FR2644_20120328_omb

Supporting Statement for
the Weekly Report of Selected Assets and Liabilities of Domestically Chartered
Commercial Banks and U.S. Branches and Agencies of Foreign Banks
(FR 2644; OMB No. 7100-0075)
Summary
The Board of Governors of the Federal Reserve System, under delegated authority from
the Office of Management and Budget (OMB), proposes to extend for three years, without
revision, the voluntary Weekly Report of Selected Assets and Liabilities of Domestically
Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks (FR 2644;
OMB No. 7100-0075). The FR 2644 is a balance sheet report (also known as the bank credit
report) that is collected as of each Wednesday from an authorized stratified sample of 875
domestically chartered commercial banks and U.S. branches and agencies of foreign banks.
The FR 2644 is the primary source of high-frequency data used in the analysis of current
banking developments. The FR 2644 collects sample data that are used to estimate universe
levels using data from the quarterly commercial bank Consolidated Reports of Condition and
Income (FFIEC 031 and 041; OMB No. 7100-0036) and the Report of Assets and Liabilities of
U.S. Branches and Agencies of Foreign Banks (FFIEC 002; OMB No. 7100-0032) (Call
Reports). Data from the FR 2644, together with data from other sources, are used to construct
weekly estimates of bank credit, balance sheet data for the U.S. banking industry, sources and
uses of banks’ funds, and to analyze banking developments.
No changes are proposed to the FR 2644; however, the Federal Reserve may modify the
FR 2644 instructions to maintain consistency with any proposed instructional revisions to the
Call Reports that might occur during the three year extension period.
The total annual reporting burden for the FR 2644 is estimated to be 120,575 hours. The
current reporting forms and instructions for the FR 2644 are located on the Federal Reserve
Board’s public website at www.federalreserve.gov/boarddocs/reportforms/default.cfm.
Background and Justification
The Federal Reserve has collected data from small banks since January 1946. At that
time the panel consisted of the universe of small member banks, which reported on a monthly
(last Wednesday) basis. Beginning in 1959 the panel reported on a semi-monthly basis (mid and
last Wednesdays of the month). Then, beginning in 1969, the panel reported on a weekly basis
(as of Wednesday).
In 1979 a two-tier system of reporting was adopted. A stratified sample of 400 member
banks reported nine data items (including loans, securities, total assets, and large time deposits)
on the FR 2644s. All other small member banks reported three data items (securities, loans, and
total assets) on the FR 2644. Each Reserve Bank compiled an aggregate balance sheet for banks
within their district, drawing on data from the FR 2644s and FR 2644 as well as from other

surveys (including the quarterly Call Report). The district data were used to compile a national
total.
The general framework for the current FR 2644 was established in 1984. At that time the
Federal Reserve decided to use the sample approach to estimate bank credit for the universe of
all small banks. A stratified sample of 1,100 banks, including nonmember banks for the first
time, was selected. Over the years, the respondent panel and data items collected on the
FR 2644 were modified as appropriate.
As of July 1, 2009, the Federal Reserve combined the three bank credit reports, (1) the
Weekly Report of Assets and Liabilities for Large Banks (FR 2416; OMB No. 7100-0075), (2)
the Weekly Report of Assets and Liabilities for Large U.S. Branches and Agencies of Foreign
Banks (FR 2069; OMB No. 7100-0030), and (3) the Weekly Report of Selected Assets
(FR 2644; OMB No. 7100-0075), into a single reporting form collected from an authorized
stratified sample of 875 domestically chartered commercial banks and U.S. branches and
agencies of foreign banks.1
Data from the FR 2644 are used in conjunction with other data to construct estimates of
bank credit, sources and uses of bank funds, and a balance sheet for the entire banking system.
These statistics are used to analyze current banking and monetary conditions. Currently, there is
no other information collection in place that supplies the weekly data obtained on the FR 2644.
Description of Information Collection
The FR 2644 collects 30 balance-sheet items and four memoranda items as of each
Wednesday from an authorized stratified sample of 875 domestically chartered commercial
banks and U.S. branches and agencies of foreign banks.
Reporting panel
As mentioned above FR 2644 panel has an authorized size of 875 domestically chartered
commercial banks and U.S. branches and agencies of foreign banks. This panel accounts for
about 88 percent of domestic assets of commercial banks and U.S. branches and agencies of
foreign banks. The Federal Reserve recommends that the authorized size of the reporting panel
be kept at 875 banks in order to keep the sampling measurement error within an acceptable
range.
Frequency
The FR 2644 report is submitted weekly, as of the close of business each Wednesday.
Weekly data are needed for accurate and timely construction of the key series used to analyze
1

The FR 2416 had one of the longest histories among banking time series, beginning in 1917 when about 600
domestically chartered commercial banks began reporting weekly to inform those in charge of the war effort about
changing monetary and credit conditions. Weekly data on major asset and liability data items were collected on the
FR 2069 from a sample of branches and agencies beginning in 1979 to provide advance estimates of bank credit and
nondeposit funds.

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current banking developments. The balance sheet series are constructed and published weekly.
The various series that are constructed from the report are included in the weekly materials
prepared for the Board of Governors and in the periodic analyses provided to the Federal Open
Market Committee. None of these series could be constructed on a sufficiently accurate or
timely basis if the frequency of reporting were reduced, particularly in periods of market
volatility and rapid change in banking conditions.
Time Schedule for Information Collection and Publication
Respondents file the FR 2644 weekly, as of Wednesday, with their Reserve Bank. The
Reserve Banks edit and transmit microdata to the Board by 12:00 noon Eastern Time on the first
Wednesday after the reporting date. Aggregate data are constructed at the Board by Thursday
and the H.8 Statistical Release, Assets and Liabilities of Commercial Banks in the United States,
is published on Friday afternoon with an as-of date of two Wednesdays prior. The H.8 Statistical
Release provides a balance sheet for the banking industry as a whole as well as for several bank
groups (large domestically chartered banks, small domestically chartered banks, and foreignrelated institutions), and it is followed by other government agencies, the banking industry, the
financial press, and other users.
Legal Status
The Board’s Legal Division has determined that the FR 2644 is authorized by section 2A
and 11(a)(2) of the Federal Reserve Act (12 U.S.C. §§ 225(a) and 248(a)(2)) and by section
7(c)(2) of the International Banking Act (12 U.S.C. § 3105(c)(2)) and is voluntary. Individual
respondent data are regarded as confidential under the Freedom of Information Act (5 U.S.C. §
552(b)(4)).
Consultation outside the Agency
On December 8, 2011, the Federal Reserve published a notice in the Federal Register
(76 FR 76730) requesting public comment for 60 days on the extension, without revision, of the
FR 2644. The comment period for this notice expired on February 6, 2012. The Federal Reserve
did not receive any comments on the extension, with revision. On February 28, 2012, the
Federal Reserve published a final notice in the Federal Register (77 FR 12056) for the FR 2644.
Estimate of Respondent Burden
As presented in the table below, the annual reporting burden for the FR 2644 is estimated
to be 120,575 hours. The total annual burden for the FR 2644 represents 1.0 percent of the total
Federal Reserve System paperwork burden.

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FR 2644

Number of
respondents2

Annual
frequency

Estimated
average hours
per response

Estimated
annual
burden hours

875

52

2.65

120,575

The total cost to the public is estimated to be $5,232,955.3
Sensitive Questions
These collections of information contain no questions of a sensitive nature, as defined by
OMB guidelines.
Estimate of Cost to the Federal Reserve System
The total annual cost to the Federal Reserve System for collecting and processing the
FR 2644 estimated to be $1,768,800.

2

Of the actual respondents, 132 are small entities as defined by the Small Business Administration (i.e., entities
with less than $175 million in total assets) www.sba.gov/content/table-small-business-size-standards.
3
Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rate (30% Office & Administrative Support @ $16, 45% Financial Managers @
$50, 15% Legal Counsel @ $54, and 10% Chief Executives @ $80). Hourly rate for each occupational group are
the median hourly wages (rounded up) from the Bureau of Labor and Statistics (BLS), Occupational Employment
and Wages 2010, www.bls.gov/news.release/ocwage.nr0.htm. Occupations are defined using the BLS Occupational
Classification System, www.bls.gov/soc/.

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