Notice2022-01659
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 27, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Weekly Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks (FR 2644; OMB No. 7100-0075).
Full Text
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<title>Federal Register, Volume 87 Issue 18 (Thursday, January 27, 2022)</title>
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[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Pages 4238-4239]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01659]
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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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Weekly Report of Selected Assets and Liabilities of Domestically
Chartered Commercial Banks and U.S. Branches and Agencies of Foreign
Banks (FR 2644; OMB No. 7100-0075).
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested from the agency clearance
officer, whose name appears above.
[[Page 4239]]
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Report title: Weekly Report of Selected Assets and Liabilities of
Domestically Chartered Commercial Banks and U.S. Branches and Agencies
of Foreign Banks.
Agency form number: FR 2644.
OMB control number: 7100-0075.
Effective date: April 6, 2022.
Frequency: Weekly.
Respondents: Domestically chartered commercial banks and U.S.
branches and agencies of foreign banks.
Estimated number of respondents: 850.
Estimated average hours per response: 2.19.
Estimated annual burden hours: 96,798.
General description of report: The FR 2644 is a balance sheet
report that is collected as of each Wednesday from an authorized
stratified sample of 875 domestically chartered commercial banks and
U.S. branches and agencies of foreign banks. The FR 2644 is the only
source of high-frequency data used in the analysis of current banking
developments. The FR 2644 collects sample data that are used to
estimate universe levels for the entire commercial banking sector in
conjunction with data from the quarterly commercial bank Consolidated
Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051;
OMB No. 7100-0036) and the Report of Assets and Liabilities of U.S.
Branches and Agencies of Foreign Banks (FFIEC 002; OMB No. 7100-0032)
(Call Reports). Data from the FR 2644 and the Call Reports are utilized
in construction of weekly estimates of U.S. bank credit, balance sheet
data for the U.S. commercial banking sector, and sources and uses of
banks' funds, and to analyze current banking developments, including
the monitoring of broad credit and funding conditions. The Board
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, financial press, and other users.\1\ The H.8 release
provides a balance sheet for the commercial banking industry as a whole
as well as data disaggregated by its large domestic, small domestic and
foreign-related bank components.
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\1\ The H.8 release is available on the Board's website, <a href="http://www.federalreserve.gov/releases/h8/current/default.htm">http://www.federalreserve.gov/releases/h8/current/default.htm</a>.
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Legal authorization and confidentiality: The FR 2644 is authorized
by section 2A of the Federal Reserve Act (FRA), which states that the
Board ``shall maintain long run growth of the monetary and credit
aggregates commensurate with the economy's long run potential to
increase production, so as to promote effectively the goals of maximum
employment, stable prices, and moderate long-term interest rates'' (12
U.S.C. 225a.) and by section 11(a)(2) of the FRA, which authorizes the
Board to require a depository institution to provide ``reports of its
liabilities and assets as the Board may determine to be necessary or
desirable to enable the Board to discharge its responsibility to
monitor and control monetary and credit aggregates'' (12 U.S.C.
248(a)(2)). Section 7(c)(2) of the International Banking Act of 1978
makes U.S. branches and agencies of foreign banks subject to the
reporting requirements of section 11(a)(2) of the FRA (12 U.S.C.
3105(c)(2)). The FR 2644 is voluntary, although the Board would have
the authority to require depository institutions to file these reports.
Although the Board releases aggregate data derived from the FR 2644
in the weekly H.8 Statistical Release, individual bank information
provided by each respondent is treated as confidential because that
information constitutes nonpublic commercial or financial information,
which is both customarily and actually treated as private by the
respondent, and thus may be kept confidential by the Board pursuant to
exemption 4 of the Freedom of Information Act (5 U.S.C. 552(b)(4)).
Current actions: On October 5, 2021, the Board published a notice
in the Federal Register (86 FR 54975) requesting public comment for 60
days on the extension, with revision, of the Weekly Report of Selected
Assets and Liabilities of Domestically Chartered Commercial Banks and
U.S. Branches and Agencies of Foreign Banks. The Board proposed
revisions that would simplify and reduce the overall reporting
requirements associated with the FR 2644 collection, including: (1)
Eliminating the data items on net unrealized gains (losses) on
available-for-sale securities (Memoranda items 1 and 1.a); (2) Revising
the reporting instructions for foreign-related institutions pertaining
to consumer loans and the allowance for loan and lease losses to bring
them in line with these institutions' Call Report; (3) Changing the
reporting instructions for small domestically chartered commercial
banks for loans to, and acceptances of, commercial banks in the U.S.
(item 4.b); and (4) Reducing the authorized sample of domestically
chartered commercial banks and U.S. agencies and branches of foreign
banks from the current 875 respondents to 850. In addition to the
initial proposed revisions, the Board will make a clarifying change to
item 4g of the form to align with the instructions. The comment period
for this notice expired on December 6, 2021. The Board did not receive
any comments. The revisions will be implemented as proposed.
Board of Governors of the Federal Reserve System, January 24,
2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-01659 Filed 1-26-22; 8:45 am]
BILLING CODE 6210-01-P
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