Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 23966-23968 [2021-09459]
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23966
Federal Register / Vol. 86, No. 85 / Wednesday, May 5, 2021 / Notices
the construction permit and applicable
engineering standards. FCC staff use the
data to assure compliance with the
terms of the construction permit and
applicable engineering standards.
Board of Governors of the Federal Reserve
System, April 30, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
Federal Communications Commission.
Marlene Dortch,
Secretary, Office of the Secretary.
BILLING CODE 6210–01–P
[FR Doc. 2021–09487 Filed 5–4–21; 8:45 am]
FEDERAL RESERVE SYSTEM
[FR Doc. 2021–09509 Filed 5–4–21; 8:45 am]
BILLING CODE 6712–01–P
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
FEDERAL RESERVE SYSTEM
The notificants listed below have
applied under the Change in Bank
Control Act (Act) (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
applications are set forth in paragraph 7
of the Act (12 U.S.C. 1817(j)(7)).
The public portions of the
applications listed below, as well as
other related filings required by the
Board, if any, are available for
immediate inspection at the Federal
Reserve Bank(s) indicated below and at
the offices of the Board of Governors.
This information may also be obtained
on an expedited basis, upon request, by
contacting the appropriate Federal
Reserve Bank and from the Board’s
Freedom of Information Office at
https://www.federalreserve.gov/foia/
request.htm. Interested persons may
express their views in writing on the
standards enumerated in paragraph 7 of
the Act.
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
Street and Constitution Avenue NW,
Washington, DC 20551–0001, not later
than May 20, 2021.
A. Federal Reserve Bank of Atlanta
(Kathryn Haney, Assistant Vice
President) 1000 Peachtree Street NE,
Atlanta, Georgia 30309. Comments can
also be sent electronically to
Applications.Comments@atl.frb.org:
1. Eureka Homestead Employee Stock
Ownership Plan, Metairie, Louisiana; to
acquire additional voting shares of
Eureka Homestead Bancorp, Inc., and
thereby indirectly acquire voting shares
of Eureka Homestead, both of Metairie,
Louisiana.
B. Federal Reserve Bank of Dallas
(Karen Smith, Director, Applications)
2200 North Pearl Street, Dallas, Texas
75201–2272:
1. Gus K. Eifler, Houston, Texas; to
acquire voting shares of Central
Bancshares, Inc., by becoming a trustee
of both the Carolyn J. Young 2012 Trust
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
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The public portions of the
applications listed below, as well as
other related filings required by the
Board, if any, are available for
immediate inspection at the Federal
Reserve Bank(s) indicated below and at
the offices of the Board of Governors.
This information may also be obtained
on an expedited basis, upon request, by
contacting the appropriate Federal
Reserve Bank and from the Board’s
Freedom of Information Office at
https://www.federalreserve.gov/foia/
request.htm. Interested persons may
express their views in writing on the
standards enumerated in the BHC Act
(12 U.S.C. 1842(c)).
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
Street and Constitution Avenue NW,
Washington, DC 20551–0001, not later
than June 4, 2021.
A. Federal Reserve Bank of Dallas
(Karen Smith, Director, Applications)
2200 North Pearl Street, Dallas, Texas
75201–2272:
1. A.N.B. Holding Company, Ltd.,
Terrell, Texas; to acquire additional
voting shares up to 38.5 percent of The
ANB Corporation, and thereby
indirectly acquire voting shares of The
American National Bank of Texas, both
of Terrell, Texas.
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and John H. Young 2020 Trust, and
thereby indirectly acquire voting shares
of Central Bank, all of Houston, Texas,
and to become a member of the Young
Family Control Group, a group acting in
concert.
C. Federal Reserve Bank of Richmond
(Adam M. Drimer, Assistant Vice
President) 701 East Byrd Street,
Richmond, Virginia 23219. Comments
can also be sent electronically to
Comments.applications@rich.frb.org:
1. Kenneth R. Lehman, Fort
Lauderdale, Florida; to acquire voting
shares of Affinity Bancshares, Inc., and
thereby indirectly acquire voting shares
of Affinity Bank, both of Covington,
Georgia.
Board of Governors of the Federal Reserve
System, April 29, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–09405 Filed 5–4–21; 8:45 am]
BILLING CODE 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: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, with revision, the Government
Securities Dealers Reports (FR 2004;
OMB No. 7100–0003). The revisions
will be effective with the first applicable
as of date, January 5, 2022.
FOR FURTHER INFORMATION CONTACT:
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.
Office of Management and Budget
(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.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the PRA to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. Boardapproved collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. The OMB
AGENCY:
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Federal Register / Vol. 86, No. 85 / Wednesday, May 5, 2021 / Notices
inventory, as well as copies of the PRA
Submission, supporting statements, and
approved collection of information
instrument(s) are available at https://
www.reginfo.gov/public/do/PRAMain.
These documents are also available on
the Federal Reserve Board’s public
website at https://www.federal
reserve.gov/apps/reportforms/
review.aspx or may be requested from
the agency clearance officer, whose
name appears above.
Final Approval Under OMB Delegated
Authority of the Extension for Three
Years, With Revision, of the Following
Information Collection
Report title: 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.
Effective date: The revisions will be
effective with the first applicable as of
date, January 5, 2022.
Frequency: Weekly, daily, monthly.
Respondents: Dealers in the U.S.
government securities market.
Estimated number of respondents: 24.
Estimated average hours per response:
FR 2004A, 3.0; FR 2004B, 3.7; FR
2004C, 4.1; FR 2004SI, 2.2; FR 2004SD,
2.2; FR 2004SD ad hoc, 2.0; FR 2004WI,
1.0; FR 2004FA, 1.0; FR 2004FB, 1.0; FR
2004FC, 1.0; and FR 2004FM, 1.5.
Estimated annual burden hours: FR
2004A, 3,744; FR 2004B, 4,618; FR
2004C, 5,117; FR 2004SI, 2,746; FR
2004SD, 2,112; FR 2004SD ad hoc,
1,248; FR 2004WI, 3,840; FR 2004FA,
288; FR 2004FB, 288; FR 2004FC, 288;
FR 2004FM, 432.
General description of report: The
Federal Reserve Bank of New York
(FRBNY), 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
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23:06 May 04, 2021
Jkt 253001
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 (2) assist and
support the U.S. Department of the
Treasury (Treasury) in its role as fiscal
agent for Treasury financing operations.
In addition, these data are used in the
analysis of broad financial conditions
and a range of financial stability issues.
Legal authorization and
confidentiality: The information
collected on the FR 2004 series of
reports is generally authorized under
sections 2A, 12A(c), 14, and 15 of the
Federal Reserve Act. Section 2A
requires that the Board and the Federal
Open Market Committee ‘‘maintain long
run growth of the monetary and credit
aggregates commensurate with the
economy’s long run potential to increase
production, so as to promote effectively
the goals of maximum employment,
stable prices, and moderate long-term
interest rates’’ (12 U.S.C. 225a). Section
12A(c) further provides that the time,
character, and volume of open market
operations ‘‘shall be governed with a
view to accommodating commerce and
business and with regard to their
bearing upon the general credit situation
of the country’’ (12 U.S.C. 263(c)).
Additionally, section 14 authorizes the
Federal Reserve Banks to engage in open
market operations (12 U.S.C. 353–359).
Finally, section 15 permits the Federal
Reserve Banks, at the direction of the
Secretary of the Treasury, to act as fiscal
agents of the United States (12 U.S.C.
391). The Board has implicit authority
to collect data to carry out the
requirements of the foregoing statutory
provisions.1 Filing the FR 2004 series is
a condition of obtaining and retaining
primary dealer status. Thus, the
obligation to respond is ‘‘required to
obtain or retain a benefit’’ because being
a primary dealer allows a firm to act as
a trading counterparty of the FRBNY in
the implementation of its monetary
policy.2
While aggregate data from certain of
the forms in the FR 2004 series will be
published, individually identifying
information may be kept confidential
under exemption 4 and, in certain
circumstances, exemption 8 of the
Freedom of Information Act (FOIA) (5
U.S.C. 552(b)(4) and (b)(8)). Individual
1 Additionally, depending upon the survey
respondent, a more precise statute may authorize
the data collection. For example, the Board is
authorized to collect information from bank holding
companies (and their subsidiaries) under section
5(c) of the Bank Holding Company Act of 1956 (12
U.S.C. 1844(c)) and from depository institutions
under section 11(a) of the Federal Reserve Act (12
U.S.C. 248(a)).
2 See 5 CFR 1320.8(b)(3)(iv).
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23967
respondent data collected through the
FR 2004 may be considered confidential
pursuant to FOIA exemption 4 to the
extent these responses contain
nonpublic commercial or financial
information, which is both customarily
and actually treated as private by the
respondent. Moreover, to the extent that
the information is ‘‘contained in or
related to examination, operating, or
condition reports prepared by, on behalf
of, or for the use of [the Board],’’ the
information may be withheld by the
Board under FOIA exemption 8.
Current actions: On December 14,
2020, the Board published a notice in
the Federal Register (85 FR 80786)
requesting public comment for 60 days
on the extension, with revision, of the
FR 2004. The Board proposed to revise
the FR 2004 with four additions and two
modifications by:
(1) Adding a row to the FR 2004A, B,
SI, SD, and WI to account for the new
20 year Treasury bond,
(2) adding a row to the FR 2004A and
two rows to FR 2004B to separately
capture Mortgage-Backed Securities
(MBS) To-Be-Announced (TBA) and
specified pool classifications,
(3) adding 18 columns to the FR
2004C to capture a split by clearing
venue, with maturity tenor applied to
each venue classification,
(4) adding 5 lines to the FR 2004C to
separately capture Federal Agency and
Government-Sponsored Enterprise
(GSE) Residential MBS and Federal
Agency and GSE Commercial MBS, and
to separate Total lines for Repo and
Other Financing Activities,
(5) revising the FR 2004FA, FB, and
FM to capture Federal National
Mortgage Association (FNMA) and
Federal Home Loan Mortgage
Corporation (FHLMC) Uniform MBS
(UMBS) and FNMA non-UMBS eligible
securities settlement fails and
transactions, separate from FHLMC nonUMBS eligible securities settlement fails
and transactions, and
(6) modifying the instructions to
provide additional guidance on report
consolidation rules for primary dealers
when the legal entity serving as a
primary dealer is a branch or agency of
a foreign banking organization (FBO) as
well as some other minor corrections
and edits for improved clarity.
The comment period for this notice
expired on February 12, 2021. The
Board received 2 comment letters from
industry trade associations related to the
changes to the FR 2004 reports. Both
commenters requested that the effective
date of the changes be extended, with
one commenter requesting a phased
approach beginning in the fourth
quarter 2021 and the other commenter
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Federal Register / Vol. 86, No. 85 / Wednesday, May 5, 2021 / Notices
recommending a January 2022 effective
date. The Board agreed and clarified
that the changes will become effective
with the first applicable as of date,
January 5, 2022. One commenter
recommended that the FR 2004 report
instructions and FAQs be updated to
reflect the proposed changes. The
revised report forms, instructions, and
FAQ document will be made available
in final form on the Board’s public
website. Aside from the changes
discussed above, the Board will adopt
the extension, with revision, of the FR
2004 as originally proposed.
Board of Governors of the Federal Reserve
System, April 29, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–09459 Filed 5–4–21; 8:45 am]
BILLING CODE 6210–01–P
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, with revision, the
International Applications and Prior
Notifications under Subparts A and C of
Regulation K (FR K–1; OMB No. 7100–
0107).
DATES: Comments must be submitted on
or before July 6, 2021.
ADDRESSES: You may submit comments,
identified by FR K–1, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov/. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Email: regs.comments@
federalreserve.gov. Include the 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 website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
SUMMARY:
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23:06 May 04, 2021
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Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room 146, 1709 New York
Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on
weekdays. For security reasons, the
Board requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (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:
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.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the PRA to approve and
assign OMB control numbers to
collections of information 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.
A copy of the Paperwork Reduction
Act (PRA) OMB submission, including
the reporting form and instructions,
supporting statement, and other
documentation will be available at
https://www.reginfo.gov/public/do/
PRAMain, if approved. These
documents will also be made available
on the Board’s public website at https://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears above.
Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is 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
PO 00000
Frm 00055
Fmt 4703
Sfmt 4703
performance of the Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’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 Board should
modify the proposal.
Proposal Under OMB Delegated
Authority To Extend for Three Years,
With Revision, the Following
Information Collection
Report title: International
Applications and Prior Notifications
under Subparts A and C of Regulation
K.
Agency form number: FR K–1.
OMB control number: 7100–0107.
Frequency: On occasion.
Respondents: Member banks, Edge
and agreement corporations,1 bank
holding companies (BHCs), and certain
investments by foreign organizations.
Estimated number of respondents:
Reporting: Attachments A and B, 6;
Attachments C through G, 13;
Attachments H and I, 10; Attachment J,
2; Attachment K, 1; Section 211.5(c)(4)
requirements, 1; Section 211.8
requirements, 1; Section 211.10
requirements, 1; Section 211.11
requirements, 1. Disclosure: Attachment
F, 13. Recordkeeping: Section 211.13
requirement, 70.
Estimated average hours per response:
Reporting: Attachments A and B, 11.5;
Attachments C through G, 9;
Attachments H and I, 15.5; Attachment
J, 10; Attachment K, 20; Section
211.5(c)(4) requirements, 1; Section
211.8 requirements, 0.25; Section 211.10
requirements, 8; Section 211.11
requirements, 5. Disclosure: Attachment
F, 1. Recordkeeping: Section 211.13
requirement, 1.
1 References to Edge corporations are inclusive of
agreement corporations. An agreement corporation
is a corporation that has entered into an agreement
with the Board that it will not exercise any power
that is impermissible for an Edge corporation. 12
CFR 211.5(g)(1).
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Agencies
[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Notices]
[Pages 23966-23968]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09459]
-----------------------------------------------------------------------
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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Government Securities Dealers Reports (FR 2004; OMB No. 7100-0003). The
revisions will be effective with the first applicable as of date,
January 5, 2022.
FOR FURTHER INFORMATION CONTACT:
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.
Office of Management and Budget (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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
[[Page 23967]]
inventory, as well as copies of the PRA Submission, supporting
statements, and approved collection of information instrument(s) are
available at https://www.reginfo.gov/public/do/PRAMain. These documents
are also available on the Federal Reserve Board's public website at
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be
requested from the agency clearance officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Report title: 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.
Effective date: The revisions will be effective with the first
applicable as of date, January 5, 2022.
Frequency: Weekly, daily, monthly.
Respondents: Dealers in the U.S. government securities market.
Estimated number of respondents: 24.
Estimated average hours per response: FR 2004A, 3.0; FR 2004B, 3.7;
FR 2004C, 4.1; FR 2004SI, 2.2; FR 2004SD, 2.2; FR 2004SD ad hoc, 2.0;
FR 2004WI, 1.0; FR 2004FA, 1.0; FR 2004FB, 1.0; FR 2004FC, 1.0; and FR
2004FM, 1.5.
Estimated annual burden hours: FR 2004A, 3,744; FR 2004B, 4,618; FR
2004C, 5,117; FR 2004SI, 2,746; FR 2004SD, 2,112; FR 2004SD ad hoc,
1,248; FR 2004WI, 3,840; FR 2004FA, 288; FR 2004FB, 288; FR 2004FC,
288; FR 2004FM, 432.
General description of report: The Federal Reserve Bank of New York
(FRBNY), 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 (2) assist and support the U.S.
Department of the Treasury (Treasury) in its role as fiscal agent for
Treasury financing operations. In addition, these data are used in the
analysis of broad financial conditions and a range of financial
stability issues.
Legal authorization and confidentiality: The information collected
on the FR 2004 series of reports is generally authorized under sections
2A, 12A(c), 14, and 15 of the Federal Reserve Act. Section 2A requires
that the Board and the Federal Open Market Committee ``maintain long
run growth of the monetary and credit aggregates commensurate with the
economy's long run potential to increase production, so as to promote
effectively the goals of maximum employment, stable prices, and
moderate long-term interest rates'' (12 U.S.C. 225a). Section 12A(c)
further provides that the time, character, and volume of open market
operations ``shall be governed with a view to accommodating commerce
and business and with regard to their bearing upon the general credit
situation of the country'' (12 U.S.C. 263(c)). Additionally, section 14
authorizes the Federal Reserve Banks to engage in open market
operations (12 U.S.C. 353-359). Finally, section 15 permits the Federal
Reserve Banks, at the direction of the Secretary of the Treasury, to
act as fiscal agents of the United States (12 U.S.C. 391). The Board
has implicit authority to collect data to carry out the requirements of
the foregoing statutory provisions.\1\ Filing the FR 2004 series is a
condition of obtaining and retaining primary dealer status. Thus, the
obligation to respond is ``required to obtain or retain a benefit''
because being a primary dealer allows a firm to act as a trading
counterparty of the FRBNY in the implementation of its monetary
policy.\2\
---------------------------------------------------------------------------
\1\ Additionally, depending upon the survey respondent, a more
precise statute may authorize the data collection. For example, the
Board is authorized to collect information from bank holding
companies (and their subsidiaries) under section 5(c) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1844(c)) and from depository
institutions under section 11(a) of the Federal Reserve Act (12
U.S.C. 248(a)).
\2\ See 5 CFR 1320.8(b)(3)(iv).
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While aggregate data from certain of the forms in the FR 2004
series will be published, individually identifying information may be
kept confidential under exemption 4 and, in certain circumstances,
exemption 8 of the Freedom of Information Act (FOIA) (5 U.S.C.
552(b)(4) and (b)(8)). Individual respondent data collected through the
FR 2004 may be considered confidential pursuant to FOIA exemption 4 to
the extent these responses contain nonpublic commercial or financial
information, which is both customarily and actually treated as private
by the respondent. Moreover, to the extent that the information is
``contained in or related to examination, operating, or condition
reports prepared by, on behalf of, or for the use of [the Board],'' the
information may be withheld by the Board under FOIA exemption 8.
Current actions: On December 14, 2020, the Board published a notice
in the Federal Register (85 FR 80786) requesting public comment for 60
days on the extension, with revision, of the FR 2004. The Board
proposed to revise the FR 2004 with four additions and two
modifications by:
(1) Adding a row to the FR 2004A, B, SI, SD, and WI to account for
the new 20 year Treasury bond,
(2) adding a row to the FR 2004A and two rows to FR 2004B to
separately capture Mortgage-Backed Securities (MBS) To-Be-Announced
(TBA) and specified pool classifications,
(3) adding 18 columns to the FR 2004C to capture a split by
clearing venue, with maturity tenor applied to each venue
classification,
(4) adding 5 lines to the FR 2004C to separately capture Federal
Agency and Government-Sponsored Enterprise (GSE) Residential MBS and
Federal Agency and GSE Commercial MBS, and to separate Total lines for
Repo and Other Financing Activities,
(5) revising the FR 2004FA, FB, and FM to capture Federal National
Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation
(FHLMC) Uniform MBS (UMBS) and FNMA non-UMBS eligible securities
settlement fails and transactions, separate from FHLMC non-UMBS
eligible securities settlement fails and transactions, and
(6) modifying the instructions to provide additional guidance on
report consolidation rules for primary dealers when the legal entity
serving as a primary dealer is a branch or agency of a foreign banking
organization (FBO) as well as some other minor corrections and edits
for improved clarity.
The comment period for this notice expired on February 12, 2021.
The Board received 2 comment letters from industry trade associations
related to the changes to the FR 2004 reports. Both commenters
requested that the effective date of the changes be extended, with one
commenter requesting a phased approach beginning in the fourth quarter
2021 and the other commenter
[[Page 23968]]
recommending a January 2022 effective date. The Board agreed and
clarified that the changes will become effective with the first
applicable as of date, January 5, 2022. One commenter recommended that
the FR 2004 report instructions and FAQs be updated to reflect the
proposed changes. The revised report forms, instructions, and FAQ
document will be made available in final form on the Board's public
website. Aside from the changes discussed above, the Board will adopt
the extension, with revision, of the FR 2004 as originally proposed.
Board of Governors of the Federal Reserve System, April 29,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-09459 Filed 5-4-21; 8:45 am]
BILLING CODE 6210-01-P