Notice2022-22240
Proposed Agency Information Collection Activities; Comment Request
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
October 13, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Selected Balance Sheet Items for Discount Window Borrowers (OMB No. 7100-0289).
Full Text
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<title>Federal Register, Volume 87 Issue 197 (Thursday, October 13, 2022)</title>
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[Federal Register Volume 87, Number 197 (Thursday, October 13, 2022)]
[Notices]
[Pages 62098-62100]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-22240]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
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ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Selected Balance Sheet Items for Discount Window
Borrowers (OMB No. 7100-0289).
DATES: Comments must be submitted on or before December 12, 2022.
ADDRESSES: You may submit comments, identified by FR 2046, by any of
the following methods:
<bullet> Agency website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#ee9c8b899dc08d8183838b809a9dae888b8a8b9c8f829c8b9d8b9c988bc0898198"><span class="__cf_email__" data-cfemail="beccdbd9cd90ddd1d3d3dbd0cacdfed8dbdadbccdfd2ccdbcddbccc8db90d9d1c8">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00
p.m. on weekdays. For security reasons, the Board requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
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.
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, <a href="/cdn-cgi/l/email-protection#0e607b666f206b62636f69667c6f6c674e687c6c20696178"><span class="__cf_email__" data-cfemail="c8a6bda0a9e6ada4a5a9afa0baa9aaa188aebaaae6afa7be">[email protected]</span></a>, (202)
452-3884.
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. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the 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. Final
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, 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 collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Collection title: Selected Balance Sheet Items for Discount Window
Borrowers.
Collection identifier: FR 2046.
OMB control number: 7100-0289.
Frequency: On occasion.
Respondents: Depository institutions.
Estimated number of respondents: Primary and Secondary Credit, 1;
Seasonal Credit, 32; Seasonal Credit, borrower in questionable
financial condition, 1.
Estimated average hours per response: Primary and Secondary Credit,
0.75; Seasonal Credit, 0.25; Seasonal Credit, borrower in questionable
financial condition, 0.75.
Estimated annual burden hours: Primary and Secondary Credit, 1;
Seasonal Credit, 88; Seasonal Credit, borrower in questionable
financial condition, 1.
General description of collection: The Board's Regulation A--
Extensions of Credit by Federal Reserve Banks (12 CFR part 201)
requires that Reserve Banks review balance sheet data in determining
whether to extend credit and to help ascertain whether undue use is
made of such credit. Balance sheet data are collected on the FR 2046
report from certain institutions that borrow from the discount window
in order to monitor discount window borrowing.
Legal authorization and confidentiality: The FR 2046 report is
authorized pursuant to sections 4(8),\1\ 10B,\2\ and 19(b)(7) \3\ of
the Federal Reserve Act (FRA), which authorize Federal Reserve Banks to
provide discounts or advances to a member bank or other depository
institution and to demand notes secured to the satisfaction of each
Reserve Bank, and authorize the Board to establish rules and
regulations under which a Reserve Bank may extend such credit.\4\
Specifically, section 4(8) of the FRA requires each Reserve Bank to
keep itself informed of the general character and amount of the loans
and investments of a depository
[[Page 62100]]
institution ``with a view to ascertaining whether undue use is being
made of bank credit,'' and instructs that, ``in determining whether to
grant or refuse advances, rediscounts, or other credit accommodations,
the Federal [R]eserve [B]ank shall give consideration to such
information.'' Section 10B of the FRA permits Federal Reserve Banks to
make advances to member banks ``under rules and regulations prescribed
by the Board.'' Section 19(b)(7) of the FRA provides that any
depository institution that holds reservable deposits is entitled to
the same discount and borrowing privileges as member banks.
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\1\ 12 U.S.C. 301.
\2\ 12 U.S.C. 347b.
\3\ 12 U.S.C. 461(b)(7).
\4\ Section 142 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (Pub. L. 102-242, Title I, Subtitle E, 142
(Dec. 19, 1991)), amended section 10B of the FRA (12 U.S.C. 347b(b))
to discourage Reserve Banks from making advances to undercapitalized
and critically undercapitalized depository institutions by imposing
liability on the Board for certain losses incurred by the funds
administered by the Federal Deposit Insurance Corporation. See 58 FR
45851 (Aug. 31, 1993).
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In addition, section 9(6) \5\ of the FRA, which requires state
member banks to file reports of condition and of the payment of
dividends with the Federal Reserve, provides authority to collect
balance sheet information from state member banks. Sections 2A \6\ and
11 \7\ of the FRA, respectively, as well as section 7(c)(2) of the
International Banking Act,\8\ authorize the Board to collect balance
sheet data from domestically chartered commercial banks and U.S.
branches and agencies of foreign banks.
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\5\ 12 U.S.C. 324.
\6\ 12 U.S.C. 225a.
\7\ 12 U.S.C. and 248(a)(2) and (i).
\8\ 12 U.S.C. 3105(c)(2)).
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If requested by the lending Reserve Bank, a depository institution
that borrowed from the discount window must submit the FR 2046 report.
Accordingly, the obligation to respond is mandatory.
The Federal Reserve publishes aggregate data on discount window
lending, which does not identify individual borrowers. In addition, the
Dodd-Frank Wall Street Reform and Consumer Protection Act requires the
Board to publish certain information on individual discount window
borrowers and transactions (i.e., the identity of the borrower, the
amount that was borrowed, the interest rate, and the types and amounts
of collateral or assets pledged) after an approximately two year
lag.\9\ The FR 2046 report is considered confidential until the fact
that the institution borrowed from the discount window is disclosed.
Until this point, the fact that this report was filed would constitute
nonpublic commercial or financial information, which is both
customarily and actually treated as private by the respondent, because
it would reveal the fact of discount window borrowing, as only
borrowers are required to file this form. Thus, this information is
kept confidential under exemption 4 of the Freedom of Information Act
(FOIA), which protects from disclosure trade secrets and privileged or
confidential commercial or financial information.\10\ Once the fact
that an institution borrowed from the discount window is disclosed, the
FR 2046 report is no longer considered confidential in the event a FOIA
request is received.
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\9\ 12 U.S.C. 248(s).
\10\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, October 7,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-22240 Filed 10-12-22; 8:45 am]
BILLING CODE 6210-01-P
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