporters: Corporations seeking to become bank holding companies
(BHCs), or BHCs and state chartered banks that are members of the
Federal Reserve System.
Annual reporting hours: 19,100 hours.
Estimated average hours per response: FR Y-3, Section 3(a)(1): 49
hours; FR Y-3, Section 3(a)(3) and 3(a)(5): 59.5 hours; FR Y-3N,
Sections 3(a)(1), 3(a)(3), and 3(a)(5): 5 hours; FR Y-4, complete
notification: 12 hours; FR Y-4, expedited notification: 5 hours; and FR
Y-4, post-consummation: 0.5 hours.
Number of respondents: 556.
General description of reports: This information collection is
mandatory (12 U.S.C. 1842(a), 1844(b), and 1843(j)(1)(b)) and may be
accorded confidential treatment under the Freedom of Information Act (5
U.S.C. 552 (b)(4)).
Abstract: The Federal Reserve requires the application and the
notifications for regulatory and supervisory purposes and to allow the
Federal Reserve to fulfill its statutory obligations under the Bank
Holding Company Act of 1956. The forms collect information concerning
proposed BHC formations, acquisitions, and mergers, and proposed
nonbanking activities. The Federal Reserve must obtain this information
to evaluate each individual transaction with respect to permissibility,
competitive effects, adequacy of financial and managerial resources,
net public benefits, and impact on the convenience and needs of
affected communities.
Current Actions: On February 14, 2005, the Federal Reserve issued
for public comment proposed revisions to the FR Y-3, FR Y-3N, and FR Y-
4 (70 FR 7504). The proposed modifications are technical in nature, as
no material change in the relevant statutes and regulation has occurred
since 2001. The proposed changes improve consistency within the three
reporting forms, clarify certain language, and provide additional
practical guidance to filers to reduce or avoid processing delays in
the applications process. The reporting forms also have been modified
to reflect substantial applications guidance and related reference
material that was added to the Federal Reserve Board's public Web site
in May 2004. Each proposed change is intended to facilitate and clarify
the overall filing process for a BHC. The Federal Reserve did not
receive any comments. The changes will be implemented as proposed.
3. Report title: International Applications and Prior Notifications
under Subparts A and C of Regulation K.
Agency form number: FR K-1.
OMB control number: 7100-0107.
Frequency: Event-generated.
Reporters: State member banks, national banks, bank holding
companies, Edge and agreement corporations, and certain foreign banking
organizations.
Annual reporting hours: 772 hours.
Estimated average hours per response: Attachments A and B, 11.5
hours; Attachments C through G, 10 hours; Attachments H and I, 15.5
hours; Attachment J, 10 hours; Attachment K, 20 hours.
Number of respondents: 43.
General description of report: This information collection is
mandatory (12 U.S.C. 601-604(a), 611-631, 1843(c)(13), 1843(c)(14), and
1844(c)) and is not given confidential treatment. The applying
organization has the opportunity to request confidentiality for
information that it believes will qualify for a Freedom of Information
Act exemption.
Abstract: The FR K-1 comprises a set of applications and
notifications that govern the formation of Edge or agreement
corporations and the international and foreign activities of U.S.
banking organizations. This set of applications and notifications is in
the form of eleven attachments (labeled attachment A through K) and
they collect information on projected financial data, purpose,
location, activities, and management. The Federal Reserve requires
these applications for regulatory and supervisory purposes and to allow
the Federal Reserve to fulfill its statutory obligations under the
Federal Reserve Act and the Bank Holding Company Act of 1956.
Current Actions: On February 14, 2005, the Federal Reserve issued
for public comment proposed revisions to the FR K-1 (70 FR 7504). The
Federal Reserve revised the applications and notifications in order to
improve clarity, more accurately reflect what information U.S. banking
organizations should provide, and request information that is
considered necessary in evaluating proposals. Attachment A, Item 11,
and Attachment B, Item 5, was slightly modified by removing the
parenthetical statement regarding operations of the branch and adding
the words ``assets and liabilities.'' Attachment C, Item 7.a was
modified to remove the existing parenthetical about Edge corporation
capitalization, which is considered no longer necessary. Attachment C,
Item 9, was modified to remove the word ``banking'' from the first line
to reflect the fact that the item should be submitted by all foreign
institutions, not just foreign banking institutions. Attachments H and
I were revised by adding a new question related to the Federal
Reserve's access to information. This new question requests the same
information for foreign investments that is currently requested for
foreign branches and is considered necessary in evaluating proposals.
Attachments H and I were also modified to add a footnote to clarify
that the form should not be used for investments made by a bank holding
company using financial holding company authority. The Regulation K
section citations on Attachment H were corrected to accurately reflect
when the form should be used. The Federal Reserve did not receive any
comments. The changes will be implemented as proposed.
Board of Governors of the Federal Reserve System, April 21,
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-8392 Filed 4-26-05; 8:45 am]
BILLING CODE 6210-01-P