[Federal Register: January 25, 1999 (Volume 64, Number
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: Submission for OMB review; joint comment request.
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (44 U.S.C. 35), the OCC, Board, and FDIC hereby give notice
that they plan to submit to the Office of Management and Budget (OMB)
requests for review of an information collection titled the Report on
Indebtedness of Executive Officers and Principal Shareholders and their
Related Interests to Correspondent Banks (FFIEC 004). The OCC's title
for this information collection is (MA)--Insider Transactions (12 CFR
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 that has been extended, revised, or implemented
on or after October 1, 1995, unless it displays a currently valid OMB
DATES: Comments must be submitted on or before February 24, 1999.
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: Written comments should be submitted to the Communications
Division, Third Floor, Office of the Comptroller of the Currency, 250 E
Street, S.W., Washington, D.C. 20219; Attention: Paperwork Docket No.
1557-0070 (FAX number (202) 874-5274; Internet address:
firstname.lastname@example.org). Comments will be available for inspection
and photocopying at that address.
Board: Written comments should be addressed to Ms. Jennifer J.
Johnson, Secretary, Board of Governors of the Federal Reserve System,
20th and C Streets, N.W., Washington, D.C. 20551, or delivered to the
Board's mail room between 8:45 a.m. and 5:15 p.m., and to the security
control room outside of those hours. Both the mail room and the
security control room are accessible from the courtyard entrance on
20th Street between Constitution Avenue and C Street, N.W. Comments
received may be inspected in room M-P-500 between 9:00 a.m. and 5:00
p.m., except as provided in section 261.12 of the Board's Rules
Regarding Availability of Information, 12 CFR 261.12(a).
FDIC: Written comments should be addressed to Robert E. Feldman,
Executive Secretary, Attention: Comments/OES, Federal Deposit Insurance
Corporation, 550 17th Street, N.W., Washington, D.C. 20429. 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 7:00
a.m. and 5:00 p.m. (Fax number: (202) 898-3838; Internet address:
email@example.com). 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: Alexander Hunt, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, D.C. 20503.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
may be sent to:
OCC: Jessie Gates, 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.
Board: Mary M. McLaughlin, Chief, Financial Reports Section (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 contact
Diane Jenkins, (202) 452-3544, 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,
Office of the Executive Secretary, Federal Deposit Insurance
Corporation, 550 17th Street N.W., Washington, D.C. 20429.
SUPPLEMENTARY INFORMATION: Request for OMB approval to extend without
revision, the following currently approved collection of information:
Report Title: Board and FDIC: Report on Indebtedness of Executive
Officers and Principal Shareholders and their Related Interests to
Correspondent Banks. OCC: (MA)--Insider Transactions (12 CFR 31).
Form Number: FFIEC 004.
Frequency of Response: Annually (for executive officers and
principal shareholders), and on occasion (for national, state member,
and insured state nonmember banks).
Affected Public: Individuals or households, business or other for-
Type of Review: Extension of currently approved collection.
OMB Number: 1557-0070.
Estimated Number of Respondents: 27,500 (25,000 executive officers
and principal shareholders fulfilling recordkeeping burden, 2,500
national banks fulfilling recordkeeping and disclosure burden).
Estimated Time per Response: 2.95 hours.
Estimated Total Annual Burden: 81,250 hours.
OMB Number: 7100-0034.
Estimated Number of Respondents: 4,955 (3,964 executive officers
and principal shareholders fulfilling recordkeeping burden, 991 state
member banks fulfilling recordkeeping and disclosure burden).
Estimated Time per Response: 1.12 hours.
Estimated Total Annual Burden: 5,551 hours.
OMB Number: 3064-0023.
Estimated Number of Respondents: 29,925 (23,940 executive officers
and principal shareholders fulfilling recordkeeping burden, 5,985
insured state nonmember banks fulfilling recordkeeping and disclosure
Estimated Time per Response: 1.8 hours.
Estimated Total Annual Burden: 53,865 hours.
Burden Note for all Agencies: The estimated time per response is an
average which varies by agency because of differences in the sizes of
banks under each agency's supervision, differences in the number of
executive officers and principal shareholders subject to the
recordkeeping requirements at banks of different sizes, and differences
in the number of correspondent banks for banks of different sizes.
Also, the time per response represents an average of (a) the
recordkeeping requirements for executive officers and principal
shareholders (which is estimated to range from 0.5 to 10 hours
depending on individual circumstances); and (b) the recordkeeping and
disclosure requirements for banks (which is estimated to range from 0.5
to 25 hours depending on individual circumstances).
General Description of Report: This information collection is
mandatory: 12 U.S.C. 1972(2)(G) (all); 12 U.S.C. 93a, 12 U.S.C.
1817(k), and 12 CFR part 31 (OCC); 12 U.S.C. 375(a)(6) and (10), 12
U.S.C. 375(b)(10), and 12 CFR part 215 (Board); 12 CFR 304.5(e), 12 CFR
349.3, and 12 CFR 349.4 (FDIC).
Abstract: Executive officers and principal shareholders of insured
banks must file with the bank the information contained in the FFIEC
004 report on their indebtedness and that of their related interests to
correspondent banks. Banks must retain these reports or reports
containing similar information and fulfill other recordkeeping
requirements, such as furnishing annually a list of their correspondent
banks to their executive officers and principal shareholders. Banks
also have certain disclosure requirements for this information
collection. On July 1, 1998, the three agencies jointly published a
notice in the Federal Register (63 FR 36034) inviting comment on the
extension of this collection of information, with no proposed changes.
Current Actions: The agencies received comments from four banking
organizations on the extension of this collection of information. Most
of the commenters suggested changes to the information that executive
officers and principal shareholders must provide in the FFIEC 004
report. However, several of these suggestions are inconsistent with
certain requirements of the Board's Regulation O (12 CFR part 215),
``Loans to Executive Officers, Directors, and Principal Shareholders of
Member Banks,'' 12 CFR part 349 of the FDIC's regulations, or statutes.
The agencies will review their regulations to determine whether any of
the suggested changes are consistent with the statute and with safety
and soundness and, therefore, should be proposed. If so, corresponding
changes to the FFIEC 004 would be proposed. The agencies note that the
information required by Regulation O and Part 349 may be submitted in
any format and does not have to be completed on this particular form.
One commenter suggested that the term ``Maximum Amount of
Indebtedness Outstanding'' be clarified as it applies to lines of
credit. For lines of credit, the ``Maximum Amount of Indebtedness
Outstanding'' includes the full amount of the line of credit granted,
not the amount actually borrowed against the line.
Comments: Comments are invited on:
(a) Whether the collections of information 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
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collections 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.
Dated: January 12, 1999.
Mark J. Tenhundfeld,
Assistant Director, Legislative and Regulatory Activities Division,
Office of the Comptroller of the Currency.
Board of Governors of the Federal Reserve System, January 19,
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, D.C., this 22 day of December, 1998.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
[FR Doc. 99-1528 Filed 1-22-99; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P and 6714-01-P