Rules and Regulations. Notice of information collection to be submitted to OMB for review and approval under the Paperwork Reduction Act of 1995

Agency: Board of Governors of the Federal Reserve System (Board)
Action: Notice of information collection to be submitted to OMB for review and approval under the Paperwork Reduction Act of 1995
Citation: FR Doc. 00-19312

Summary

In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “agencies”), hereby give notice that they plan to submit to the Office of Management and Budget (OMB) requests for review of the information collection system described below. The Agencies 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. On May 22, 2000, the agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), requested public comment for 60 days on the extension, without revision, of the currently approved information collection: the Country Exposure Report for U.S. Branches and Agencies of Foreign Banks (FFIEC 019). The agencies, however, are making a minor clarification to the FFIEC 019 general instructions regarding the treatment of credit derivatives as guarantees, effective September 30, 2000.

Dates

Comments must be submitted on or before August 31, 2000.

Supplementary Information

Proposal To Extend for Three Years With Minor Instructional Clarification the Following Currently Approved Collection of Information *Report title: * Country Exposure Report for U.S. Branches and Agencies of Foreign Banks Form number: FFIEC 019. OMB number: 7100-0213. Frequency of response: Quarterly. Affected Public: U.S. branches and agencies of foreign banks. Number of respondents: 230. Estimated average hours per response: 10 hours. Estimated Annual reporting hours: 9,200 hours. General Description of Report This information collection is mandatory: 12 U.S.C. 3105 and 3108 for the Board of Governors of the Federal Reserve System; sections 7 and 10 of the Federal Deposit Insurance Act (12 U.S.C. 1817, 1820) for the Federal Deposit Insurance Corporation; and the National Bank Act (12 U.S.C. 161) for the Office of the Comptroller of the Currency). This information collection is given confidential treatment. (5 U.S.C. 552(b)(8)). Small businesses (that is, small U.S. branches and agencies of foreign banks) are affected. Abstract All individual U.S. branches and agencies of foreign banks that have more than $30 million in direct claims on residents of foreign countries must file the FFIEC 019 report quarterly. Currently, all respondents report adjusted exposure amounts to the five largest countries having at least $20 million in total adjusted exposure. The Agencies collect this data to monitor the extent to which such branches and agencies are pursuing prudent country risk diversification policies and limiting potential liquidity pressures. No changes are proposed to the FFIEC 019 reporting form, however, minor clarifications are proposed to the instructions. *Current Actions: * The agencies did not receive any comments in response to the notice published in the Federal Register on May 22, 2000, (65 FR 32098) requesting public comment on the extension without revision of this information collection. The agencies, however, are making a minor clarification to the FFIEC 019 general instructions regarding the treatment of credit derivatives as guarantees, effective September 30, 2000. Request for Comment Comments are invited on: a. Whether the information collections are necessary for the proper performance of the agencies' functions, 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 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 information. Comments submitted in response to this notice will be shared among the agencies and will be summarized or included in the agencies' requests for OMB approval. 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. Board of Governors of the Federal Reserve System, July 26, 2000. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 00-19312 Filed 7-31-00; 8:45 am]