[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Pages 67285-67286]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-28204]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Complex Institution Liquidity Monitoring Report (FR 2052a; OMB No.
7100-0361).
DATES: Comments must be submitted on or before February 26, 2019.
ADDRESSES: You may submit comments, identified by FR 2052a, by any of
the following methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form in Room
3515, 1801 K Street NW (between 18th and 19th Streets NW), Washington,
DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security
reasons, the Board requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 452-3684. Upon
arrival, visitors will be required to present valid government-issued
photo identification and to submit to security screening in order to
inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by
fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, if approved. These documents will also be made available
on the Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance
officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed 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;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Complex Institution Monitoring Report.
Agency form number: FR 2052a.
OMB control number: 7100-0361.
Frequency: Monthly, each business day (daily).
Respondents: Certain U.S. bank holding companies, U.S. savings and
loan holding companies, and foreign banking organizations with U.S.
assets.
Estimated number of respondents: Monthly, 40; Daily, 12.
Estimated average hours per response: Monthly, 120; Daily, 220.
Estimated annual burden hours: 717,600.
[[Page 67286]]
General description of report: The FR 2052a is filed by U.S. bank
holding companies (BHCs) and savings and loan holding companies (SLHCs)
that are subject to the Liquidity Coverage Ratio rule (LCR rule) as a
``covered depository institution holding company,'' as defined in
section 249.3 of the Board's Regulation WW (12 CFR 249.3)
(collectively, U.S. firms),\1\ with total consolidated assets of $50
billion or more and foreign banking organizations, as defined by
section 211.21(o) of the Board's Regulation K and including any U.S.
bank holding company that is a subsidiary of a foreign banking
organization (collectively, FBOs), with combined U.S. assets of $50
billion or more.\2\ Reporting frequency is based on the asset size of
the firm and whether it has been identified as a firm supervised
through the Large Institution Supervision Coordinating Committee of the
Board.
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\1\ BHCs that are subsidiaries of a foreign banking organization
are excluded from the definition of ``U.S. firm.''
\2\ The Board has stated that it will not take action to require
bank holding companies or savings and loan holding companies with
less than $100 billion in total consolidated assets to comply with
certain existing regulatory requirements, including the requirements
to report the 2052a. See Statement regarding the impact of the
Economic Growth, Regulatory Relief, and Consumer Protection Act
(July 6, 2018), available at https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20180706b1.pdf. Subsequently,
the Board invited comment on a proposal that would more closely
match the regulations for large banking organizations with their
risk profiles, which included proposals that would affect the scope
of application of the FR 2052a. The press release is available at
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20181031a.htm.
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The FR 2052a is used to monitor the overall liquidity profile of
certain institutions supervised by the Board. These data provide
detailed information on the liquidity risks within different business
lines (e.g., financing of securities positions, prime brokerage
activities). In particular, these data serve as part of the Board's
supervisory surveillance program in its liquidity risk management area
and provide timely information on firm-specific liquidity risks during
periods of stress. Analyses of systemic and idiosyncratic liquidity
risk issues are then used to inform the Board's supervisory processes,
including the preparation of analytical reports that detail funding
vulnerabilities.
Proposed revisions: On September 12, 2018, the Board temporarily
approved \3\ certain revisions to the FR 2052a relating to the
Economic, Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA) and Board's related interim final rule amending the LCR
Rule.\4\ As required by section 403 of EGRRCPA, the Board amended the
LCR rule within 90 days of the enactment of EGRRCPA to treat investment
grade municipal obligations that are liquid and readily-marketable as
level 2B HQLA for purposes of their liquidity regulations. Therefore,
the Board temporarily revised the asset categories in the FR 2052a to
enable institutions to report certain municipal obligations that meet
all the requirements for inclusion as HQLA under section 20 of the LCR
rule, as amended.\5\ Specifically, the Board amended the Assets
Category Table in Appendix III of the FR 2052a such that the
description of the asset classification code ``IG2-Q'' is sufficiently
inclusive of municipal obligations that may qualify as HQLA under the
LCR rule. The Board is now proposing to extend for three years these
temporary revisions to the FR 2052a.
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\3\ See 83 FR 46163 (September 12, 2018).
\4\ See 83 FR 44451 (August 31, 2018).
\5\ See 12 CFR part 249.20.
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Legal authorization and confidentiality: The FR 2052a report is
authorized to be collected from BHCs pursuant to section 5(c) of the
Bank Holding Company Act (``BHC Act''), 12 U.S.C. 1844(c); from FBOs
pursuant to section 8(a) of the International Banking Act, 12 U.S.C.
3106(a); from certain BHCs and FBOs pursuant to section 165 of the
Dodd-Frank Act, 12 U.S.C. 5365; and from SLHCs pursuant to section
10(b)(2) and (g) of the Home Owners' Loan Act (``HOLA''), 12 U.S.C.
1467a(b)(2) and (g). Section 5(c) of the BHC Act authorizes the Board
to require BHCs to submit reports to the Board regarding their
financial condition, and section 8(a) of the International Banking Act
subjects FBOs to the provisions of the BHC Act. Section 165 of the
Dodd-Frank Act requires the Board to establish prudential standards,
including liquidity requirements, for certain BHCs and FBOs. Section
10(g) of HOLA authorizes the Board to collect reports from SLHCs. The
FR 2052a report is mandatory for covered institutions.
The information required to be provided on the FR 2052a is
collected as part of the Board's supervisory process. Accordingly, such
information is afforded confidential treatment under exemption 8 of the
Freedom of Information Act (``FOIA''), which protects information from
disclosure that is contained in or related to the examination or
supervision of a financial institution. 5 U.S.C. 552(b)(8). In
addition, the information may also be kept confidential under exemption
4 for the FOIA, which protects trade secrets or confidential commercial
or financial information. 5 U.S.C. 552(b)(4). In limited circumstances,
aggregate data for multiple respondents, which does not reveal the
identity of any individual respondent, may be released.
Consultation outside the agency: The Board consulted with other
U.S. regulatory authorities, including the Office of the Comptroller of
the Currency and Federal Deposit Insurance Corporation, in determining
to propose revisions to the FR 2052a.
Board of Governors of the Federal Reserve System, December 20,
2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-28204 Filed 12-27-18; 8:45 am]
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