Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 11116-11118 [E8-3910]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 73, Number 41 (Friday, February 29, 2008)]
[Notices]
[Pages 11116-11118]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3910]


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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 Paperwork Reduction Act Submission, 
supporting statements and approved collection of information 
instruments 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 Shore--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

Final approval under OMB delegated authority of the extension for three 
years, without revision, of the following reports:

    1. Report titles: Registration Statement for Persons Who Extend 
Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers); 
Deregistration Statement for Persons Registered Pursuant to Regulation 
U; Statement of Purpose for an Extension of Credit Secured by Margin 
Stock by a Person Subject to Registration Under Regulation U; Annual 
Report; Statement of Purpose for an Extension of Credit by a Creditor; 
and Statement of Purpose for an Extension of Credit Secured by Margin 
Stock
    Agency form numbers: FR G-1, FR G-2, FR G-3, FR G-4, FR T-4, and FR 
U-1
    OMB control numbers: 7100-0011: FR G-1, FR G-2, and FR G-4; 7100-
0018: FR G-3; 7100-0019: FR T-4; and 7100-0115: FR U-1
    Frequency: FR G-1, FR G-2, FR G-3, FR T-4, and FR U-1: on occasion 
FR G-4: annual
    Reporters: Individuals and business
    Annual reporting hours: 1,366 reporting hours; 107,757 
recordkeeping hours
    Estimated average hours per response: FR G-1: 2.5 hours; FR G-2: 15 
minutes;FR G-3: 10 minutes; FR G-4: 2.0 hours; FR T-4: 10 minutes; and 
FR U-1: 10 minutes
    Number of respondents: FR G-1: 61; FR G-2: 36; FR G-3: 602; FR G-4: 
602; FR T-4: 5,100; and FR U-1: 6,931
    General description of report: These information collections are 
mandatory (15 U.S.C. Sec. Sec.  78g). The information in the FR G-1 and 
FR G-4 is given confidential treatment under the Freedom of Information 
Act (5 U.S.C. Sec. Sec.  552(b)(4) and (6)). The FR G-2 does not 
contain confidential information. The FR G-3, FR T-4, and FR U-1 are 
not submitted to the Federal Reserve and, as such, no issue of 
confidentiality arises.
    Abstract: The Securities Exchange Act of 1934 authorizes the 
Federal Reserve to regulate securities credit extended by brokers and 
dealers, banks, and other lenders. The purpose statements, FR T-4, FR 
U-1, and FR G-3, are recordkeeping requirements for brokers and 
dealers, banks, and other lenders,

[[Page 11117]]

respectively, to document the purpose of their loans secured by margin 
stock. Margin stock is defined as (1) stocks that are registered on a 
national securities exchange or any over-the-counter security 
designated for trading in the National Market System, (2) debt 
securities (bonds) that are convertible into margin stock, and (3) 
shares of most mutual funds. Lenders other than brokers and dealers and 
banks must register and deregister with the Federal Reserve using the 
FR G-1 and FR G-2, respectively, and they must file an annual report 
(FR G-4) while registered. The Federal Reserve uses the data to 
identify lenders subject to Regulation U, to verify their compliance 
with the regulation, and to monitor margin credit.
    Current Actions: On December 21, 2007, the Federal Reserve 
published a notice in the Federal Register (72 FR 72725) requesting 
public comment for sixty days on the extension, without revision, of 
the six reports that collect information on certain extensions of 
credit secured by margin stock, including the amount and purpose of 
such credit. The comment period expired on February 19, 2008. The 
Federal Reserve did not receive any comment letters.
    2. 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: 54 hours
    Estimated average hours per response: 1.0 hour
    Number of respondents: 54
    General description of report: This information collection is 
required to respond in order to obtain or retain a benefit, i.e., in 
order for the U.S. branch or agency of an FBO to establish and maintain 
a non-zero net debit cap. The information submitted by respondents is 
not confidential; however, respondents may request confidential 
treatment for portions of the report. Data may be considered 
confidential and exempt from disclosure under section (b)(4) of the 
Freedom of Information Act if it constitutes commercial or financial 
information and it would customarily not be released to the public by 
the person from whom it was obtained (5 U.S.C. Sec.  552(b)(4)).
    Abstract: This report was implemented in March 1986 as part of the 
procedures used to administer the Federal Reserve'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 
Reserve Bank 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 determining its U.S capital equivalency 
measure, which is then used to calculate its net debit cap, 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 December 21, 2007, the Federal Reserve 
published a notice in the Federal Register (72 FR 72725) requesting 
public comment for sixty days on the extension, without revision, of 
the FR 2225. The comment period expired on February 19, 2008. The 
Federal Reserve did not receive any comment letters.
    3. Report title: Ongoing Intermittent Survey of Households
    Agency form number: FR 3016
    OMB control number: 7100-0150
    Frequency: On occasion
    Reporters: Households and individuals
    Annual reporting hours: 683 hours
    Estimated average hours per response: Division of Research & 
Statistics, 1.58 minutes; Division of Consumer & Community Affairs, 3 
minutes; Other divisions, 5 minutes; and Non-SRC surveys, 90 minutes
    Number of respondents: 600
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, and 15 U.S.C. 1691b). No issue of 
confidentiality normally arises because names and any other 
characteristics that would permit personal identification of 
respondents are not reported to the Federal Reserve Board. However, 
exemption 6 of the Freedom of Information Act (5 U.S.C. 552(b)(6)) 
would exempt this information from disclosure.
    Abstract: The Federal Reserve uses this voluntary survey to obtain 
household-based information specifically tailored to the Federal 
Reserve's policy, regulatory, and operational responsibilities. 
Currently, the University of Michigan's Survey Research Center (SRC) 
includes survey questions on behalf of the Federal Reserve in an 
addendum to their regular monthly Survey of Consumer Attitudes and 
Expectations. The SRC conducts the survey by telephone with a sample of 
500 households and asks questions of special interest to Federal 
Reserve Board staff intermittently, as needed. The frequency and 
content of the questions depend on changing economic, regulatory, and 
legislative developments.
    Current Actions: On December 21, 2007, the Federal Reserve 
published a notice in the Federal Register (72 FR 72725) requesting 
public comment for sixty days on the extension, without revision, of 
the FR 2226. The comment period expired on February 19, 2008. The 
Federal Reserve did not receive any comment letters.

Final approval under OMB delegated authority the extension for three 
years, with 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: 1,623 hours
    Estimated average hours per response: 1.0 hour
    Number of respondents: 1,623
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(i), 248-1, and 464). The information submitted 
by respondents for the payments system risk reduction program may be 
accorded confidential treatment under the Freedom of Information Act 
(FOIA) (5 U.S.C. Sec.  552 (b)(4)). In addition, information reported 
in connection with the second and third resolutions may be protected 
under Section (b)(8) of FOIA, to the extent that such information is 
based on the institution's CAMELS rating, and thus is related to 
examination reports prepared by, on behalf of, or for the use of an 
agency responsible for the regulation or supervision of financial 
institutions (5 U.S.C. Sec.  552(b)(8)).
    Abstract: Federal Reserve Banks collect these data annually to 
provide information that is essential for their administration of the 
Federal Reserve's Payments System Risk (PSR) policy. The reporting 
panel includes all financially healthy depository institutions with 
access to the discount window. The Report of Net Debit Cap comprises 
three resolutions, which are filed by a depository institution's board 
of directors depending on its needs. The first resolution is used to 
establish a de minimis net debit cap and the second

[[Page 11118]]

resolution is used to establish a self-assessed net debit cap. The 
third resolution is used to establish simultaneously a self-assessed 
net debit cap and maximum daylight overdraft capacity. Copies of the 
model resolutions are located in Appendix B, of the PSR policy, that 
can be found at https://www.federalreserve.gov/paymentsystems/psr/
relpol.htm.
    Current actions: On December 21, 2007, the Federal Reserve 
published a notice in the Federal Register (72 FR 72725) requesting 
public comment for sixty days on the extension, with revision, of the 
FR 2226. The comment period expired on February 19, 2008. The Federal 
Reserve did not receive any comment letters.

    Board of Governors of the Federal Reserve System, February 26, 
2008.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E8-3910 Filed 2-28-08; 8:45 am]
BILLING CODE 6210-01-S