FR2644_20220319_omb_B

Supporting Statement Part B 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
For all information collections that involve surveys or require a statistical methodology,
the Board of Governors of the Federal Reserve System (Board) is required to provide a complete
justification and explanation of the use of such a methodology. For collections that employ
surveys without such a methodology, the Board should be prepared to justify its decision not to
use statistical methods in any case where such methods might reduce burden or improve
accuracy of results.
Background
The FR 2644 is a balance sheet 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 only 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 for the entire commercial banking sector in conjunction with data from
the quarterly commercial bank Consolidated Reports of Condition and Income (FFIEC 031,
FFIEC 041, and FFIEC 051; 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 and the Call Reports are utilized in construction of weekly
estimates of U.S. bank credit, balance sheet data for the U.S. commercial banking sector, and
sources and uses of banks’ funds, and to analyze current banking developments, including the
monitoring of broad credit and funding conditions. The Board publishes the data in aggregate
form in the weekly H.8 statistical release, Assets and Liabilities of Commercial Banks in the
United States, which is followed closely by other government agencies, the banking industry,
financial press, and other users. 1 The H.8 release provides a balance sheet for the commercial
banking industry as a whole as well as disaggregated data for three bank groups: large
domestically chartered banks, small domestically chartered banks, and U.S. bran ches and
agencies of foreign banks.
Universe and Respondent Selection
The FR 2644 panel has an authorized maximum respondent panel size of 875
domestically chartered commercial banks and U.S. branches and agencies of foreign banks.
Currently, the panel consists of 792 total reporters—727 domestically chartered banks and 65
foreign-related institutions 2—covering all 12 Federal Reserve districts. The panel accounts for
about 89 percent of the total assets of U.S. commercial banks, as well as a high level o f coverage
for most reported items. While the number of panel respondents tends to run below the
authorized size due to mergers among reporters and loss of respondents due to the voluntary
1
2

The H.8 release is available on the Board’s website, http://www.federalreserve.gov/releases/h8/current/default.htm.
As of March 31, 2021. Two branches in the Second District file combined reports on the FR 2644.

nature of the collection, the current number of respondents is unusually low relative to the
authorized size because the recruitment of new respondents was temporarily paused with the
onset of the COVID-19 pandemic in 2020.
Quarterly Call Reports are used to benchmark the universe estimates of small
domestically chartered banks 3 and foreign-related institutions. Average revisions to the estimates
of small banks over the last 16 benchmarks—from March 2017 to December 2020—were
somewhat larger than those over the previous renewal cycle, while those for the foreign-related
institutions shrank considerably. While the average revisions are not overly large, they are still
significant. Even so, the Board reduced the authorized panel size from 875 to 850 in light of the
continuing consolidation in the commercial bank universe as well as the ongoing difficulty in
attracting and maintaining respondents due to the voluntary nature of this collection.
Procedures for Collecting Information
The FR 2644 currently collects 29 balance-sheet items and 2 memoranda items as of each
Wednesday from an authorized maximum stratified sample of 875 domestically chartered
commercial banks and U.S. branches and agencies of foreign banks.
The FR 2644 report continues to be submitted weekly, as of the close of business each
Wednesday. Weekly data are needed for accurate and timely construction of universe estimates
used in the analysis of current banking developments. The balance sheet series are calculated and
published weekly. The various data series are routinely monitored by staff and regularly included
in materials prepared for the Board of Governors, the Federal Open Market Committee, and in
public reports (including, for example, the semiannual Monetary Policy Report to Congress).
Monitoring of these weekly data has also proven important during periods of rapid change in
banking conditions or of volatility in financial markets. If these data were available on a less
timely basis, staff’s ability to monitor banking conditions, particularly during periods of rapid
change or volatility, would be hindered.
Methods to Maximize Response
The process to recruit respondents for the FR 2644 panel uses an automated program,
Centralized Panel Maintenance System (CPMS), which, after verifying that there is still room on
the panel based on outstanding panel requests, selects one replacement bank randomly each day
based on panel needs. The largest banks are asked first; however, a bank cannot be asked to join
the panel more than once every two years. When the program exhausts the largest banks,
recruitment moves to strata needs. The estimation process for the H.8 release works most
efficiently with at least the minimum number of banks in each stratum. In addition, banks can be
asked to join the panel to satisfy needs for the estimation of particular items; for instance, smaller
banks with large amounts of commercial real estate loans are targeted. Responses to the panel
requests may take several months, including preparation time.

3

Small domestic banks are those not in the top 25 in asset size as of each quarterly Call Report.

2

Testing of Procedures
There is no testing of procedures.

3