[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Notices]
[Pages 21778-21779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09962]
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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, without
revision, the Recordkeeping Provisions Associated with the Interagency
Statement on Complex Structured Finance Activities (FR 4022; OMB No.
7100-0311). This collection of information was formerly titled
``Recordkeeping Requirements Associated with the Interagency Statement
on Complex Structured Finance Activities.'' The Board has changed the
title of the collection of information to reflect that the information
collections that are the subject of this supporting statement are
voluntary.
DATES: Comments must be submitted on or before July 15, 2019.
ADDRESSES: You may submit comments, identified by FR 4022, 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 Office of
Management and Budget (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 on the Board's website at https://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
146, 1709 New York Avenue 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 Paperwork Reduction Act
(PRA) OMB submission, including the proposed reporting form and
[[Page 21779]]
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, OMB delegated to the Board
authority under the 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,
Without Revision, the Following Information Collection
Report title: Recordkeeping Provisions Associated with the
Interagency Statement on Complex Structured Finance Activities.
Agency form number: FR 4022.
OMB control number: 7100-0311.
Frequency: Annual.
Respondents: State member banks, bank holding companies (other than
foreign banking organizations), savings and loan holding companies
(SLHCs), and U.S. branches and agencies of foreign banks.
Estimated number of respondents: 18.
Estimated average hours per response: 10.
Estimated annual burden hours: 180.
General description of report: The guidance provides that state
member banks, bank holding companies (other than foreign banking
organizations), SLHCs, and U.S. branches and agencies of foreign banks
supervised by the Board should establish and maintain policies and
procedures for identifying, evaluating, assessing, documenting, and
controlling risks associated with certain complex structured finance
transactions (CSFTs). The guidance states that supervised entities
should provide sufficient information and convey reports to the
institution's management and board of directors concerning elevated
risks from CSFTs.
Legal authorization and confidentiality: The Board is authorized to
issue the recordkeeping guidance associated with the Interagency
Statement with respect to state member banks pursuant to sections 9(7),
11(a), 21(4), and 25(4) of the Federal Reserve Act (12 U.S.C. 325,
248(a), 483, and 602); with respect to bank holding companies pursuant
to section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c));
with respect to SLHCs pursuant to section 10(b) and (g) of the Home
Owners' Loan Act (12 U.S.C. 1467a(b) and (g)); and with respect to U.S.
branches and agencies of foreign banks pursuant to sections 7(c) and
13(a) of the International Banking Act of 1978 (12 U.S.C. 3105(c) and
3108(a)).
Because the recordkeeping provisions are contained within guidance,
which is nonbinding, these provisions are voluntary. There are no
reporting forms associated with the recordkeeping provisions of the
Interagency Statement. Because any policies, procedures, or other
records that were voluntarily created pursuant to the guidance in the
Interagency Statement would be maintained at each financial
institution, the Freedom of Information Act (FOIA) would only be
implicated if the Board obtained such records as part of the
examination or supervision of a financial institution. In the event the
records are obtained by the Board as part of an examination or
supervision of a financial institution, this information is considered
confidential pursuant to exemption 8 of the FOIA, which protects
information contained in ``examination, operating, or condition
reports'' obtained in the bank supervisory process (5 U.S.C.
552(b)(8)). In addition, the information may also be kept confidential
under exemption 4 of the FOIA, which protects trade secrets or
confidential commercial or financial information that is reasonably
likely to result in substantial competitive harm if disclosed (5 U.S.C.
552(b)(4)).
Board of Governors of the Federal Reserve System, May 9, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-09962 Filed 5-14-19; 8:45 am]
BILLING CODE 6210-01-P