Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks

Forms and Documents

Document Name	Status
Form FR 2502q Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks Form	Modified
FR2502q_20150629_omb.pdf Supporting Statement A	2015-06-29

IC Document Collections

IC ID	Document Title	Status
36074	Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks Form	Modified

ICR Details

OMB Control No: 7100-0079	ICR Reference No: 201505-7100-008
Status: Historical Active	Previous ICR Reference No: 201502-7100-003
Agency/Subagency: FRS	Agency Tracking No: FR 2502q
Title: Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/29/2015
	Date Received in OIRA: 06/29/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2018	36 Months From Approved	09/30/2015
Responses	124	0	124
Time Burden (Hours)	124	0	434
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 2502q collects, for each reporting office, claims on and liabilities to individual countries as of each quarter-end. The data are used to construct a piece of the flow of funds data that are compiled by the Federal Reserve.

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Authorizing Statute(s): US Code: 12 USC 461(b) Name of Law: The Federal Reserve Act
   US Code: 12 USC 602 Name of Law: The Federal Reserve Act
   US Code: 12 USC 625 Name of Law: The Federal Reserve Act
   US Code: 12 USC 248(a)(2) Name of Law: The Federal Reserve Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 13001	03/12/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 30680	05/29/2015
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks	FR 2502q	Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	124	124	0	0	0	0
Annual Time Burden (Hours)	124	434	0	-310	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The Federal Reserve is removing rows for assets and liabilities by country of customer, except for the row for the United States (country code 01007). The row for "Total, all areas" (country code 99996) will also be retained. The retention of these two rows allows the continued used of the report to better understand how banks use their offices in the Caribbean and the United Kingdom as conduits for funds to or from outside the United States. The memoranda section would be unchanged, allowing its continued use in flow of funds data and in shedding light on where U.S. banks book their derivatives activities.

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Annual Cost to Federal Government: $41,300

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 06/29/2015

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