Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 58408-58410 [05-20031]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 70, Number 193 (Thursday, October 6, 2005)]
[Notices]
[Pages 58408-58410]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-20031]


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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, with revision of the following reports:
    1. Report title: Domestic Finance Company Report of Consolidated 
Assets and Liabilities.
    Agency form number: FR 2248.
    OMB control number: 7100-0005.
    Frequency: Monthly, quarterly, and semi-annually.
    Reporters: Domestic finance companies and mortgage companies.
    Annual reporting hours: 352 hours.
    Estimated average hours per response: Monthly, 18 minutes; 
quarterly, 25 minutes; semi-annually, 10 minutes.
    Number of respondents: 80.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225(a)). Individual respondent data are 
confidential under section (b)(4) of the Freedom of Information Act (5 
U.S.C. 552).
    Abstract: The monthly FR 2248 report collects balance sheet data on 
major categories of consumer and business credit receivables, major 
short-term liabilities, and securitized assets. For quarter-end months 
(March, June, September, and December), additional asset and liability 
items are collected to provide a full balance sheet. If the need 
arises, a special addendum may be used, no more than semi-annually, for 
timely information on questions of immediate concern to the Federal 
Reserve.
    The data are used to construct universe estimates of finance 
company holdings, which are published in the monthly statistical 
releases Finance Companies (G.20) and Consumer Credit (G.19), in the 
quarterly statistical release Flow of Funds Accounts of the United 
States (Z.1), and in the Federal Reserve Bulletin (Tables 1.51, 1.52, 
and 1.55).
    Current Actions: On July 26, 2005, the Federal Reserve issued for 
public comment proposed revisions to the FR 2248 report (70 FR 43146). 
The comment period ended on September 26, 2005. The Federal Reserve did 
not receive any comments. The changes will be implemented as proposed. 
The Federal Reserve will change the respondent panel definition to 
include mortgage companies. In addition, the Federal Reserve will 
instruct finance companies to include the assets and liabilities of 
their mortgage company subsidiaries. In addition, the Federal

[[Page 58409]]

Reserve is concurrently proposed similar revisions on the FR 3033.
    The inclusion of mortgage companies will improve estimates of 
financial flows, particularly household mortgage debt growth, as 
measured by the Federal Reserve Board's Flow of Funds accounts. Since 
Housing and Urban Development discontinued its Survey of Mortgage 
Lending Activity in the late 1990s, the Federal Reserve has been 
without a regular data source on the activities of mortgage companies. 
During this time, these firms may have accumulated inventories of loans 
that the estimates are not measuring. Also, as the front end of the 
mortgage ``pipeline,'' mortgage companies may at times temporarily hold 
significant balances of mortgages awaiting securitization or sale. 
Thus, expanding the scope of the FR 2248 to include mortgage companies 
will improve the estimate of the overall stock of mortgage debt, and 
also mitigate likely measurement error in the quarterly flow measures 
of household debt growth from our failure to observe transitory 
mortgage holdings of these firms.
    2. Report title: Quinquennial Finance Company Questionnaire and 
Survey.
    Agency form number: FR 3033.
    OMB control number: 7100-0277.
    Frequency: One-time.
    Reporters: Domestic finance companies and mortgage companies.
    Annual reporting hours: Questionnaire, 1,000; survey, 315 hours.
    Estimated average hours per response: Questionnaire, 0.25 hours; 
survey, 0.42 hours.
    Number of respondents: Questionnaire, 4,000; survey, 750.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, and 353-359). Individual respondent 
data are confidential under section (b)(4) of the Freedom of 
Information Act (5 U.S.C. 552).
    Abstract: Since June 1955, the Federal Reserve System has surveyed 
the assets and liabilities of finance companies at five-year intervals. 
The first stage is a questionnaire (FR 3033p), which is sent to all 
domestic finance companies. The questionnaire asks for information on 
each company's total net assets, areas of specialization, and other 
characteristics. From the universe of FR 3033p questionnaire 
respondents, the Federal Reserve will draw a stratified random sample 
of finance companies for the second stage, the survey itself (FR 
3033s). The survey will request detailed information, as of December 
31, 2005, from both sides of the respondents' balance sheets.
    Current Actions: On July 26, 2005, the Federal Reserve issued for 
public comment proposed revisions to the FR 2248 report (70 FR 43146). 
The comment period ended on September 26, 2005. The Federal Reserve did 
not receive any comments. The changes will be implemented as proposed. 
The Federal Reserve proposed two major revisions: (1) To change the 
respondent panel definition to include mortgage companies and (2) to 
instruct finance companies to include the assets and liabilities of 
their mortgage company subsidiaries. In addition, the Federal Reserve 
proposed similar revisions on the FR 2248.
    The inclusion of mortgage companies will improve estimates of 
financial flows, particularly household mortgage debt growth, as 
measured by the Federal Reserve Board's Flow of Funds accounts. Since 
Housing and Urban Development discontinued its Survey of Mortgage 
Lending Activity in the late 1990s, the Federal Reserve has been 
without a regular data source on the activities of mortgage companies. 
During this time, these firms may have accumulated inventories of loans 
that the estimates are not measuring. Also, as the front end of the 
mortgage ``pipeline,'' mortgage companies may at times temporarily hold 
significant balances of mortgages awaiting securitization or sale. 
Thus, expanding the scope of the FR 3033 to include mortgage companies 
will improve the estimate of the overall stock of mortgage debt, and 
also mitigate likely measurement error in the quarterly flow measures 
of household debt growth from our failure to observe transitory 
mortgage holdings of these firms.
    3. Report title: Application for Membership in the Federal Reserve 
System.
    Agency form number: FR 2083, 2083A, 2083B, and 2083C.
    OMB control number: 7100-0046.
    Frequency: On occasion.
    Reporters: Newly organized banks that seek to become state member 
banks, or existing banks or savings institutions that seek to convert 
to state member bank status.
    Annual reporting hours: 320 hours.
    Estimated average hours per response: 4 hours.
    Number of respondents: 80.
    General description of report: This information collection is 
authorized by Section 9 of the Federal Reserve Act (12 U.S.C. 321, 322, 
and 333) and is required to obtain or retain a benefit. Most individual 
respondent data are not considered confidential. Applicants may, 
however, request that parts of their membership applications be kept 
confidential, but in such cases the applicant must justify its request 
by demonstrating that disclosure would cause ``substantial competitive 
harm'' or result in ``an unwarranted invasion of personal privacy.'' 
Because the confidentiality status of the information submitted will be 
judged on a case-by-case basis, the forms themselves raise no issues 
under the Freedom of Information Act, (5 U.S.C. 552).
    Abstract: The application for membership is a required one-time 
submission that collects the information necessary for the Federal 
Reserve to evaluate the statutory criteria for admission of a new or 
existing state bank into membership in the Federal Reserve System. This 
application provides managerial, financial, and structural data.
    Current actions: On July 26, 2005, the Federal Reserve issued for 
public comment proposed revisions to the FR 2083, FR 2083a, FR 2083b, 
and FR 2083c (70 FR 43146). The comment period ended on September 26, 
2005. The Federal Reserve did not receive any comments. Section I of 
the FR 2083 form will be modified to reflect the Federal Reserve's 
fingerprint requirement, which differs from that of the other banking 
agencies. Section II will be modified to clarify certain information 
that needs to be submitted with a membership proposal. Information 
about recent or contemplated changes in the management, ownership, or 
the business plan of an existing bank must be known before action can 
be taken on a related membership application. The new questions in 
Section II about new principal ownership, anticipated changes in 
management of applicant (or applicant's parent company), and management 
plans for the bank do not represent new information requirements, but 
rather information that has always been gathered as part of the overall 
review of a membership proposal.
    The FR 2083A and 2083B will be modified so that they request the 
same capital and surplus data as of the bank's most recent 
(Consolidated Reports of Condition and Income (Report of Condition) 
(FFIEC 031 and 041; OMB No. 7100-0036) or a contemplated merger or 
consolidation date) as requested in the Application for Federal Reserve 
Bank Stock (FR 2030; OMB No. 7100-0042). The FR 2083B also will be 
modified to eliminate a reference to the most recent examination of the 
applying bank by the Reserve Bank; it will now refer only to the most 
recent Report of Condition for deposit information. The FR 2083C will 
be modified to include

[[Page 58410]]

more signature lines as the current four lines are often not 
sufficient.
    Three sections of the General Information and Instructions of the 
FR 2083 will be modified to recognize new sources of available 
information, provide other practical advice to an applicant, and ensure 
further consistency with other applications. The Preparation of 
Application section has been modified to reflect that the Federal 
Reserve's public Web site now contains substantial filing information, 
including relevant regulations, which an applicant may find helpful 
when preparing a membership filing. As in other application filing 
instructions, the applicant is encouraged to consult with the 
appropriate Reserve Bank about the informational needs of a specific 
membership proposal. The section also recognizes a new requirement 
adopted by the Federal Reserve in May 2003 that an individual 
associated with a banking proposal may need to submit fingerprint cards 
as part of the name check process. Also, to ensure proper handling of a 
filing, applicants are encouraged to clearly identify when expedited 
processing is being sought. All of the proposed revisions to the 
Confidentiality and Compliance sections are to ensure consistency with 
the bank holding company application and notifications forms. The 
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 (FR Y-3), the Notification for Prior Approval to Become a Bank 
Holding Company or for a Bank Holding Company to Acquire an Additional 
Bank or Bank Holding Company (FR Y-3N), and the Notification for Prior 
Approval to Engage Directly or Indirectly in Certain Nonbanking 
Activities (FR Y-4) (OMB No. 7100-0121).
    4. Report title: Applications for Subscription to, Adjustment in 
the Holding of, and Cancellation of Federal Reserve Bank Stock
    Agency form number: FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, 
FR 2087
    OMB control number: 7100-0042
    Frequency: On occasion
    Reporters: National, state member, and nonmember banks
    Annual reporting hours: FR 2030: 27 hours; FR 2030a: 13 hours; FR 
2056: 775 hours; FR 2086: 4 hours; FR 2086a: 19 hours FR 2087: 2 hours
    Estimated average hours per response: 0.5 hours
    Number of respondents: FR 2030: 54; FR 2030a: 25; FR 2056: 1,550; 
FR 2086: 7; FR 2086a: 37 FR 2087: 4
    General description of report: These information collections are 
required to obtain or retain a benefit.
     FR 2030 and FR 2030a: (12 U.S.C. 222, 282, 248(a) and 321)
     FR 2056: (12 U.S.C. 287, 248(a) and (i))
     FR 2086: (12 U.S.C. 287, 248(a) and (i))
     FR 2086a: (12 U.S.C. 321, 287, 248(a))
     FR 2087: (12 U.S.C. 288, 248(a) and (i))
    Most individual respondent data are not considered confidential. 
Applicants may, however, request that parts of their membership 
applications be kept confidential, but in such cases the applicant must 
justify its request by demonstrating that disclosure would cause 
``substantial competitive harm'' or result in ``an unwarranted invasion 
of personal privacy.'' Because the confidentiality status of the 
information submitted will be judged on a case-by-case basis, the forms 
themselves raise no issues under the Freedom of Information Act, (5 
U.S.C. 552).
    Abstract: These application forms are required by the Federal 
Reserve Act and Regulation I. These forms must be used by a new or 
existing member bank (including a national bank) to request the 
issuance, and adjustment in, or cancellation of Federal Reserve Bank 
stock. The forms must contain certain certifications by the applicants, 
as well as certain other financial and shareholder data that is needed 
by the Federal Reserve to process the request.
    Current actions: On July 26, 2005, the Federal Reserve issued for 
public comment proposed revisions to the FR 2056 and FR 2086a (70 FR 
43146). The comment period ended on September 26, 2005. The Federal 
Reserve did not receive any comments. There are no changes to four of 
the six application forms (the FR 2030, 2030a, 2086, and 2087). The 
changes proposed for the other two forms (the 2056, and 2086a) are 
generally technical in nature. The FR 2056 and its attachment will be 
modified to allow for their usage by a mutual savings bank (which 
currently has no adjustment form) and to ensure that the correct 
capital and surplus data is provided when the requested adjustment 
relates to a proposed merger or consolidation. The modifications will 
allow this form to be used by a member bank that survives the merger or 
consolidation of two member banks, an adjustment not clearly addressed 
by the current stock forms. The FR 2086a also will be slightly modified 
to reflect that it could be used by a member bank that is eliminated 
during the merger or consolidation of two member banks for the 
cancellation of its Federal Reserve Bank stock.

    Board of Governors of the Federal Reserve System, September 30, 
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-20031 Filed 10-5-05; 8:45 am]
BILLING CODE 6210-01-U