Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 42803-42806 [2015-17713]
Download as PDF
<![CDATA[
Federal Register / Vol. 80, No. 138 / Monday, July 20, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
information in a disk or CD–ROM that
you mail to EPA, mark the outside of the
disk or CD–ROM as CBI and then
identify electronically within the disk or
CD–ROM the specific information that
is claimed as CBI. In addition to one
complete version of the comment that
includes information claimed as CBI, a
copy of the comment that does not
contain the information claimed as CBI
must be submitted for inclusion in the
public docket. Information so marked
will not be disclosed except in
accordance with procedures set forth in
40 CFR part 2.
2. Tips for preparing your comments.
When preparing and submitting your
comments, see the commenting tips at
https://www.epa.gov/dockets/
comments.html.
II. Registration Applications
EPA has received applications to
register pesticide products containing
active ingredients not included in any
currently registered pesticide products.
Pursuant to the provisions of FIFRA
section 3(c)(4) (7 U.S.C. 136a(c)(4)), EPA
is hereby providing notice of receipt and
opportunity to comment on these
applications. Notice of receipt of these
applications does not imply a decision
by the Agency on these applications.
File Symbol: 70644–L. Docket ID
number: EPA–HQ–OPP–2015–0417.
Applicant: LidoChem, Inc., 20 Village
Ct., Hazlet, NJ 07730. Product name:
Varnimo® ST. Active ingredient:
Nematocide and Plant Growth
Regulator; Bacillus amyloliquefaciens
strain PTA–4838 at 73.4%. Proposed
classification/Use: None. Contact:
BPPD.
File Symbol: 70644–A. Docket ID
number: EPA–HQ–OPP–2015–0417.
Applicant: LidoChem, Inc., 20 Village
Ct., Hazlet, NJ 07730. Product name:
Varnimo® WSP. Active ingredient:
Fungicide, Plant Growth Regulator, and
Nematocide; Bacillus amyloliquefaciens
strain PTA–4838 at 0.29%. Proposed
classification/Use: None. Contact:
BPPD.
File Symbol: 70644–T. Docket ID
number: EPA–HQ–OPP–2015–0417.
Applicant: LidoChem, Inc., 20 Village
Ct., Hazlet, NJ 07730. Product name:
Varnimo® Technical. Active ingredient:
Manufacturing Use; Bacillus
amyloliquefaciens strain PTA–4838 at
73.4%. Proposed classification/Use:
None. Contact: BPPD.
File Symbol: 84427–R. Docket ID
number: EPA–HQ–OPP–2015–0418.
Applicant: University of Florida,
Institute of Food and Agricultural
Sciences, 700 Experiment Station Rd.,
Lake Alfred, FL 33850. Product name:
X17–2 Papaya. Active ingredient: Plant-
VerDate Sep<11>2014
16:30 Jul 17, 2015
Jkt 235001
Incorporated Protectant; Papaya
Ringspot Virus Resistance Gene (Papaya
Ringspot Virus Coat Protein Gene) in
X17–2 Papaya at 0.00000005%.
Proposed classification/Use: None.
Contact: BPPD.
File Symbol: 89046–G. Docket ID
number: EPA–HQ–OPP–2015–0419.
Applicant: AEF Global, Inc. c/o SciReg,
Inc., 12733 Director’s Loop,
Woodbridge, VA 22192. Product name:
Bioprotec Technical. Active ingredient:
Manufacturing Use; Bacillus
thuringiensis subspecies kurstaki strain
EVB–113–19 at 99.2%. Proposed
classification/Use: None. Contact:
BPPD.
File Symbol: 71512–EI and 71512–EO.
Docket ID number: EPA–HQ–OPP–
2015–0383. Applicant: ISK Biosciences
Corporation, 7470 Auburn Road, Suite
A, Concord, Ohio 44077. Product
names: Technical Tolpyralate Herbicide
and Tolpyralate 400SC Herbicide.
Active ingredient: Herbicide and
Tolpyralate at 97% (Technical
Herbicide) and 37% (400SC Herbicide).
Proposed classification/Use: Corn (field
corn, sweet corn, and popcorn). Contact:
RD.
File Symbol: 10163–GGG. Docket ID
number: EPA–HQ–OPP–2015–0226.
Applicant: Gowan Company, P.O. Box
5569, Yuma, AZ 85366. Product name:
Benzobicyclon Technical. Active
ingredient: Herbicide, benzobicyclon at
98%. Proposed classification/Use:
Formulating into end-use products for
use on rice (grain, straw). Contact: RD.
File Symbol: 10163–GGU. Docket ID
number: EPA–HQ–OPP–2015–0226.
Applicant: Gowan Company, P.O. Box
5569, Yuma, AZ 85366. Product name:
Butte Herbicide. Active ingredients:
Herbicide, benzobicyclon at 3% and
halosulfuron at .64%. Proposed
classification/Use: Rice (grain, straw).
Contact: RD.
File Symbols: 59639–ENR, 59639–
ENN, 59639–ROO, and 59639–ROI:
Docket ID number: EPA–HQ–OPP–
2014–0285. Applicant: Valent USA
Corporation, 1600 Riviera Ave., Suite
200, Walnut Creek, CA 94596. Product
names: S 2200 Fungicide Technical, S
2200 3.2 FS Fungicide, S 2200 4SC VPP
Fungicide, and S 2200 4SC Ag
Fungicide. Active ingredient: Fungicide,
S 2200 (Mandestrobin) at 88.8%, 35.1%,
43.4% and 43.4%, respectively.
Proposed classification/Use: Small fruit
vine climbing, except fuzzy kiwifruit
crop subgroup 13–F, Low growing berry
subgroup 13–07G, Rapeseed Crop
Subgroup 20A, Turf, and Seed
Treatment. Contact: RD.
File Symbol: 91581–R. Docket ID
number: EPA–HQ–OPP–2015–0367.
Applicant: I-Tech AB, Pepparedsleden
PO 00000
Frm 00017
Fmt 4703
Sfmt 4703
42803
1, Gothenburg, SE43183, Sweden.
Product name: Selektope. Active
ingredient: Antimicrobial and
Medetomidine at 99.8%. Proposed
classification/Use: Antifoulant Paint
Contact: AD.
File Symbol: 91581–E. Docket ID
number: 2015–0367. Applicant: I-Tech
AB, Pepparedsleden 1, Gothenburg,
SE43183, Sweden. Product name: CMP–
2 RED. Active ingredient: Antimicrobial
and Medetomidine at 4.41%. Proposed
classification/Use: Antifoulant Paint
Contact: AD.
File Symbol: 56228–AN. Docket ID
number: EPA–HQ–OPP–2015–0319.
Applicant: U.S. Department of
Agriculture, Animal and Plant Health
Inspection Service, Policy and Program
Development, Environmental and Risk
Analysis Services, Unit 149, 4700 River
Road, Riverdale, MD 20737. Product
name: Sodium Nitrite Technical. Active
ingredient: Rodenticide, Sodium Nitrite
at 99%. Proposed classification/Use:
Manufacturing use. Contact: RD.
Authority: 7 U.S.C. 136 et seq.
Dated: July 8, 2015.
Jennifer Mclain,
Acting Director, Antimicrobials Division,
Office of Pesticide Programs.
[FR Doc. 2015–17738 Filed 7–17–15; 8:45 am]
BILLING CODE 6560–50–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
SUMMARY: Notice is hereby given of the
final approval of a proposed information
collection by the Board of Governors of
the Federal Reserve System (Board)
under the Office of Management and
Budget (OMB) delegated authority.
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 statement 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
AGENCY:
E:\FR\FM\20JYN1.SGM
20JYN1
mstockstill on DSK4VPTVN1PROD with NOTICES
42804
Federal Register / Vol. 80, No. 138 / Monday, July 20, 2015 / Notices
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829. Telecommunications Device
for the Deaf (TDD) users may contact
(202) 263–4869, Board of Governors of
the Federal Reserve System,
Washington, DC 20551.
OMB Desk Officer—Shagufta
Ahmed—Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 10235,
725 17th Street NW., Washington, DC
20503.
Final approval under OMB delegated
authority of the extension for three
years, with revision, of the following
information collection:
Report title: Report of Selected Money
Market Rates.
Agency form number: FR 2420.
OMB Control number: 7100–0357.
Effective Date: October 20, 2015, for
Part A-Federal Funds, Part AA-Selected
Borrowings from Non-Exempt Entities,
and Part B-Eurodollars. January 15,
2016, for Part C-Time Deposits and
Certificates of Deposit.
Frequency: Daily.
Reporters: Domestically chartered
commercial banks and thrifts that have
$18 billion or more in total assets, or $5
billion or more in assets and meet
certain unsecured borrowing activity
thresholds; U.S. branches and agencies
of foreign banks with total third-party
assets of $2.5 billion or more.
Estimated annual reporting hours:
Commercial banks and thrifts—34,200
hours; U.S. branches and agencies of
foreign banks—35,100 hours;
International Banking Facilities—19,750
hours; Significant banking
organizations—900 hours.
Estimated average hours per response:
Commercial banks and thrifts—1.8
hours; U.S. branches and agencies of
foreign banks—1.8 hours; International
Banking Facilities—1.0 hour; Significant
banking organizations—1.8 hours.
Number of respondents: Commercial
banks and thrifts—76; U.S. branches
and agencies of foreign banks—78;
International Banking Facilities—79;
Significant banking organizations—2.
General description of report: The FR
2420 is a mandatory report that is
authorized by sections 9 and 11 of the
Federal Reserve Act (12 U.S.C. 324 and
248(a)(2)), sections 7(c)(2) and 8(a) of
the International Banking Act (12 U.S.C.
3105(c)(2) and 3106(a)), and section 5(c)
of the Bank Holding Company Act (12
U.S.C. 1844(c)(1)(A)). Individual
respondent data are regarded as
confidential under the Freedom of
VerDate Sep<11>2014
16:30 Jul 17, 2015
Jkt 235001
Information Act (FOIA) (5 U.S.C.
552(b)(4)).
Abstract: The FR 2420 is a
transaction-based report that currently
collects daily liability data on federal
funds transactions, Eurodollar
transactions, and certificates of deposit
(CD) issuance from (1) domestically
chartered commercial banks and thrifts
that have $26 billion or more in total
assets and (2) U.S. branches and
agencies of foreign banks with total
third-party assets of $900 million or
more. FR 2420 data are used in the
analysis of current money market
conditions and will allow the Federal
Reserve Bank of New York (FRBNY) to
calculate and publish interest rate
statistics for selected money market
instruments.
Current Actions: On April 7, 2015, the
Federal Reserve published a notice in
the Federal Register (80 FR 18620)
requesting public comment for 60 days
on the extension, with revision, of the
FR 2420. The comment period for this
notice expired on June 8, 2015. The
Federal Reserve received four comment
letters on the proposed revisions of the
FR 2420; three from trade organizations
and one from a U.S. branch of a foreign
bank. Substantive comments on the data
collection are discussed in detail below.
In addition, several technical comments
were received and the Federal Reserve
will update the final reporting forms
and instructions for these comments, as
appropriate.
Summary of Public Comments
Report Cost-Benefit
A trade organization asked if the
marginal increase in information from
adding new U.S. bank reporters
outweighs the increase in costs and
burden on these additional institutions
affected by the proposal. While the
Federal Reserve is sensitive to the
reporting burden of the affected
depository institutions, revisions to the
data are being made to fulfill highpriority policy objectives. First, the
expanded and enhanced data collection
is expected to improve unsecured
money market monitoring and augment
the ability of the Federal Reserve Bank
of New York, on behalf of the Federal
Reserve, to analyze these markets and
implement monetary policy.
Second, the data set is expected to
provide robust transaction data for
calculating the effective federal funds
rate (EFFR), an improvement over the
current rate constructed from brokered
data. The collection also is expected to
allow for the calculation of a new
overnight bank funding rate (OBFR) that
uses both federal funds and Eurodollar
PO 00000
Frm 00018
Fmt 4703
Sfmt 4703
data. Third, data collected under the FR
2420 report also represent an important
source of information on individual
depository institutions’ borrowing rates,
which is expected to allow for more
effective monitoring of firm-specific
liquidity risks for purposes of
supervisory surveillance.
Given these critical uses for the data,
the Federal Reserve is seeking to ensure
that the reporting panel captures entities
that are meaningfully involved in
unsecured money markets and that it
remains robust to changes in borrower
composition in these markets.
Additional U.S. bank reporters are
necessary to provide insight into a
distinct and important segment of the
federal funds market. The federal funds
borrowing in this segment can represent
a significant proportion of overall
activity in certain market environments,
and can occur at rates that are distinct
from funding activity conducted by
other institutions. However, the Federal
Reserve understands the need to strike
a balance between reporting burden and
the collection of information required to
fulfill its policy objectives. As such,
adjustments are being made to the assetsize thresholds to reduce reporting
burden, as discussed below. In addition,
exceptions may be made for those
institutions that meet the asset-size
threshold but can demonstrate that they
have an ongoing business model that
results in a negligible amount of activity
in these markets. The ‘‘Reporting
Exception’’ section below provides more
information on how an exception may
be obtained.
Asset Size and Activity Thresholds
A trade organization wrote that the
asset-size threshold imposes costs on
institutions that may not have
substantial activity and noted that,
according to Call Report data,
institutions with between $15 billion
and $26 billion in assets hold only
about five percent of total federal funds
purchased. This trade organization
noted that the activity threshold
approach is more targeted and should be
used for any institution to which the
Federal Reserve intends to extend
reporting requirements.
Asset-size thresholds create a stable
panel of reporters, by ensuring that
banks of meaningful size will be
consistently required to report activity
in a timely manner. This stable panel of
banks is necessary to effectively analyze
trends in unsecured funding markets
and publish the EFFR and OBFR. The
Federal Reserve proposed a lower assetsize threshold in order to create a more
comprehensive dataset that captures an
important segment of the federal funds
E:\FR\FM\20JYN1.SGM
20JYN1
Federal Register / Vol. 80, No. 138 / Monday, July 20, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
market that is not currently covered in
the existing criteria. Collectively, the
federal funds activity of domestic
depository institutions with assets
between $15 billion and $26 billion can
be notable. Call Report data suggest that
the aggregate amount of federal funds
activity of banks in this asset size varies
and has, at times, represented more than
10 percent of federal funds activity. In
addition, in the current market
environment, borrowing by these
institutions often occurs at different
rates than seen in the current sample
and represents an important segment of
the market that the current FR 2420
report does not capture.
Activity thresholds, on the other
hand, are beneficial for providing
insight into activity that is outside the
scope of the regular panel of reporters,
and represents an important supplement
to the asset-size thresholds. However,
activity thresholds used alone can create
gaps in reporting and a more
inconsistent panel of banks. These
thresholds necessarily require a lookback period to measure activity and
some forward period to prepare for
reporting; thus, there is a significant lag
between the threshold for activity being
met and the commencement of
reporting. The Federal Reserve
considered relying more heavily on an
activity threshold and found that the
panel of banks was more inconsistent
and the data capture was less complete.
Nonetheless, the Federal Reserve
understands the need to find a balance
between the burden being placed on
reporting institutions and the
achievement of reporting objectives. In
light of the burden on smaller
institutions of FR 2420 reporting, the
Federal Reserve will retain the asset-size
thresholds, but raise the minimum
reporting threshold for domestically
chartered commercial banks and thrifts
from $15 billion to $18 billion. With
this revised criteria, U.S. institutions
with between $15 billion and $18
billion in assets will now only report if
they meet the activity threshold. This
change in threshold will result in a
reduction in the number of additional,
smaller institutions being required to
report under the asset-size threshold.
Reporting Exception
A trade organization asked for
clarification on how and with what
frequency institutions with ongoing
business models that result in negligible
activity can apply for exceptions to
filing the FR 2420 report. Institutions
can request a review of their reporting
requirement at any point that they
believe the reporting is an unreasonable
burden. Requests should be made in
VerDate Sep<11>2014
16:30 Jul 17, 2015
Jkt 235001
writing and provide a look back of the
data for at least two quarters and
provide justification on why continuing
to provide these data causes an undue
burden.
Implementation Date
Two trade organizations requested
additional time to implement the
revisions. One organization noted that
the proposed timeline would be difficult
to implement, as the recommended
revisions add and redefine several
elements of the FR 2420 report. This
organization stated that the current
panel of banks would need two quarters
after final requirements and newly
covered institutions would need one
year. A second organization stated that
although the proposal was welldeveloped and vetted, it would be
difficult to commit systems and
personnel until the final Federal
Register notice. This organization asked
the Federal Reserve to re-assess the
proposed date, with not less than 6
months from the final requirements for
implementation.
The revisions to the FR 2420 data are
being implemented to meet high priority
policy objectives. Most of the reporters
under the new criteria are active
reporters under the existing criteria.
However, in order to provide the lead
time for new reporters to prepare for
reporting and still fulfill these
objectives, the initially proposed
reporting date of September 9, 2015 will
be extended to October 20, 2015 for Part
A–Federal Funds, Part AA–Selected
Borrowings from Non-Exempt Entities,
and Part B–Eurodollars. The reporting
date for Part C–Time Deposits and
Certificates of Deposit will be extended
until January 15, 2016. This delay will
allow reporters to focus on the changes
applicable to the most time-sensitive
parts of the report.
Submission Deadline
A trade organization noted the 7 a.m.
deadline imposes administrative costs
for covered institutions and these costs
are magnified, on a relative basis, for
smaller institutions, which have fewer
resources. A second organization stated
that banks continue to experience
challenges in meeting the 7 a.m.
deadline for federal funds reporting as
it conflicts with normal batch
processing. This organization noted the
time will also be a challenge for the
expanded Eurodollar reporting
requirements.
After considering these comments, the
Federal Reserve determined that federal
funds and Eurodollar data are needed by
7 a.m. each business day for the
preceding day’s reportable transactions
PO 00000
Frm 00019
Fmt 4703
Sfmt 4703
42805
to support the implementation of
monetary policy and daily market
monitoring. Therefore, the Federal
Reserve is retaining the 7 a.m. deadline
in the final report. The FR 2420 data
provide a key insight on the previous
day’s unsecured market activity in the
morning when the Federal Reserve is
monitoring markets for the purposes of
implementing monetary policy. In
addition, in 2016, the data will be used
as the source for daily calculation of the
EFFR and OBFR. The EFFR is published
in the morning in order to provide the
market with a timely view on the
previous day’s activity.
Supervisory Purpose
A trade organization objected to the
broadening of the purpose of the
reporting form to include a supervisory
component. According to this
organization, the timing and frequency
of FR 2420 reporting makes it difficult
for covered institutions to subject data
to proper regulatory reporting controls.
The trade organization would prefer the
Federal Reserve to use the supervisory
and reporting framework already in
place to monitor individual firm
liquidity conditions. The organization
requested clarification on the
interaction of the FR 2420 with the FR
2052b, which eliminated the
requirement for daily reporting from
institutions with between $15 to $26
billion in total assets after
acknowledging through the FR 2052b
implementation process that daily
reporting is burdensome and
unnecessary for these institutions. The
organization also wrote that given
significant changes being implemented
to the FR 2052a, banks do not have
enough information to comment on
whether the FR 2420 report is
duplicative or complementary. The
organization noted that not all
institutions that would be required to
file the FR 2420 are required to file the
FR 2052b. Furthermore, according to
this organization, the FR 2420 collection
encompasses institutions for whom the
Federal Reserve is not the primary
regulator, and it is unclear by which
process the Federal Reserve will
coordinate with the other banking
agencies.
FR 2420 data are used by the Federal
Reserve to carry out both monetary
policy and supervisory functions.
Although daily reporting for smaller
institutions may not be required for
supervisory surveillance on the FR
2052b, reporting at a daily frequency is
required on the FR 2420 for analysis of
current money market conditions and
publication of the EFFR and OBFR.
Institutions with asset sizes under the
E:\FR\FM\20JYN1.SGM
20JYN1
mstockstill on DSK4VPTVN1PROD with NOTICES
42806
Federal Register / Vol. 80, No. 138 / Monday, July 20, 2015 / Notices
$26 billion represent an important
segment of the federal funds market that
is not currently captured by the FR 2420
report, and collecting their borrowing
transactions is necessary for
understanding unsecured money
markets. As noted above, the minimum
asset-size threshold for reporting by U.S.
institutions on the FR 2420 is being
raised to $18 billion in order to balance
the need to capture this information
with the reporting burden on smaller
institutions. This higher minimum
threshold will eliminate the need for
daily reporting for many smaller
institutions. Furthermore, including a
supervisory component to the FR 2420
report is not expected to increase, in
itself, the burden on institutions
required to file an FR 2420 since all
report submissions are subject to
control, audit, and governance
protocols.
Utilization of the FR 2420 report for
supervisory purposes will complement
existing liquidity monitoring reports
and allow the Federal Reserve to reduce
reporting requirements in those reports.
Specifically, with regard to the
interaction between the FR 2420 and FR
2052, the Federal Reserve has reviewed
the current and proposed reports and
confirms there is no duplicated
information or material overlaps
between these reports. A subset of the
FR 2420 pricing data was already being
collected on the FR 2052a as part of
supervisory liquidity monitoring. Going
forward, information contained on the
FR 2420 will replace certain information
currently gathered on the FR 2052a, as
these data elements will be dropped
from the FR 2052a collection. Pricing
information on the FR 2052b will not
change, as that data is not similar to FR
2420 data. However, the amended FR
2420 will offer greater insight on the
borrowing costs for these firms’
liabilities. Pricing information, when
used in tandem with liquidity data, is
an area that supervisors review when
gauging a firm’s overall liquidity profile.
Rapid changes in pricing can indicate a
firm is entering a period of constrained
market access and subsequent liquidity
stress.
For institutions whose primary
regulator is not the Federal Reserve and
who do not file FR 2052 reports, the FR
2420 data is intended primarily for
monetary policy purposes. The Federal
Reserve does not plan to share these
data with other agencies.
Clarifications and Other Issues
One trade organization asked for
clarification on several definitions,
including counterparty types, embedded
options on CDS, borrowings from GSEs
VerDate Sep<11>2014
16:30 Jul 17, 2015
Jkt 235001
and FHLBs, deposits from non-financial
corporations, and the office identifier on
Part B. Each of these definitions will be
updated with further clarification in the
reporting instructions. The organization
also asked for a formal process for
Frequently Asked Questions. The
Federal Reserve will have a process to
document reporting questions and
communicate these to reporters. Lastly,
the organization asked for the Reporting
Central application to be open for
testing as soon as possible. The
application will be available for testing
at least one month before the
implementation dates.
One commenter provided additional
comments outside the scope of the data
collection proposal that focused on the
calculation of the published rates.
Board of Governors of the Federal Reserve
System, July 15, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015–17713 Filed 7–17–15; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RETIREMENT THRIFT
INVESTMENT BOARD
Sunshine Act; Notice of Meeting
9:00 a.m. (Eastern Time)
July 27, 2015.
PLACE: 10th Floor Board Meeting Room,
77 K Street NE., Washington, DC 20002.
STATUS: Parts will be open to the public
and parts closed to the public.
MATTERS TO BE CONSIDERED:
TIME AND DATE:
Open to the Public
1. Approval of the Minutes of the June
25, 2015 Board Member Meeting
2. Monthly Reports
(a) Monthly Participant Activity
Report
(b) Legislative Report
3. Quarterly Reports
(a) Investment Policy Report
(b) Vendor Financials
(c) Audit Status
(d) Budget Review
(e) Project Activity Report
4. Withdrawal Options
5. Mutual Fund Window Project and
Policy
6. Investment Consultant Memo
7. Impact of Proposed Changes to G
Fund
8. Investment Advice Discussion
Closed to the Public
9. Litigation
10. Security
11. Personnel
Kimberly Weaver, Director, Office of
External Affairs, (202) 942–1640.
Frm 00020
Fmt 4703
[FR Doc. 2015–17870 Filed 7–16–15; 4:15 pm]
BILLING CODE 6760–01–P
FEDERAL TRADE COMMISSION
Agency Information Collection
Activities; Proposed Collection;
Comment Request
Federal Trade Commission
(‘‘FTC’’ or ‘‘Commission’’).
ACTION: Notice.
AGENCY:
The FTC intends to ask the
Office of Management and Budget
(‘‘OMB’’) to extend through November
30, 2018, the current Paperwork
Reduction Act (‘‘PRA’’) clearance for the
information collection requirements in
the FTC Red Flags, Card Issuers, and
Address Discrepancies Rules 1
(‘‘Rules’’). That clearance expires on
November 30, 2015.
DATES: Comments must be submitted by
September 18, 2015.
ADDRESSES: Interested parties may file a
comment online or on paper by
following the instructions in the
Request for Comment part of the
SUPPLEMENTARY INFORMATION section
below. Write ‘‘Red Flags Rule, PRA
Comment, Project No. P095406’’ on your
comment, and file your comment online
at https://ftcpublic.commentworks.com/
ftc/RedFlagsPRA by following the
instructions on the web-based form. If
you prefer to file your comment on
paper, mail or deliver your comment to
the following address: Federal Trade
Commission, Office of the Secretary,
600 Pennsylvania Avenue NW., Suite
CC–5610 (Annex J), Washington, DC
20580, or deliver your comment to the
following address: Federal Trade
Commission, Office of the Secretary,
Constitution Center, 400 7th Street SW.,
5th Floor, Suite 5610 (Annex J),
Washington, DC 20024.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information
should be addressed to Steven Toporoff,
Attorney, Bureau of Consumer
Protection, (202) 326–2252, Federal
Trade Commission, 600 Pennsylvania
Avenue, Washington, DC 20580.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Overview of the Rules
CONTACT PERSON FOR MORE INFORMATION:
PO 00000
Dated: July 16, 2015.
James Petrick,
General Counsel, Federal Retirement Thrift
Investment Board.
Sfmt 4703
The Red Flags Rule requires financial
institutions and certain creditors to
develop and implement written Identity
1 16
E:\FR\FM\20JYN1.SGM
CFR 681.1; 16 CFR 681.2; 16 CFR part 641.
20JYN1
]]>Agencies
[Federal Register Volume 80, Number 138 (Monday, July 20, 2015)]
[Notices]
[Pages 42803-42806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-17713]
=======================================================================
-----------------------------------------------------------------------
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: Notice is hereby given of the final approval of a proposed
information collection by the Board of Governors of the Federal Reserve
System (Board) under the Office of Management and Budget (OMB)
delegated authority. 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 statement 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
[[Page 42804]]
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829. Telecommunications Device for the Deaf (TDD) users may
contact (202) 263-4869, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
OMB Desk Officer--Shagufta Ahmed--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following information collection:
Report title: Report of Selected Money Market Rates.
Agency form number: FR 2420.
OMB Control number: 7100-0357.
Effective Date: October 20, 2015, for Part A-Federal Funds, Part
AA-Selected Borrowings from Non-Exempt Entities, and Part B-
Eurodollars. January 15, 2016, for Part C-Time Deposits and
Certificates of Deposit.
Frequency: Daily.
Reporters: Domestically chartered commercial banks and thrifts that
have $18 billion or more in total assets, or $5 billion or more in
assets and meet certain unsecured borrowing activity thresholds; U.S.
branches and agencies of foreign banks with total third-party assets of
$2.5 billion or more.
Estimated annual reporting hours: Commercial banks and thrifts--
34,200 hours; U.S. branches and agencies of foreign banks--35,100
hours; International Banking Facilities--19,750 hours; Significant
banking organizations--900 hours.
Estimated average hours per response: Commercial banks and
thrifts--1.8 hours; U.S. branches and agencies of foreign banks--1.8
hours; International Banking Facilities--1.0 hour; Significant banking
organizations--1.8 hours.
Number of respondents: Commercial banks and thrifts--76; U.S.
branches and agencies of foreign banks--78; International Banking
Facilities--79; Significant banking organizations--2.
General description of report: The FR 2420 is a mandatory report
that is authorized by sections 9 and 11 of the Federal Reserve Act (12
U.S.C. 324 and 248(a)(2)), sections 7(c)(2) and 8(a) of the
International Banking Act (12 U.S.C. 3105(c)(2) and 3106(a)), and
section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)(1)(A)).
Individual respondent data are regarded as confidential under the
Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(4)).
Abstract: The FR 2420 is a transaction-based report that currently
collects daily liability data on federal funds transactions, Eurodollar
transactions, and certificates of deposit (CD) issuance from (1)
domestically chartered commercial banks and thrifts that have $26
billion or more in total assets and (2) U.S. branches and agencies of
foreign banks with total third-party assets of $900 million or more. FR
2420 data are used in the analysis of current money market conditions
and will allow the Federal Reserve Bank of New York (FRBNY) to
calculate and publish interest rate statistics for selected money
market instruments.
Current Actions: On April 7, 2015, the Federal Reserve published a
notice in the Federal Register (80 FR 18620) requesting public comment
for 60 days on the extension, with revision, of the FR 2420. The
comment period for this notice expired on June 8, 2015. The Federal
Reserve received four comment letters on the proposed revisions of the
FR 2420; three from trade organizations and one from a U.S. branch of a
foreign bank. Substantive comments on the data collection are discussed
in detail below. In addition, several technical comments were received
and the Federal Reserve will update the final reporting forms and
instructions for these comments, as appropriate.
Summary of Public Comments
Report Cost-Benefit
A trade organization asked if the marginal increase in information
from adding new U.S. bank reporters outweighs the increase in costs and
burden on these additional institutions affected by the proposal. While
the Federal Reserve is sensitive to the reporting burden of the
affected depository institutions, revisions to the data are being made
to fulfill high-priority policy objectives. First, the expanded and
enhanced data collection is expected to improve unsecured money market
monitoring and augment the ability of the Federal Reserve Bank of New
York, on behalf of the Federal Reserve, to analyze these markets and
implement monetary policy.
Second, the data set is expected to provide robust transaction data
for calculating the effective federal funds rate (EFFR), an improvement
over the current rate constructed from brokered data. The collection
also is expected to allow for the calculation of a new overnight bank
funding rate (OBFR) that uses both federal funds and Eurodollar data.
Third, data collected under the FR 2420 report also represent an
important source of information on individual depository institutions'
borrowing rates, which is expected to allow for more effective
monitoring of firm-specific liquidity risks for purposes of supervisory
surveillance.
Given these critical uses for the data, the Federal Reserve is
seeking to ensure that the reporting panel captures entities that are
meaningfully involved in unsecured money markets and that it remains
robust to changes in borrower composition in these markets. Additional
U.S. bank reporters are necessary to provide insight into a distinct
and important segment of the federal funds market. The federal funds
borrowing in this segment can represent a significant proportion of
overall activity in certain market environments, and can occur at rates
that are distinct from funding activity conducted by other
institutions. However, the Federal Reserve understands the need to
strike a balance between reporting burden and the collection of
information required to fulfill its policy objectives. As such,
adjustments are being made to the asset-size thresholds to reduce
reporting burden, as discussed below. In addition, exceptions may be
made for those institutions that meet the asset-size threshold but can
demonstrate that they have an ongoing business model that results in a
negligible amount of activity in these markets. The ``Reporting
Exception'' section below provides more information on how an exception
may be obtained.
Asset Size and Activity Thresholds
A trade organization wrote that the asset-size threshold imposes
costs on institutions that may not have substantial activity and noted
that, according to Call Report data, institutions with between $15
billion and $26 billion in assets hold only about five percent of total
federal funds purchased. This trade organization noted that the
activity threshold approach is more targeted and should be used for any
institution to which the Federal Reserve intends to extend reporting
requirements.
Asset-size thresholds create a stable panel of reporters, by
ensuring that banks of meaningful size will be consistently required to
report activity in a timely manner. This stable panel of banks is
necessary to effectively analyze trends in unsecured funding markets
and publish the EFFR and OBFR. The Federal Reserve proposed a lower
asset-size threshold in order to create a more comprehensive dataset
that captures an important segment of the federal funds
[[Page 42805]]
market that is not currently covered in the existing criteria.
Collectively, the federal funds activity of domestic depository
institutions with assets between $15 billion and $26 billion can be
notable. Call Report data suggest that the aggregate amount of federal
funds activity of banks in this asset size varies and has, at times,
represented more than 10 percent of federal funds activity. In
addition, in the current market environment, borrowing by these
institutions often occurs at different rates than seen in the current
sample and represents an important segment of the market that the
current FR 2420 report does not capture.
Activity thresholds, on the other hand, are beneficial for
providing insight into activity that is outside the scope of the
regular panel of reporters, and represents an important supplement to
the asset-size thresholds. However, activity thresholds used alone can
create gaps in reporting and a more inconsistent panel of banks. These
thresholds necessarily require a look-back period to measure activity
and some forward period to prepare for reporting; thus, there is a
significant lag between the threshold for activity being met and the
commencement of reporting. The Federal Reserve considered relying more
heavily on an activity threshold and found that the panel of banks was
more inconsistent and the data capture was less complete.
Nonetheless, the Federal Reserve understands the need to find a
balance between the burden being placed on reporting institutions and
the achievement of reporting objectives. In light of the burden on
smaller institutions of FR 2420 reporting, the Federal Reserve will
retain the asset-size thresholds, but raise the minimum reporting
threshold for domestically chartered commercial banks and thrifts from
$15 billion to $18 billion. With this revised criteria, U.S.
institutions with between $15 billion and $18 billion in assets will
now only report if they meet the activity threshold. This change in
threshold will result in a reduction in the number of additional,
smaller institutions being required to report under the asset-size
threshold.
Reporting Exception
A trade organization asked for clarification on how and with what
frequency institutions with ongoing business models that result in
negligible activity can apply for exceptions to filing the FR 2420
report. Institutions can request a review of their reporting
requirement at any point that they believe the reporting is an
unreasonable burden. Requests should be made in writing and provide a
look back of the data for at least two quarters and provide
justification on why continuing to provide these data causes an undue
burden.
Implementation Date
Two trade organizations requested additional time to implement the
revisions. One organization noted that the proposed timeline would be
difficult to implement, as the recommended revisions add and redefine
several elements of the FR 2420 report. This organization stated that
the current panel of banks would need two quarters after final
requirements and newly covered institutions would need one year. A
second organization stated that although the proposal was well-
developed and vetted, it would be difficult to commit systems and
personnel until the final Federal Register notice. This organization
asked the Federal Reserve to re-assess the proposed date, with not less
than 6 months from the final requirements for implementation.
The revisions to the FR 2420 data are being implemented to meet
high priority policy objectives. Most of the reporters under the new
criteria are active reporters under the existing criteria. However, in
order to provide the lead time for new reporters to prepare for
reporting and still fulfill these objectives, the initially proposed
reporting date of September 9, 2015 will be extended to October 20,
2015 for Part A-Federal Funds, Part AA-Selected Borrowings from Non-
Exempt Entities, and Part B-Eurodollars. The reporting date for Part C-
Time Deposits and Certificates of Deposit will be extended until
January 15, 2016. This delay will allow reporters to focus on the
changes applicable to the most time-sensitive parts of the report.
Submission Deadline
A trade organization noted the 7 a.m. deadline imposes
administrative costs for covered institutions and these costs are
magnified, on a relative basis, for smaller institutions, which have
fewer resources. A second organization stated that banks continue to
experience challenges in meeting the 7 a.m. deadline for federal funds
reporting as it conflicts with normal batch processing. This
organization noted the time will also be a challenge for the expanded
Eurodollar reporting requirements.
After considering these comments, the Federal Reserve determined
that federal funds and Eurodollar data are needed by 7 a.m. each
business day for the preceding day's reportable transactions to support
the implementation of monetary policy and daily market monitoring.
Therefore, the Federal Reserve is retaining the 7 a.m. deadline in the
final report. The FR 2420 data provide a key insight on the previous
day's unsecured market activity in the morning when the Federal Reserve
is monitoring markets for the purposes of implementing monetary policy.
In addition, in 2016, the data will be used as the source for daily
calculation of the EFFR and OBFR. The EFFR is published in the morning
in order to provide the market with a timely view on the previous day's
activity.
Supervisory Purpose
A trade organization objected to the broadening of the purpose of
the reporting form to include a supervisory component. According to
this organization, the timing and frequency of FR 2420 reporting makes
it difficult for covered institutions to subject data to proper
regulatory reporting controls. The trade organization would prefer the
Federal Reserve to use the supervisory and reporting framework already
in place to monitor individual firm liquidity conditions. The
organization requested clarification on the interaction of the FR 2420
with the FR 2052b, which eliminated the requirement for daily reporting
from institutions with between $15 to $26 billion in total assets after
acknowledging through the FR 2052b implementation process that daily
reporting is burdensome and unnecessary for these institutions. The
organization also wrote that given significant changes being
implemented to the FR 2052a, banks do not have enough information to
comment on whether the FR 2420 report is duplicative or complementary.
The organization noted that not all institutions that would be required
to file the FR 2420 are required to file the FR 2052b. Furthermore,
according to this organization, the FR 2420 collection encompasses
institutions for whom the Federal Reserve is not the primary regulator,
and it is unclear by which process the Federal Reserve will coordinate
with the other banking agencies.
FR 2420 data are used by the Federal Reserve to carry out both
monetary policy and supervisory functions. Although daily reporting for
smaller institutions may not be required for supervisory surveillance
on the FR 2052b, reporting at a daily frequency is required on the FR
2420 for analysis of current money market conditions and publication of
the EFFR and OBFR. Institutions with asset sizes under the
[[Page 42806]]
$26 billion represent an important segment of the federal funds market
that is not currently captured by the FR 2420 report, and collecting
their borrowing transactions is necessary for understanding unsecured
money markets. As noted above, the minimum asset-size threshold for
reporting by U.S. institutions on the FR 2420 is being raised to $18
billion in order to balance the need to capture this information with
the reporting burden on smaller institutions. This higher minimum
threshold will eliminate the need for daily reporting for many smaller
institutions. Furthermore, including a supervisory component to the FR
2420 report is not expected to increase, in itself, the burden on
institutions required to file an FR 2420 since all report submissions
are subject to control, audit, and governance protocols.
Utilization of the FR 2420 report for supervisory purposes will
complement existing liquidity monitoring reports and allow the Federal
Reserve to reduce reporting requirements in those reports.
Specifically, with regard to the interaction between the FR 2420 and FR
2052, the Federal Reserve has reviewed the current and proposed reports
and confirms there is no duplicated information or material overlaps
between these reports. A subset of the FR 2420 pricing data was already
being collected on the FR 2052a as part of supervisory liquidity
monitoring. Going forward, information contained on the FR 2420 will
replace certain information currently gathered on the FR 2052a, as
these data elements will be dropped from the FR 2052a collection.
Pricing information on the FR 2052b will not change, as that data is
not similar to FR 2420 data. However, the amended FR 2420 will offer
greater insight on the borrowing costs for these firms' liabilities.
Pricing information, when used in tandem with liquidity data, is an
area that supervisors review when gauging a firm's overall liquidity
profile. Rapid changes in pricing can indicate a firm is entering a
period of constrained market access and subsequent liquidity stress.
For institutions whose primary regulator is not the Federal Reserve
and who do not file FR 2052 reports, the FR 2420 data is intended
primarily for monetary policy purposes. The Federal Reserve does not
plan to share these data with other agencies.
Clarifications and Other Issues
One trade organization asked for clarification on several
definitions, including counterparty types, embedded options on CDS,
borrowings from GSEs and FHLBs, deposits from non-financial
corporations, and the office identifier on Part B. Each of these
definitions will be updated with further clarification in the reporting
instructions. The organization also asked for a formal process for
Frequently Asked Questions. The Federal Reserve will have a process to
document reporting questions and communicate these to reporters.
Lastly, the organization asked for the Reporting Central application to
be open for testing as soon as possible. The application will be
available for testing at least one month before the implementation
dates.
One commenter provided additional comments outside the scope of the
data collection proposal that focused on the calculation of the
published rates.
Board of Governors of the Federal Reserve System, July 15, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-17713 Filed 7-17-15; 8:45 am]
BILLING CODE 6210-01-P
