Notices. Notice

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BILLING CODE 6715-01-M FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request; Correction This notice corrects a notice (FR Doc. E7-246) published on pages 1325 through 1331 of the issue for Thursday, January 11, 2007. Under the Federal Reserve System heading, the entry for Proposed Agency Information Collection Activities; Comment Request, is revised to read as follows: AGENCY: Board of Governors of the Federal Reserve System SUMMARY: Background On June 15, 1984, the Office of Management and Budget

(OMB)delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act, as per 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, 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. Request for comment on information collection proposals The following information collections, which are being handled under this delegated authority, have received initial Board approval and are hereby published for comment. At the end of the comment period, the proposed information collections, along with an analysis of comments and recommendations received, will be submitted to the Board for final approval under OMB delegated authority. Comments are invited on the following: a. Whether the proposed collections of information are necessary for the proper performance of the Federal Reserve's functions; including whether the information has practical utility; b. The accuracy of the Federal Reserve's estimate of the burden of the proposed 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; and 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. DATES: Comments must be submitted on or before March 12, 2007. ADDRESSES: You may submit comments, identified by FR 2069 (OMB No. 7100-0030), FR 2416 and FR 2644 (OMB No. 7100-0075), FR Y-9C (OMB No. 7100-0128), FR Y-11 (OMB No. 7100-0244), FR 2314 (OMB No. 7100-0073), or FR 3036 (OMB No. 7100-0285) by any of the following methods: • Agency Web Site: *http://www.federalreserve.gov.* Follow the instructions for submitting comments at *http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.* • Federal eRulemaking Portal: *http://www.regulations.gov.* Follow the instructions for submitting comments. • E-mail: *regs.comments@federalreserve.gov.* Include the OMB control number in the subject line of the message. • FAX: 202-452-3819 or 202-452-3102. • Mail: Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551. All public comments are available from the Board's web site at *www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm* as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper in Room MP-500 of the Board's Martin Building (20th and C Streets, N.W.) between 9:00 a.m. and 5:00 p.m. on weekdays. Additionally, commenters should send a copy of their comments to the OMB Desk Officer by mail to the Office of Information and Regulatory Affairs, U.S. 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: A copy of the proposed form and instructions, the Paperwork Reduction Act Submission, supporting statement, and other documents that will be placed into OMB's public docket files once approved may be requested from the agency clearance officer, whose name appears below. Michelle Shore, Federal Reserve Board Clearance Officer (202-452-3829), Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551. Telecommunications Device for the Deaf

(TDD)users may contact (202-263-4869), Board of Governors of the Federal Reserve System, Washington, DC 20551. Proposal to approve under OMB delegated authority the extension for three years, with revision, of the following reports: *1. Report title:* Weekly Report of Assets and Liabilities for Large Banks and Weekly Report of Selected Assets *Agency form numbers:* FR 2416 and FR 2644 *OMB control number:* 7100-0075 *Frequency:* Weekly *Reporters:* U.S.-chartered commercial banks *Annual reporting hours:* FR 2416: 22,386 hours; FR 2644: 80,652 hours *Estimated average hours per response:* FR 2416: 8.61 hours; FR 2644: 1.41 hours *Number of respondents:* FR 2416: 50; FR 2644: 1,100 *General description of reports:* These information collections are voluntary (12 U.S.C. 225(a) and 248(a)(2)). Individual respondent data are regarded as confidential under the Freedom of Information Act (5 U.S.C. 552(b)(4)). *Abstract:* The FR 2416, FR 2644, and the Weekly Report of Assets and Liabilities for Large U.S. Branches and Agencies of Foreign Banks (FR 2069; OMB No. 7100-0030) are referred to collectively as the bank credit reports. The FR 2416 is a detailed balance sheet that covers domestic offices of large U.S.-chartered commercial banks. The FR 2644 collects less-detailed information on investments, loans, total assets, and several memoranda items, covering domestic offices of small U.S.-chartered commercial banks. The bank credit reports are collected as of each Wednesday. These three voluntary reports are mainstays of the Federal Reserve's reporting system from which data for analysis of current banking developments are derived. The FR 2416 is used on a stand-alone basis as the large domestic bank series. The FR 2644 collects sample data, which are used to estimate universe levels using data from the quarterly commercial bank Consolidated Reports of Condition and Income (FFIEC 031 and 041; OMB No. 7100-0036) (Call Report). Data from the bank credit reports, together with data from other sources, are used for constructing weekly estimates of bank credit, of sources and uses of bank funds, and of a balance sheet for the banking system as a whole. The Federal Reserve publishes the data in aggregate form in the weekly H.8 statistical release, Assets and Liabilities of Commercial Banks in the United States, which is followed closely by other government agencies, the banking industry, the financial press, and other users. This release provides a balance sheet for the banking industry as a whole and data disaggregated by its large domestic, small domestic, and foreign-related components. *Current actions:* The Federal Reserve proposes to reduce reporting burden by eliminating data items that are no longer useful beyond data already available from Call Reports, to collect information on real estate loan securitization activity, and to improve the detailed information associated with data on security loans. The Federal Reserve proposes to make the following modifications to the FR 2416:

(1)Delete data item 5.d, Loans to finance agricultural production and other loans to farmers;

(2)delete data item 5.h, Loans to states and political subdivisions in the U.S.;

(3)delete memorandum item M.8, Commercial and industrial loans: Outstanding principal balance of assets sold and securitized;

(4)add a memorandum item, Real estate loans: Outstanding principal balance of assets sold and securitized; and

(5)rename memoranda items M.1 and M.5 on revaluation gains and losses, respectively. The Federal Reserve proposes to make the following modifications to the FR 2644:

(1)Add a memorandum item, Real estate loans: Outstanding principal balance of assets sold and securitized, (the same data item proposed for the FR 2416 reporting form) and

(2)renumber memoranda items M.4 and M.5 on net due from and net due to, respectively, to allow for the addition of the new data item on securitized real estate loans. The proposed revisions discussed above would be implemented as of June 2007. The Federal Reserve would like to reevaluate the bank credit data in coming quarters to determine whether changes consistent with the proposed March 2007 Call Report revisions would be necessary for the bank credit series. Therefore, another proposal to revise the reporting forms may be presented for review before the three-year extension expires. *2. Report title:* Weekly Report of Assets and Liabilities for Large U.S. Branches and Agencies of Foreign Banks *Agency form number:* FR 2069 *OMB control number:* 7100-0030 *Frequency:* Weekly *Reporters:* U.S. branches and agencies of foreign banks *Annual reporting hours:* 14,560 hours *Estimated average hours per response:* 4.00 hours *Number of respondents:* 70 *General description of report:* This information collection is voluntary (12 U.S.C. 248(a)(2) and 3105(a)(2)). Individual respondent data are regarded as confidential under the Freedom of Information Act (5 U.S.C. 552(b)(4)). *Abstract:* The FR 2069 is a detailed balance sheet that covers large U.S. branches and agencies of foreign banks. This report, along with the FR 2416 and FR 2644, is collected as of each Wednesday. These three voluntary reports are mainstays of the Federal Reserve's reporting system from which data for analysis of current banking developments are derived. The FR2069 collects sample data, which are used to estimate universe levels using data from the quarterly Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002; OMB No. 7100-0032). Data from the bank credit reports, together with data from other sources, are used for constructing weekly estimates of bank credit, of sources and uses of bank funds, and of a balance sheet for the banking system as a whole. The Federal Reserve publishes the data in aggregate form in the weekly H.8 statistical release, Assets and Liabilities of Commercial Banks in the United States, which is followed closely by other government agencies, the banking industry, the financial press, and other users. This release provides a balance sheet for the banking industry as a whole and data disaggregated by its large domestic, small domestic, and foreign-related components. *Current actions:* The Federal Reserve proposes to make the following modifications to the FR 2069:

(1)Split data item 4.b, Federal funds sold and securities purchased under agreements to resell: With others, into two data items;

(2)delete memorandum item M.3, Commercial and industrial loans: Outstanding principal balance of assets sold and securitized; and

(3)rename memoranda items M.1 and M.2 on revaluation gains and losses, respectively. The proposed revisions discussed above would be implemented as of June 2007. The Federal Reserve would like to reevaluate the bank credit data in coming quarters to determine whether changes consistent with the proposed March 2007 Call Report revisions would be necessary for the bank credit series. Therefore, another proposal to revise the reporting forms may be presented for review before the three-year extension expires. Proposal to approve under OMB delegated authority the revision, without extension, of the following reports: *1. Report title:* Consolidated Financial Statements for Bank Holding Companies. *Agency form number:* FR Y-9C. *OMB control number:* 7100-0128. *Frequency:* Quarterly. *Reporters:* Bank holding companies (BHCs). *Annual reporting hours:* 117,504 *Estimated average hours per response:* 38.35 *Number of respondents:* 766 *General description of report:* This information collection is mandatory (12 U.S.C. 1844(c)). Confidential treatment is not routinely given to the data in this report. However, confidential treatment for the reporting information, in whole or in part, can be requested in accordance with the instructions to the form, pursuant to section (b)(4) of the Freedom of Information Act (5 U.S.C. 522(b)(4). *Abstract:* The FR Y-9 family of reports historically has been, and continues to be, the primary source of financial information on BHCs between on-site inspections. Financial information from these reports is used to detect emerging financial problems, to review performance and conduct pre-inspection analysis, to monitor and evaluate capital adequacy, to evaluate BHC mergers and acquisitions, and to analyze a BHC's overall financial condition to ensure safe and sound operations. The FR Y-9C consists of standardized financial statements similar to the Consolidated Reports of Condition and Income (Call Report) (FFIEC 031 & 041; OMB No. 7100-0036) filed by commercial banks. The FR Y-9C collects consolidated data from the BHC and is generally filed by top-tier BHCs with total consolidated assets of $500 million or more. *Current actions:* The Federal Reserve proposes to make the following revisions to the FR Y-9C to parallel proposed changes to the Call Report. The proposed changes would be effective as of March 31, 2007. BHCs have commented that changes should be made to the FR Y-9C in a manner consistent with changes to the Call Report. Comments received on the Call Report proposal will also be taken into consideration for this proposal. Reporting on Fair Value Measurements and the Use of the Fair Value Option On September 15, 2006, the Financial Accounting Standards Board

(FASB)issued Statement No. 157, Fair Value Measurements (FAS 157), which is effective for BHCs and other entities for fiscal years beginning after November 15, 2007. Earlier adoption of FAS 157 is permitted as of the beginning of an earlier fiscal year, provided the BHC has not yet issued a financial statement or submitted FR Y-9C data for any period of that fiscal year. Thus, a BHC with a calendar year fiscal year may voluntarily adopt FAS 157 as of January 1, 2007. The fair value measurements standard provides guidance on how to measure fair value and would require BHCs and other entities to disclose the inputs used to measure fair value based on a three-level hierarchy for all assets and liabilities that are re-measured at fair value on a recurring basis. 1 1 The FASB's three-level fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting BHC has the ability to access at the measurement date (e.g., the FR Y-9C reporting date). Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The FASB plans to issue a final standard, The Fair Value Option for Financial Assets and Financial Liabilitiesduring the first quarter of 2007, which would be effective for BHCs and other entities for fiscal years beginning after December 15, 2006. The FASB's Fair Value Option standard would allow BHCs and other entities to report certain financial assets and liabilities at fair value with the changes in fair value included in earnings. The Federal Reserve anticipates that relatively few BHCs will elect to use the fair value option for a significant portion of their financial assets and liabilities. The Federal Reserve proposes to add a new Schedule HC-Q to the FR Y-9C to collect data, by major asset and liability category, on the amount of assets and liabilities to which the fair value option has been applied along with separate disclosure of the amount of such assets and liabilities whose fair values were estimated under level two and under level three of the FASB's fair value hierarchy. The categories are: • Securities held for purposes other than trading with changes in fair value reported in current earnings, • Loans and leases, • All other financial assets and servicing assets, • Deposit liabilities, • All other financial liabilities and servicing liabilities, and • Loan commitments (not accounted for as derivatives). In addition, the Federal Reserve proposes to collect data on trading assets and trading liabilities in the new schedule from those BHCs that complete Schedule HC-D, Trading Assets and Liabilities, that is, BHCs that reported average trading assets of $2 million or more for any quarter of the preceding calendar year. In the proposed new schedule, such BHCs would report the carrying amount of trading assets and trading liabilities whose fair values were estimated under level two and under level three of the FASB's fair value hierarchy. Trading assets and trading liabilities are required to be reported at fair value and thus are not covered under the fair value option. The Federal Reserve anticipates using this fair value information to make appropriate risk assessments for on-site examinations and off-site surveillance. The addition of these data items should result in minimal additional reporting burden for BHCs because FAS 157 requires disclosure of amounts under all three levels of the fair value hierarchy on a quarterly and annual basis in financial statements. The FASB's fair value measurements standard requires BHCs and other entities to consider the effect of a change in their own creditworthiness when determining the fair value of a financial liability. The Federal Reserve proposes to add one new data item to Schedule HC-R, Regulatory Capital, for the cumulative change in the fair value of all financial liabilities accounted for under the fair value option that is attributable to changes in the BHC's own creditworthiness. This amount would be excluded from the BHC's retained earnings for purposes of determining Tier 1 capital under the Federal Reserve's regulatory capital standards. The Federal Reserve plans to clarify the instructions to Schedule HI for the treatment of interest income on financial assets and interest expense on financial liabilities measured under a fair value option. The instructions would be modified to instruct BHCs to separate the contractual year-to-date amount of interest earned on financial assets and interest incurred on financial liabilities that are reported under a fair value option from the overall year-to-date fair value adjustment and report these contractual amounts in the appropriate interest income or interest expense items on Schedule HI. In addition, the Federal Reserve proposes to modify memoranda item 6, Other noninterest income, by adding data item 6.i, Net change in the fair values of financial instruments accounted for under a fair value option. Reporting of Certain Data on 1-4 Family Residential Mortgage Loans withTermsthat Allow for Negative Amortization Recently, the volume of 1-4 family residential mortgage loan products whose terms allow for negative amortization and the number of institutions providing borrowers with such loans has increased significantly. Loans with this feature are structured in a manner that may result in an increase in the loan's principal balance even when the borrower's payments are technically current. When loans with negative amortization are not prudently underwritten and not properly monitored, they raise safety and soundness concerns. However, due to the classification of these loans with all other 1-4 family residential mortgage loans in the FR Y-9C, the Federal Reserve has no readily available means of identifying the industry's exposure to such loans. Therefore, the Federal Reserve proposes to collect four data items to monitor the extension of negatively amortizing residential mortgage loans in the industry. The Federal Reserve proposes to collect one memorandum item from all BHCs on Schedule HC-C, Loans and Leases, for the total amount of closed-end loans with negative amortization features secured by 1-4 family residential properties in order to obtain an overall measure of this potentially higher risk lending activity. In addition, the Federal Reserve proposes to collect two memoranda items on Schedule HC-C and one memorandum item on Schedule HI, Income Statement, from BHCs with a significant volume of negatively amortizing 1-4 family residential mortgage loans. The determination of the threshold for significant volume would be based on the aggregate carrying amount of negatively amortizing loans in excess of a certain dollar amount, for example, $100 million or $250 million, or in excess of a certain percentage of the total loans and leases (in domestic offices) reported on Schedule HC-C, for example, 5 percent or 10 percent. A BHC with negatively amortizing loans would determine whether it met the size threshold for reporting the three additional memoranda items based on data reported from the previous year-end FR Y-9C report. The Federal Reserve requests public comment on the specific dollar amount and percentage of loans that should be used in setting the size threshold for additional reporting on negatively amortizing loans. The two additional Schedule HC-C memoranda items are

(1)the total maximum remaining amount of negative amortization contractually permitted on closed-end loans secured by 1-4 family residential properties and

(2)the total amount of negative amortization on closed-end loans secured by 1-4 family residential properties that is included in the carrying amount of these loans. The first memorandum item would provide a measure of the maximum exposure that could be incurred for negative amortization loans in the current 1-4 family residential property loan portfolio. The second memorandum item would then identify what component of 1-4 family mortgage loans is comprised of negative amortization loans. The Schedule HI memorandum item is year-to-date non-cash income on closed-end loans with a negative amortization feature secured by 1-4 family residential properties. This memorandum item would identify the amount and extent of interest revenue accrued and uncollected to ascertain the degree this potentially higher risk lending activity supports the BHC's overall net income. BHCs with negatively amortizing 1-4 family residential loans in excess of the reporting threshold for these data items would report these three data items for the entire calendar year following the end of any calendar year when this threshold was exceeded. Reporting of Certain Brokered Time Deposit Information The FFIEC is proposing to revise the reporting treatment of brokered time deposits on Call Report Schedule RC-E, Deposit Liabilities. Memorandum item 2.b, Total time deposits of less than $100,000, would be revised to include brokered time deposits issued in denominations of $100,000 or more that are participated out by the broker in shares of less than $100,000, as well as brokered certificates of deposit issued in $1,000 amounts under a master certificate of deposit. Memorandum item 2.c, Total time deposits of $100,000 or more, would be revised to exclude such brokered deposits. The Federal Reserve proposes to make similar instructional changes to seven data items on Schedule HC-E, Deposit Liabilities, to retain consistent definitions with the Call Report and to accommodate the consolidation of subsidiary bank information into the FR Y-9C report. The Federal Reserve proposes to revise the instructions for data item 1.d, Time deposits of less than $100,000 held in domestic offices of commercial bank subsidiaries; data item 2.d, Time deposits of less than $100,000 held in domestic offices of other depository institution subsidiaries; Memorandum item 1, Brokered deposits less than $100,000 with a remaining maturity of one year or less; and Memorandum item 2, Brokered deposits less than $100,000 with a remaining maturity of more than one year, to include brokered time deposits issued in denominations of $100,000 or more that are participated out by the broker in shares of less than $100,000 and brokered certificates of deposit issued in $1,000 amounts under a master certificate of deposit. Data item 1.e, Time deposits of $100,000 or more held in domestic offices of commercial bank subsidiaries; data item 2.e, Time deposits of $100,000 or more held in domestic offices of other depository institution subsidiaries; and Memorandum item 3, Time deposits of $100,000 or more with a remaining maturity of one year or less, would be revised to exclude such brokered time deposits. Instructional Clarifications *Servicing of Loan Participations* BHCs report the outstanding principal balance of assets serviced for others in Memorandum item 2 of Schedule HC-S, Servicing, Securitization, and Asset Sale Activities. In Memoranda items 2.a and 2.b, BHCs report the amounts of 1-4 family residential mortgages serviced with recourse and without recourse, respectively. Memorandum item 2.c covers all other loans and financial assets serviced for others, but BHCs are required to report the amount of such servicing only if the servicing volume is more than $10 million. The instructions for Memorandum item 2 do not explicitly state whether a bank holding company that has sold a participation in a 1-4 family residential mortgage or other loan or financial asset, which it continues to service, should include the servicing in Memorandum item 2.a, 2.b, or 2.c, as appropriate. The absence of clear instructional guidance has resulted in questions from banking institutions and has produced diversity in practice among BHCs. Subject to the reporting threshold that applies to Memorandum item 2.c, Memorandum item 2 was intended to cover the entire volume of loans and other financial assets for which BHCs perform the servicing function, regardless of whether the servicing involves whole loans and other financial assets or only portions thereof, as is typically the case with loan participations. The risks and responsibilities inherent in servicing are present whether all or part of a loan or financial asset is serviced for the benefit of another party. Accordingly, the Federal Reserve proposes to clarify the instructions to Memorandum item 2 of Schedule HC-S to explicitly state that the amount of loan participations serviced for others should be included in this data item. *2. Report title:* Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies. *Agency form number:* FR Y-11. *OMB control number:* 7100-0244. *Frequency:* Quarterly and annually. *Reporters:* Bank holding companies (BHCs). *Annual reporting hours:* FR Y-11 (quarterly): 32,690; FR Y-11 (annually): 1,911. *Estimated average hours per response:* FR Y-11 (quarterly): 6.35; FR Y-11 (annually): 6.35. *Number of respondents:* FR Y-11 (quarterly): 1,287; FR Y-11 (annually): 301. *General description of report:* This information collection is mandatory (12 U.S.C. 1844(c)). Confidential treatment is not routinely given to the data in these reports. However, confidential treatment for the reporting information, in whole or in part, can be requested in accordance with the instructions to the form, pursuant to section (b)(4) of the Freedom of Information Act [5 U.S.C. 522(b)(4)]. *Abstract:* The FR Y-11 reports collect financial information for individual U.S. nonbank subsidiaries of domestic BHCs. BHCs file the FR Y-11 on a quarterly or annual basis according to filing criteria. The FR Y-11 data are used with other BHC data to assess the condition of BHCs that are heavily engaged in nonbanking activities and to monitor the volume, nature, and condition of their nonbanking operations. *Current actions:* Recently, the volume of 1-4 family residential mortgage loan products whose terms allow for negative amortization and the number of institutions providing borrowers with such loans has increased significantly. Loans with this feature are structured in a manner that may result in an increase in the loan's principal balance even when the borrower's payments are technically current. When loans with negative amortization are not prudently underwritten and not properly monitored, they raise safety and soundness concerns. Currently the Federal Reserve has no readily available means of identifying the industry's exposure to such loans. Therefore, the Federal Reserve proposes to collect four data items at the nonbank subsidiary level to monitor the extension of negatively amortizing residential mortgage loans in the industry and to parallel the data items being proposed for inclusion on the FR Y-9C. The Federal Reserve proposes to collect one memorandum item from all nonbank subsidiaries on Schedule BS-A, Loan and Leases Financing Receivables, for the total amount of closed-end loans with negative amortization features secured by 1-4 family residential properties in order to obtain an overall measure of this potentially higher risk lending activity. In addition, the Federal Reserve proposes to collect two memorandum items on Schedule BS-A and one memorandum item on Schedule IS, Income Statement, from nonbank subsidiaries with a significant volume of negatively amortizing 1-4 family residential mortgage loans. The Federal Reserve's determination of the threshold for significant volume would be based on the aggregate carrying amount of negatively amortizing loans in excess of a certain percentage of the total loans and leases reported on Schedule BS-A, for example, 5 percent or 10 percent. A nonbank with negatively amortizing loans would determine whether it met the size threshold for reporting the three additional memorandum items based on data reported from the previous year-end FR Y-11. The Federal Reserve requests public comment on the percentage of loans that should be used in setting the size threshold for additional reporting on negatively amortizing loans. In addition, the Federal Reserve seeks comment as to whether the percentage threshold established for the nonbank subsidiary reports should be consistent with or differ from the percentage threshold established for the FR Y-9C. The Federal Reserve also proposes two additional Schedule BS-A memorandum items to collect

(1)the total maximum remaining amount of negative amortization contractually permitted on closed-end loans secured by 1-4 family residential properties and

(2)the total amount of negative amortization on closed-end loans secured by 1-4 family residential properties that is included in the carrying amount of these loans. The first memorandum item would provide a measure of the maximum exposure that could be incurred for negative amortization loans in the current 1-4 family residential property loan portfolio. The second memorandum item would then identify what component of 1-4 family mortgage loans is comprised of negative amortization loans. The Schedule IS memorandum item is year-to-date non-cash income on closed-end loans with a negative amortization feature secured by 1-4 family residential properties. This memorandum item would identify the amount and extent of interest revenue accrued and uncollected to ascertain the degree this potentially higher risk lending activity supports the BHC's overall net income. All nonbank subsidiaries with negatively amortizing 1-4 family residential loans in excess of the reporting threshold would report these data items for the entire calendar year following the end of any calendar year when the threshold was exceeded. The Federal Reserve proposes to add the section Notes to the Financial Statements to allow respondents the opportunity to provide, at their option, any material information included in specific data items on the financial statements that the parent U.S. banking organization wishes to explain. The addition of this section would enable the Federal Reserve to automate information that respondents may want to report as footnotes to various reported data items and provide for release of this information to the public. This section is currently included on the FR Y-11. Proposal to approve under OMB delegated authority the implementation of the following survey: *Report title:* Central Bank Survey of Foreign Exchange and Derivatives Market Activity *Agency form number:* FR 3036 *OMB control number:* 7100-0285 *Frequency:* One-time *Reporters:* Financial institutions that serve as intermediaries in the wholesale foreign exchange and derivatives market and dealers. *Annual reporting hours:* 3,150 *Estimated average hours per response:* Turnover survey: 51 hours; outstandings survey: 60 hours *Number of respondents:* 60 *General description of report:* This information collection is voluntary (12 U.S.C. 225a, 248(a)(2), 358, and 3105(c)) and is given confidential treatment (5 U.S.C. '552(b)(4)). *Abstract:* The FR 3036 is the U.S. part of a global data collection that is conducted by central banks every three years. More than fifty central banks plan to conduct the survey in 2007. The Bank for International Settlements compiles national data from each central bank to produce global market statistics. The Federal Reserve System and other government agencies use the survey to monitor activity in the foreign exchange and derivatives markets. Respondents use the published data to gauge their market share. *Current actions:* The proposed survey would collect information on the size and structure of the foreign exchange and over-the-counter derivatives markets. The survey would cover the turnover in the foreign exchange spot market, the foreign exchange derivatives market, and interest rate derivatives markets (forwards, swaps, and options). In addition, the survey would gather data on the notional amounts and gross positive and negative market values of outstanding derivatives contracts for over-the-counter foreign exchange, interest rates, equities, and commodities. To reduce reporting burden, the Derivatives Outstanding part of the survey is coordinated with the Semiannual Report of Derivatives Activity (FR 2436; OMB No. 7100-0286). Those firms that submit FR 2436 data would not complete the Derivatives Outstanding part of the survey. Differences between the proposed survey and the 2004 survey are as follows: 1. The abbreviated report for FR 2436 reporters has been eliminated from the Outstanding survey. Data on credit derivatives are now submitted on the FR 2436. 2. Data items to capture credit default swaps have been added to the Outstanding survey to be consistent with the FR 2436. Given the growth in the credit derivative market, these data are important component of understanding the structure and activity of the overall over-the-counter derivatives market. 3. Additional currencies have been identified in tables on interest rate derivatives and on foreign exchange transactions on both the Outstanding and Turnover surveys. This change will facilitate reporting and ensure comprehensive identification of turnover in all participating countries' currencies. Reporting central banks will retain discretion to customize this list. 4. The section on electronic trading and identification of execution method has been simplified and adjusted in order to better distinguish between categories on the Turnover survey. 5. The definition of internal and related party trades has been clarified on the Turnover survey in order to improve consistency of data reporting. 6. The two data items in the memorandum section concerning trading activity trends on the Turnover survey have been split into four data items to provide detail on derivative contracts markets since these markets behave very differently. Board of Governors of the Federal Reserve System, January 17, 2007. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E7-778 Filed 1-19-07; 8:45 am] BILLING CODE 6210-01-S FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. E6-22532) published on page 334 of the issue for Thursday, January 4, 2007. Under the Federal Reserve Bank of St. Louis heading, the entry for Enterprise Financial Services Corp., Clayton, Missouri, is revised to read as follows: **A. Federal Reserve Bank of St. Louis** (Glenda Wilson, Community Affairs Officer) 411 Locust Street, St. Louis, Missouri 63166-2034: *1. Enterprise Financial Services Corp.* Clayton, Missouri; to acquire 100 percent of the voting shares of Clayco Banc Corporation, De Soto, Kansas, and thereby indirectly acquire Great American Bank, DeSoto, Kansas. Comments on this application must be received by January 26, 2007. Board of Governors of the Federal Reserve System, January 16, 2007. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E7-777 Filed 1-19-07; 8:45 am] BILLING CODE 6210-01-S FEDERAL TRADE COMMISSION Revised Jurisdictional Thresholds for Section 7A of the Clayton Act AGENCY: Federal Trade Commission. ACTION: Notice. SUMMARY: The Federal Trade Commission announces the revised thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 required by the 2000 amendment of Section 7A of the Clayton Act. Section 7A of the Clayton Act, 15 U.S.C. 18a, as added by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, Pub. L. 94-435, 90 Stat. 1390 (“the Act”), requires all persons contemplating certain mergers or acquisitions, which meet or exceed the jurisdictional thresholds in the Act, to file notification with the Commission and the Assistant Attorney General and to wait a designated period of time before consummating such transactions. Section 7A(a)(2) requires the Federal Trade Commission to revise those thresholds annually, based on the change in gross national product, in accordance with Section 8(a)(5). The new thresholds, which take effect 30 days after publication in the **Federal Register** , are as follows: [In millions] Subsection of 7A Original threshold Adjusted threshold 7A(a)(2)(A) $200 $239.2 7A(a)(2)(B)(i) 50 59.8 7A(a)(2)(B)(i) 200 239.2 7A(a)(2)(B)(ii)(i) 10 12.0 7A(a)(2)(B)(ii)(i) 100 119.6 7A(a)(2)(B)(ii)(II) 10 12.0 7A(a)(2)(B)(ii)(II) 100 119.6 7A(a)(2)(B)(ii)(III) 100 119.6 7A(a)(2)(B)(ii)(III) 10 12.0 Section 7A note: Assessment and Collection of Filing Fees 1 (3)(b)(1) 100 119.6 Section 7A note: Assessment and Collection of Filing Fees (3)(b)(2) 100 119.6 Section 7A note: Assessment and Collection of Filing Fees (3)(b)(2) 500 597.9 Section 7A note: Assessment and Collection of Filing Fees (3)(b)(3) 500 597.9 1 Pub. L. 106-553, Sec. 630(b) amended Sec. 18a note. Any reference to these thresholds and related thresholds and limitation values in the HSR rules (16 CFR Parts 801-803) and the Antitrust Improvements Act Notification and Report Form and its Instructions will also be adjusted, where indicated by the term “(as adjusted)”, as follows: [In millions] Original threshold Adjusted threshold $10 $12.0 50 59.8 100 119.6 110 131.5 200 239.2 500 597.9 * 1 1,195.8 * In billions. DATES: *Effective Date:* February 21, 2007. FOR FURTHER INFORMATION CONTACT: B. Michael Verne, Bureau of Competition, Premerger Notification Office

(202)326-3100. Authority: 16 U.S.C. 7A. By direction of the Commission. Donald S. Clark, Secretary. [FR Doc. E7-819 Filed 1-19-07; 8:45 am] BILLING CODE 6750-01-P FEDERAL TRADE COMMISSION Revised Jurisdictional Thresholds for Section 8 of the Clayton Act AGENCY: Federal Trade Commission. ACTION: Notice. SUMMARY: The Federal Trade Commission announces the revised thresholds for interlocking directorates required by the 1990 amendment of Section 8 of the Clayton Act. Section 8 prohibits, with certain exceptions, one person from serving as a director or officer of two competing corporations if two thresholds are met. Competitor corporations are covered by Section 8 if each one has capital, surplus, and undivided profits aggregating more than $10,000,000, with the exception that no corporation is covered if the competitive sales of either corporation are less than $1,000,000. Section 8(a)(5) requires the Federal Trade Commission to revise those thresholds annually, based on the change in gross national product. The new thresholds, which take effect immediately, are $24,001,000 for Section 8(a)(1), and $2,400,100 for Section 8(a)(2)(A). DATES: *Effective Date:* January 22, 2007. FOR FURTHER INFORMATION CONTACT: James F. Mongoven, Bureau of Competition, Office of Policy and Coordination,

(202)326-2879. (Authority: 15 U.S.C. 19(a)(5)). By direction of the Commission. Donald S. Clark, Secretary. [FR Doc. E7-821 Filed 1-19-07; 8:45 am] BILLING CODE 6750-01-P DEPARTMENT OF HEALTH AND HUMAN SERVICES Announcement of Establishment of the Physical Activity Guidelines Advisory Committee and Solicitation of Nominations for Appointment to the Committee AGENCY: Office of Public Health and Science, Office of the Secretary, HHS. ACTION: Notice. Authority: 42 U.S.C. 217a, Section 222 of the Public Health Service Act, as amended. The Committee is governed by the provision of Public Law 92-463, as amended (5 U.S.C. Appendix 2), which sets forth standards for the formation and use of advisory committees. SUMMARY: The Department of Health and Human Services

(HHS)announces the establishment of a Physical Activity Guidelines Advisory Committee and is seeking nominations of qualified candidates to be considered for appointment as a member of the Committee. DATES: Nominations for membership on the Committee must be submitted by close of business on February 21, 2007. ADDRESSES: Nominations may be submitted by electronic mail to *PA.guidelines@hhs.gov.* Alternatively, nominations may be sent to the following address: CAPT Richard Troiano, PhD., Department of Health and Human Services, Office of Public Health and Science, Office of Disease Prevention and Health Promotion, Room LL-100, 1101 Wootton Parkway, Rockville, MD 20852,

(240)453-8280 (telephone),

(240)453-8281(fax). FOR FURTHER INFORMATION CONTACT: CAPT Richard Troiano, Ph.D., Executive Secretary, Physical Activity Guidelines Advisory Committee, Department of Health and Human Services, Office of Public Health and Science, Office of Disease Prevention and Health Promotion, Room LL-100, 1101 Wootton Parkway, Rockville, MD 20852, 240/453-8280 (telephone), 240/453-8281 (fax). Additional information is available on the Internet at *http://www.health.gov/PAguidelines/* . SUPPLEMENTARY INFORMATION: There is strong evidence that regular physical activity promotes health and reduces risk of many chronic diseases. Over the past 40 years, many organizations, including the Federal Government, have issued physical activity recommendations. More recently, a specific physical activity guideline was included in the 2000 and 2005 Dietary Guidelines for Americans, and the Institute of Medicine included physical activity in greater detail in its review of energy balance in the 2005 Dietary Reference Intakes for Energy, Carbohydrate, Fiber, Fat, Fatty Acids, Cholesterol, Protein, and Amino Acids. While the various recommendations illustrate scientific consensus on the health benefits of physical activity, they differ from each other in the particular recommendations and highlighted benefits. The Physical Activity Guidelines Advisory Committee will review existing scientific literature to identify where there is sufficient evidence to develop a comprehensive set of specific physical activity recommendations. The Committee will prepare a report to the Secretary that documents scientific background and rationale for the 2008 edition of the Physical Activity Guidelines for Americans. The report will also identify areas where further scientific research is needed. The intent is to have physical activity recommendations for all Americans that will be tailored as necessary for specific subgroups of the population. The Committee will hold three two-day meetings over the course of about a year. It is expected to begin meeting by June 2007. Pursuant to the requirements of the Federal Advisory Committee Act, the meetings will be open to the public. Individuals selected for appointment to the Committee can be invited to serve a term of up to two years. However, the Committee will terminate upon delivery of their report to the Secretary of HHS. Committee members will receive per diem and reimbursement for travel expenses incurred while conducting official business pertaining to the Committee. No stipend is authorized to be paid to Committee members for performance of duties in relation to the Committee. To be eligible for consideration of appointment to the Committee, individuals should be knowledgeable of current scientific research in human physical activity and be respected and published experts in their fields. They should be familiar with the purpose, communication, and application of Federal guidelines and have demonstrated interest in the public's health and well-being through their research and/or educational endeavors. Expertise is sought in specific specialty areas related to physical activity and health promotion or disease prevention, including but not limited to: Health promotion and chronic disease prevention; bone, joint, muscle health and performance; obesity and weight management; risks of activity and musculoskeletal injury; and applications to special populations including children, youth, older adults, and persons with disabilities. *Nominations:* The Department will consider nominations for Committee membership of individuals qualified to carry out the above-mentioned tasks. The following information should be included in the package of material submitted for each individual being nominated for consideration: 1) A letter of nomination that clearly states the name and affiliation of the nominee, the basis for the nomination ( *i.e.* , specific attributes which qualify the nominee for service in this capacity), and a statement that the nominee is willing to serve as a member of the Committee; 2) the nominator's name, address and daytime telephone number, and the address telephone number, and electronic mail address of the individual being nominated; and 3) a current copy of the nominee's curriculum vitae. The names of Federal employees should not be nominated for consideration of appointment to this Committee. Individuals can nominate themselves for consideration of appointment to the Committee. All nominations must include the required information. Incomplete nominations will not be processed for consideration. The Department makes every effort to ensure that the membership of DHHS Federal advisory committees is fairly balanced in terms of points of view represented and the committee's function. Every effort is made to ensure that a broad representation of geographic areas, females, ethnic and minority groups, and the disabled are given consideration for membership on DHHS Federal advisory committees. Appointment to this Committee shall be made without discrimination on the basis of age, race, ethnicity, gender, sexual orientation, disability, and cultural, religious, or socioeconomic status. The Standards of Ethical Conduct for Employees of the Executive Branch are applicable to individuals who are appointed as members of Federal advisory committees. Individuals appointed to serve as members of Federal advisory committees are classified as Special Government Employees (SGEs). SGEs are Government employees for the purposes of the conflict of interest laws. Therefore, individuals appointed to serve as members of the Physical Activity Guidelines Advisory Committee are subject to an ethics review. The ethics review is conducted to determine if the individual has any interest and/or activities in the private sector that may conflict with performance of their official duties as a member of the Committee. Individuals appointed to serve as members of the Committee will be required to disclose information regarding financial holdings, consultancies and research grants and/or contracts. Dated: January 17, 2007. Penelope Slade Royall, RADM, USPHS, Deputy Assistant Secretary for Health (Disease Prevention and Health Promotion). [FR Doc. E7-842 Filed 1-19-07; 8:45 am] BILLING CODE 4150-32-P DEPARTMENT OF HEALTH AND HUMAN SERVICES Office of the National Coordinator for Health Information Technology; American Health Information Community Meeting ACTION: Change in meeting location. SUMMARY: This notice announces the 11th meeting of the American Health Information Community in accordance with the Federal Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., App.) The American Health Information Community will advise the Secretary and recommend specific actions to achieve a common interoperability framework for health information technology (IT). DATES: January 23, 2007, from 8:30 a.m. to 4:30 p.m. NEW ADDRESSES: U.S. Department of Veterans Affairs, The G.V. “Sonny” Montgomery Veterans Conference Center, 810 Vermont Avenue, NW., Washington, DC. FOR FURTHER INFORMATION CONTACT: visit *http://www.hhs.gov/healthit/ahic.html.* SUPPLEMENTARY INFORMATION: The meeting will include presentations by the Consumer Empowerment, Biosurveillance, Confidentiality, Privacy and Security, and Quality Workgroups on their Recommendations and also a demonstration of prototypes of the Nationwide Health Information Network (NHIN). A Web cast of the Community meeting will be available on the NIH Web site at: *http://www.videocast.nih.gov/.* If you have special needs for the meeting, please contact

(202)690-7151. Judith Sparrow, Director, American Health Information Community, Office of Programs and Coordination, Office of the National Coordinator for Health Information Technology. [FR Doc. 07-218 Filed 1-19-07; 8:45 am]

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