[Federal Register: April 12, 2006 (Volume 71, Number 70)]
[Notices]
[Page 18761-18762]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12ap06-77]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System
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 email to
mmenchik@omb.eop.gov.
Final approval under OMB delegated authority of the extension for three
years, without revision, of the following report:
1. Report title: Bank Holding Company Report of Insured Depository
Institutions' Section 23A Transactions with Affiliates
Agency form number: FR Y-8
OMB control number: 7100-0126
Frequency: Quarterly
Reporters: All top-tier bank holding companies (BHCs), including
financial holding companies (FHCs), and foreign banking organizations
(FBOs) that directly own U.S. subsidiary banks.
Annual reporting hours: 53,419 hours
Estimated average hours per response: Institutions with covered
transactions: 7.8 hours; institutions without covered transactions: 1
hour
Number of respondents: 6,310
General description of report: This information collection is
mandatory (section 5(c) of the Bank Holding Company Act (12 U.S.C.
1844(c)) and section 225.5(b) of Regulation Y (12 CFR 225.5(b)) and is
given confidential treatment (5 U.S.C 552(b)(4) and (8)).
Abstract: This reporting form collects information on transactions
between an insured depository institution and its affiliates that are
subject to section 23A of the Federal Reserve Act. The primary purpose
of the data is to enhance the Federal Reserve's ability to monitor bank
exposures to affiliates and to ensure banks' compliance with section
23A of the Federal Reserve Act. Section 23A of the Federal Reserve Act
is one of the most important statutes on limiting exposures to
individual institutions and protecting against the expansion of the
federal safety net.
Discontinuation of the following reports:
1. Report title: Weekly Report of Eurodollar Liabilities Held by
Selected U.S. Addressees at Foreign Offices of U.S. Banks
Agency form number: FR 2050
OMB Control number: 7100-0068
Effective Date: Respondents submitted their final data for the
reporting week ending March 6, 2006.
Frequency: Weekly
Reporters: Foreign branches and banking subsidiaries of U.S.
depository institutions.
Annual reporting hours: 1,872 hours
Estimated average hours per response: 1.0 hour
Number of respondents: 36
General description of report: This information collection is
voluntary (12 U.S.C.Sec. Sec. 248(a)(2), 353 et seq., 461, 602, and
625). Individual respondent's data are confidential under section
(b)(4) of the Freedom of Information Act (5 U.S.C. 552(b)(4)).
Abstract: This reporting form collected data on Eurodollar deposits
payable to nonbank U.S. addressees from foreign branches and
subsidiaries of U.S. commercial banks and Edge and agreement
corporations. The data were used for the construction of the Eurodollar
component of the monetary aggregates and for analysis of banks'
liability management practices.
Current Actions: The Board of Governors of the Federal Reserve
System announced on November 10, 2005, that it would cease publication
of the M3 monetary aggregate on March 23, 2006. M3 does not appear to
contain any additional information about economic activity that is not
already embodied in M2. Moreover, the role of M3 in the monetary policy
process has greatly diminished over time. The costs to the Federal
Reserve and the private sector of collecting data and publishing M3 now
outweigh the benefits. The discontinuation of this report will reduce
private sector burden by 1,872 hours per year. On January 24, 2006, the
Federal Reserve published a notice soliciting comments on the proposed
discontinuance to the FR 2050 reporting form (71 FR 3844). The comment
period ended on March 27, 2006. The Federal Reserve did not receive any
comments on the discontinuance.
2. Report title: Report of Repurchase Agreements (RPs) on U.S.
Government and Federal Agency Securities with Specified Holders
Agency form number: FR 2415
OMB Control number: 7100-0074
Effective Date: Weekly reporters submitted their final FR 2415 for
the report week ending March 6, 2006. Quarterly reporters submitted
their final data for the week containing the last calendar day of
December 2005. Annual reporters submitted their final data for the week
containing June 30, 2005.
Frequency: Weekly, quarterly, or annually
Reporters: U.S chartered commercial banks, U.S branches and
agencies of foreign banks, thrift institutions, and credit unions
Annual reporting hours: 2,615 hours
Estimated average hours per response: 30 minutes
Number of respondents: 84 weekly, 128 quarterly, and 350 annually
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 248(a)(2) and 3105(b)) and is given confidential
treatment (5 U.S.C. 552(b)(4)).
Abstract: This reporting form collected one data item, repurchase
agreements (RPs), in denominations of $100,000 or more, in immediately-
available funds, on U.S. government and federal agency securities,
transacted with specified holders. Depository institutions submitted
the FR 2415 weekly, quarterly or annually depending on the volume of
their RPs. In general, the larger the respondent's level of RPs, the
more frequent the submissions. The weekly panel submitted daily data
once each week; the quarterly panel files daily data for the four one-
week reporting periods that contain quarter-end dates; the annual panel
submitted daily data only for the week encompassing June 30 each year.
The primary purpose of the data was for construction of the RP
component of the M3 monetary aggregate and for analysis of depository
institutions' funding practices.
Current Actions: The Board of Governors of the Federal Reserve
[[Page 18762]]
System announced on November 10, 2005, that it would cease publication
of the M3 monetary aggregate on March 23, 2006. M3 does not appear to
contain any additional information about economic activity that is not
already embodied in M2. Moreover, the role of M3 in the monetary policy
process has greatly diminished over time. The costs to the Federal
Reserve and the private sector of collecting data and publishing M3 now
outweigh the benefits. The discontinuation of this report will reduce
private sector burden by 2,615 hours per year. On January 24, 2006, the
Federal Reserve published a notice soliciting comments on the proposed
discontinuance to the FR 2415 reporting form (71 FR 3844). The comment
period ended on March 27, 2006. The Federal Reserve did not receive any
comments on the discontinuance.
Board of Governors of the Federal Reserve System, April 7, 2006.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E6-5351 Filed 4-11-06; 8:45 am]
BILLING CODE 6210-01-S