Federal Register: March 17, 1999 (Volume 64, Number 51)NoticesPage 13204-13205From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr17mr99-64

[Page 13204]

FEDERAL RESERVE SYSTEM

Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System SUMMARY

Background. Notice is hereby given of the final approval of proposed information collections by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). Board-approved collections of information incorporated into the official OMB inventory of currently approved collections of information. Copies of the OMB 83-Is and supporting statements and approved collection of information instruments are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. FOR FURTHER INFORMATION CONTACT: Chief, Financial Reports Section--Mary M. West--Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551. (202-452-3829)Telecommunications Device for the Deaf (TDD) users may contact Diane Jenkins (202-452-3544), Board of Governors of the Federal Reserve System, Washington, DC 20551. OMB Desk Officer--Alexander T. Hunt--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 3208, Washington, DC 20503 (202-395-7860)

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

1. Report title: Report of Net Debit Cap

Agency form number: FR 2226

OMB control number: 7100-0217

Frequency: annual

Reporters: depository institutions, Edge and agreement corporations, U.S. branches and agencies of foreign banks

Annual reporting hours: 2,160

Estimated average hours per response: 1.0

Number of respondents: 2,160 Small businesses are not affected.

General description of report: This information collection is mandatory (12 U.S.C. 248(i), 248-l, and 464) and is given confidential treatment (5 U.S.C. 552 (b)(4)).

Abstract: The Federal Reserve's payment system risk reduction policy relies in part on the efforts of individual institutions to identify, control, and reduce their exposure. Institutions that incur daylight overdrafts in their Federal Reserve accounts and wish to establish a capacity for overdrafts greater than that afforded by an exempt cap, or that use interaffiliate transfer arrangements, submit the FR 2226 resolutions.

Final approval under OMB delegated authority of the extension for three years, with minor revision, of the following reports:

1. Report title: Annual Daylight Overdraft Capital Report for U.S. Branches and Agencies of Foreign Banks

Agency form number: FR 2225

OMB control number: 7100-0216

Frequency: annual

Reporters: foreign banks with U.S. branches or agencies

Annual reporting hours: 50

Estimated average hours per response: 1.0

Number of respondents: 50 Small businesses are not affected.

General description of report: This information collection is voluntary (12 U.S.C. 248(i), 248-l, and 464) and is not given confidential treatment.

Abstract: This report was implemented in March 1986 as part of the procedures used to administer the Federal Reserve's Payments System Risk Policy. Foreign banks with U.S. branches or agencies have the option of filing the FR 2225 to provide the Federal Reserve with their parent bank's worldwide capital figure. A percentage of this figure is used in place of publicly available data to calculate the bank's daylight overdraft limit. Because the FR 2225 data are based on the capital of the worldwide bank, not just its United States offices, foreign banks seeking to maximize their daylight overdraft limit may find it advantageous to file the FR 2225.

Currently the FR 2225 data are treated as confidential. Because much of the data reported by respondents is publicly available, however, the Federal Reserve has determined upon review that it does not have the authority to treat all reports filedas confidential. The Federal Reserve changed the confidentiality statement on the form to a question to provide respondents an opportunity to request confidentiality treatment for any portion of the report.

2. Report titles:

Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other than Banks, Brokers, or Dealers);

Deregistration Statement for Persons Registered Pursuant to Regulation U;

Statement of Purpose for an Extension of Credit Secured by Margin Stock by a Person Subject to Registration Under Regulation U;

Annual Report;

Statement of Purpose for an Extension of Credit by a Creditor;

Statement of Purpose for an Extension of Credit Secured by Margin Stock

Agency form numbers: FR G-1, FR G-2, FR G-3, FR G-4, FR T-4, FR U-1

OMB control numbers:

7100-0011: FR G-1, FR G-2, FR G-4

7100-0018: FR G-3

7100-0019: FR T-4

7100-0115: FR U-1

Frequency:

FR G-1, FR G-2, FR G-3, FR T-4, FR U-1: on occasion

FR G-4: annual

Reporters: individuals and businesses

Annual reporting hours: 1,688 reporting; 254,032 recordkeeping

Estimated average hours per response:

FR G-1: 2.5

FR G-2: 15 minutes

FR G-3: 10 minutes

FR G-4: 2.0

FR T-4: 10 minutes

FR U-1: 10 minutes

Number of respondents:

FR G-1: 96

FR G-2: 71

FR G-3: 810

FR G-4: 715

FR T-4: 125

FR U-1: 6,971 Small businesses are affected.

General description of reports: This information collection is mandatory (FR G-1, FR G-3, FR G-4, FR T-4, FR U-1) or required to obtain a benefit (FR G-2) (15 U.S.C. 78g and 78w). The information in the FR G-1 and FR G-4 is given confidential treatment (5 U.S.C. 552 (b)(4)). The FR G-2 does not contain confidential information. The FR G-3, FR T-4, and FR U-1 are not submitted to the Federal Reserve and, as such, no issue of confidentiality arises.

Abstract: The Securities Exchange Act of 1934 authorizes the Federal Reserve to regulate securities credit issued by banks, brokers and dealers, and other lenders. The purpose statements, FR U-1, FR T-4, and FR G-3, are recordkeeping requirements for banks, brokers and dealers, and other lenders, respectively, to document the purpose of their loans secured by margin stock. Other lenders also must register and deregister with the Federal Reserve using the FR G-1 and FR G-2, respectively, and must file an annual report (FR G-4). The Federal Reserve

[Page 13205]uses the data to identify lenders subject to Regulation U (which now incorporates Regulation G), to verify compliance with Regulations T, U, and X, and to monitor margin credit.

The revisions update the reports for recent modifications in the applicable regulations. The Federal Reserve amended Regulations G, T, U, and X effective April 1, 1998, to reflect changes in the Federal Reserve's statutory authority made by the National Securities Markets Improvement Act of 1996. None of the modifications result in substantive changes in the information collections.

Board of Governors of the Federal Reserve System, March 11, 1999. Robert deV. Frierson, Associate Secretary of the Board.

FR Doc. 99-6427Filed3-16-99; 8:45AMBilling Code 6210-01-F