Proposed Agency Information Collection Activities; Comment Request, 31327-31329 [2017-14140]
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Federal Register / Vol. 82, No. 128 / Thursday, July 6, 2017 / Notices
institutions.2 Since this total debt held
by banks is close to the value of these
real estate loans from Call Report data,
we have confidence that we can meld
the data sets for estimation purposes.
We therefore assume that 32.4% of the
value of flood insurance policies will be
held by U.S. commercial banks: $401
billion.
In the absence of any data on the
number of real estate loans with flood
insurance at any bank, we resort to
apportion 32.4% of the number of flood
insurance policies (1,614,801) to
commercial banks, and 27.9% of those
to FDIC-regulated institutions (451,177).
Because the value of property varies
greatly between different geographical
regions and different banks, it is
doubtful that this estimation of the
number of policies is accurate.
However, there exists no other
reasonable method for deriving the
number of policies at each bank given
available data.
Next, we apportioned the 451,177
flood insurance policies to each FDICregulated institution according to its
share of real estate loans to total real
estate loans. The resulting
apportionment results in an average of
121 policies per bank, and a median of
30 policies per bank. Because the
average is skewed by the large number
of policies at large banks, we believe the
median is a better measure for
calculating burden hours.
Our subject-matter experts (SMEs) for
this rule believe that the total burden to
the public for complying with this rule
is 1.0 hours per policy. We find four
PRA related tasks in this rule: (1)
Disclosure to Borrowers, (2) Disclosure
to Servicers, (3) Reporting to FEMA of
Changes in Coverage, and (4)
Recordkeeping for tasks 1–3 above. We
assume that Recordkeeping will
comprise 1⁄2 hour, and the remaining 1⁄2
is split between the other tasks. We
assume that 90% of policies will
involve a new origination, and 10% of
policies will involve a change in status.
With 3,718 respondents holding a
median of 30 policies and 1 hour of
burden per policy, we calculate a total
burden of 111,540 hours. This burden is
apportioned to each task as shown in
Table 1 above.
General Description of Collection:
Each supervised lending institution is
currently required to provide a notice of
special flood hazards to each borrower
with a loan secured by a building or
mobile home located or to be located in
an area identified by the Director of the
2 https://www.federalreserve.gov/econresdata/
releases/mortoutstand/mortoutstand20170331.htm
(accessed June 15, 2017).
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Federal Emergency Management Agency
as being subject to special flood hazards.
The Riegle Community Development
Act requires that each institution also
provide a copy of the notice to the
servicer of the loan (if different from the
originating lender).
Request for Comment
Comments are invited on: (a) Whether
the collections of information are
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the information collections,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collections of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
Dated at Washington, DC, this 30th day of
June, 2017.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2017–14151 Filed 7–5–17; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL ELECTION COMMISSION
Sunshine Act Meeting
Federal Election Commission.
& TIME: Tuesday, July 11, 2017 at
10:00 a.m. and its Continuation at the
Conclusion of the open meeting on July
13, 2017.
PLACE: 999 E Street NW., Washington,
DC.
STATUS: This meeting will be closed to
the public.
ITEMS TO BE DISCUSSED: Compliance
matters pursuant to 52 U.S.C. 30109.
Information the premature disclosure
of which would be likely to have a
considerable adverse effect on the
implementation of a proposed
Commission action.
Matters concerning participation in
civil actions or proceedings or
arbitration.
*
*
*
*
*
PERSON TO CONTACT FOR INFORMATION:
Judith Ingram, Press Officer, Telephone:
(202) 694–1220.
AGENCY:
DATE
Laura E. Sinram,
Acting Deputy Secretary of the Commission.
[FR Doc. 2017–14285 Filed 7–3–17; 4:15 pm]
BILLING CODE 6715–01–P
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31327
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, without revision, the
Government Securities Dealers Reports
(FR 2004; OMB No. 7100–0003) and a
proposal to extend for three years, with
revision, the voluntary Weekly Report of
Selected Assets and Liabilities of
Domestically Chartered Commercial
Banks and U.S. Branches and Agencies
of Foreign Banks (FR 2644; OMB No.
7100–0075).
On June 15, 1984, the Office of
Management and Budget (OMB)
delegated to the Board authority under
the Paperwork Reduction Act (PRA) to
approve of and assign OMB control
numbers to collection of information
requests and requirements conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
DATES: Comments must be submitted on
or before September 5, 2017.
ADDRESSES: You may submit comments,
identified by FR 2004 or FR 2644, by
any of the following methods:
• Agency Web site: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: regs.comments@
federalreserve.gov. Include OMB
number in the subject line of the
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW., Washington,
DC 20551.
All public comments are available from
the Board’s Web site at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
SUMMARY:
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Federal Register / Vol. 82, No. 128 / Thursday, July 6, 2017 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
contact information. Public comments
may also be viewed electronically or in
paper form in Room 3515, 1801 K Street
(between 18th and 19th Streets NW.),
Washington, DC 20006 between 9:00
a.m. and 5:00 p.m. on weekdays.
Additionally, commenters may send a
copy of their comments to the 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 or by fax to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT: A
copy of the PRA OMB submission,
including the proposed reporting form
and instructions, supporting statement,
and other documentation will be placed
into OMB’s public docket files, once
approved. These documents will also be
made available on the Federal Reserve
Board’s public Web site at: https://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears below.
Federal Reserve Board Clearance
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.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information
Collection Proposals
The Board invites public comment on
the following information collections,
which are being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Federal Reserve’s
functions; including whether the
information has practical utility;
b. The accuracy of the Federal
Reserve’s estimate of the burden of the
proposed information collection,
including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
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At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Federal Reserve
should modify the proposed revisions
prior to giving final approval.
Proposal To Approve Under OMB
Delegated Authority the Extension for
Three Years, Without Revision, of the
Following Report
Report title: The Government
Securities Dealers Reports: Weekly
Report of Dealer Positions (FR 2004A),
Weekly Report of Cumulative Dealer
Transactions (FR 2004B), Weekly Report
of Dealer Financing and Fails (FR
2004C), Weekly Report of Specific
Issues (FR 2004SI), Daily Report of
Specific Issues (FR 2004SD),
Supplement to the Daily Report of
Specific Issues (FR 2004SD ad hoc),
Daily Report of Dealer Activity in
Treasury Financing (FR 2004WI),
Settlement Cycle Report of Dealer Fails
and Transaction Volumes: Class A (FR
2004FA), Settlement Cycle Report of
Dealer Fails and Transaction Volumes:
Class B (FR 2004FB), Settlement Cycle
Report of Dealer Fails and Transaction
Volumes: Class C (FR 2004FC), and
Settlement Cycle Report of Dealer Fails
and Transaction Volumes (FR 2004FM).
Agency form number: FR 2004.
OMB control number: 7100–0003.
Frequency: Weekly, daily, monthly.
Respondents: Dealers in the U.S.
government securities market.
Estimated number of respondents: 23.
Estimated average hours per response:
FR 2004A, 3.0 hours; FR 2004B, 3.7
hours; FR 2004C, 3.1 hours; FR 2004SI,
2.2 hours; FR 2004SD, 2.2 hours; FR
2004SD ad hoc, 2.0 hours; FR 2004WI,
1.0 hour; FR 2004FA, 1.0 hour; FR
2004FB, 1.0 hour; FR 2004FC, 1.0 hour;
FR 2004FM, 1.5 hours.
Estimated annual burden hours: FR
2004A, 3,588 hours; FR 2004B, 4,425
hours; FR 2004C, 3,708 hours; FR
2004SI, 2,631 hours; FR 2004SD, 1,265
hours; FR 2004SD ad hoc, 1,196 hours;
FR 2004WI, 3,680 hours; FR 2004FA,
276 hours; FR 2004FB, 276 hours; FR
2004FC, 276 hours; FR 2004FM, 414
hours.
General Description of Report: The
Federal Reserve Bank of New York, on
behalf of the Federal Reserve System,
collects data from primary dealers in the
U.S. government securities market.
Filing of these data is required to obtain
the benefit of primary dealer status. The
Federal Reserve uses these data to (1)
monitor the condition of the U.S.
government securities market in its
Treasury market surveillance and
analysis of the market and to (2) assist
and support the U.S. Department of the
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Treasury in its role as fiscal agent for
Treasury financing operations. In
addition, these data are helpful in the
analysis of broad financial conditions
and a range of financial stability issues.
Legal authorization and
confidentiality: This information
collection is authorized by sections 2A,
12A(c), 14, and 15 of the Federal
Reserve Act (12 U.S.C. 225a, 263c, 353–
359, and 391) and is required to obtain
or retain the benefit of dealer status.
Individual respondent data are regarded
as confidential under the Freedom of
Information Act (5 U.S.C. 552(b)(4) and
(b)(8)).
Proposal To Approve Under OMB
Delegated Authority the Extension for
Three Years, With Revision, of the
Following Report
Report title: Weekly Report of
Selected Assets and Liabilities of
Domestically Chartered Commercial
Banks and U.S. Branches and Agencies
of Foreign Banks.
Agency form number: FR 2644.
OMB control number: 7100–0075.
Effective Date: January 3, 2018.
Frequency: Weekly.
Respondents: Domestically chartered
commercial banks and U.S. branches
and agencies of foreign banks.
Estimated number of respondents:
875.
Estimated average hours per response:
2.35 hours.
Estimated annual burden hours:
106,925 hours.
General Description of Report: The FR
2644 is a balance sheet report that is
collected as of each Wednesday from an
authorized stratified sample of 875
domestically chartered commercial
banks and U.S. branches and agencies of
foreign banks. The FR 2644 is the only
source of high-frequency data used in
the analysis of current banking
developments. The FR 2644 collects
sample data that are used to estimate
universe levels using data from the
quarterly commercial bank Consolidated
Reports of Condition and Income (FFIEC
031, FFIEC 041, and FFIEC 051; OMB
No. 7100–0036) and the Report of Assets
and Liabilities of U.S. Branches and
Agencies of Foreign Banks (FFIEC 002;
OMB No. 7100–0032) (Call Reports).
Data from the FR 2644, together with
data from other sources, are used to
construct weekly estimates of bank
credit, balance sheet data for the U.S.
banking industry, sources and uses of
banks’ funds, and to analyze current
banking and monetary developments.
The Board publishes the data in
aggregate form in the weekly H.8
statistical release, Assets and Liabilities
of Commercial Banks in the United
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Federal Register / Vol. 82, No. 128 / Thursday, July 6, 2017 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
States, which is followed closely by
other government agencies, the banking
industry, the financial press, and other
users. The H.8 release provides a
balance sheet for the banking industry
as a whole and data disaggregated by its
large domestic, small domestic, and
foreign-related bank components.
Proposed revisions: The Board
proposes several revisions to simplify
and reduce the overall reporting burden
associated with the FR 2644 report. The
proposed FR 2644 reporting form would
consist of 29 balance-sheet items and 2
memoranda items, an overall reduction
of six data items.
Combine Asset Items 3.a and 3.b Into
One Data Item, and Liability Items 9.a
and 9.b Into One Data Item
The Board proposes to combine (1)
Federal funds sold and securities
purchased under agreements to resell
with commercial banks in the U.S.
(including U.S. branches and agencies
of foreign banks) (item 3.a) and (2)
Federal funds sold and securities
purchased under agreements to resell
with others (including nonbank brokers
and dealers in securities and FHLB)
(item 3.b) into one new item: Federal
funds sold and securities purchased
under agreements to resell (item 3) and
to combine (1) Borrowings (including
federal funds purchased and securities
sold under agreements to repurchase
and other borrowed money) from
commercial banks in the U.S. (including
U.S. branches and agencies of foreign
banks) (item 9.a) and (2) Borrowings
(including federal funds purchased and
securities sold under agreements to
repurchase and other borrowed money)
from others (including FRB and FHLB)
(item 9.b) into one new item:
Borrowings (including federal funds
purchased and securities sold under
agreements to repurchase and other
borrowed money) (item 9).
Counterparty-level detail on federal
funds sold and securities purchased
under agreements to resell (federal
funds) has been collected from large
banks since mid-1969 and from small
banks since July 2009. Similar
information for borrowings has been
reported by both large and small banks
since October 1996. In the H.8 release,
federal funds sold to commercial banks
have been included in interbank loans
and federal funds sold to others have
been included in non-core loans as part
of other loans and leases.
These asset/liability breakdowns have
provided useful information on
counterparties, especially during the
financial crisis. However, this
information may now be obtained from
the Report of Selected Money Market
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Rates (FR 2420; OMB No. 7100–0357),
which collects transaction-level data,
including counterparty information, for
both federal funds purchased and other
borrowings. Therefore, the Board
recommends dropping the counterparty
detail from the FR 2644 report.
Replace Item 8 With New Item 8.b
The Board proposes to replace Total
deposits (item 8) with All other deposits
(item 8.b). This new item will consist of
all deposits other than time deposits of
$100,000 or more. The Board assesses
that reporting accuracy will be higher if
banks report the two pieces of total
deposits separately, rather than
reporting total deposits and time
deposits of $100,000 or more, a subset
of the former. The Board believes that
this small change will reduce the
incidence of misreporting, leading to
fewer edit failures and less need for
explanatory contact with respondents.
Proposed Elimination of Data Items
The Board proposes to stop separately
collecting two data items related to
banks’ derivative and other trading
activities: (1) Trading assets, other than
securities and loans included above
(item 5) and (2) Trading liabilities (item
10). Data item 5 would be included in
All other assets (item 6.b), while data
item 10 would be rolled into All other
liabilities (including subordinated notes
and debentures) (item 11.b). Successive
data items would be renumbered as
appropriate.
During the 2015 renewal of the FR
2644, derivatives with positive and
negative fair values, items 5.a and 10.a,
the major components of trading assets
and trading liabilities respectively, were
dropped from the reporting form.
Weekly changes in the total items could
reasonably be attributed to movements
in derivatives, since they accounted for
the preponderance of the trading items.
However, in the intervening period, the
Board has assessed that the benefits of
collecting the two trading assets and
liabilities items separately, in terms of
analytical usefulness, do not exceed the
costs of collection.
The Board also proposes to stop
collecting two memoranda items: (1)
Loans to small businesses amount
currently outstanding of ‘‘Loans secured
by nonfarm nonresidential properties’’
with original amounts of $1,000,000 or
less (included in item 4.a.(5) above)
(item M.2 a) and (2) Loans to small
businesses amount currently
outstanding of ‘‘Commercial and
industrial loans to U.S. addressees’’
with original amounts of $1,000,000 or
less (included in item 4.c above) (item
M.2. b).
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31329
These memoranda items were added
to the FR 2644 reporting form as of
January 7, 2015, due to increasing
interest in the health of small business
lending and the lack of other timely
sources of information. The
recommendation to discontinue the
collection of these data items is based
on three factors:
(1) The new FFIEC 051 Call Report for
eligible small banks with assets less
than $1 billion will require only
semiannual reporting (June and
December) for the related Call Report
data items. This new Call Report was
implemented as of March 31, 2017.
Semiannual, rather than quarterly,
reporting by three-fourths of the
domestic banks in the universe would
severely limit the Board’s ability to
estimate universe data from the weekly
sample FR 2644 data and to sufficiently
benchmark those estimates, leading to
deterioration in the universe estimates.
(2) During the development of the
FFIEC 051, both in-person conversations
with bankers and their comments in
response to the associated Federal
Register notices identified these items
as among the most burdensome for
banks to provide, in some cases
requiring manual intervention to do so.
(3) Many of the panel respondents,
including most of the largest banks,
repeat their latest quarterly Call Report
figures for these data items. This
practice does not provide the Board
with the more up-to-date information
that it had been seeking.
Legal authorization and
confidentiality: The FR 2644 is
authorized by section 2A and 11(a)(2) of
the Federal Reserve Act (12 U.S.C.
225(a) and 248(a)(2)) and by section
7(c)(2) of the International Banking Act
(12 U.S.C. 3105(c)(2)) and is voluntary.
Individual respondent data are regarded
as confidential under the Freedom of
Information Act (5 U.S.C. 552(b)(4)).
Board of Governors of the Federal Reserve
System, June 29, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017–14140 Filed 7–5–17; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR part
225), and all other applicable statutes
and regulations to become a bank
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]]>Agencies
[Federal Register Volume 82, Number 128 (Thursday, July 6, 2017)]
[Notices]
[Pages 31327-31329]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-14140]
=======================================================================
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Government Securities Dealers Reports (FR 2004; OMB No.
7100-0003) and a proposal to extend for three years, with revision, the
voluntary Weekly Report of Selected Assets and Liabilities of
Domestically Chartered Commercial Banks and U.S. Branches and Agencies
of Foreign Banks (FR 2644; OMB No. 7100-0075).
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board authority under the Paperwork Reduction Act
(PRA) to approve of and assign OMB control numbers to collection of
information requests and requirements conducted or sponsored by the
Board. In exercising this delegated authority, the Board is directed to
take every reasonable step to solicit comment. In determining whether
to approve a collection of information, the Board will consider all
comments received from the public and other agencies.
DATES: Comments must be submitted on or before September 5, 2017.
ADDRESSES: You may submit comments, identified by FR 2004 or FR 2644,
by any of the following methods:
Agency Web site: https://www.federalreserve.gov. Follow the
instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Email: regs.comments@federalreserve.gov. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW.,
Washington, DC 20551.
All public comments are available from the Board's Web site at https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless
modified for technical reasons. Accordingly, your comments will not be
edited to remove any identifying or
[[Page 31328]]
contact information. Public comments may also be viewed electronically
or in paper form in Room 3515, 1801 K Street (between 18th and 19th
Streets NW.), Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on
weekdays.
Additionally, commenters may send a copy of their comments to the
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 or by
fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site at: https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance 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.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information Collection Proposals
The Board invites public comment on the following information
collections, which are being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve's estimate of the burden of
the proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Federal
Reserve should modify the proposed revisions prior to giving final
approval.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Report
Report title: The Government Securities Dealers Reports: Weekly
Report of Dealer Positions (FR 2004A), Weekly Report of Cumulative
Dealer Transactions (FR 2004B), Weekly Report of Dealer Financing and
Fails (FR 2004C), Weekly Report of Specific Issues (FR 2004SI), Daily
Report of Specific Issues (FR 2004SD), Supplement to the Daily Report
of Specific Issues (FR 2004SD ad hoc), Daily Report of Dealer Activity
in Treasury Financing (FR 2004WI), Settlement Cycle Report of Dealer
Fails and Transaction Volumes: Class A (FR 2004FA), Settlement Cycle
Report of Dealer Fails and Transaction Volumes: Class B (FR 2004FB),
Settlement Cycle Report of Dealer Fails and Transaction Volumes: Class
C (FR 2004FC), and Settlement Cycle Report of Dealer Fails and
Transaction Volumes (FR 2004FM).
Agency form number: FR 2004.
OMB control number: 7100-0003.
Frequency: Weekly, daily, monthly.
Respondents: Dealers in the U.S. government securities market.
Estimated number of respondents: 23.
Estimated average hours per response: FR 2004A, 3.0 hours; FR
2004B, 3.7 hours; FR 2004C, 3.1 hours; FR 2004SI, 2.2 hours; FR 2004SD,
2.2 hours; FR 2004SD ad hoc, 2.0 hours; FR 2004WI, 1.0 hour; FR 2004FA,
1.0 hour; FR 2004FB, 1.0 hour; FR 2004FC, 1.0 hour; FR 2004FM, 1.5
hours.
Estimated annual burden hours: FR 2004A, 3,588 hours; FR 2004B,
4,425 hours; FR 2004C, 3,708 hours; FR 2004SI, 2,631 hours; FR 2004SD,
1,265 hours; FR 2004SD ad hoc, 1,196 hours; FR 2004WI, 3,680 hours; FR
2004FA, 276 hours; FR 2004FB, 276 hours; FR 2004FC, 276 hours; FR
2004FM, 414 hours.
General Description of Report: The Federal Reserve Bank of New
York, on behalf of the Federal Reserve System, collects data from
primary dealers in the U.S. government securities market. Filing of
these data is required to obtain the benefit of primary dealer status.
The Federal Reserve uses these data to (1) monitor the condition of the
U.S. government securities market in its Treasury market surveillance
and analysis of the market and to (2) assist and support the U.S.
Department of the Treasury in its role as fiscal agent for Treasury
financing operations. In addition, these data are helpful in the
analysis of broad financial conditions and a range of financial
stability issues.
Legal authorization and confidentiality: This information
collection is authorized by sections 2A, 12A(c), 14, and 15 of the
Federal Reserve Act (12 U.S.C. 225a, 263c, 353-359, and 391) and is
required to obtain or retain the benefit of dealer status. Individual
respondent data are regarded as confidential under the Freedom of
Information Act (5 U.S.C. 552(b)(4) and (b)(8)).
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Report
Report title: Weekly Report of Selected Assets and Liabilities of
Domestically Chartered Commercial Banks and U.S. Branches and Agencies
of Foreign Banks.
Agency form number: FR 2644.
OMB control number: 7100-0075.
Effective Date: January 3, 2018.
Frequency: Weekly.
Respondents: Domestically chartered commercial banks and U.S.
branches and agencies of foreign banks.
Estimated number of respondents: 875.
Estimated average hours per response: 2.35 hours.
Estimated annual burden hours: 106,925 hours.
General Description of Report: The FR 2644 is a balance sheet
report that is collected as of each Wednesday from an authorized
stratified sample of 875 domestically chartered commercial banks and
U.S. branches and agencies of foreign banks. The FR 2644 is the only
source of high-frequency data used in the analysis of current banking
developments. The FR 2644 collects sample data that are used to
estimate universe levels using data from the quarterly commercial bank
Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and
FFIEC 051; OMB No. 7100-0036) and the Report of Assets and Liabilities
of U.S. Branches and Agencies of Foreign Banks (FFIEC 002; OMB No.
7100-0032) (Call Reports). Data from the FR 2644, together with data
from other sources, are used to construct weekly estimates of bank
credit, balance sheet data for the U.S. banking industry, sources and
uses of banks' funds, and to analyze current banking and monetary
developments. The Board publishes the data in aggregate form in the
weekly H.8 statistical release, Assets and Liabilities of Commercial
Banks in the United
[[Page 31329]]
States, which is followed closely by other government agencies, the
banking industry, the financial press, and other users. The H.8 release
provides a balance sheet for the banking industry as a whole and data
disaggregated by its large domestic, small domestic, and foreign-
related bank components.
Proposed revisions: The Board proposes several revisions to
simplify and reduce the overall reporting burden associated with the FR
2644 report. The proposed FR 2644 reporting form would consist of 29
balance-sheet items and 2 memoranda items, an overall reduction of six
data items.
Combine Asset Items 3.a and 3.b Into One Data Item, and Liability Items
9.a and 9.b Into One Data Item
The Board proposes to combine (1) Federal funds sold and securities
purchased under agreements to resell with commercial banks in the U.S.
(including U.S. branches and agencies of foreign banks) (item 3.a) and
(2) Federal funds sold and securities purchased under agreements to
resell with others (including nonbank brokers and dealers in securities
and FHLB) (item 3.b) into one new item: Federal funds sold and
securities purchased under agreements to resell (item 3) and to combine
(1) Borrowings (including federal funds purchased and securities sold
under agreements to repurchase and other borrowed money) from
commercial banks in the U.S. (including U.S. branches and agencies of
foreign banks) (item 9.a) and (2) Borrowings (including federal funds
purchased and securities sold under agreements to repurchase and other
borrowed money) from others (including FRB and FHLB) (item 9.b) into
one new item: Borrowings (including federal funds purchased and
securities sold under agreements to repurchase and other borrowed
money) (item 9).
Counterparty-level detail on federal funds sold and securities
purchased under agreements to resell (federal funds) has been collected
from large banks since mid-1969 and from small banks since July 2009.
Similar information for borrowings has been reported by both large and
small banks since October 1996. In the H.8 release, federal funds sold
to commercial banks have been included in interbank loans and federal
funds sold to others have been included in non-core loans as part of
other loans and leases.
These asset/liability breakdowns have provided useful information
on counterparties, especially during the financial crisis. However,
this information may now be obtained from the Report of Selected Money
Market Rates (FR 2420; OMB No. 7100-0357), which collects transaction-
level data, including counterparty information, for both federal funds
purchased and other borrowings. Therefore, the Board recommends
dropping the counterparty detail from the FR 2644 report.
Replace Item 8 With New Item 8.b
The Board proposes to replace Total deposits (item 8) with All
other deposits (item 8.b). This new item will consist of all deposits
other than time deposits of $100,000 or more. The Board assesses that
reporting accuracy will be higher if banks report the two pieces of
total deposits separately, rather than reporting total deposits and
time deposits of $100,000 or more, a subset of the former. The Board
believes that this small change will reduce the incidence of
misreporting, leading to fewer edit failures and less need for
explanatory contact with respondents.
Proposed Elimination of Data Items
The Board proposes to stop separately collecting two data items
related to banks' derivative and other trading activities: (1) Trading
assets, other than securities and loans included above (item 5) and (2)
Trading liabilities (item 10). Data item 5 would be included in All
other assets (item 6.b), while data item 10 would be rolled into All
other liabilities (including subordinated notes and debentures) (item
11.b). Successive data items would be renumbered as appropriate.
During the 2015 renewal of the FR 2644, derivatives with positive
and negative fair values, items 5.a and 10.a, the major components of
trading assets and trading liabilities respectively, were dropped from
the reporting form. Weekly changes in the total items could reasonably
be attributed to movements in derivatives, since they accounted for the
preponderance of the trading items. However, in the intervening period,
the Board has assessed that the benefits of collecting the two trading
assets and liabilities items separately, in terms of analytical
usefulness, do not exceed the costs of collection.
The Board also proposes to stop collecting two memoranda items: (1)
Loans to small businesses amount currently outstanding of ``Loans
secured by nonfarm nonresidential properties'' with original amounts of
$1,000,000 or less (included in item 4.a.(5) above) (item M.2 a) and
(2) Loans to small businesses amount currently outstanding of
``Commercial and industrial loans to U.S. addressees'' with original
amounts of $1,000,000 or less (included in item 4.c above) (item M.2.
b).
These memoranda items were added to the FR 2644 reporting form as
of January 7, 2015, due to increasing interest in the health of small
business lending and the lack of other timely sources of information.
The recommendation to discontinue the collection of these data items is
based on three factors:
(1) The new FFIEC 051 Call Report for eligible small banks with
assets less than $1 billion will require only semiannual reporting
(June and December) for the related Call Report data items. This new
Call Report was implemented as of March 31, 2017. Semiannual, rather
than quarterly, reporting by three-fourths of the domestic banks in the
universe would severely limit the Board's ability to estimate universe
data from the weekly sample FR 2644 data and to sufficiently benchmark
those estimates, leading to deterioration in the universe estimates.
(2) During the development of the FFIEC 051, both in-person
conversations with bankers and their comments in response to the
associated Federal Register notices identified these items as among the
most burdensome for banks to provide, in some cases requiring manual
intervention to do so.
(3) Many of the panel respondents, including most of the largest
banks, repeat their latest quarterly Call Report figures for these data
items. This practice does not provide the Board with the more up-to-
date information that it had been seeking.
Legal authorization and confidentiality: The FR 2644 is authorized
by section 2A and 11(a)(2) of the Federal Reserve Act (12 U.S.C. 225(a)
and 248(a)(2)) and by section 7(c)(2) of the International Banking Act
(12 U.S.C. 3105(c)(2)) and is voluntary. Individual respondent data are
regarded as confidential under the Freedom of Information Act (5 U.S.C.
552(b)(4)).
Board of Governors of the Federal Reserve System, June 29, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-14140 Filed 7-5-17; 8:45 am]
BILLING CODE 6210-01-P
