[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Pages 56240-56241]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25638]


=======================================================================
-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request (OMB No. 3064-0177)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

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 the 
existing information collection, as required by the Paperwork Reduction 
Act of 1995. Currently, the FDIC is soliciting comment on renewal of 
the information collection described below.

DATES: Comments must be submitted on or before January 29, 2018.

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: 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: Jennifer Jones, at the FDIC address 
above.

SUPPLEMENTARY INFORMATION:

[[Page 56241]]

Proposal To Renew the Following Currently Approved Collections of 
Information

    1. Title: Conservator or Receiver of Financial Assets Transferred 
by an Insured Depository Institution in Connection With a 
Securitization or Participation After September 30, 2010.
    OMB Number: 3064-0177.
    Form Number: None.
    Affected Public: Insured Depository Institutions.
    Burden Estimate:

                                                       Summary of Annual Burden and Internal Cost
                                                                       [3064-0177]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               Estimated
                                                                               number of                                                        Total
                                                                 Estimated     responses     Estimated    Estimated       Frequency  of         annual
                                          Type of burden         number of      (average      time per    frequency          response         estimated
                                                                respondents    number of      response                                          burden
                                                                             transactions)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Disclosures:
    360.6(b)(2)(i)(A), (D) Ongoing
        Private Transactions Non    Disclosure................           19         1.895            37         12.0  Monthly..............       15,984
         Reg AB Compliant.
    360.6(b)(2)(i)(D).............  Disclosure................           35         1.971             3          1.0  On Occasion..........          207
    360.6(b)(2)(ii)(B) Initial/One- Disclosure................            1         6.000             1          1.0  On Occasion..........            6
     Time.
    360.6(b)(2)(ii)(C )...........  Disclosure................            1         6.000             1          1.0  On Occasion..........            6
                                                               ------------------------------------------------------                       ------------
            Total Disclosure        ..........................  ...........  .............  ...........  ...........  .....................       16,203
             Burden.
Recordkeeping:
    360.6(c)(7)...................  Recordkeeping.............           35         1.971             1          1.0  On Occasion..........           69
                                                               ------------------------------------------------------                       ------------
        Total Recordkeeping Burden  ..........................  ...........  .............  ...........  ...........  .....................           69
                                                               ------------------------------------------------------                       ------------
            Total Burden..........  ..........................  ...........  .............  ...........  ...........  .....................       16,272
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                                            Summary of Capital/Start-Up Costs
                                                                       [3064-0177]
--------------------------------------------------------------------------------------------------------------------------------------------------------
  360.6(b)(2)(i)(A), (B)--Initial/One-
   Time--Capital/Start-Up Costs--# of
    sponsors that have never done a                                               Estimated                                                   Total cost
 registered transaction  in particular                               Estimated    hours per   Total start                                     of  annual
 asset class since November 23, 2016--                               number of    respondent    up hours             Cost per hour            estimated
 effective date for compliance with new                             respondents   [(a + b) *                                                    burden
 Reg AB--and prior to  doing a private                                                c]                                                      (Internal)
              transaction
--------------------------------------------------------------------------------------------------------------------------------------------------------
Private Transactions--Auto.............  Disclosure...............            1        2,760        2,760  $250............................     $690,000
Private Transactions--CMBS.............  Disclosure...............           17        3,040       51,680  250.............................  $12,920,000
Private Transactions--RMBS *...........  Disclosure...............            1        5,400        5,400  250.............................   $1,350,000
                                                                   ---------------------------------------                                  ------------
    Total..............................  .........................  ...........  ...........  ...........  ................................  $14,960,000
(a) Existing systems and procedures for each required data point for all three asset classes = 10........  # of respondents................           19
--------------------------------------------------------------------------------------------------------------------------------------------------------
(b) The number of hours required to adjust systems to provide asset level data in XML format for each      cost/respondent.................  $787,368.42
 required data point = 10.
--------------------------------------------------------------------------------------------------------------------------------------------------------
(c) Estimated number of data points (per SEC Reg AB Rule PRA) = for auto 138, for CMBS 152, for RMBS 270.  ................................  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
* For RMBS transactions, the sponsors will also incur an external cost in connection with securing a third-party due diligence report on compliance with
  360.6(b)(2)(ii)(B). This cost is estimated to be $500,000 per transaction.

    General Description of Collection: To facilitate better ongoing 
evaluation of the quality of lending by banks and to reduce risks to 
the Deposit Insurance Fund from the opaque securitization structures 
and the poorly underwritten loans that led to the onset of the recent 
financial crisis, insured depository institutions must require 
compliance with certain disclosure and other requirements (including 
compliance with the U.S. Securities and Exchange Commission (SEC) 
Regulation AB) for securitizations (other than grandfathered 
transactions) as a prerequisite for the transfer of financial assets by 
an insured depository institution in connection with a securitization 
transaction to be eligible for the benefits provided by Part 360.6 of 
the FDIC's Regulations. Requirements for safe harbor treatment of loan 
participations are also set forth.
    There is no change to the FDIC's Part 360.6. The change in hourly 
burden and initial start-up costs are mostly attributed to the SEC's 
changes to Regulation AB in its September 24, 2014 final rule.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is 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 collection, 
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 collection 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 22nd day of November 2017. Federal 
Deposit Insurance Corporation
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2017-25638 Filed 11-27-17; 8:45 am]
 BILLING CODE 6714-01-P