View Information Collection Request (ICR) Package

OMB Control No: 7100-0032	ICR Reference No: 202007-7100-004
Status: Historical Active	Previous ICR Reference No: 202006-7100-001
Agency/Subagency: FRS	Agency Tracking No: FFIEC 002; FFIEC 002S
Title: Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks; Report of Assets and Liabilities of a Non-U.S. Branch That Is Managed or Controlled by a U.S. Branch or Agency of a For
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 07/10/2020
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/08/2020
	Date Received in OIRA: 07/07/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2021	6 Months From Approved	12/31/2020
Responses	988	0	988
Time Burden (Hours)	21,703	0	21,703
Cost Burden (Dollars)	0	0	0

Abstract: The FFIEC 002 must be submitted quarterly by U.S. branches and agencies of foreign banks. The report requests detailed schedules of assets and liabilities as a condition report with a variety of supporting schedules. This information is used to fulfill the agencies’ supervisory and regulatory requirements pursuant to the International Banking Act of 1978 (IBA). The FFIEC 002S is a mandatory supplement to the FFIEC 002 and collects information on assets and liabilities of any non-U.S. branch that is managed or controlled by a U.S. branch or agency of a foreign bank. A separate FFIEC 002S supplement is completed by the managing or controlling U.S. branch or agency for each applicable foreign branch. The FFIEC 002S collection improves data on U.S. deposits, credit, and international indebtedness, and assists U.S. bank supervisors to determine the assets managed or controlled by the U.S. agency or branch of the foreign bank.

Emergency Justfication: The Board, FDIC, and OCC (the agencies) propose, under the emergency clearance provisions of OMB’s regulations, to revise the FFIEC 002 effective beginning with the September 30, 2020, report date. The agencies have determined that the request meets the emergency processing requirements set forth in 5 CFR 1320.13. Specifically, (1) the collection of information within the scope of this request is needed prior to the expiration of time periods established under 5 CFR 1320.10, (2) this collection of information is essential to the mission of the agencies, and (3) the agencies cannot reasonably comply with the normal clearance procedures because an unanticipated event has occurred and the use of normal clearance procedures is reasonably likely to prevent or disrupt the collection of information. Recent events have suddenly and significantly impacted financial markets. The spread of coronavirus disease 2019 (COVID-19) has disrupted economic activity in many countries. In addition, financial markets have experienced significant volatility. The magnitude and persistence of the overall effects on the economy remain highly uncertain. Small businesses are facing severe liquidity constraints and a collapse in revenue streams. In addition, financial disruptions arising in connection with the COVID-19 situation have caused many depositors to have a more urgent need for access to their funds by remote means, particularly in light of the closure of many depository institution branches and other in person facilities.

Authorizing Statute(s): US Code: 12 USC 3105(c)(2) Name of Law: International Banking Act of 1978
   US Code: 12 USC 3102(b) Name of Law: International Banking Act of 1978
   US Code: 12 USC 1817(a)(1) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1817(a)(3) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 248(a)(2) Name of Law: Federal Reserve Act

Citations for New Statutory Requirements: None

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

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	988	988
Annual Time Burden (Hours)	21,703	21,703
Annual Cost Burden (Dollars)	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: No

Burden Reduction Due to:

Short Statement:

Annual Cost to Federal Government: $62,700

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. 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? Yes

Agency Contact: Robert Dahl 202 622-3119 Robert.Dahl@do.treas.gov

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