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View ICR - OIRA Conclusion

OMB Control No: 7100-0073	ICR Reference No: 200711-7100-003
Status: Historical Active	Previous ICR Reference No: 200709-7100-007
Agency/Subagency: FRS	Agency Tracking No: FR 2314, FR 2314S
Title: Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations and Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations
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: 02/27/2008
	Date Received in OIRA: 02/27/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2011	36 Months From Approved	03/31/2008
Responses	1,312	0	1,312
Time Burden (Hours)	6,928	0	6,876
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	1,312	1,312	0
Annual Time Burden (Hours)	6,928	6,876	52
Annual Cost Burden (Dollars)	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The Federal Reserve proposes to eliminate reporting by subsidiaries that were created for the purposes of issuing trust preferred securities to substantially reduce burden on the industry. The Federal Reserve also proposes to collect: (1) certain data on the FR 2314 from all institutions that choose, under generally accepted accounting principles, to apply a fair value option to one or more financial instruments and one or more classes of servicing assets and liabilities and (2) a new data item on the income statement to collect fees and commissions from annuity sales. On the FR 2314S, the Federal Reserve proposes to add a question to determine whether the subsidiary has adopted a fair value option. The total current annual burden for the FR 2314 is estimated to be 6,876 hours and is estimated to increase by 52 hours with these revisions.

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