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FDIC Federal Register Citations

[Federal Register: September 26, 2003 (Volume 68, Number 187)]
[Notices]               
[Page 55741-55743]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26se03-130]                         

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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

FEDERAL RESERVE SYSTEM

FEDERAL DEPOSIT INSURANCE CORPORATION

 
Agency Information Collection Activities: Submission for OMB 
Review; Joint Comment Request

AGENCIES: Office of the Comptroller of the Currency (OCC), Treasury; 
Board of Governors of the Federal Reserve System (Board); and Federal 
Deposit Insurance Corporation (FDIC).

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

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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.
    During the second quarter of 2003, the agencies, under the auspices 
of the Federal Financial Institutions Examination Council (FFIEC), 
requested public comment on the extension, without revision, of the 
currently approved information collections: the Foreign Branch Report 
of Condition (FFIEC 030). In response to a comment letter received, the 
FFIEC, of which the agencies are members, will modify the information 
collection to eliminate two items and redefine four items. The agencies 
are now submitting requests to OMB for approval of the extension, with 
revision, of the FFIEC 030 report.

DATES: Comments must be submitted on or before October 27, 2003.

ADDRESSES: Interested parties are invited to submit written comments to 
any or all of the agencies. All comments should refer to the OMB 
control number(s) and will be shared among the agencies.
    OCC: Comments should be sent to the Public Information Room, Office 
of the Comptroller of the Currency, Mailstop 1-5, Attention: 1557-0099, 
250 E Street, S.W., Washington, DC 20219. Due to delays in paper mail 
delivery in the Washington area, commenters are encouraged to submit 
comments by fax or e-mail. Comments may be sent by fax to (202) 874-4448, or 
by e-mail to regs.comments@occ.treas.gov. You can inspect and 
photocopy the comments at the OCC's Public Information Room, 250 E 
Street, S.W., Washington, DC 20219. You can make an appointment to 
inspect the comments by calling (202) 874-5043.
    Board: Written comments, which should refer to ``Foreign Branch 
Report of Condition, 7100-0071,'' may be mailed to Ms. Jennifer J. 
Johnson, Secretary, Board of Governors of the Federal Reserve System, 
20th Street and Constitution Avenue, N.W., Washington, DC 20551. 
However, because paper mail in the Washington area and at the Board of 
Governors is subject to delay, please consider submitting your comments by e-mail to 
regs.comments@federalreserve.gov, or faxing them to the 
Office of the Secretary at 202-452-3819 or 202-452-3102. Members of the 
public may inspect comments in Room MP-500 between 9:00 a.m. and 5:00 
p.m. on weekdays pursuant to 261.12, except as provided in 261.14, of 
the Board's Rules Regarding Availability of Information, 12 CFR 261.12 
and 261.14.
    FDIC: Written comments should be addressed to Robert E. Feldman, 
Executive Secretary, Attention: Comments/Legal, Federal Deposit 
Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20429. 
All comment should refer to ``Foreign Branch Report of Condition, 3064-
0011.'' Commenters are encouraged to submit comments by fax or 
electronic mail [FAX number (202) 898-3838; Internet address: comments@fdic.gov]. 
Comments also may be hand-delivered to the guard 
station at the rear of the 550 17th Street Building (located on F 
Street) on business days between 7:00 a.m. and 5:00 p.m. Comments may 
be inspected and photocopied in the FDIC Public Information Center, 
Room 100, 801 17th Street, N.W., Washington, D.C., between 9:00 a.m. 
and 4:30 p.m. on business days.
    A copy of the comments may also be submitted to the OMB desk 
officer for the agencies: Joseph F. Lackey, Jr., Office of Information 
and Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503 or electronic mail to jlackeyj@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Additional information or a copy of 
the collection may be requested from:
    OCC: Jessie Dunaway, OCC Clearance Officer, or Camille Dixon, (202) 
874-5090, Legislative and Regulatory Activities Division, Office of the 
Comptroller of the Currency, 250 E Street, S.W., Washington, D.C. 
20219.
    Board: Cindy Ayouch, Federal Reserve Board Clearance Officer, (202) 
452-3829, Division of Research and Statistics, Board of Governors of 
the Federal Reserve System, 20th and C Streets, N.W., Washington, D.C. 
20551. Telecommunications Device for the Deaf (TDD) users may call 
(202) 263-4869, Board of Governors of the Federal Reserve System, 20th 
and C Streets, N.W., Washington, D.C. 20551.
    FDIC: Steven F. Hanft, FDIC Clearance Officer, (202) 898-3907, 
Legal Division, Federal Deposit Insurance Corporation, 550 17th Street 
N.W., Washington, D.C. 20429.

SUPPLEMENTARY INFORMATION:

Request for OMB approval to extend for three years with revision the 
following currently approved information collections:

    Title: Foreign Branch Report of Condition
    Form Number: FFIEC 030
    Frequency of Response: Annually, and quarterly for significant 
branches
    Affected Public: Business or other for-profit
    For OCC:
    OMB Number: 1557-0099
    Number of Respondents: 112 annual respondents; 47 quarterly 
respondents
    Estimated Time per Response: 3.7 burden hours.
    Estimated Total Annual Burden: 1,110 burden hours.
    For Board:
    OMB Number: 7100-0071
    Number of Respondents: 72 annual respondents; 26 quarterly 
respondents
    Estimated Time per Response: 3.7 burden hours.
    Estimated Total Annual Burden: 651 burden hours.
    For FDIC:
    OMB Number: 3064-0011
    Number of Respondents: 16 annual respondents
    Estimated Time per Response: 3.7 burden hours.
    Estimated Total Annual Burden: 59 burden hours.
    General Description of Report: These information collections are 
mandatory: 12 U.S.C. 321, 324, and 602 (Board); 12 U.S.C. 602 (OCC); 
and 12 U.S.C. 1828 (FDIC). These information collections are given 
confidential treatment (5 U.S.C. 552 (b)(8)). Small businesses (that 
is, small banks) are not affected.
    Abstract: This report contains asset and liability information for 
foreign branches of insured U.S. commercial banks and is required for 
regulatory and supervisory purposes. The information is used to analyze 
the foreign operations of U.S. commercial banks. All foreign branches 
of U.S. banks regardless of charter type file this report with the 
appropriate Federal Reserve District Bank. The Federal Reserve collects 
this information on behalf of the U.S. bank's primary federal bank 
regulatory agency.
    Current Actions: On May 8, 2003, the OCC and the Board published a 
notice soliciting comment for 60 days on the proposed extension, 
without revision, of the FFIEC 030 (68 FR 24741). The FDIC published a 
separate notice proposing extension, without revision, of the FFIEC 030 
on April 21, 2003 (68 FR 19542). The agencies received one comment 
letter from a bankers association on the proposed extension. The 
comment noted that banks are currently required to report on the FFIEC 
030 the net amounts due from or due to related institutions of the 
consolidated bank on separate lines according to institution type: 
other foreign branches, the head office and U.S. branches, and the 
consolidated subsidiaries of the bank. The association indicated that 
providing this level of detail is particularly burdensome and

[[Page 55743]]

requested that branches instead report only the gross amounts due to 
and due from related entities as a group.
    After considering the comments received, the FFIEC and the agencies 
decided to modify the information collected on the net due from and the 
net due to related institutions to collect a two-way breakout of these 
items on a gross basis. Specifically, Assets item 10, ``Net due from 
other foreign branches of this bank,'' and item 11, ``Net due from head 
office and U.S. branches of this bank'' will be combined and collected 
as a single item on a gross basis. Assets item 12, ``Net due from 
consolidated subsidiaries of this bank,'' will be modified to be 
reported on a gross basis. Similarly, Liabilities item 21, ``Net due to 
other foreign branches of this bank,'' and item 22, ``Net due to head 
office and U.S. branches of this bank'' will be combined and collected 
as a single item on a gross basis. Liabilities item 23, ``Net due to 
consolidated subsidiaries of this bank,'' will be modified to be 
reported on a gross basis. This modification will take effect as of the 
December 31, 2003, report date.
    In making this change, the FFIEC and the agencies concluded that 
combining the separate items that distinguish a foreign branch's 
funding to or from U.S. offices of the bank from its funding to or from 
other foreign offices of the bank into items covering all intrabank 
funding will provide adequate information for supervisory purposes. 
However, sources of funding to subsidiaries of U.S. banks, and 
particularly funding of foreign subsidiaries of U.S. banks, remains a 
concern to the agencies. To the extent that foreign branches provide 
funding to subsidiaries, financial or economic disruption in foreign 
countries could have an adverse effect on both entities. Also in 
certain cases, foreign authorities may limit the transactions of local 
subsidiaries, and thus foreign branches' claims on their related 
subsidiaries could become impaired. Collecting information on the 
branches' due from and due to position with consolidated subsidiaries 
of the bank provides the agencies with the ability to monitor such 
positions on an ongoing basis.

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. 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 3, 2003.
Mark J. Tenhundfeld
Assistant Director, Legislative and Regulatory Activities 
DivisionOffice of the Comptroller of the Currency
Board of Governors of the Federal Reserve System, September 17, 
2003.
Jennifer J. Johnson
Secretary of the Board
    Dated at Washington, D.C., this 17 day of September, 2003.
FEDERAL DEPOSIT INSURANCE CORPORATION.
Robert E. Feldman
Executive Secretary

Last Updated 09/26/2003 regs@fdic.gov