35175Federal Register / Vol. 62, No. 125 / Monday, June 30, 1997 / Notices
insured state chartered savings banks
that are not members of the Federal
Reserve System (‘‘State Savings Banks’’).
In cases where a state savings bank
proposes to convert from mutual to
stock form of ownership, the FDIC’s
regulation 12 CFR § 303.15 and § 333.4
require the state savings bank to file
with the FDIC a notice of intent to
convert to stock form and provide
copies of documents filed with state and
federal banking and/or securities
regulators in connection with the
proposed conversion.
Dated: June 25, 1997.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 97–17028 Filed 6–27–97; 8:45 am]
BILLING CODE 6714–01–M
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice of information collection
to be submitted to OMB for review and
approval under the Paperwork
Reduction Act of 1995.
SUMMARY: In accordance with
requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501
et seq.), the FDIC hereby gives notice
that it plans to submit to the Office of
Management and Budget (OMB) a
request for OMB review and approval of
the information collection system
described below.
Type of Review: Renewal of a
currently approved collection.
Title: Application Pursuant to Section
19 of the Federal Deposit Insurance Act.
Form Number: FDIC 6710/07.
OMB Number: 3064–0018.
Annual Burden: Annual number of
respondents: 80
Hours to respond to an application:
16
Annual burden hours: 1,280
Expiration Date of OMB Clearance:
July 31, 1997.
OMB Reviewer: Alexander T. Hunt,
(202) 395–7860, Office of Management
and Budget, Office of Information and
Regulatory Affairs, Washington, D.C.
20503.
FDIC Contact: Steven F. Hanft, (202)
898–3907, Office of the Executive
Secretary, Room F–400, Federal Deposit
Insurance Corporation, 550 17th Street
N.W., Washington, D.C. 10429.
Comments: Comments on this
collection of information are welcome
and should be submitted on or before
[July 30, 1997] to both the OMB
reviewer and the FDIC contact listed
above.
ADDRESSES: Inforamtion about this
submission, including copies of the
proposed collection of information, may
be obtained by calling or writing the
FDIC contact listed above.
SUPPLEMENTARY INFORMATION: Section 19
of the Federal Deposit Insurance Act (12
U.S.C. § 1829) requires the FDIC’s
consent prior to any participation in the
affairs of an insured depository
institution by a person who has been
convicted of crimes involving
dishonesty or breach of trust. To obtain
that consent, an insured depository
institution must submit an application
to the FDIC for approval on Form FDIC
6710/07.
Dated June 25, 1997.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 97–17047 Filed 6–27–97; 8:45 am]
BILLING CODE 6714–01–M
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request
AGENCIES: Board of Governors of the
Federal Reserve System (Board); and
Federal Deposit Insurance Corporation
(FDIC).
ACTION: Notice of information collection
to be submitted to OMB for review and
approval under the Paperwork
Reduction Act of 1995.
SUMMARY: On December 30, 1996, the
Board and the FDIC (the ‘‘agencies’’)
requested public comment for 60 days
on proposed revisions to the Foreign
Branch Report of Condition (Foreign
Branch Report), which is currently an
approved collection of information (61
FR 68814–68817). After reviewing the
comments received, the Federal
Financial Institutions Examination
Council (FFIEC), of which the agencies
are members, decided to study further
the agencies’ needs for information on
the foreign branches of U.S. banks for
supervisory and other public policy
purposes. Thus, the FFIEC and the
agencies are not proceeding with most
of the proposed changes to the Foreign
Branch Report. The only change that
will be implemented at this time is a
revision to conform the reporting
instructions with generally accepted
accounting principles (GAAP).
In accordance with requirements of
the Paperwork Reduction Act of 1995
(44 U.S.C. chapter 35), 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 Office of
Management and Budget (OMB) control
number. Comments are invited on: a.
whether the following proposed revised
collection of information is 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
collection as it is 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 collection on
respondents, including through the use
of automated collection techniques or
other forms of information technology;
and e. estimates of capital or startup
costs and costs of operations,
maintenance, and purchase of services
to provide information.
DATES: Comments must be submitted on
or before July 30, 1997.
ADDRESSES: Comments, which should
refer to the OMB control number,
should be addressed to the OMB desk
officer for the agencies: Alexander T.
Hunt, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 3208,
Washington, DC 20503. Comments may
also be addressed to either of the
agencies. All comments, which should
refer to the OMB control number(s), will
be shared among the agencies.
Board: Written comments should be
addressed to Mr. William W. Wiles,
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 261.8 of the Board’s
Rules Regarding Availability of
Information, 12 CFR 261.8(a).
insured state chartered savings banks
that are not members of the Federal
Reserve System (‘‘State Savings Banks’’).
In cases where a state savings bank
proposes to convert from mutual to
stock form of ownership, the FDIC’s
regulation 12 CFR § 303.15 and § 333.4
require the state savings bank to file
with the FDIC a notice of intent to
convert to stock form and provide
copies of documents filed with state and
federal banking and/or securities
regulators in connection with the
proposed conversion.
Dated: June 25, 1997.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 97–17028 Filed 6–27–97; 8:45 am]
BILLING CODE 6714–01–M
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice of information collection
to be submitted to OMB for review and
approval under the Paperwork
Reduction Act of 1995.
SUMMARY: In accordance with
requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501
et seq.), the FDIC hereby gives notice
that it plans to submit to the Office of
Management and Budget (OMB) a
request for OMB review and approval of
the information collection system
described below.
Type of Review: Renewal of a
currently approved collection.
Title: Application Pursuant to Section
19 of the Federal Deposit Insurance Act.
Form Number: FDIC 6710/07.
OMB Number: 3064–0018.
Annual Burden: Annual number of
respondents: 80
Hours to respond to an application:
16
Annual burden hours: 1,280
Expiration Date of OMB Clearance:
July 31, 1997.
OMB Reviewer: Alexander T. Hunt,
(202) 395–7860, Office of Management
and Budget, Office of Information and
Regulatory Affairs, Washington, D.C.
20503.
FDIC Contact: Steven F. Hanft, (202)
898–3907, Office of the Executive
Secretary, Room F–400, Federal Deposit
Insurance Corporation, 550 17th Street
N.W., Washington, D.C. 10429.
Comments: Comments on this
collection of information are welcome
and should be submitted on or before
[July 30, 1997] to both the OMB
reviewer and the FDIC contact listed
above.
ADDRESSES: Inforamtion about this
submission, including copies of the
proposed collection of information, may
be obtained by calling or writing the
FDIC contact listed above.
SUPPLEMENTARY INFORMATION: Section 19
of the Federal Deposit Insurance Act (12
U.S.C. § 1829) requires the FDIC’s
consent prior to any participation in the
affairs of an insured depository
institution by a person who has been
convicted of crimes involving
dishonesty or breach of trust. To obtain
that consent, an insured depository
institution must submit an application
to the FDIC for approval on Form FDIC
6710/07.
Dated June 25, 1997.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 97–17047 Filed 6–27–97; 8:45 am]
BILLING CODE 6714–01–M
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request
AGENCIES: Board of Governors of the
Federal Reserve System (Board); and
Federal Deposit Insurance Corporation
(FDIC).
ACTION: Notice of information collection
to be submitted to OMB for review and
approval under the Paperwork
Reduction Act of 1995.
SUMMARY: On December 30, 1996, the
Board and the FDIC (the ‘‘agencies’’)
requested public comment for 60 days
on proposed revisions to the Foreign
Branch Report of Condition (Foreign
Branch Report), which is currently an
approved collection of information (61
FR 68814–68817). After reviewing the
comments received, the Federal
Financial Institutions Examination
Council (FFIEC), of which the agencies
are members, decided to study further
the agencies’ needs for information on
the foreign branches of U.S. banks for
supervisory and other public policy
purposes. Thus, the FFIEC and the
agencies are not proceeding with most
of the proposed changes to the Foreign
Branch Report. The only change that
will be implemented at this time is a
revision to conform the reporting
instructions with generally accepted
accounting principles (GAAP).
In accordance with requirements of
the Paperwork Reduction Act of 1995
(44 U.S.C. chapter 35), 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 Office of
Management and Budget (OMB) control
number. Comments are invited on: a.
whether the following proposed revised
collection of information is 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
collection as it is 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 collection on
respondents, including through the use
of automated collection techniques or
other forms of information technology;
and e. estimates of capital or startup
costs and costs of operations,
maintenance, and purchase of services
to provide information.
DATES: Comments must be submitted on
or before July 30, 1997.
ADDRESSES: Comments, which should
refer to the OMB control number,
should be addressed to the OMB desk
officer for the agencies: Alexander T.
Hunt, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 3208,
Washington, DC 20503. Comments may
also be addressed to either of the
agencies. All comments, which should
refer to the OMB control number(s), will
be shared among the agencies.
Board: Written comments should be
addressed to Mr. William W. Wiles,
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 261.8 of the Board’s
Rules Regarding Availability of
Information, 12 CFR 261.8(a).
35176 Federal Register / Vol. 62, No. 125 / Monday, June 30, 1997 / Notices
FDIC: Written comments should be
addressed to the Office of the 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:
comments@fdic.gov). Comments may be
inspected and photocopied in the FDIC
Public Information Center, room 100,
801 17th Street, N.W., Washington, D.C.
20429, between 9:00 a.m. and 4:30 p.m.
on business days.
FOR FURTHER INFORMATION CONTACT: A
copy of the Paperwork Reduction Act
Submission (OMB 83–I), supporting
statement, and other documents that
have been submitted to OMB for review
and approval may be requested from the
agency clearance officers, whose names
appear below.
Board: Mary M. McLaughlin, Chief,
Financial Reports (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. For the
hearing impaired only,
Telecommunications Device for the Deaf
(TDD), Diane Jenkins (202–452–3544),
Board of Governors of the Federal
Reserve System, 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 for three
years, with revision, the following
currently approved collection of
information:
Title: Foreign Branch Report of
Condition.
Form Number: FFIEC 030.
Frequency of Response: Annually,
and quarterly for significant branches.
Affected Public: Business or other for
profit.
For Board
OMB Number: 7100–0071.
Estimated Number of Respondents:
100 annual respondents; 33 quarterly
respondents.
Estimated Time per Response: 3
burden hours.
Estimated Total Annual Burden: 696
burden hours.
For FDIC
OMB Number: 3064–0011.
Estimated Number of Respondents: 41
annual respondents; 1 quarterly
respondent.
Estimated Time per Response: 3.25
burden hours.
Estimated Total Annual Burden:
146.25 burden hours.
General Description of Report: This
information collection is mandatory: 12
U.S.C. 321, 324, and 602 (Board); and 12
U.S.C. 1828 (FDIC). This information
collection is given confidential
treatment (5 U.S.C. 552 (b)(8)). Small
businesses (that is, small banks) are not
affected.
Abstract: This report contains
information on assets, liabilities, and
off-balance-sheet items for foreign
branches of insured U.S. commercial
banks and is required for regulatory and
supervisory purposes. The information
is used to analyze the foreign operations
of U.S. commercial banks. All foreign
branches of U.S. banks, regardless of
charter type, file this report with the
appropriate Federal Reserve District
Bank. The Federal Reserve collects this
information on behalf of the U.S. bank’s
primary federal bank regulatory agency.
Current Actions: Revisions initially
proposed for the Foreign Branch Report
of Condition consisted of: the addition
of a small number of new items to
enhance the agencies’ ability to monitor
asset quality and the use of off-balance-
sheet instruments, revisions to conform
the reporting instructions to GAAP,
revisions to conform the reporting of
securities to three GAAP reporting
categories, and revisions to the criteria
used to determine whether a respondent
files this report on a quarterly basis.
After reviewing the comments received,
the FFIEC has decided not to implement
most of the proposed changes to the
Foreign Branch report and, instead, to
study further the agencies’ needs for
information on the foreign branches of
U.S. banks for supervisory and other
public policy purposes. The only
change that will be implemented at this
time is a revision to conform the
reporting instructions with GAAP for
consistency with the March 31, 1997,
changes to the Reports of Condition and
Income (FFIEC 031–034, Call Report,
OMB No. 7100–0036 for Board, and
3064–0052 for FDIC).
Type of Review: Revision.
On December 30, 1996, the agencies
jointly published a notice in the Federal
Register (61 FR 68814–68817) soliciting
comments for 60 days on proposed
revisions to the currently approved
information collection. The notice
described the specific changes that the
agencies, with the approval of the
FFIEC, were proposing to implement as
of June 30, 1997.
In response to this notice, the
agencies collectively received two
comment letters: one from an
accounting organization and one from a
large commercial bank. Both the
accounting organization and the large
commercial bank generally supported
the agencies’ efforts to produce greater
consistency between the information
collected in regulatory reports and
general-purpose financial statements.
The accounting organization supported
the proposal to adopt generally accepted
accounting principles, which included
conforming the reporting of securities
with the Financial Accounting
Standards Board’s Statement of
Financial Accounting Standards No.
115, Accounting for Certain Investments
in Debt and Equity Securities (FASB
115).
Also, the bank indicated that specific
references to the line items in the Call
Report would be helpful in clarifying
reporting requirements. As of March
1997, the Call Report instructions were
revised to eliminate instructions that
differed from GAAP. Thus the Foreign
Branch Report’s instructions will
conform to GAAP, including FASB 115,
by reference to the FFIEC 031
instructions. Several other Call Report
references will be incorporated into the
FFIEC 030 instructions.
The bank expressed concerns over the
proposed addition of new items to
enhance the agencies’ ability to monitor
asset quality and the use of off-balance-
sheet instruments at the branch level.
The bank stated that it is more practical
to monitor potential asset quality
problems and off-balance-sheet risk
exposures at the consolidated bank level
since risks are managed in this manner
by most major institutions. The agencies
have decided to study further the most
appropriate method for monitoring asset
quality and off-balance-sheet risk
exposure at the foreign branch level.
Thus, the agencies are not adding these
proposed new items at this time.
In the proposal, the agencies’ estimate
reflected an average of 3.9 burden hours
for each branch or group of branches
required to complete the Foreign Branch
Report of Condition. The bank
mentioned that it considers the
estimated 3.9 burden hours for the
proposed revised Foreign Branch Report
to be significantly understated and
recommended that the reporting burden
should be measured by the number of
foreign branches a respondent has.
However, since the agencies’ only
revision to the Foreign Branch Report of
Condition will be to conform the
instructions to GAAP for consistency
with the Call Report, each agency’s
FDIC: Written comments should be
addressed to the Office of the 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:
comments@fdic.gov). Comments may be
inspected and photocopied in the FDIC
Public Information Center, room 100,
801 17th Street, N.W., Washington, D.C.
20429, between 9:00 a.m. and 4:30 p.m.
on business days.
FOR FURTHER INFORMATION CONTACT: A
copy of the Paperwork Reduction Act
Submission (OMB 83–I), supporting
statement, and other documents that
have been submitted to OMB for review
and approval may be requested from the
agency clearance officers, whose names
appear below.
Board: Mary M. McLaughlin, Chief,
Financial Reports (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. For the
hearing impaired only,
Telecommunications Device for the Deaf
(TDD), Diane Jenkins (202–452–3544),
Board of Governors of the Federal
Reserve System, 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 for three
years, with revision, the following
currently approved collection of
information:
Title: Foreign Branch Report of
Condition.
Form Number: FFIEC 030.
Frequency of Response: Annually,
and quarterly for significant branches.
Affected Public: Business or other for
profit.
For Board
OMB Number: 7100–0071.
Estimated Number of Respondents:
100 annual respondents; 33 quarterly
respondents.
Estimated Time per Response: 3
burden hours.
Estimated Total Annual Burden: 696
burden hours.
For FDIC
OMB Number: 3064–0011.
Estimated Number of Respondents: 41
annual respondents; 1 quarterly
respondent.
Estimated Time per Response: 3.25
burden hours.
Estimated Total Annual Burden:
146.25 burden hours.
General Description of Report: This
information collection is mandatory: 12
U.S.C. 321, 324, and 602 (Board); and 12
U.S.C. 1828 (FDIC). This information
collection is given confidential
treatment (5 U.S.C. 552 (b)(8)). Small
businesses (that is, small banks) are not
affected.
Abstract: This report contains
information on assets, liabilities, and
off-balance-sheet items for foreign
branches of insured U.S. commercial
banks and is required for regulatory and
supervisory purposes. The information
is used to analyze the foreign operations
of U.S. commercial banks. All foreign
branches of U.S. banks, regardless of
charter type, file this report with the
appropriate Federal Reserve District
Bank. The Federal Reserve collects this
information on behalf of the U.S. bank’s
primary federal bank regulatory agency.
Current Actions: Revisions initially
proposed for the Foreign Branch Report
of Condition consisted of: the addition
of a small number of new items to
enhance the agencies’ ability to monitor
asset quality and the use of off-balance-
sheet instruments, revisions to conform
the reporting instructions to GAAP,
revisions to conform the reporting of
securities to three GAAP reporting
categories, and revisions to the criteria
used to determine whether a respondent
files this report on a quarterly basis.
After reviewing the comments received,
the FFIEC has decided not to implement
most of the proposed changes to the
Foreign Branch report and, instead, to
study further the agencies’ needs for
information on the foreign branches of
U.S. banks for supervisory and other
public policy purposes. The only
change that will be implemented at this
time is a revision to conform the
reporting instructions with GAAP for
consistency with the March 31, 1997,
changes to the Reports of Condition and
Income (FFIEC 031–034, Call Report,
OMB No. 7100–0036 for Board, and
3064–0052 for FDIC).
Type of Review: Revision.
On December 30, 1996, the agencies
jointly published a notice in the Federal
Register (61 FR 68814–68817) soliciting
comments for 60 days on proposed
revisions to the currently approved
information collection. The notice
described the specific changes that the
agencies, with the approval of the
FFIEC, were proposing to implement as
of June 30, 1997.
In response to this notice, the
agencies collectively received two
comment letters: one from an
accounting organization and one from a
large commercial bank. Both the
accounting organization and the large
commercial bank generally supported
the agencies’ efforts to produce greater
consistency between the information
collected in regulatory reports and
general-purpose financial statements.
The accounting organization supported
the proposal to adopt generally accepted
accounting principles, which included
conforming the reporting of securities
with the Financial Accounting
Standards Board’s Statement of
Financial Accounting Standards No.
115, Accounting for Certain Investments
in Debt and Equity Securities (FASB
115).
Also, the bank indicated that specific
references to the line items in the Call
Report would be helpful in clarifying
reporting requirements. As of March
1997, the Call Report instructions were
revised to eliminate instructions that
differed from GAAP. Thus the Foreign
Branch Report’s instructions will
conform to GAAP, including FASB 115,
by reference to the FFIEC 031
instructions. Several other Call Report
references will be incorporated into the
FFIEC 030 instructions.
The bank expressed concerns over the
proposed addition of new items to
enhance the agencies’ ability to monitor
asset quality and the use of off-balance-
sheet instruments at the branch level.
The bank stated that it is more practical
to monitor potential asset quality
problems and off-balance-sheet risk
exposures at the consolidated bank level
since risks are managed in this manner
by most major institutions. The agencies
have decided to study further the most
appropriate method for monitoring asset
quality and off-balance-sheet risk
exposure at the foreign branch level.
Thus, the agencies are not adding these
proposed new items at this time.
In the proposal, the agencies’ estimate
reflected an average of 3.9 burden hours
for each branch or group of branches
required to complete the Foreign Branch
Report of Condition. The bank
mentioned that it considers the
estimated 3.9 burden hours for the
proposed revised Foreign Branch Report
to be significantly understated and
recommended that the reporting burden
should be measured by the number of
foreign branches a respondent has.
However, since the agencies’ only
revision to the Foreign Branch Report of
Condition will be to conform the
instructions to GAAP for consistency
with the Call Report, each agency’s