FR 3059 IFR (2010 Survey of Consumer Finances)

Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Notices
unprecedented disruption in credit
markets and the resultant effects on the
abilities of banks to fund themselves
and to intermediate credit, the Secretary
of the Treasury (after consultation with
the President) made a determination of
systemic risk following receipt of the
written recommendation of the FDIC
Board, along with the written
recommendation of the Federal Reserve
Board, in accordance with Section
13(c)(4)(G). The systemic risk
determination allows the FDIC to take
certain actions to avoid or mitigate
serious adverse effects on economic
conditions or financial stability.
Pursuant to the systemic risk
determination, the FDIC Board
established the Temporary Liquidity
Guarantee (TLG) Program.
To facilitate the FDIC’s administration
of the TLG Program, the FDIC Board
approved an interim rule on October 23,
2008,2 and (after a 15-day comment
period that ended on November 13,
2008) a final rule on November 21,
2008.3 The TLG Program is comprised
of (1) a Debt Guarantee Program under
which, in general, the FDIC will
guarantee certain newly-issued senior
unsecured debt issued by participating
entities on or after October 14, 2008,
through and including June 30, 2009, up
to a specified limit; and (2) a
Transaction Account Guarantee Program
under which the FDIC will provide a
100 percent guarantee of certain
noninterest-bearing transaction accounts
held by participating insured depository
institutions through December 31, 2009.
The TLG Program includes a system of
fees to be paid by participating entities
for such guarantees beginning
November 13, 2008.
In order for the FDIC to calculate the
fees to be assessed under the
Transaction Account Guarantee
Program, the FDIC needs to collect
information from participating insured
depository institutions on the amount
and number of noninterest-bearing
transaction accounts, as defined in the
final rule, of more than $250,000. Given
the nature of these data items, the best
method for obtaining this information
from participating institutions is
through the Call Report, the TFR, and
the FFIEC 002. Accordingly, the
agencies submitted an emergency
clearance request to OMB seeking
approval to begin collecting these two
data items in these reports as of
December 31, 2008. OMB approved this
emergency clearance request on
2 73 FR 64179, October 29, 2008. The FDIC
amended the interim rule effective November 4,
2008. 73 FR 66160, November 7, 2008.
3 73 FR 72244, November 26, 2008.

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November 26, 2008. Because OMB’s
approval of the agencies’ emergency
clearance request expires on May 31,
2009, the agencies are now proposing
under OMB’s normal clearance
procedures to collect these two items
each quarter until the Transaction
Account Guarantee Program ends.
The new items that institutions
participating in the Transaction
Account Guarantee Program must
complete are being added to the Call
Report as Memorandum items 4.a and
4.b of Schedule RC–O, to the TFR as
items DI570 and DI575 of Schedule DI,
and to the FFIEC 002 as Memorandum
items 6.a and 6.b of Schedule O.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: December 15, 2008.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and
Legislation Division, Office of Thrift
Supervision.
[FR Doc. E8–30555 Filed 12–22–08; 8:45 am]

Request for Comment

AGENCY: Board of Governors of the
Federal Reserve System.
SUMMARY: Background. On June 15,
1984, the Office of Management and
Budget (OMB) delegated to the Board of
Governors of the Federal Reserve
System (Board) its approval authority
under the Paperwork Reduction Act
(PRA), as per 5 CFR 1320.16, to approve
of and assign OMB control numbers to
collection of information requests and
requirements conducted or sponsored
by the Board under conditions set forth
in 5 CFR 1320 Appendix A.1. Boardapproved collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
Paperwork Reduction Act Submission,
supporting statements and approved
collection of information instruments
are placed into OMB’s public docket
files. The Federal Reserve 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 control number.

Public comment is requested on all
aspects of this joint notice. Comments
are invited on:
(a) Whether the proposed revisions to
the collections of information that are
the subject of this notice 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 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 and will be summarized or
included in the agencies’ requests for
OMB approval. All comments will
become a matter of public record.
Dated: December 15, 2008.
Michele Meyer,
Assistant Director, Legislative and Regulatory
Activities Division, Office of the Comptroller
of the Currency.
Board of Governors of the Federal Reserve
System, December 17, 2008.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC, this 12th day of
December 2008.

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BILLING CODE 4810–33–P, 6210–01–P, 6714–01–P,
6720–01–P

FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request

Request for Comment on Information
Collection Proposals
The following information
collections, which are being handled
under this delegated authority, have
received initial Board approval and are
hereby published for comment. At the
end of the comment period, the
proposed information collections, along
with an analysis of comments and
recommendations received, will be
submitted to the Board for final
approval under OMB delegated
authority. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Federal Reserve’s
functions; including whether the
information has practical utility;

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Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Notices

b. The accuracy of the Federal
Reserve’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; and
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.
DATES: Comments must be submitted on
or before February 23, 2009.
ADDRESSES: You may submit comments,
identified by FR 2502q, Reg K, or FR
3059 by any of the following methods:
• Agency Web Site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
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 http://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as 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 form 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.
Additionally, commenters should
send a copy of their comments to the
OMB Desk Officer 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: A
copy of the PRA OMB submission
including, the proposed reporting form
and instructions, supporting statement,
and other documentation will be placed
into OMB’s public docket files, once
approved. These documents will also be
made available on the Federal Reserve
Board’s public Web site at: http://

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www.federalreserve.gov/boarddocs/
reportforms/review.cfm or may be
requested from the agency clearance
officer, whose name appears below.
Michelle Shore, Federal Reserve
Board Clearance Officer (202–452–
3829), Division of Research and
Statistics, Board of Governors of the
Federal Reserve System, Washington,
DC 20551. Telecommunications Device
for the Deaf (TDD) users may contact
(202–263–4869), Board of Governors of
the Federal Reserve System,
Washington, DC 20551.
Proposal to approve under OMB
delegated authority the extension for
three years, with revision, of the
following report(s):
1. Report title: Quarterly Report of
Assets and Liabilities of Large Foreign
Offices of U.S. Banks.
Agency form number: FR 2502q.
OMB control number: 7100–0079.
Frequency: Quarterly.
Reporters: Large foreign branches and
banking subsidiaries of U.S. depository
institutions.
Annual reporting hours: 1,176 hours.
Estimated average hours per response:
3.5 hours.
Number of respondents: 84.
General description of report: This
information collection is required (12
U.S.C. § 248(a)(2), 353 et seq., 461, 602,
and 625) and is given confidential
treatment (5 U.S.C. § 552(b)(4)).
Abstract: This reporting form collects
data quarterly on the geographic
distribution of the assets and liabilities
of major foreign branches and
subsidiaries of U.S. commercial banks
and of Edge and agreement
corporations. Data from this reporting
form comprise a piece of the flow of
funds data that are compiled by the
Federal Reserve.
Current Actions: The Federal Reserve
proposes the following revisions to the
FR 2502q reporting form: (1) Update the
country list to conform more closely to
the U.S. Department of State’s official
country list, (2) add regional subtotals
for countries that are not listed on the
reporting form, and (3) clarify the
country list sub-header to indicate that
the areas listed may be countries or
dependencies. The Federal Reserve
proposes minor revisions to the FR
2502q instructions to indicate that
countries or dependencies not listed on
the reporting form should be summed in
each proposed regional subtotal, rather
than current data item,
‘‘UNALLOCATED’’. In addition, the
Federal Reserve proposes to make minor
changes to the FR 2502q instructions to
enhance clarity. The proposed changes
would be effective as of March 31, 2009.

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2. Report title: Recordkeeping
Requirements of Regulation H and
Regulation K Associated with Bank
Secrecy Act Compliance Programs.
Agency form number: Reg K.
OMB control number: 7100–0310.
Frequency: Annually.
Reporters: State member banks; Edge
and agreement corporations; and U.S.
branches, agencies, and other offices of
foreign banks supervised by the Federal
Reserve.
Annual reporting hours: 3,592 hours.
Estimated average hours per response:
Establish compliance program, 16
hours; and maintenance of compliance
program, 4 hours.
Number of respondents: Establish
compliance program, 13; and
maintenance of compliance program,
1,173.
General description of report: This
information collection is mandatory
pursuant to the Bank Secrecy Act (BSA)
(31 U.S.C. 513(h)). In addition, sections
11, 21, 25, and 25A of the Federal
Reserve Act (12 U.S.C. 248(a), 483, 602,
and 611(a)) authorize the Federal
Reserve to require the information
collection and recordkeeping
requirements set forth in Regulations K
and H. Section 5 of the Bank Holding
Company Act (12 U.S.C. 1844) and
section 13(a) of the International
Banking Act (12 U.S.C. 3108(a)) provide
further authority for sections 211.5(m)
and 211.24(j)(1) of Regulation K. Since
the Federal Reserve does not collect any
information, no issue of confidentiality
normally arises. However, if a BSA
compliance program becomes a Federal
Reserve record during an examination,
the information may be protected from
disclosure under exemptions (b)(4) and
(8) of the Freedom of Information Act (5
U.S.C. 552(b)(4) and (b)(8)).
Abstract: Sections 211.5(m)(1) and
211.24(j)(1) of Regulation K require Edge
and agreement corporations and U.S.
branches, agencies, and other offices of
foreign banks supervised by the Federal
Reserve to establish and maintain
procedures reasonably designed to
ensure and monitor compliance with
the BSA and related regulations.
Current Actions: The Federal Reserve
proposes to revise this information
collection by combining with it the
recordkeeping requirements for state
member banks associated with the
Section 208.63 of Regulation H.
Although state member banks have been
required to comply with Section 208.63
of Regulation H for some time, no
formal information collection has been
on the Federal Reserve’s OMB
inventory. At this time, the Federal
Reserve is correcting this administrative
oversight.

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Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Notices
Proposal to conduct under OMB
delegated authority the following
survey:
Report title: 2010 Survey of Consumer
Finance (SCF).
Agency form number: FR 3059.
OMB control number: 7100–0287.
Frequency: One-time survey.
Reporters: U.S. families.
Annual reporting hours: 9,322 hours.
Estimated average hours per response:
Business pretest, 15 minutes; and Main
pretest, Main survey, Re-interview 1,
and Re-interview 2, 75 minutes each.
Number of respondents: Business
pretest, 30; Main pretest, 150; Main
survey, 7,000; Re-interview 1, 150; and
Re-interview 2, 150.
General description of report: This
information collection is voluntary (12
U.S.C. 225a and 263). The names and
other characteristics that would directly
identify respondents would be retained
by the Federal Reserve’s contractor and
are exempt from disclosure pursuant to
the Confidential Information Protection
and Statistical Efficiency Act and
section (b)(3) of the Freedom of
Information Act [5 U.S.C. 552 (b)(3)].
Abstract: For many years, the Federal
Reserve has sponsored consumer
surveys to obtain information on the
financial behavior of households. The
2010 SCF would be the latest in a
triennial series, which began in 1983,
that provides comprehensive data for
U.S. families on the distribution of
assets and debts, along with related
information and other data items
necessary for analyzing financial
behavior. The SCF is the only survey
conducted in the United States that
provides such financial data for a
representative sample of households.
Current Actions: The Federal Reserve
proposes to conduct (1) Up to 30
interviews averaging about 15 minutes
(business pretest) to evaluate a new set
of questions on the finances of small
businesses in 2009; (2) up to 150
interviews averaging about 75 minutes
(main pretest) to be obtained in a series
of tests of the survey procedures in
2009; (3) up to 7,000 interviews
averaging about 75 minutes (main
survey) between May 2010 and March
2011; (4) up to 150 re-interviews
averaging about 75 minutes (reinterview 1) in 2011 with participants
from the main survey; and (5) up to 150
re-interviews averaging about 75
minutes (re-interview 2) in 2012 with
participants from the main survey. The
surveys would be conducted by a survey
research organization selected through a
competitive process.

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Board of Governors of the Federal Reserve
System, dated December 18, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8–30475 Filed 12–22–08; 8:45 am]
BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
SUMMARY: Background. Notice is hereby
given of the final approval of proposed
information collections by the Board of
Governors of the Federal Reserve
System (Board) under OMB delegated
authority, as per 5 CFR 1320.16 (OMB
Regulations on Controlling Paperwork
Burdens on the Public). Board-approved
collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
Paperwork Reduction Act Submission,
supporting statements and approved
collection of information instrument(s)
are placed into OMB’s public docket
files. The Federal Reserve 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 control number.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Michelle Shore—Division of
Research and Statistics, Board of
Governors of the Federal Reserve
System, Washington, DC 20551 (202–
452–3829).
OMB Desk Officer—Shagufta Ahmed
P. Nelson—Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 10235,
Washington, DC 20503.
Final approval under OMB delegated
authority of the extension for three
years, without revision, of the following
reports:
1. Report title: Recordkeeping and
Disclosure Requirements in Connection
with Regulation B (Equal Credit
Opportunity).
Agency form number: Reg B.
OMB control number: 7100–0201.
Frequency: Event-generated.
Reporters: State member banks,
branches and agencies of foreign banks
(other than federal branches, federal
agencies, and insured state branches of
foreign banks), commercial lending
companies owned or controlled by

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foreign banks, and Edge and agreement
corporations.
Annual reporting hours: 170,000
hours.
Estimated average hours per response:
Notice of action, 2.5 minutes; credit
history reporting, 2 minutes;
recordkeeping for applications &
actions, 8 hours; monitoring data, 0.50
minutes; appraisal report upon request,
5 minutes; notice of right to appraisal,
0.25 minutes; recordkeeping of self test,
2 hours; recordkeeping of self corrective
action, 8 hours; and disclosure of
optional self-test, 1 minute.
Number of respondents: 1,205.
General description of report: This
information collection is mandatory (15
U.S.C. 1691(b)(a)(1)). The adverse action
disclosure is confidential between the
institution and the consumer involved.
Since the Federal Reserve does not
collect any information, no issue of
confidentiality normally arises.
However, the information may be
protected from disclosure under the
exemptions (b)(4), (6), and (8) of the
Freedom of Information Act (5 U.S.C.
522(b)).
Abstract: The Equal Credit
Opportunity Act and Regulation B
prohibit discrimination in any aspect of
a credit transaction because of race,
color, religion, national origin, sex,
marital status, age, or other specified
bases. To aid in implementation of this
prohibition, the statute and regulation
also subject creditors to various
mandatory disclosure requirements,
notification provisions, credit history
reporting, monitoring rules, and
recordkeeping requirements. These
requirements are triggered by specific
events and disclosures must be
provided within the time periods
established by the Act and regulation.
Current Actions: On October 15, 2008,
the Federal Reserve published a notice
in the Federal Register (73 FR 61126)
requesting public comment for 60 days
on the extension, without revision, of
this information collection. The
comment period for this notice expired
on December 15, 2008. The Federal
Reserve did not receive any comments.
2. Report title: Recordkeeping and
Disclosure Requirements in Connection
with Regulation E (Electronic Funds
Transfer).
Agency form number: Reg E.
OMB control number: 7100–0200.
Frequency: Event-generated.
Reporters: State member banks,
branches and agencies of foreign banks
(other than federal branches, federal
agencies, and insured state branches of
foreign banks), commercial lending
companies owned or controlled by

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