Agency Information Collection Activities: Proposed Collection; Comment Request

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

FEDERAL RESERVE SYSTEM

FEDERAL DEPOSIT INSURANCE CORPORATION

Agency Information Collection Activities: Proposed Collection;

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: Joint notice and request for comment.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction

Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC

(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. The agencies, under the auspices of the Federal

Financial Institutions Examination Council (FFIEC), intend to extend

without revision a currently approved information collection, the

Report on Indebtedness of Executive Officers and Principal Shareholders

and their Related Interests to Correspondent Banks (FFIEC 004). At the

end of the comment period, the comments and recommendations received

will be analyzed to determine whether the FFIEC and the agencies should

modify the information collection. The agencies will then submit the

report to OMB for review and approval.

DATES: Comments must be submitted on or before August 31, 1998.

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: Written comments should be submitted to the Communications

Division, Office of the Comptroller of the Currency, 250 E Street,

Third Floor, SW, Washington, DC 20219; Attention: Paperwork Docket No.

1557-0070 [FAX number (202) 874-5274; Internet address:

[email protected]]. Comments will be available for inspection

and photocopying at that address.

[[Page 36035]]

Board: Written comments should be addressed to Jennifer J. Johnson,

Secretary, Board of Governors of the Federal Reserve System, 20th and C

Streets, NW, Washington, DC 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, NW 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).

FDIC: Written comments should be addressed to Robert E. Feldman,

Executive Secretary, Attention: Comments/OES, Federal Deposit Insurance

Corporation, 550 17th Street, NW, Washington, DC 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 protected]]. Comments may be inspected and photocopied in the

FDIC Public Information Center, Room 100, 801 17th Street, NW,

Washington, DC, 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 T. Hunt, Office of Information and

Regulatory Affairs, Office of Management and Budget, New Executive

Office Building, Room 3208, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Additional information may be

requested from any of the agency clearance officers whose names appear

below.

OCC: Jessie Gates, OCC Clearance Officer, (202) 874-5090,

Legislative and Regulatory Activities Division, Office of the

Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.

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, NW, Washington, DC

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, NW, Washington, DC 20551.

FDIC: Steven F. Hanft, FDIC Clearance Officer, (202) 898-3907,

Office of the Executive Secretary, Federal Deposit Insurance

Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION:

Proposal to Extend for Three Years Without Revision the Following

Currently Approved Collection of Information

Title: Report on Indebtedness of Executive Officers and Principal

Shareholders and their Related Interests to Correspondent Banks.

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, Businesses or other

for-profit.

For OCC:

OMB Number: 1557-0070.

Estimated Number of Respondents: 33,550 (30,500 executive officers

and principal shareholders fulfilling recordkeeping burden, 3,050

national banks fulfilling recordkeeping and disclosure burden).

Estimated Average Hours per Response: 2.87 hours.

Estimated Total Annual Burden: 96,533.

For Board:

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 Average Hours per Response: 1.12 hours.

Estimated Total Annual Burden: 5,551.

For FDIC:

OMB Number: 3064-0023.

Estimated Number of Respondents: 30,170 (24,136 executive officers

and principal shareholders fulfilling recordkeeping burden, 6,034

insured state nonmember banks fulfilling recordkeeping and disclosure

burden).

Estimated Average Hours per Response: 1.8 hours.

Estimated Total Annual Burden: 54,306.

General Description of Report: This information collection is

mandatory: 12 U.S.C. 1972(2)(G) (all); 12 U.S.C. 375(a)(6) and (10) ,

and 375(b)(10) (Board); 12 U.S.C. 1817(k) and 12 U.S.C. 93a (OCC); 12

CFR 349.3, 12 CFR 349.4, and 12 CFR 304.5(e) (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.

Request for Comment

Comments are invited on:

a. Whether the information collection is necessary for the proper

performance of the agencies' functions, including whether the

information has practical utility;

b. The accuracy of the agencies' estimate of the burden of the

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;

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 start up costs and costs of operation,

maintenance, and purchase of services to provide information.

Comments submitted in response to this Notice will be shared among

the agencies and will be summarized or included in the agencies'

requests for OMB approval. All comments will become a matter of public

record. Written comments should address the accuracy of the burden

estimates and ways to minimize burden including the use of automated

collection techniques or the use of other forms of information

technology as well as other relevant aspects of the information

collection request.

Dated: June 22, 1998.

Karen Solomon,

Director, Legislative and Regulatory Activities Division, Office of the

Comptroller of the Currency.

Board of Governors of the Federal Reserve System, June 25, 1998.

Jennifer J. Johnson,

Secretary of the Board.

Dated at Washington, DC, this 11th day of June, 1998.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 98-17452 Filed 6-30-98; 8:45 am]

BILLING CODE 4810-33-P, 6210-01-P, 6714-01-P