[Federal Register: April 7, 2006 (Volume 71, Number 67)]
[Notices]
[Page 17869-17870]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07ap06-64]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
ACTION: Board of Governors of the Federal Reserve System
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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, with revision of the following reports:
1. Report title: Quarterly Report of Assets and Liabilities of
Large Foreign Offices of U.S. Banks
Agency form number: FR 2502q
OMB Control number: 7100-0079
Frequency: Quarterly
Reporters: Large foreign branches and banking subsidiaries of U.S.
depository institutions
Annual reporting hours: 826 hours
Estimated average hours per response: 3.5 hours
Number of respondents: 59
General description of report: This information collection is
required (12 U.S.C. Sec. Sec. 248(a) (2), 353 et seq., 461, 602, and
625) and is given confidential treatment (5 U.S.C. Sec. 552(b) (4)).
Abstract: This reporting form collects data quarterly on the
geographic distribution of the assets and liabilities of major foreign
branches and subsidiaries of U.S. commercial banks and of Edge and
agreement corporations. Data from this reporting form comprise a piece
of the flow of funds data that are compiled by the Federal Reserve.
Current Actions: On January 24, 2006, the Federal Reserve published
a notice soliciting comments on the proposed revisions to the Quarterly
Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks
(71 FR 3844). The comment period ended on March 27, 2006. The Federal
Reserve will implement the following revisions, effective for the March
31, 2006 report date: (1) discontinue Schedule A as a result of the
elimination of M3 and (2) reduce the reporting panel to require offices
located only in the Caribbean and the United Kingdom to file the FR
2502q. In addition, the Federal Reserve will implement the following
revisions, effective for the June 30, 2006 report date: (1) discontinue
Memorandum item 3a; (2) revise the instructions for data to be reported
in the unallocated data items; and (3) conform the names of several
countries and one region to the country list compiled by the U.S.
Treasury.
The Federal Reserve received one comment letter from a federal agency
describing its use of the data to prepare economic account information
and estimates of international transactions. The revisions will be
implemented as originally proposed.
2. Report title: Consolidated Report of Condition and Income for
Edge and Agreement Corporations
Agency form number: FR 2886b
OMB control number: 7100-0086
Frequency: Quarterly
Reporters: Edge and agreement corporations
Annual reporting hours: 3,055
Estimated average hours per response: 14.7 banking corporations,
8.5 investment corporations
Number of respondents: 19 banking corporations, 57 investment
corporations
General description of report: This information collection is
mandatory (12 U.S.C. Sec. Sec. 602 and 625). For Edge corporations
engaged in banking, information collection on schedules RC-M and RC-V
are held confidential pursuant to Section (b)(4) of the Freedom of
Information Act (5 U.S.C. 552(b)(4)). For investment Edge corporations,
only information collected on schedule RC-M are given confidential
treatment pursuant to Section (b)(4) of the Freedom of Information Act
(5 U.S.C. 552(b)(4).
Abstract: This reporting form comprises a balance sheet, income
statement, two schedules reconciling changes in capital and reserve
accounts, and ten supporting schedules, and it parallels the commercial
bank Consolidated Reports of Condition and Income (Call Report)(FFIEC
031; OMB No. 7100-0036). The Federal Reserve uses the data collected on
the FR 2886b to supervise Edge corporations, identify present and
potential problems, and monitor and develop a better understanding of
activities within the industry.
Current action: On January 24, 2006, the Federal Reserve published
a notice soliciting comments on the proposed revisions to the FR 2886b
(71 FR 3844). The comment period ended on March 27, 2006. The notice
described the Federal Reserve's proposal to delete three data items
related to bankers acceptances, consistent with proposed changes to the
Call Report and to make minor clarifications to the reporting form and
instructions. The Federal Reserve did not receive any comments on the
proposed revisions. The revisions will be effective as of March 31,
2006.
[[Page 17870]]
Board of Governors of the Federal Reserve System, April 4, 2006.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E6-5125 Filed 4-6-06; 8:45 am]
BILLING CODE 6210-01-S