Federal Register: October 6, 2006 (Volume 71, Number 194)
DOCID: FR Doc 06-8529
DEPARTMENT OF THE TREASURY
Federal Reserve System
NOTICE: NOTICES
DOCUMENT ACTION: Notice of information collection to be submitted to OMB for review and approval under the Paperwork Reduction Act of 1995.
SUBJECT CATEGORY:
FEDERAL RESERVE SYSTEM
DATES: Comments must be submitted on or before November 6, 2006.
DOCUMENT SUMMARY:
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (collectively, 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 July 14, 2006, the agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published a notice in the Federal Register (71 FR 40119) requesting public comment for 60 days on the extension, with revision, of the Foreign Branch Report of Condition (FFIEC 030), which is a currently approved information collection for each agency. The comment period for this notice expired on September 12, 2006. No comments were received. The agencies are now submitting requests to OMB for approval of the extension, with revision, of the FFIEC 030.
SUMMARY:
Agency information collection activities; proposals, submissions, and approvals,
DOCUMENT BODY 2:
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Submission for OMB
Review; Joint Comment Request
SUPPLEMENTAL INFORMATION
Proposal to request approval from OMB of the extension for three years, with revision, of the following currently approved collections of information:
Report Title: Foreign Branch Report of Condition.
Form Numbers: FFIEC 030 and FFIEC 030S.
Frequency of Response: Annually, and quarterly for significant branches.
Affected Public: Business or other for profit.
OCC
OMB Number: 15570099.
Estimated Number of Respondents: 118 annual branch respondents (FFIEC 030); 73 quarterly branch respondents (FFIEC 030); 200 annual branch respondents (FFIEC 030S).
Estimated Average Time per Response: 3.4 burden hours (FFIEC 030); 0.5 burden hours (FFIEC 030S).
Estimated Total Annual Burden: 1,494 burden hours. Board
OMB Number: 71000071.
Estimated Number of Respondents: 17 annual branch respondents (FFIEC 030); 16 quarterly branch respondents (FFIEC 030); 24 annual branch respondents (FFIEC 030S).
Estimated Average Time per Response: 3.4 burden hours (FFIEC 030); 0.5 burden hours (FFIEC 030S).
Estimated Total Annual Burden: 288 burden hours. FDIC
OMB Number: 30640011.
Estimated Number of Respondents: 6 annual respondents (FFIEC 030); 2 quarterly respondents (FFIEC 030); 7 annual respondents (FFIEC 030S).
Estimated Average Time per Response: 3.4 burden hours (FFIEC 030); 0.5 burden hours (FFIEC 030S).
Estimated Total Annual Burden: 51 burden hours.
General Description of Reports
This information collection is mandatory: 12 U.S.C. 321, 324, and 602 (Board); 12 U.S.C. 602 (OCC); and 12 U.S.C. 1828 (FDIC). This information collection is given confidential treatment (5 U.S.C. 552(b)(8)).
Abstract
The FFIEC 030 and FFIEC 030S contain asset and liability information for foreign branches of insured U.S. commercial banks and statechartered savings banks and is required for regulatory and supervisory purposes. The information is used to analyze the foreign operations of U.S. banks. Foreign branches of U.S. banks that have in excess of $250 million in total assets file the FFIEC 030, with significant branches submitting the report quarterly and other branches in this size range submitting the report annually as of December 31. Foreign branches with total assets between $50 million and $250 million file the abbreviated FFIEC 030S report annually as of December 31. Foreign branches with less than $50 million in total assets are exempt from reporting. All reports are filed with the appropriate Federal Reserve District Bank. The Federal Reserve collects this information on behalf of the parent U.S. bank's primary federal bank regulatory agency.
Current Actions
In response to the July 14, 2006, notice published in the Federal
Register (71 FR 40119), the agencies did not receive any comments. The revisions to
[[Page 59112]]
the FFIEC 030 have been approved by the FFIEC as originally proposed
and are summarized below. The agencies will implement the changes as of the December 31, 2006, reporting date.
Listing of Revisions
A. Revisions to the FFIEC 030
The agencies will reduce reporting burden by eliminating five
reporting items for branches with total assets in excess of $250
million because the aggregate amounts reported in these items have
declined substantially to a nominal amount. The five items being eliminated are:
The agencies are creating an abbreviated or ``short'' report (FFIEC
030S) containing five items that branches with total assets between $50
million and $250 million will file on an annual basis in lieu of the
FFIEC 030 form. The scope of the FFIEC 030S is comparable to a report
filed with the Federal Reserve by U.S. banking organizations for their
foreign subsidiaries.\1\ The items for this report are considered the
minimum information needed to serve as indicators of higher business
volume, risk, and complexity in smallsized foreign branches. The
reported information will also be used to monitor potential
developments that may pose risks to the overall operations of the parent bank. The items for the FFIEC 030S are:
\1\ Abbreviated Financial Statements of Foreign Subsidiaries of
U.S. Banking Organizations (FR 2314S; OMB No. 71000073), filed for
subsidiaries with assets between $50 million and $250 million.
C. Exempt Entities
The agencies will exempt foreign branches with total assets below
$50 million from both the FFIEC 030 and FFIEC 030S annual filing requirements.
Request for Comment
Comments are invited on:
a. Whether the information collections are necessary for the agencies' duties and responsibilities, including whether the information has practical utility;
b. The accuracy of the agencies' 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;
d. Ways to minimize the burden of the information collections on respondents, including through the use of automated collection techniques or other forms of information technology; and
e. Estimates of capital or start up costs and costs of operation, maintenance, and purchase of services to provide the requested information.
Comments submitted in response to this notice will be shared among the agencies. All comments will become a matter of public record. Written comments should address the accuracy of the burden estimates and ways to minimize burden, including the use of automated collection techniques or the use of other forms of information technology, as well as other relevant aspects of the information collection request.
Dated: September 29, 2006.
Stuart Feldstein,
Assistant Director, Legislative and Regulatory Activities Division.
Board of Governors of the Federal Reserve System, October 2, 2006.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC, this 27th day of September, 2006. Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 068529 Filed 10506; 8:45 am]
BILLING CODE 481033P
FOR FURTHER INFORMATION CONTACT
Additional information or a copy of the collection may be requested from: