[Federal Register Volume 83, Number 33 (Friday, February 16, 2018)]
[Notices]
[Pages 7036-7038]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03198]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request (OMB No. 3064-0177)

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 the 
existing information collection, as required by the Paperwork Reduction 
Act of 1995. On November 28, 2017, the FDIC requested comment for 60 
days on a proposal to renew the information collection described below. 
One comment was received and was generally supportive of the 
requirements in the rule but did not address the paperwork burden for 
this information collection. The FDIC hereby gives notice of its plan 
to submit to OMB a request to approve the renewal of this collection, 
and again invites comment on this renewal.

DATES: Comments must be submitted on or before March 19, 2018.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal.
     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: On November 28, 2017, the FDIC requested 
comment for 60 days on a proposal to renew the information collection 
described below. One comment was received and was generally supportive 
of the requirements in the rule but did not address the paperwork 
burden for this information collection. The FDIC hereby gives notice of 
its plan to submit to OMB a request to approve the renewal of this 
collection, and again invites comment on this renewal.

[[Page 7037]]

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
                                                                       [3064-0177]
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                                                                              Estimated
                                                                              number of                                                         Total
                                                                Estimated     responses     Estimated    Estimated                              annual
                                         Type of burden         number of      (average      time per    frequency    Frequency of response   estimated
                                                               respondents    number of      response                                           burden
                                                                            transactions)
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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/    Disclosure................            1         6.000             1          1.0  On Occasion...........            6
     One-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        ..........................  ...........  .............  ...........  ...........  ......................           69
         Burden.
                                                              ------------------------------------------------------------------------------------------
            Total Burden.........  ..........................  ...........  .............  ...........  ...........  ......................       16,272
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                                                            Summary of Capital/Start-Up Costs
                                                                       [3064-0177]
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 360.6(b)(2)(i)(A), (B)--Initial/One-
 Time-- Capital/Start-Up Costs--# of
   sponsors that have never done a                                      Estimated    Estimated                                             Total cost of
 registered transaction in particular                                   number of    hours per   Total start                                  annual
asset class since November 23, 2016--                                  respondents   respondent    up hours          Cost per hour           estimated
  effective date for compliance with                                    (sponsors)   [(a + b) *                                               burden
   new Reg AB--and prior to doing a                                                      c]                                                 (internal)
         private transaction
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Private Transactions--Auto...........  Disclosure....................            1        2,760        2,760  $133......................        $367,529
Private Transactions--CMBS...........  Disclosure....................           17        3,040       51,680  $133......................      $6,881,838
Private Transactions--RMBS*..........  Disclosure....................            1        5,400        5,400  $133......................        $719,078
                                                                      ----------------------------------------------------------------------------------
    Total............................  ..............................  ...........  ...........  ...........  ..........................      $7,968,444
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(a) Existing systems and procedures for each required data point for all three asset classes = 10...........  # of sponsors.............              19
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(b) The number of hours required to adjust systems to provide asset level data in XML format for each         cost/sponsor..............     $419,391.79
 required data point = 10.
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(c) Estimated number of data points (per SEC Reg AB Rule PRA) = for auto 138, for CMBS 152, for RMBS 270....  ..........................  ..............
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* 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: Part 360.6 of the FDIC's 
regulations sets forth certain conditions that must be satisfied for a 
securitization transaction sponsored by an insured depository 
institution to be eligible for special treatment in the event that the 
FDIC is appointed receiver for the sponsor. Among other conditions, the 
securitization documents must require compliance with certain 
disclosure requirements (including the requirements of Regulation AB of 
the Securities and Exchange Commission). Conditions of eligibility for 
special treatment for participations in financial assets under Part 
360.6 are also set forth.
    There is no change to the FDIC's Part 360.6 affecting this 
information collection. 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.


[[Page 7038]]


    Dated at Washington, DC, this 12th day of February 2018.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-03198 Filed 2-15-18; 8:45 am]
BILLING CODE 6714-01-P