Federal Reserve System April 11, 2018 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Submission for OMB Review; Joint Comment Request
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the OCC, the Board, and the FDIC (the agencies) may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. On November 8, 2017, the agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), requested public comment for 60 days on a proposal to revise the Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices (FFIEC 031), the Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), and the Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only and Total Assets Less than $1 Billion (FFIEC 051) (November 2017 notice), which are currently approved collections of information. The Consolidated Reports of Condition and Income are commonly referred to as Call Reports. The proposed revisions to the FFIEC 031, FFIEC 041, and FFIEC 051 Call Reports would result in an overall reduction in burden. These reporting revisions consist of the deletion or consolidation of a large number of items and the addition of a new or increases in certain existing reporting thresholds. The comment period for the November 2017 notice ended on January 8, 2018. As described in the SUPPLEMENTARY INFORMATION section, after considering the comments received on the proposal, the FFIEC and the agencies will proceed with the proposed reporting revisions to the FFIEC 031, FFIEC 041, and FFIEC 051 as originally proposed. The proposed revisions would take effect as of the June 30, 2018, report date. In addition, the agencies are giving notice that they are sending the collection to OMB for review.
Privacy Act of 1974; System of Records
Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board of Governors of the Federal Reserve System (Board) proposes the establishment of a new system of records, BGFRS- 40, entitled ``FRBBoard Subscription Services.'' The new system of records, BGFRS-40, will maintain subscription-related information regarding individuals who subscribe to Board publications. The main publication that the Board provides is the Federal Reserve Regulatory Service (FRRS), which is a compilation of the statutes administered by the Board along with regulations, interpretations, policy statements, rulings, and opinions issued by the Board and its staff. The FRRS also includes select regulations issued by other agencies that are relevant to the Board's responsibilities. The Board also provides subscriptions to other publications such as general publications, reports to Congress, and economic research and data. To date, the Board has operated the subscription services itself and stored the data by year rather than by name or personal identifier. Going forward, the Board will contract the subscription services for the FRRS to a vendor, who will maintain the files (both electronic and in paper) in a manner that customarily allows the files to be accessed by name or personal identifier, thus necessitating this new system of records. After the transition of the FRRS subscription services to the vendor, the Board will continue to maintain its old historical FRRS subscription materials for the appropriate record retention period. In addition, the Board will continue to operate the subscription services for the other publications (e.g., the general publications). The Board, however, is changing how it maintains its Board-operated subscription services as, going forward, the Board will be using an electronic system that will allow retrieval of the subscription materials by subscriber name or other personal identifier.
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