[Federal Register Volume 82, Number 81 (Friday, April 28, 2017)]
[Notices]
[Pages 19716-19718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08604]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request (3064-0006 & -0184)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on the renewal of existing 
information collections, as required by the Paperwork Reduction Act of 
1995. On January 11, 2017, the FDIC requested comment for 60 days on a 
proposal to renew the information collections described below. No 
comments were received. The FDIC hereby gives notice of its plan to 
submit to OMB a request to approve the renewal of these collections, 
and again invites comment on this renewal.

DATES: Comments must be submitted on or before May 30, 2017.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/notices.html.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Manny Cabeza (202-898-3767), Counsel, MB-3007, or 
Jennifer Jones (202-898-6768), Counsel, MB-3105, Federal Deposit 
Insurance Corporation, 550 17th Street NW., Washington, DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street Building (located on F Street), 
on business days between 7:00 a.m. and 5:00 p.m.
    All comments should refer to the relevant OMB control number. A 
copy of the comments may also be submitted to the OMB desk officer for 
the FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Manny Cabeza or Jennifer Jones, at the 
FDIC address above.

SUPPLEMENTARY INFORMATION: On January 11, 2017, (82 FR 3315), the FDIC 
requested comment for 60 days on a proposal to renew the information 
collections described below. No comments were received. The FDIC hereby 
gives notice of its plan to submit to OMB a request to approve the 
renewal of these collections, and again invites comment on this 
renewal.
    Proposal to renew the following currently approved collections of 
information:
    1. Title: Interagency Biographical and Financial Report.
    OMB Number: 3064-0006.
    Form Number: Interagency Biographical and Financial Report.
    Affected Public: Insured State Nonmember Banks and State Savings 
Associations.
    Burden Estimate:

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                                           Estimated                                               Total annual
            Type of burden                 number of    Estimated time    Frequency of response      estimated
                                          respondents    per response                                 burden
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Reporting.............................             574               4  On Occasion.............     2,296 hours
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    General Description of Collection: The Report is submitted to the 
FDIC by: (1) Each individual director, officer or individual or group 
of shareholders acting in concert that will own or control 10% or more 
of a proposed or operating depository institution applying for FDIC 
deposit insurance; (2) a person proposing to acquire control of an 
insured state nonmember bank or state savings association (FDIC-
supervised institution); (3) each proposed new director or proposed new 
chief executive officer of an FDIC-supervised institution which has 
undergone a change in control within the preceding twelve months; and 
(4) each proposed new director or senior executive officer of an FDIC-
supervised institution that is not in compliance with the applicable 
capital requirements or is otherwise in a troubled condition. The 
information is used by the FDIC to make an evaluation of the general 
character and financial condition of individuals who will be involved 
in the management or control of financial institutions, as required by 
statute. In order to lessen the burden on applicants, the FDIC 
cooperates with the other federal banking agencies to the maximum 
extent possible in processing the various applications. Notably, the 
Interagency Biographical and Financial Report will be amended to remove 
all references to the Office of Thrift Supervision as it appears on the 
form as well as changing the term ``thrift'' to ``savings 
association.'' These changes are technical and non-substantive in 
nature.
    There is no change in the method or substance of the collection. 
The overall reduction in burden hours is a result of economic 
fluctuation. In particular, the number of respondents has decreased 
while the hours per response remain the same.
    2. Title: Prohibitions and Restrictions on Proprietary Trading and 
Certain Interests In and Relationships With, Hedge Funds and Private 
Equity Funds.
    OMB Number: 3064-0184.
    Form Number: None.
    Affected Public: Insured state nonmember banks not under a holding 
company; state savings associations and state savings banks not under a 
holding company; subsidiaries of state nonmember banks, state savings 
associations, and state savings banks not under a holding company; and 
foreign banks having an insured branch and their branches and agencies.

[[Page 19717]]



                                                 Burden Estimate
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                                                     Estimated       Estimated                     Total annual
                                 Type of burden      number of       time per      Frequency  of     estimated
                                                    respondents      response        response     burden (hours)
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                                                 Implementation
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Sec.   351.12(e)..............  Reporting.......               1              50               1              50
    Total Reporting...........  ................  ..............  ..............  ..............              50
Sec.   351.3(d)(3)............  Recordkeeping...               1               3               1               3
Sec.   351.4(b)(3)(i)(A)......  Recordkeeping...               1               2               4               8
Sec.   351.11(a)(2)...........  Recordkeeping...               1              10               1              10
Sec.   351.20(b)..............  Recordkeeping...               1             795               1             795
Sec.   351.20(e)..............  Recordkeeping...               1             200               1             200
Sec.   351.20(f)(1)...........  Recordkeeping...               1               8               1               8
Sec.   351.20(f)(2)...........  Recordkeeping...               1             100               1             100
    Total Recordkeeping.......  ................  ..............  ..............  ..............           1,124
Sec.   351.11(a)(8)(i)........  Disclosure......               1             0.1              26               3
    Total Disclosure..........  ................  ..............  ..............  ..............               3
        Total Implementation..  ................  ..............  ..............  ..............           1,177
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                                                     Ongoing
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Sec.   351.12(e)..............  Reporting.......              18              20              10           3,600
    Total Reporting...........  ................  ..............  ..............  ..............           3,600
Sec.   351.3(d)(3)............  Recordkeeping...              18               1               1              18
Sec.   351.4(b)(3)(i)(A)......  Recordkeeping...              18               2               4             144
Sec.   351.11(a)(2)...........  Recordkeeping...              18              10               1             180
Sec.   351.20(b)..............  Recordkeeping...               5             265               1           1,325
Sec.   351.20(e)..............  Recordkeeping...               5             200               1           1,000
Sec.   351.20(f)(1)...........  Recordkeeping...             819               8               1           6,552
Sec.   351.20(f)(2)...........  Recordkeeping...              18              40               1             720
    Total Recordkeeping.......  ................  ..............  ..............  ..............           9,939
Sec.   351.11(a)(8)(i)........  Disclosure......              18             0.1              26              47
    Total Disclosure..........  ................  ..............  ..............  ..............              47
        Total Ongoing.........  ................  ..............  ..............  ..............          13,586
            Total Estimated     ................  ..............  ..............  ..............          14,763
             Annual Burden.
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    General Description of Collection: Subject to certain exemptions, 
banking entities are generally prohibited from engaging in proprietary 
trading or from investing in, sponsoring, or having certain 
relationships with a hedge fund or private equity fund (``covered 
fund''). The Covered entities must retain certain records for a period 
that is no less than 5 years in a form that allows the prompt 
production of such records to the FDIC on request. The information 
collection requirements affecting FDIC-supervised institutions are 
summarized below.

Reporting Requirements

    Section 351.12(e) states that, upon application, a banking entity 
may obtain an extension of the period of time to meet the requirements 
on ownership limitations in this section for up to 2 additional years.

Recordkeeping Requirements

    Section 351.3(d)(3) requires covered entities to have a detailed 
written liquidity management plan that specifically contemplates and 
authorizes certain otherwise prohibited securities to be used for 
liquidity management purposes.
    Section 351.4(b)(3)(i)(A) provides that a trading desk or other 
organizational unit of another entity with more than $50 billion in 
trading assets and liabilities is not a client, customer, or 
counterparty unless the trading desk documents how and why a particular 
trading desk or other organizational unit of the entity should be 
treated as a client, customer, or counterparty of the trading desk for 
purposes of Sec.  351.4(b).
    Section 351.11(a)(2) requires that covered funds generally must be 
organized and offered only in connection with the provision of bona 
fide trust, fiduciary, investment advisory, or commodity trading 
advisory services and only to persons that are customers of such 
services of the banking entity, pursuant to a written plan or similar 
documentation outlining how the banking entity intends to provide 
advisory or other similar services to its customers through organizing 
and offering the covered fund.
    Section 351.20(b) specifies the contents of a required compliance 
program for a banking entity with total consolidated assets of $10 
billion or more including a provision requiring that records sufficient 
to demonstrate compliance with section 13 of the BHC Act and applicable 
regulations be maintained and retained for a period of no less than 5 
years or such longer period as required by FDIC.
    Section 351.20(e) specifies that any banking entity that has more 
than $10 billion in total consolidated assets as reported on December 
31 of the previous two calendar years shall maintain records 
documenting the determination that each fund sponsored by the banking 
entity (including all subsidiaries and affiliates) is not a covered 
fund. Banking entities must also maintain a written plan documenting 
the treatment of certain seeding vehicles described in the regulation 
and, under certain circumstances, documentation of the value of the 
ownership interests owned by the banking entity in certain foreign 
public fund and each jurisdiction in which any such foreign public fund 
is organized.

[[Page 19718]]

    Section 351.20(f)(1) applies to banking entities with no covered 
activities. A banking entity that does not engage in activities or 
investments pursuant to subpart B or subpart C (other than trading 
activities permitted pursuant to Sec.  351.6(a) of subpart B) may 
satisfy the requirements of this section by establishing the required 
compliance program prior to becoming engaged in such activities or 
making such investments (other than trading activities permitted 
pursuant to Sec.  351.6(a) of subpart B).
    Section 351.20(f)(2) applies to banking entities with modest 
activities. A banking entity with total consolidated assets of $10 
billion or less as reported on December 31 of the previous two calendar 
years may satisfy the requirements of this section by including in its 
existing compliance policies and procedures appropriate references to 
the statutory and regulatory requirements and adjustments as 
appropriate given the activities, size, scope and complexity of the 
banking entity.

Disclosure Requirements

    Section 351.11(a)(8)(i) requires that a banking entity make certain 
clear and conspicuous written disclosures to any prospective and actual 
investor in a covered fund (such as through disclosure in the covered 
fund's offering documents).
    There is no change in the method or substance of this information 
collection. The annual burden estimate has been reduced from 28,234 
hours to 17,763 hours primarily because the FDIC estimates that all 
FDIC-supervised institutions have now completed the implementation 
phase of the information collection and are no longer subject to that 
burden. FDIC is using one (1) respondent as a place-holder for 
implementation burden. Another reason for the reduction in burden is 
that fewer institutions are subject to reporting, recordkeeping and 
disclosure requirements. The foregoing reductions in burden more than 
offset a modest increase in burden attributable to: (i) One additional 
institution growing in size to a degree that now makes it subject to 12 
CFR 351.20(b) and (e) recordkeeping requirements; and (ii) an agency 
adjustment in its estimate of respondents affected by the recordkeeping 
requirements in 12 CFR 351.20(f)(1) due to the inadvertent omission of 
a class of respondents in its prior estimate.

Request for Comment

    Comments are invited on: (a) Whether the collections of information 
are necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the information collections, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collections of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

    Dated at Washington, DC, this 24th day of April 2017.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2017-08604 Filed 4-27-17; 8:45 am]
 BILLING CODE 6714-01-P