[Federal Register: February 17, 2006 (Volume 71, Number 33)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
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.
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
(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. On August 23, 2005, the Financial Institutions
Examination Council (FFIEC), of which the Agencies are members,
requested public comment for 60 days on proposed revisions to the
Consolidated Reports of Condition and Income (Call Report), which are
currently approved collections of information. After considering the
comments, the FFIEC has modified some of the proposed changes and will
stagger the effective dates of the revisions from March 31, 2006,
through March 31, 2008. The burden-reducing revisions included in the
proposal will be implemented March 31, 2006, as proposed.
DATES: Comments must be submitted on or before March 20, 2006.
ADDRESSES: Interested parties are invited to submit written comments to
any or all of the Agencies. All comments, which should refer to the OMB
control number(s), will be shared among the Agencies.
OCC: You may submit comments, identified by [Attention: 1557-0081],
by any of the following methods:
E-mail: email@example.com. Include [Attention:
1557-0081] in the subject line of the message.
Fax: (202) 874-4448.
Mail: Public Information Room, Office of the Comptroller
of the Currency, 250 E Street, SW., Mailstop 1-5, Washington, DC 20219;
Public Inspection: You may inspect and photocopy comments at the
Public Information Room. You can make an appointment to inspect the
comments by calling (202) 874-5043.
Board: You may submit comments, which should refer to
``Consolidated Reports of Condition and Income, 7100-0036,'' by any of
the following methods:
Agency Web site: http://www.federalreserve.gov Follow the instructions for submitting comments on the http://.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: firstname.lastname@example.org. Include docket
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,
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at
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, NW.) between 9 a.m. and 5 p.m. on weekdays.
FDIC: You may submit comments, which should refer to ``Consolidated
Reports of Condition and Income, 3064-0052,'' by any of the following
Agency Web site: http://www.FDIC.gov/regulations/laws/federal/notices.html.
. E-mail: comments@FDIC.gov. Include ``Consolidated Reports
of Condition and Income, 3064-0052'' in the subject line of the
Mail: Steven F. Hanft (202-898-3907), Paperwork Clearance
Officer, Room MB-3064, Federal Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
Hand Delivery: Comments 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 a.m. and 5 p.m.
Public Inspection: All comments received will be posted without
change to http://www.fdic.gov/regulations/laws/federal/notices.html
including any personal information provided. Comments may be inspected
at the FDIC Public Information Center, Room E-1002, 3502 North Fairfax
Drive, Arlington, VA 22226, between 9 a.m. and 5 p.m. on business days.
Additionally, commenters should send a copy of their comments to
the OMB desk officer for the Agencies 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: For further information about the
revisions discussed in this notice, please contact any of the agency
clearance officers whose names appear below. In addition, copies of
Call Report forms can be obtained at the FFIEC's Web site (http://www.ffiec.gov/ffiec_report_forms.htm
OCC: Mary Gottlieb, OCC Clearance Officer, or Camille Dickerson,
(202) 874-5090, Legislative and Regulatory Activities Division, Office
of the Comptroller of the Currency, 250 E Street, SW., Washington, DC
Board: Michelle E. Long, Federal Reserve Clearance Officer, (202)
452-3829, Division of Research and Statistics, Board of Governors of
the Federal Reserve System, 20th and C Streets, NW., Washington, DC
20551. Telecommunications Device for the Deaf (TDD) users may call
FDIC: Steven F. Hanft, Paperwork Clearance Officer, (202) 898-3907,
Legal Division, Federal Deposit Insurance Corporation, 550 17th Street,
NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: The Agencies are requesting OMB approval to
revise and extend for three years the Call Report, which is currently
an approved collection of information for each of the Agencies.
Report Title: Consolidated Reports of Condition and Income (Call
Form Number: FFIEC 031 (for banks with domestic and foreign
offices) and FFIEC 041 (for banks with domestic offices only).
Frequency of Response: Quarterly.
Affected Public: Business or other for-profit.
OMB Number: 1557-0081.
Estimated Number of Respondents: 1,900 national banks.
Estimated Time per Response: 43.73 burden hours (incorporates a
of 4.47 hours resulting from the completion of testing and enrollment
in the Central Data Repository (CDR) in 2005 and an average net
increase of 1.81 hours for the Call Report revisions to be phased in
from March 2006 to March 2008).
Estimated Total Annual Burden: 332,331 burden hours.
OMB Number: 7100-0036.
Estimated Number of Respondents: 919 state member banks.
Estimated Time per Response: 50.69 burden hours (incorporates a
reduction of 4.01 hours resulting from the completion of testing and
enrollment in the CDR in 2005 and an average net increase of 2.32 hours
for the Call Report revisions to be phased in from March 2006 to March
Estimated Total Annual Burden: 186,321 burden hours.
OMB Number: 3064-0052.
Estimated Number of Respondents: 5,247 insured state nonmember
Estimated Time per Response: 34.94 burden hours (incorporates a
reduction of 4.16 hours resulting from the completion of testing and
enrollment in the CDR in 2005 and an average net increase of 2.00 hours
for the Call Report revisions to be phased in from March 2006 to March
Estimated Total Annual Burden: 733,321 burden hours.
The estimated time per response for the Call Report is an average
that varies by agency because of differences in the composition of the
institutions under each agency's supervision (e.g., size distribution
of institutions, types of activities in which they are engaged, and
existence of foreign offices). The average reporting burden for the
Call Report is estimated to range from 16 to 625 hours per quarter,
depending on an individual institution's circumstances.
Furthermore, the effect on reporting burden of the revisions to the
Call Report requirements will vary from institution to institution
depending, in some cases, on the institution's asset size and, in other
cases, on its involvement with the types of activities or transactions
to which the changes apply.
General Description of Reports
These information collections are mandatory: 12 U.S.C. 161 (for
national banks), 12 U.S.C. 324 (for state member banks), and 12 U.S.C.
1817 (for insured state nonmember commercial and savings banks). Except
for selected items, these information collections are not given
Institutions file Call Reports with the Agencies each quarter for
the Agencies' use in monitoring the condition, performance, and risk
profile of individual institutions and the industry as a whole. In
addition, Call Reports provide the most current statistical data
available for evaluating institutions' corporate applications such as
mergers, for identifying areas of focus for both on-site and off-site
examinations, and for monetary and other public policy purposes. Call
Reports are also used to calculate all institutions' deposit insurance
and Financing Corporation assessments and national banks' semiannual
On August 23, 2005, the Agencies requested comment on proposed
revisions to the Call Report. The proposed effective date for all of
the revisions was March 31, 2006. After considering the comments, the
Agencies approved several modifications to the initial set of proposed
revisions and decided to phase-in the changes beginning March 31, 2006,
through March 31, 2008, to provide banks sufficient time to make system
and processing changes. The Agencies will move forward with reporting
changes on March 31, 2006, that primarily consist of deletions,
revisions to the reporting of international income, and certain new
data on credit derivatives. The Agencies will delay the implementation
for certain items providing additional detail on balance sheet items,
mortgage banking activities, and credit derivatives to September 30,
2006, and other items providing additional detail on income statement
items and certain loans to March 31, 2007. The Agencies will also
further delay implementation of certain loan items for small banks that
meet specified criteria to March 31, 2008. In addition, revised officer
signature requirements also take effect September 30, 2006.
The Agencies collectively received comments from 30 respondents: 21
banks and banking organizations, 3 national banking trade groups and
other bankers' organizations, 2 insurance consultants, a nonbanking
trade group, a government agency, a data processing company, and a
federal bank examiner.
Many of the commenters were concerned with the reporting burden
being imposed by the changes and questioned whether the costs of the
proposed changes outweighed the perceived supervisory benefit. Two
commenters recommended the Agencies consider collecting different types
of data on different frequencies for banks of different asset sizes.
Several commenters expressed concerns about the accuracy of the
Agencies' burden estimates, especially those associated with the CDR
testing and enrollment. Other commenters recommended the Agencies
reassess the importance of all supplemental schedule information to the
Agencies' supervisory and other responsibilities and prioritize the
collection of this data based on relative risk.
Other commenters cited concerns with the relatively short
implementation time-frame that the Agencies were providing banks to
make the proposed changes. In particular, many of the commenters
objected to the proposal to split ``Construction, land development, and
other land loans'' (CLD&OL loans) into separate categories for 1-4
family residential CLD&OL loans and all other CLD&OL loans, and to
split loans ``Secured by nonfarm nonresidential properties''
(commercial real estate loans) into separate categories for owner-
occupied and other commercial real estate loans based on reporting
burden related considerations. Other commenters objected to the
proposed changes to the officer and director signature and attestation
requirements based on burden and the perceived minimal benefit to the
supervisory process. Three commenters requested that the Agencies
consider materiality when proposing to collect further information on
Federal Home Loan Bank advances and other supplemental and memorandum
information. These commenters suggested imposing a minimum reporting
threshold for certain information. Commenters also requested
clarification on the maximum amount payable and receivable for credit
derivatives and the meaningfulness of breaking out the trading revenue
from credit derivatives.
One commenter recommended a change to the reporting of deposits of
``Individuals, partnerships, and corporations,'' which banks currently
report in item 1 of Schedule RC-E, ``Deposits.'' The Agencies did not
propose to make any changes to this category of depositor. The
commenter recommended separating this category into three subcategories
for ``Individuals,'' ``Sole proprietorships and partnerships,'' and
``Corporations.'' At present, the Agencies'' supervisory and other
primary mission objectives can be effectively accomplished without the
additional breakouts recommended by the commenter. Therefore, the
Agencies are not proposing to add any
additional breakouts for categories of depositors at this time.
A summary of the Agencies' responses to the comments and the final
revisions are presented below.
II. Discussion of Revisions
Overall Reporting Burden
In March 2001, the Agencies revised the Call Report from four
versions (FFIEC 031, 032, 033, and 034) to the existing two versions
(FFIEC 031 and 041). A major reason for this change was to reduce
burden and to more closely align the information collected in the Call
Report to the Agencies' supervisory and other public policy objectives.
Since that time, the Agencies have made efforts to target revisions to
those areas of highest importance to these objectives. The Agencies
realize that institutions of different sizes incur different amounts of
burden and the estimates of burden hours are intended to reflect the
average burden per institution. As indicated above following the
Agencies' individual burden estimates as well as on the second page of
the Call Report forms, the range of burden for the Call Report is
estimated to be from 16 to 625 hours per response. The burden
associated with the testing of and enrollment in the CDR was filed with
OMB in 2004 when testing began and is required to be removed from the
Agencies' records with OMB since this CDR-related burden is no longer
applicable. As stated in the initial Federal Register notice, the
Agencies have recently conducted a careful review of the information
needed to accomplish the Agencies' supervisory and other public policy
objectives and have proposed to delete those items determined to be no
longer critical to this mission.
Call Report Revisions Effective as of the March 31, 2006, Report Date
A. Burden-Reducing Revisions
Several commenters supported (or did not oppose) the four proposed
burden-reducing revisions discussed below, but one commenter stated
that these revisions would not meaningfully reduce burden.
1. Uninsured Deposits
Banks with less than $1 billion in total assets will no longer be
required to complete Memorandum item 2, ``Estimated amount of uninsured
deposits,'' in Schedule RC-O, ``Other Data for Deposit Insurance and
FICO Assessments.'' Banks with $1 billion or more in total assets will
continue to report this estimate in Memorandum item 2. To determine
whether a bank must complete Memorandum item 2 during 2006, the $1
billion asset size test is based on the total assets reported on the
bank's Call Report balance sheet for June 30, 2005. Each year
thereafter, this asset size test will be determined based on the total
assets reported in the previous year's June 30 Call Report. Once a bank
surpasses the $1 billion total asset threshold, it must continue to
report its estimated uninsured deposits regardless of subsequent
changes in its total assets. When estimating the uninsured portion of
its deposits, a bank with $1 billion or more in total assets should
base its estimate on data that are readily available from the
information systems and other records pertaining to its deposits that
the bank has in place.
2. Holdings of Asset-Backed Securities
Banks with domestic offices only and less than $1 billion in total
assets will no longer provide a six-way breakdown of their holdings of
asset-backed securities (not held for trading purposes) in Schedule RC-
B, ``Securities,'' items 5.a through 5.f. Instead, these banks would
report only their total holdings of asset-backed securities in Schedule
RC-B, item 5. Banks with foreign offices and other banks with $1
billion or more in total assets will continue to report the existing
breakdown of their asset-backed securities, but this information will
be collected in new Memorandum items 5.a through 5.f of Schedule RC-B.
The $1 billion asset size test will be applied in the same manner as
discussed above under Uninsured Deposits.
3. Impact of Derivatives on Income
In Schedule RI, ``Income Statement,'' the Agencies are eliminating
Memorandum items 9.a through 9.c, which collect data on the ``Impact on
income of derivatives held for purposes other than trading.'' These
Memorandum items are currently reported by banks with foreign offices
or with $100 million or more in total assets.
4. Bankers Acceptances
The following items for reporting information on bankers
acceptances will be eliminated:
Schedule RC, ``Balance Sheet''
[cir] Item 9, ``Customers' liability to this bank on acceptances
[cir] Item 18, ``Bank's liability on acceptances executed and
Schedule RC-L, ``Derivatives and Off-Balance Sheet
Items,'' item 5, ``Participations in acceptances conveyed to others by
the reporting bank''
Schedule RC-H, ``Selected Balance Sheet Items for Domestic
Offices'' (FFIEC 031 only)
[cir] Item 1, ``Customers' liability to this bank on acceptances
[cir] Item 2, ``Bank's liability on acceptances executed and
With the elimination of separate balance sheet items for
acceptances on Schedule RC, banks should include any acceptance assets
and acceptance liabilities in ``Other assets'' (Schedule RC, item 11)
and ``Other liabilities'' (Schedule RC, item 20), respectively.
B. Revisions of Existing Items and New Items
1. Life Insurance Assets
At present, banks include their holdings of life insurance assets
(e.g., the cash surrender value reported to the bank by the insurance
carrier, less any applicable surrender charges not reflected by the
carrier in this reported value) in Schedule RC-F, ``Other Assets,''
item 5, ``All other assets.'' If the carrying amount of a bank's life
insurance assets included in item 5 is greater than $25,000 and exceeds
25 percent of its ``All other assets,'' the bank must disclose this
carrying amount in Schedule RC-F, item 5.b. Schedule RC-F will be
revised by adding a new item 5 in which all banks will report their
holdings of life insurance assets. Existing item 5, ``All other
assets,'' in Schedule RC-F will be renumbered as item 6. Commenters
specifically addressing this reporting change either supported it or
indicated it would not present problems.
For purposes of reporting ``Life insurance assets'' in new item 5
of Schedule RC-F, banks should include the cash surrender value of life
insurance reported by the insurance carrier, less any applicable
surrender charges not reflected by the carrier in this reported value,
on all forms of permanent life insurance policies owned by the bank,
its consolidated subsidiaries, and grantor (rabbi) trusts established
by the bank or its consolidated subsidiaries, regardless of the
purposes for acquiring the insurance and regardless of whether the
insurance is a general account obligation of the insurer or a separate
account obligation of the insurer. Permanent life insurance refers to
whole and universal life insurance, including variable universal life
insurance. Purposes for which insurance may be acquired include
offsetting pre- and post-retirement costs for employee compensation and
benefit plans, protecting against the loss of key persons, and
providing retirement and death benefits to employees. Include as
life insurance assets the bank's interest in insurance policies under
split-dollar life insurance arrangements with directors, officers, and
employees under both the endorsement and collateral assignment methods.
2. Credit Derivatives by Type and Remaining Maturity
In item 7 of Schedule RC-L, ``Derivatives and Off-Balance Sheet
Items,'' banks currently report the notional amounts of the credit
derivatives on which they are the guarantor and on which they are the
beneficiary as well as the gross positive and negative fair values of
these credit derivatives. These existing items will be revised so that
banks with credit derivatives will provide a breakdown of these
notional amounts by type of credit derivative--credit default swaps,
total return swaps, credit options, and other credit derivatives--in
items 7.a.(1) through 7.a.(4) of Schedule RC-L, with those on which the
bank is the guarantor reported in column A and those on which the bank
is the beneficiary in column B. Banks will continue to separately
report the gross positive and negative fair values of credit
derivatives on which they are the guarantor and the beneficiary without
a breakdown by type of credit derivative (items 7.b.(1) and 7.b.(2),
columns A and B).
In addition, banks currently present a maturity distribution for
six categories of derivative contracts that are subject to the risk-
based capital standards in Schedule RC-R, ``Regulatory Capital,''
Memorandum item 2. A new category will be added for credit derivatives
that are subject to these standards. The remaining maturities of these
credit derivatives will be reported separately for those where the
underlying reference asset is rated investment grade or, if not rated,
is the equivalent of investment grade under the bank's internal credit
rating system (Memorandum item 2.g.(1)) and those where the underlying
reference asset is rated below investment grade (``subinvestment
grade'') or, if not rated, is the equivalent of below investment grade
under the bank's internal credit rating system (Memorandum item
None of the commenters specifically addressed these two reporting
3. Income From Foreign Offices
At present in the FFIEC 031 version of the Call Report, banks with
foreign offices whose international operations account for more than 10
percent of total revenues, total assets, or net income must complete
Schedule RI-D, ``Income from International Operations.'' Banks that
complete this schedule are currently directed to report estimates of
the amounts of their income and expense attributable to international
operations. These estimates must eliminate intrabank accounts and
should reflect all appropriate internal allocations of income and
Existing Schedule RI-D will be revised to capture income from
foreign offices (as that term is currently defined for Call Report
purposes) in place of income from ``international operations.'' The
schedule will be renamed ``Income from Foreign Offices'' and the
threshold for completing revised Schedule RI-D will continue to be
based on a 10 percent test, but the test would compare a bank's foreign
office revenues, assets, and net income to its consolidated total
revenues, total assets, and net income. Total revenues (net interest
income plus noninterest income) and net income will be determined from
the preceding calendar year (2005 for purposes of reporting in Schedule
RI-D beginning March 31, 2006) and total assets will be measured as of
the preceding calendar year end (December 31, 2005, for purposes of
reporting in Schedule RI-D beginning March 31, 2006).
The following categories of foreign office income and expense will
be reported in revised Schedule RI-D:
Total interest income.
Total interest expense.
Provision for loan and lease losses.
Investment banking, advisory, brokerage, and underwriting
fees and commissions.
Net securitization income.
All other noninterest income.
Realized gains (losses) on held-to-maturity and available-
Total noninterest expense.
Adjustments to pretax income in foreign offices for
internal allocations to foreign offices to reflect the effect of equity
capital on overall bank funding costs.
Applicable income taxes.
Extraordinary items and other adjustments, net of income
Internal allocations of income and expense applicable to
Eliminations arising from the consolidation of foreign
offices with domestic offices.
The amounts reported in the preceding income and expense categories
(except the categories for adjustments to pretax income, internal
allocations, and eliminations) are to be reported on a foreign office
consolidated basis, i.e., before eliminating the effects of
transactions with domestic offices, but after eliminating the effects
of transactions between foreign offices. This is a change from the
current Schedule RI-D approach under which amounts are reported net of
all intrabank transactions.
The Agencies received no comments specifically addressing the
proposed revisions to Schedule RI-D.
4. Standby Letters of Credit Issued by a Federal Home Loan Bank
Banks are currently required to report standby letters of credit
issued by a Federal Home Loan Bank on their behalf in Schedule RC-L,
item 9, ``All other off-balance sheet liabilities,'' when these letters
of credit exceed 10 percent of the bank's total equity capital. When
these letters of credit exceed 25 percent of total equity capital, the
amount must also be separately identified and disclosed in Schedule RC-
L. To facilitate the reporting and identification of these standby
letters of credit when the amount exceeds 25 percent of total equity
capital, banks with this volume of standby letters of credit issued by
a Federal Home Loan Bank will report them in Schedule RC-L, item 9.c.,
to which the Agencies are adding an appropriate preprinted caption.
No comments were received on this specific element of the Agencies'
5. Scope of Securitizations To Be Included in Schedule RC-S
In column G of Schedule RC-S, ``Servicing, Securitization, and
Asset Sale Activities,'' banks report information on securitizations
and on asset sales with recourse or other seller-provided credit
enhancements involving loans (other than those covered in columns A
through F of the schedule) and all leases. Although the scope of
Schedule RC-S was intended to cover all of a bank's securitizations and
credit-enhanced asset sales, as currently structured column G does not
capture transactions involving assets other than loans and leases.
Therefore, the Agencies are revising the scope of column G to encompass
``All Other Loans, All Leases, and All Other Assets.'' As a result,
column G will begin to reflect securitization transactions involving
such assets as securities.
The Agencies received no comments on this change in scope.
C. Instructional Clarification for Servicing of Home Equity Lines
Banks report the outstanding principal balance of assets serviced
for others in Memorandum item 2 of Schedule RC-S, ``Servicing,
Securitization, and Asset Sale Activities.'' In Memorandum items 2.a
and 2.b, the amounts of 1-4 family residential mortgages serviced with
recourse and without recourse, respectively, are reported. Memorandum
item 2.c covers all other financial assets serviced for others, but
banks are required to report the amount of such servicing only if the
servicing volume is more than $10 million.
The Agencies will clarify the instructions by stating that
servicing of home equity lines should be included in Memorandum item
2.c. Memorandum items 2.a and 2.b should include servicing of closed-
end loans secured by first or junior liens on 1-4 family residential
properties only. The only commenter addressing this clarification
stated that it was reasonable.
Call Report Revisions Effective as of the September 30, 2006, Report
A. Revisions of Existing Items and New Items
1. Federal Home Loan Bank Advances and Other Borrowings
Banks currently report separate breakdowns by remaining maturity of
Federal Home Loan Bank (FHLB) advances and other borrowings in Schedule
RC-M, items 5.a and 5.b., respectively. The Agencies proposed to add
two additional breakdowns of FHLB advances. The first would collect
data on four categories of advances: Fixed rate, variable rate,
callable structured advances, and other structured advances. The second
would collect data on advances by time remaining until the next
repricing date using four time intervals: One year or less, over one
year through three years, over three years through five years, and over
five years. In addition, the existing remaining maturity data for both
FHLB advances and other borrowings were to be modified by adding a new
remaining maturity period of over five years.
Three commenters suggested the Agencies limit the application of
certain information on FHLB advances to institutions whose FHLB
advances are material to their overall operations. In contrast, another
commenter, a banking trade group, stated that its members did not
believe it would be burdensome in most cases to provide the proposed
additional information. The Agencies evaluated various alternative
materiality thresholds for FHLB advances and concluded that, for many
institutions, such thresholds would effectively increase, rather than
reduce, the burden associated with providing the requested information.
Burden would effectively increase because these institutions would have
to assess whether they exceed the reporting threshold as of each report
date and would need to develop a system for capturing the information
whenever the threshold is exceeded. Once the threshold is exceeded
institutions would continue to report the information until the volume
of FHLB advances declined and remained below a threshold for a
sufficient period of time to indicate that the advances were no longer
an integral part of the institution's operations. Therefore, the
Agencies are not establishing a materiality threshold for these items.
Nevertheless, in response to commenters' concerns about burden, the
Agencies reconsidered the amount of data they proposed to collect on
FHLB advances and other borrowings and decided to modify their proposal
by reducing the amount of information to be reported by banks.
Thus, banks will separately report their FHLB advances and their
other borrowings based on the amount of time until the next repricing
date (one year or less, over one year through three years, over three
years through five years, and over five years) in items 5.a.(1)(a)-(d)
and 5.b.(1)(a)-(d) of Schedule RC-M, respectively.\1\ Banks will also
report the amounts of advances and other borrowings with a remaining
maturity of one year or less in items 5.a.(2) and 5.b.(2),
respectively, rather than the proposed four-period breakdown by
\1\ The sum of Schedule RC-M, items 5.a.(1)(a)-(d) and items
5.b.(1)(a)-(d), must equal Schedule RC, item 16, ``Other borrowed
In addition, banks will report only the amount of structured FHLB
advances included in their advances outstanding in item 5.a.(3) of
Schedule RC-M instead of the four-way breakdown of advances that had
been proposed. Structured advances are advances containing options.
Structured advances include (1) callable advances, i.e., fixed rate
advances that the FHLB has the option to call after a specified amount
of time, (2) convertible advances, i.e., fixed rate advances that the
FHLB has the option to convert to floating rate after a specified
amount of time, and (3) putable advances, i.e., fixed rate advances
that the bank has the option to prepay without penalty on a specified
date or dates. Any other advances that have caps, floors, or other
embedded derivatives should also be reported as structured advances.
2. Nonaccrual Assets
Two new items will be added to Schedule RC-N, ``Past Due and
Nonaccrual Loans, Leases, and Other Assets,'' pertaining to nonaccrual
assets: Memorandum item 7, ``Additions to nonaccrual assets during the
quarter,'' and Memorandum item 8, ``Nonaccrual assets sold during the
quarter.'' Identical items are already collected from bank holding
companies that file the Consolidated Financial Statements for Bank
Holding Companies (FR Y-9C). The one institution that specifically
commented on the proposed new nonaccrual items observed that, because
it files the FR Y-9C, these items would not create additional burden.
In Memorandum item 7, report the gross amount of all loans, leases,
debt securities, and other assets (net of unearned income) that have
been placed in nonaccrual status since the prior quarter-end. Include
those assets placed in nonaccrual status during the quarter that are
included as of the quarter-end report date in Schedule RC-N, column C,
items 1 through 9. Also include those assets placed in nonaccrual
status during the quarter that, before the current quarter-end, have
been sold, paid off, charged-off, settled through foreclosure or
concession of collateral (or any other disposition of the nonaccrual
asset) or have been returned to accrual status. In other words, the
gross amount of assets placed in nonaccrual status since the prior
quarter-end that should be reported in Memorandum item 7 should not be
reduced, for example, by any charge-offs or sales of such nonaccrual
assets. If a given asset is placed in nonaccrual status more than once
during the quarter, report the amount of the asset only once.
In Memorandum item 8, report the gross outstanding balance of all
loans, leases, debt securities, and other assets held in nonaccrual
status (i.e., reportable in Schedule RC-N, column C, items 1 through 9)
that were sold during the current quarter. The amount to be reported is
the outstanding balance of the asset at the time of the sale. Do not
include any gains or losses from the sale. For purposes of this item,
only include those nonaccrual asset sales that meet the criteria for a
sale as set forth in FASB Statement No. 140, Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities.
3. Secured Borrowings
The Agencies are adding two items to Schedule RC-M, ``Memoranda,''
in which banks will report the amount of their ``Federal funds
purchased'' (as reported in Schedule RC, item 14.a), and their ``Other
borrowings'' (as reported in Schedule RC-M, item 5.b) that are secured.
Two commenters specifically
addressed these proposed items. One did not object to these items, but
the other suggested that materiality thresholds be applied to the
reporting of these two items. Consistent with the discussion above
under FHLB advances and other borrowings, the Agencies decided against
establishing a materiality threshold for these items.
Banks should include in these items the amount of ``Federal funds
purchased'' and ``Other borrowings'' for which the bank (or a
consolidated subsidiary) has pledged securities, loans, or other assets
as collateral for the borrowings. Transfers of financial assets
accounted for as financing transactions because they do not satisfy the
criteria for sale accounting under FASB Statement No. 140, mortgages
payable on bank premises and other real estate owned, and obligations
under capitalized leases should be included as ``Secured other
4. Closed-End 1-4 Family Residential Mortgage Banking Activities
The Agencies will add a new Schedule RC-P to the Call Report that
will contain a series of items that are focused on closed-end 1-4
family residential mortgage banking activities. The schedule will
include items for the principal amount of retail originations during
the quarter of mortgage loans for resale, wholesale originations and
purchases during the quarter of mortgage loans for resale, and mortgage
loans sold during the quarter. The schedule will also collect
information on the carrying amount of mortgage loans held for sale at
quarter-end. Data will be reported separately for first lien and junior
\2\ As will be discussed in the following section, an additional
item on noninterest income earned during the quarter from these
mortgage banking activities will be added to Schedule RC-P effective
March 31, 2007.
The Agencies proposed that Schedule RC-P would be completed by all
banks with $1 billion or more in total assets and that smaller banks
that are significantly involved in mortgage banking activities, as
determined by their primary federal regulator, could be directed by
their regulator to complete the schedule. One commenter stated that
this reporting approach for banks with less than $1 billion in total
assets could result in confusion and inconsistent treatment of such
banks. This commenter recommended against leaving the reporting
decision up to a bank's regulator, suggesting instead that a reporting
threshold by mortgage volume be established for banks with less than $1
billion in assets. This commenter also stated that data collection for
this new schedule would be time consuming and some information may need
to be compiled manually. Three other commenters urged the Agencies to
delay the implementation of proposed Schedule RC-P to provide more lead
time to prepare for it. Another commenter requested clear instructional
guidance for the information to be reported in this new Call Report
schedule. As discussed in the following paragraph, the Agencies have
established a mortgage volume threshold for reporting in Schedule RC-P
by banks with less than $1 billion in total assets. The effective date
of the schedule has also been delayed from the proposed March 31, 2006,
implementation date. The instructions have been refined from those
included in the proposal.
Schedule RC-P is to be completed by (1) all banks with $1 billion
or more in total assets \3\ and (2) banks with less than $1 billion in
total assets whose closed-end 1-4 family residential mortgage banking
activities exceed a specified level. More specifically, if either
closed-end (first lien and junior lien) 1-4 family residential mortgage
loan originations and purchases for resale from all sources, loan
sales, or quarter-end loans held for sale exceed $10 million for two
consecutive quarters, a bank with less than $1 billion in total assets
must complete Schedule RC-P beginning the second quarter and continue
to complete the schedule through the end of the calendar year. For
example, for a bank with less than $1 billion in total assets, if the
bank's closed-end 1-4 family residential mortgage loan originations
plus purchases for resale from all sources exceeded $10 million during
the quarter ended June 30, 2006, and the bank's sales of such loans
exceeded $10 million during the quarter ended September 30, 2006, the
bank would be required to complete Schedule RC-P in its September 30
and December 31, 2006, Call Reports. The level of the bank's mortgage
banking activities during the fourth quarter of 2006 and the first
quarter of 2007 would determine whether it would need to complete
Schedule RC-P each quarter during 2007 beginning March 31, 2007.
\3\ The $1 billion asset size test is generally based on the
total assets reported on the Call Report balance sheet (Schedule RC,
item 12) as of June 30 of the preceding year. Banks with $1 billion
or more in total assets as of June 30, 2005, must complete Schedule
RC-P beginning September 30, 2006.
Retail originations of closed-end 1-4 family residential mortgage
loans for resale include those mortgage loans for which the origination
and underwriting process was handled exclusively by the bank or a
consolidated subsidiary of the bank. Therefore, retail originations
would exclude those closed-end 1-4 family residential mortgage loans
for which the origination and underwriting process was handled in whole
or in part by another party, such as a correspondent or mortgage
broker, even if the loan was closed in the name of the bank or a
consolidated subsidiary of the bank. Such loans would be treated as
wholesale originations or purchases, as would acquisitions of closed-
end 1-4 family residential mortgage loans that were closed in the name
of a party other than the bank or a consolidated subsidiary of the
bank. Closed-end 1-4 family residential mortgage loans originated or
purchased for the reporting bank's own loan portfolio should be
excluded from amounts reported as originations or purchases for resale
in Schedule RC-P.
Closed-end 1-4 family residential mortgage loans sold during the
quarter include those transfers of loans originated or purchased for
resale from retail or wholesale sources that have been accounted for as
sales in accordance with FASB Statement No. 140, i.e., those transfers
where the loans are no longer included in the bank's consolidated total
assets. Sales of closed-end 1-4 family residential mortgage loans
directly from the bank's loan portfolio during the quarter should also
be reported as loans sold.
Closed-end 1-4 family residential mortgage loans held for sale at
quarter-end should be reported at the lower of cost or fair value
consistent with their presentation in the Call Report balance sheet.
Such loans would include any mortgage loans transferred at any time
from the bank's loan portfolio to a held-for-sale account that have not
been sold by quarter-end.
5. Amounts Payable and Receivable on Credit Derivatives
Banks with credit derivatives currently report the notional amount
and fair value of these instruments in item 7 of Schedule RC-L,
``Derivatives and Off-Balance Sheet Instruments.'' The Agencies will
add new items 7.c.(1) and (2) to Schedule RC-L to collect information
on the maximum amounts that the reporting bank can collect or must pay
on the credit derivatives it has entered into. One commenter requested
further clarification regarding what is meant by ``maximum'' in this
context and the agencies will make such a clarification.
B. Other Revisions
1. Officer and Director Signature Requirements
Several commenters expressed concern regarding the Agencies'
proposal to revise the Call Report's existing officer declaration to
require that the report be signed by each bank's chief executive
officer (or the person performing similar functions) and chief
financial officer (or the person performing similar functions) rather
than by an ``authorized officer.'' Under the proposal, the officer
declaration was also to be revised to state that these officers are
responsible for establishing and maintaining internal control over
financial reporting, including controls over regulatory reports. In
addition, the Agencies proposed to revise the director attestation to
require that the directors who sign the Call Report be members of the
bank's audit committee, if one exists. Commenters indicated that it
would be difficult to obtain the required review and signatures of the
audit committee members, chief executive officer, and chief financial
officer in the short timeframe allowed for completion and submission of
the Call Report.
Several commenters also expressed concern that the Agencies were
trying to impose certification and internal control standards similar
to those contained in the Sarbanes-Oxley Act of 2002 for compliance
with regulatory reporting guidelines. However, statutory requirements
already specify that the Call Report must be signed by an authorized
officer of the bank and attested to by not less than two directors
(trustees) for state nonmember banks and three directors for national
and state member banks. These statutes further require that, in signing
the Call Report, the officer and directors address the correctness of
the reported information. The statutes also recognize that banks are
responsible for maintaining procedures to ensure the accuracy of this
After considering the comments received, the Agencies are revising
the existing officer signature requirement so that the Call Report must
be signed by the bank's chief financial officer (or the individual
performing an equivalent function) rather than by any authorized
officer of the bank. In signing the Reports of Condition and Income,
the chief financial officer would attest that the reports have been
prepared in conformance with the instructions and are true and correct
to the best of the officer's knowledge and belief. The requirement for
signatures by directors would not be changed (i.e., the directors
signing the Call Report need not be members of the bank's audit
The introductory paragraph preceding the statements concerning the
preparation of the Call Report that must be signed by the chief
financial officer and two or three directors will note that each bank's
board of directors and senior management are responsible for
establishing and maintaining an effective system of internal control,
including controls over the Reports of Condition and Income. (This
language concerning internal control does not appear in the statements
to be signed by the chief financial officer and the directors.) Similar
references to the responsibility of the board and senior management for
the internal control system are contained in the Agencies' March 2003
Interagency Policy Statement on the Internal Audit Function and Its
Outsourcing. Internal control and its relationship to timely and
accurate regulatory reports are also addressed in the Interagency
Guidelines Establishing Standards for Safety and Soundness.
Call Report Revisions To Be Implemented March 31, 2007 (and 2008)
A. Revisions of Existing Items and New Items
1. Construction, Land Development, and Other Land Loans
At present, banks report the total amount of their ``Construction,
land development, and other land loans'' in the loan schedule (Schedule
RC-C, part I, item 1.a) and they also disclose the amount of these
loans that are past due 30 days or more or in nonaccrual status
(Schedule RC-N, item 1.a) and that have been charged off and recovered
(Schedule RI-B, part I, item 1.a). The agencies proposed to split the
existing item for ``Construction, land development, and other land
loans'' in these three schedules into separate items for ``1-4 family
residential construction, land development, and other land loans'' and
``Other construction, land development, and other land loans.'' In
addition, the agencies would similarly split the item for ``Commitments
to fund commercial real estate, construction, and land development
loans secured by real estate'' in the off-balance sheet items schedule
(Schedule RC-L, item 1.c.(1)) into two items.
A significant number of commenters expressed concern about the
burden associated with distinguishing 1-4 family residential
construction loans from other loans currently reported in the existing
construction loan category and making the system changes that would be
required to provide this information, particularly in light of the
relatively short timeframe banks would be provided to make these
changes, i.e., by March 31, 2006, under the proposal. One other
commenter, a nonbanking trade group, recommended that all residential
construction loans, both 1-4 family and multifamily, be segregated from
other construction loans and that banks separately report data on 1-4
family and multifamily residential construction loans. Based on the
comments received, the Agencies are retaining a two-way breakout of
``Construction, land development, and other land loans,'' but are
clarifying the scope of the two new loan categories and implementing
the changes in two phases through March 31, 2008. The changes will take
effect March 31, 2007, for (1) all banks with $300 million or more in
total assets as of December 31, 2005, or with foreign offices, and (2)
banks without foreign offices and with less than $300 million in total
assets whose total construction, multifamily, and nonfarm
nonresidential real estate loans (Schedule RC-C, sum of items 1.a, 1.d,
and 1.e) is greater than 150 percent of total equity capital (Schedule
RC, item 28) as of December 31, 2005. Banks with less than $300 million
in total assets that do not meet this percentage test will begin
reporting the breakdown of their construction loans as of March 31,
The Agencies are splitting the existing construction loan item in
schedules RC-C, RC-N, and RI-B into separate items for ``1-4 family
residential construction loans'' and ``Other construction loans and all
land development and other land loans.'' In addition, the Agencies will
split the existing item for commitments to fund commercial real estate,
construction, and land development loans secured by real estate in
Schedule RC-L into separate items for ``1-4 family residential
construction loan commitments'' and ``Commercial real estate, other
construction loan, and land development loan commitments.''
``1-4 family residential construction loans'' are those loans for
the purpose of constructing 1-4 family residential properties, which
will secure the loan. The term ``1-4 family residential properties'' is
defined in Schedule RC-C, part I, item 1.c. The new loan category for
``1-4 family residential construction loans'' would exclude loans for
the development of building lots and loans secured by vacant land,
unless the same loan finances the construction of 1-4 family
residential properties on the property.
2. Loans Secured by Nonfarm Nonresidential Properties
Banks currently report the total amount of their loans ``Secured by
nonfarm nonresidential properties'' in the loan schedule (Schedule RC-
C, part I, item 1.e) along with the amounts of these loans that are
past due 30 days or more or in nonaccrual status (Schedule RC-N, item
1.e) and the amounts that have been charged off and recovered (Schedule
RI-B, part I, item 1.e). The agencies proposed to split the existing
item for loans ``Secured by nonfarm nonresidential properties'' in
these three schedules into separate items for loans secured by owner-
occupied nonfarm nonresidential properties and loans secured by other
nonfarm nonresidential properties.
A significant number of commenters expressed concern about the
burden of the nonfarm nonresidential real estate loan proposal similar
to that discussed above with respect to construction loans. One
commenter noted in particular the difficulties in determining how
``mixed-use'' properties should be categorized in the Call Report loan
schedule. Commenters also expressed concern about the relatively short
timeframe banks would be provided to make these changes, i.e., by March
31, 2006, under the proposal. Based on the comments received, the
Agencies are modifying the scope of the two new loan categories and
implementing the changes in two phases through March 31, 2008, in a
manner consistent with the phase-in schedule for the construction loan
items listed above. As with the changes for construction loans
discussed above, the changes for nonfarm nonresidential real estate
loans will take effect March 31, 2007, for (1) all banks with $300
million or more in total assets as of December 31, 2005, or with
foreign offices, and (2) banks without foreign offices and with less
than $300 million in total assets whose total construction,
multifamily, and nonfarm nonresidential real estate loans (Schedule RC-
C, sum of items 1.a, 1.d, and 1.e) is greater than 150 percent of total
equity capital (Schedule RC, item 28) as of December 31, 2005. Banks
with less than $300 million in total assets that do not meet this
percentage test will begin reporting the breakdown of their nonfarm
nonresidential real estate loans as of March 31, 2008.
The new category for ``Loans secured by other nonfarm
nonresidential properties'' includes those nonfarm nonresidential real
estate loans where the primary or a significant source of repayment is
derived from rental income associated with the property (i.e., loans
for which 50 percent or more of the source of repayment comes from
third party, nonaffiliated, rental income) or the proceeds of the sale,
refinancing, or permanent financing of the property. Thus, the primary
or a significant source of repayment for ``Loans secured by owner-
occupied nonfarm nonresidential properties'' is the cash flow from the
ongoing operations and activities conducted by the party, or an
affiliate of the party, who owns the property, rather than from third
party, nonaffiliated, rental income or the proceeds of the sale,
refinancing, or permanent financing of the property. The determination
as to whether a property is considered ``owner-occupied'' should be
made upon acquisition (origination or purchase) of the loan. However,
for purposes of determining whether existing nonfarm nonresidential
real estate loans should be reported as ``owner-occupied'' beginning
March 31, 2007, or 2008, banks may consider the source of repayment
either when the loan was acquired or based on the most recent available
information. Once a bank determines whether a loan should be reported
as ``owner-occupied'' or not, this determination need not be reviewed
3. Retail and Commercial Leases
Banks with foreign offices or with $300 million or more in total
assets currently report a breakdown of their lease financing
receivables between those from U.S. and non-U.S. addressees in Schedule
RC-C, part I, items 10.a and 10.b. Addressee information on leases is
also reported in the past due and nonaccrual schedule (Schedule RC-N,
item 8 on the FFIEC 031 and Memorandum item 3.d on the FFIEC 041) and
on the charge-offs and recoveries schedule (Schedule RI-B, part I, item
8 on the FFIEC 031 and Memorandum item 2.d on the FFIEC 041).\4\ The
Agencies are replacing the existing addressee breakdown of leases with
a breakdown between retail (consumer) leases and commercial leases in
these three Call Report schedules effective March 31, 2007. Retail
(consumer) leases would be defined in a manner similar to consumer
loans, i.e., as leases to individuals for household, family, and other
personal expenditure purposes. Commercial leases would encompass all
other lease financing receivables. The only commenter who specifically
addressed the proposed revision to the reporting of leases did not
foresee any difficulty with the change.
\4\ Banks with domestic offices only and less than $300 million
in total assets are not required to provide this breakdown.
4. Income From Annuity Sales, Investment Banking, Advisory, Brokerage,
In the Call Report income statement (Schedule RI), banks currently
report commissions and fees from sales of annuities (fixed, variable,
and deferred) and related referral and management fees in one of three
items: Income from sales of annuities by a bank's trust department (or
a consolidated trust company subsidiary) that are executed in a
fiduciary capacity is reported in ``Income from fiduciary activities''
(Schedule RI, item 5.a); income from sales of annuities to bank
customers by a bank's securities brokerage subsidiary is reported in
``Investment banking, advisory, brokerage, and underwriting fees and
commissions'' (Schedule RI, item 5.d); and income from all other
annuity sales is reported in ``Income from other insurance activities''
(Schedule RI, item 5.h.(2)). Existing item 5.d also collects the amount
of noninterest income from a variety of other activities.
To better distinguish between banks' noninterest income from
investment banking (dealer) activities and their sales (brokerage)
activities, the Agencies are revising the noninterest income section of
the Call Report income statement effective March 31, 2007. A new item
will be added for ``Fees and commissions from annuity sales,'' which
will include income from sales of annuities and related referral and
management fees (other than income from sales by a bank's trust
department or a consolidated trust company subsidiary executed in a
fiduciary capacity, which will continue to be reported in Schedule RI,
item 5.a). Existing item 5.d will be replaced by separate items for
``Fees and commissions from securities brokerage'' and ``Investment
banking, advisory, and underwriting fees and commissions.'' Securities
brokerage income would include fees and commissions from sales of
mutual funds and from purchases and sales of other securities and money
market instruments for customers (including other banks) where the bank
is acting as agent. Other than moving annuity-related income to the new
item for such income, there would be no other changes to the existing
item 5.h.(2), ``Income from other insurance activities.'' In connection
with these changes, the items in the noninterest income section of the
Call Report income statement (Schedule RI) would be renumbered.
One commenter, an insurance consultant, supported the proposed
income statement changes relating to income from annuity sales,
securities brokerage, and investment banking. However, this commenter
also recommended that banks report additional detail on income from
annuity sales, a change that the Agencies are not implementing.
5. Income From 1-4 Family Residential Mortgage Banking Activities
In new Schedule RC-P on 1-4 family residential mortgage banking
activities, which will begin to be completed by certain banks beginning
September 30, 2006, an item will be added to the schedule on March 31,
2007, to collect data on noninterest income generated from these
activities. New item 5 of Schedule RC-P, ``Noninterest income for the
quarter from the sale, securitization, and servicing of closed-end 1-4
family residential mortgage loans,'' will capture the portion of a
bank's ``Net servicing fees,'' ``Net securitization income,'' and ``Net
gains (losses) on sales of loans and leases'' (current items 5.f, 5.g,
and 5.i of Schedule RI) earned during the quarter that is attributable
to 1-4 family residential mortgage loans. The March 31, 2007, effective
date for this new Schedule RC-P item responds to commenters' request
that the Agencies delay the implementation of this schedule from its
proposed March 31, 2006, effective date.
6. Revenues From Credit Derivatives and Related Exposures
In Schedule RI, Memorandum item 8, banks that reported average
trading assets of $2 million or more for any quarter of the preceding
calendar year currently provide a four-way breakdown of trading revenue
by type of risk exposure: interest rate, foreign exchange, equity, and
commodity. Although banks also trade credit derivatives and credit cash
instruments, there is no specific existing category in which to report
the revenue from these trading activities. Accordingly, the Agencies
proposed to add a new risk exposure category to Memorandum item 8 for
One commenter stated that adding credit derivatives to the
breakdown of trading revenue by type of exposure may not be meaningful
because credit derivative positions are often hedged with cash
instruments. After considering this comment, the Agencies have modified
their proposal and will instead add a new risk exposure category for
credit-related exposures effective March 31, 2007. In this new
Memorandum item 8.e, a bank should report its net gains (losses) from
trading cash instruments and derivative contracts that it manages as
credit exposures. The sum of Memorandum items 8.a through 8.e must
equal the amount of trading revenue reported in the Call Report income
statement in Schedule RI, item 5.c.
The Agencies are also adding new Memorandum items 9.a and 9.b to
Schedule RI, ``Income Statement,'' as of March 31, 2007, in which banks
must report the net gains (losses) recognized in earnings on credit
derivatives that economically hedge credit exposures held outside the
trading account, regardless of whether the credit derivative is
designated as and qualifies as a hedging instrument under generally
accepted accounting principles. Credit exposures outside the trading
account include, for example, nontrading assets (such as available-for-
sale securities or loans held for investment) and unused lines of
credit. To address the commenter's concern about the use of credit
derivatives for hedging, banks will report such net gains (losses) on
credit derivatives held for trading in Memorandum item 9.a and on
credit derivatives held for purposes other than trading in Memorandum
item 9.b. Thus, those net gains (losses) on credit derivatives reported
in Schedule RI, Memorandum item 9.a, will also have been included in
the amount reported in new Memorandum item 8.e of Schedule RI.
III. Request for Comment
Public comment is requested on all aspects of this joint notice. In
addition, comments are invited on:
(a) Whether the proposed revisions to the Call Report collections
of information are necessary for the proper performance of the
agencies' functions, including whether the information has practical
(b) The accuracy of the agencies' estimates of the burden of the
information collections as they are proposed to be revised, 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 joint 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 as well as other relevant aspects of the
information collection request.
Dated: February 10, 2006.
Stuart E. Feldstein,
Assistant Director, Legislative and Regulatory Activities Division,
Office of the Comptroller of the Currency.
Board of Governors of the Federal Reserve System, February 13,
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC this 10th day of February, 2006.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 06-1495 Filed 2-16-06; 8:45am]
BILLING CODE 4810-33-P